Exhibit 10(a)
ADDENDUM TO EMPLOYMENT AGREEMENT
THIS ADDENDUM TO EMPLOYMENT AGREEMENT (this "Addendum"), dated and
effective this 26th day of April, 2005, is by and between FIRST BANCORP, a North
Carolina corporation (the "Company") and Xxxxx X. Xxxxxx (the "Employee"). This
Addendum is intended as a supplement and amendment to the Employment Agreement
dated and effective as of August 17, 1998 (the "Employment Agreement") by and
between the Company and the Employee. Unless the context requires otherwise,
each term used herein that is defined in the Employment Agreement shall have the
meaning assigned to such term in the Employment Agreement. Each reference to
"hereof", "hereunder", "herein" and "hereby" and each other similar reference
and each reference to "this Agreement" and each other similar reference
contained in the Employment Agreement shall from and after the date hereof refer
to the Employment Agreement as amended hereby.
For and in consideration of the above premises and agreements, and in
consideration of employment, the compensation the Company agrees to pay the
Employee, the mutual covenants contained herein, and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties mutually
agree as follows:
1. Section 3 of the Employment Agreement is amended by adding the following
subparagraphs:
(e) Death Benefit. Upon the death of the Employee and upon presentation of
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a death certificate to the Company, the Company will make a cash payment of
$100,000 to the Employee's estate or to such beneficiary as the Employee
shall specify to the Company by providing written notice under the notice
provisions of this Employment Agreement.
(f) Upon the Employee's retirement hereunder, the Company agrees to provide
one of the following two benefits, at the option of the Company - 1) make
monthly payments to Employee and Employee's spouse, for so long as either
Employee or Employee's spouse shall survive, in an amount equal to the then
monthly cost of the Plan J Medicare supplement coverage provided by Blue
Cross and Blue Shield of North Carolina or, at the Company's option, the
monthly cost of a different Medicare supplement plan with benefits equal to
or comparable to the current benefits provided by such Plan J, or 2) make
premium payments directly to an insurance carrier to provide Medicare
supplement coverage equal to, or comparable to, the current benefits
offered under Plan J provided by Blue Cross and Blue Shield of North
Carolina for Employee and Employee's spouse, for so long as either Employee
or Employee's spouse shall survive.
2. Section 11(e) is amended by adding the following address for the
Employee:
Xxxxx X. Xxxxxx
000 Xxxxxx Xxxxx Xxxxx
Xxxxxxx, XX 00000
3. Except as set forth expressly hereinabove, all terms of the Employment
Agreement shall be and remain in full force and effect and shall constitute the
legal, valid, binding and enforceable obligations of the Employee and the
Company. The amendments contained herein shall be deemed to have prospective
application only, unless otherwise specifically stated herein.
4. This Addendum shall be governed by and construed and interpreted in
accordance with the laws of the State of North Carolina.
IN WITNESS WHEREOF, the parties hereto have executed this Addendum as of
the day and year first above stated.
FIRST BANCORP
By: /s/ Xxxx X. Xxxxxxx
Name: Xxxx X. Xxxxxxx
Title: Secretary and Executive Vice President
EMPLOYEE
/s/ Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx
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