Exhibit 10(a)
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment"), 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, Xx. (the "Employee").
The parties hereto have agreed to amend the Employment Agreement dated and
effective as of May 17, 2001 (the "Employment Amendment") 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 1 of the Employment Agreement is deleted in its entirety and
replaced with the following:
Employment and Term. Commencing on May 17, 2005, the Company (or one of its
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subsidiaries) will employ the Employee, and the Employee will be employed
by the Company, as an Executive Vice President for a term of three (3)
years, unless sooner terminated as provided herein. The term of employment
shall not be automatically extended after the term provided above unless
the parties explicitly agree in writing.
2. The last sentence of Section 2 of the Employment Agreement is deleted
and replaced by the following:
The Employee shall, during the term of the Employee's employment hereunder,
devote his best efforts and ability, skill and attention to public
relations activities in furtherance of the business objectives and
interests of the Company and its affiliated companies. It is expected that
Employee will contribute to the performance of his duties hereunder
approximately twenty (20) hours per week during the term of employment, in
such a manner as is generally customary for employees of the Employee's
position in businesses of the Company's type.
3. Section 3(a) of the Employment Agreement is deleted and replaced by the
following:
Salary. As compensation for the services and agreements described herein,
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the Company shall pay the Employee an annual base salary of $78,500 during
the term of employment provided for herein, payable in accordance with the
customary payroll practices of the Company. The Employee will not be a
participant in the Company's annual Management Incentive Plan. During the
time the Employee serves as a director of the Company or any of its
subsidiaries, the Employee shall be paid the director fees payable to
non-employee directors of the Company.
4. Section 11(e) is amended by adding the following address for the
Employee:
Xxxxx X. Xxxxxx, Xx.
0 Xxxxxxx Xxxx
Xxxxxxxxxxx, XX 00000
5. 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.
6. This Amendment 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 Amendment as of
the day and year first above stated.
FIRST BANCORP
By: /s/ Xxxxx X. Xxxxxx
Name: Xxxxx X. Xxxxxx
Title: President and Chief Executive Officer
EMPLOYEE
/s/ Xxxxx X. Xxxxxx, Xx.
Xxxxx X. Xxxxxx, Xx.
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