Exhibit No. 10.20
FOURTH AMENDMENT TO
EMPLOYMENT AGREEMENT
WHEREAS, Xxxxxx X. Xxxxxx ("Xxxxxx"), FNB Financial Services Corporation
("FNB"), and FNB Southeast ("Bank") are parties to the Employment Agreement
among them, dated May 18, 1995 and amended on May 16, 2002, as of January 1,
2004, and on May 19, 2004; and
WHEREAS, Xxxxxx, FNB and the Bank desire to further amend the Employment
Agreement.
NOW, THEREFORE, it is agreed as follows:
Section 1. Special Bonus Payments. Section 3 of the Third Amendment to
Employment Agreement and First Amendments to Split-Dollar Agreements And
Collateral Assignments provides that "Annual Special Bonuses" (as defined
therein) shall be paid to Xxxxxx in specific circumstances. The parties
acknowledge and agree that Xxxxxx will retire from employment by FNB and the
Bank as of January 31, 2006 and will thereafter not be an employee or entitled
to compensation as an employee of FNB or the Bank. They further acknowledge and
agree that notwithstanding Xxxxxx'x retirement, the Bank shall remain obligated
to pay Xxxxxx the amounts denominated as "Annual Special Bonuses" in such
Section 3 when, as and in the amounts calculated in accordance with the
provisions therein, in fulfillment of the Bank's obligations to Xxxxxx under the
Employment Agreement, as amended.
Section 2. Continuing Effect. Except as specifically amended herein, the
terms and conditions of the Employment Agreement, as previously amended, should
remain in full force and effect.
This Fourth Amendment To Employment Agreement is effective as of October
31, 2005.
/s/ XXXXXX X. XXXXXX
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Xxxxxx X. Xxxxxx
FNB Financial Services Corporation
By: /s/ XXXXX X. XXXXXX
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Xxxxx X. Xxxxxx
Chairman of the Board
FNB Southeast
By: /s/ XXXXX X. XXXXXX
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Xxxxx X. Xxxxxx
Chairman of the Board
