STATE OF NORTH CAROLINA
COUNTY OF XXXXX
TENTH AMENDMENT TO NONCOMPETITION AND CONSULTING
AGREEMENT
THIS TENTH AMENDMENT TO NONCOMPETITION AND CONSULTING AGREEMENT "(Tenth
Amendment"), made and entered into as of the 31st day of December, 1999, by and
between SOUTHERN BANK AND TRUST COMPANY, A North Carolina banking corporation
with its principal place of business in Mount Xxxxx, Xxxxx County, North
Carolina (hereinafter referred to as "Southern") and Xxxxxx X. Xxxxxxxx, a
resident of Xxxxx County, North Carolina (hereinafter referred to as
"Consultant");
W I T N E S E T H:
WHEREAS, by a Noncompetition and Consulting Agreement and Release, made and
entered into as of the 31st day of December, 1989, by and between the parties
hereto (the "Agreement"), Southern agreed to pay to Consultant $3,033.33 per
month for a noncompetition arrangement and $300.00 per month for his advisory
and consulting services, as well as various other benefits and compensation, and
to make available to Consultant office space, secretarial assistance and other
equipment and facilities, plus reimbursement for his out-of-pocket expenses
incurred in carrying out his consulting obligations pursuant to the Agreement,
which Agreement was to be effective from January 1, 1990 through December 31,
1990 and which was subsequently extended on the 28th day of December 1990 for a
term of one (1) year or until December 31, 1991; and which was subsequently
extended on the 31st day of December 1991 for a term of one (1) year and has
been extended on December 31 of each year thereafter for a term of one year
through December 31, 1999.:
WHEREAS, Southern and Consultant desire to extend the Agreement for an
additional calendar year, now enter into this Tenth Amendment to evidence their
understanding of said extension and amendment.
NOW, THEREFORE, for and in consideration of the mutual promises between the
parties made and other good and valuable considerations, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby do agree as
follows:
1. The Agreement made and entered into as of the 31st day of December,
1989, by and between Southern and Consultant, is hereby amended to continue in
effect for an additional term of one year, to be effective from January 1, 2000
through December 31, 2000.
2. Paragraph 5 of the Agreement, "Covenant Not To Compete," is hereby
amended to provide that the monthly consideration for such Covenant shall be
reduced to $1,116.67, with the first such payment to be made on or before
January 30, 1999, and each successive monthly payment thereafter to be made on
or before the 30th day of each month through and including December 31, 2000.
3. All of the other terms and conditions of said Agreement shall remain in
full force and effect.
IN TESTIMONY WHEREOF, Southern has caused this tenth Amendment to be
executed in its corporate name by its President, attested by its Secretary and
its corporate seal to be hereto affixed, all within the authority duly given by
its Board of Directors, and Consultant has hereunto set his hand and adopted as
his seal the typewritten word "SEAL" appearing beside his name, all as of the
day and year first above written.
SOUTHERN BANK AND TRUST COMPANY
By /s/Xxxx X. Xxxxxx
-----------------------------
Xxxx X. Xxxxxx, President
Attest:
/s/ Xxxxx X. Xxxx
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Xxxxx X. Xxxx, Secretary
/s/ Xxxxxx X. Xxxxxxxx (SEAL)
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Xxxxxx X. Xxxxxxxx
