Exhibit 10.36



SUPPLEMENTAL INCOME AGREEMENT



AGREEMENT entered into as of the 1stday of November, 1990 between Rowan Federal Savings and Loan Association, a domestic Corporation having its principal office in China Grove, North Carolina (hereinafter referred to as the Company) and Bruce D. Jones of
Concord, North Carolina (hereinafter referred to as the Employee).



WITNESSETH :



WHEREAS, the Employee has been employed by the Company
since December 11, 1987; and,



WHEREAS, the performance of the Employee
is such that assurance of his continued services is essential to the future growth and profits of the Company; and,



WHEREAS, the Company desires to retain the services of the Employee, and realizes that if the Employee were to leave the Company it would suffer a substantial financial
loss; and,



WHEREAS, the Employee is willing to continue in the employ of the
Company is the Company will agree to pay to the Employee or designees certain benefits in accordance with the provisions and conditions hereinafter set forth;



NOW THEREFORE, in consideration of the premises contained herein, the parties hereto mutually agree as follows:



| | 1. | Remuneration: During the period of the Employees employment with the Company, the Company will pay the Employee for services to be rendered:
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| | A. | Cash amounts at rates and times mutually agreed upon; and,
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| | B. | Additional amounts, payments of which will be deferred pursuant to the terms hereinafter set forth.
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| | 2. | Retirement Benefit: Upon attainment of the first day of month following the employees 65thbirthday, the Company will commence to pay him $6,000 annually for a continuous period
of 10 years. In the event that the Employee should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments
to such beneficiary or beneficiaries as the Employee has directed by filling with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount
which remains unpaid at said death shall be commuted on the basis of 8 percent per annum compound interest and shall be commuted on the basis of 8 percent per annum compound interest and
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| | shall be paid in a single sum to the executor or administrator of the Employees estate.
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| | 3. | Death Benefit: Should the Employee die while in the employment of the Association and prior to the attainment of his 65thbirthday, the Association (beginning at a date to be determined by the Association but within
six months from the date of such death) will commence to pay $6,000 annually for a continuous period of 10 years to such beneficiary or beneficiaries as the Employee has directed by filing with the Association a notice in writing.
Irrespective of the above, however, if the Employee dies as a result of suicide within two years of the execution of this agreement, the death benefit shall not exceed an amount equal to his waived salary plus interest at the rate of 8 percent per
annum compounded annually. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 8 percent per annum
compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Employees death
shall be commuted on the basis of 8 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Employees estate.
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| | 4. | Termination of Employment: If the Employee terminates his employment, for reasons other than death or the attainment of his 65thbirthday, at the end of two or more years from the execution date of this Agreement, he or
his beneficiary, as applicable, shall be entitled upon the attainment of his 65thbirthday, or his prior death, to a percentage of the retirement benefits stated in Section 1 of this Agreement as determined by the following table:
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|                                                                                                              |  |                                                                                                       
|------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------
|FULL NUMBER OF YEARS SERVEDAS EMPLOYEE FROM DATE OFEXECUTION OF THIS AGREEMENTUNTIL TERMINATION OF
EMPLOYMENT |  | PERCENTAGE OF RETIREMENTBENEFITS STATED IN SECTION1 OF THIS AGREEMENT TO WHICHTHE EMPLOYEE IS
ENTITLED
|Under 15                                                                                                      |  | 0%                                                                                                    
|15                                                                                                            |  | 50%                                                                                                   
|16                                                                                                            |  | 60%                                                                                                   
|17                                                                                                            |  | 70%                                                                                                   
|18                                                                                                            |  | 80%                                                                                                   
|19                                                                                                            |  | 90%                                                                                                   
|20                                                                                                            |  | 100%                                                                                                  



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| | 5. | Forfeiture Provisions:
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| | A. | During the period the retirement benefit is payable to the Employee under Section 2 of this Agreement, the Employee shall not engage in business activities in Rowan County, North
Carolina which are in competition with the Association with first obtaining the written consent of the Association.
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| | B. | During the period the retirement payment is payable to the Employee under Section 2 of this Agreement, the Employee shall be available to render consulting services to the
Association upon request by an officer of the Association, but such requests shall not be made more frequently than once each month. The Employee shall not be considered to have breached this condition if he is unable to consult because of his
mental or physical disability.
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| | C. | Payment of the retirement benefit under this Agreement may be terminated by the Association, if the Employee fails to comply with either of the conditions set forth in paragraph (A)
and (B) of this Section 5.
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| | 6. | General Provision:
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| | A. | Except as otherwise provided by this Agreement, it is agreed that neither the Employee, nor his beneficiary shall have any right to commute, sell, assign, transfer or otherwise
convey the right to receive any payments hereunder, which payments and the right thereto are expressly declared to be nonassignable and nontransferable.
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| | B. | The benefits payable under this Agreement shall be independent of, and in addition to, any other employment agreements that may exist from time to time between the parties hereto,
concerning any other compensation payable by the Association to the Employee whether as salary, bonus, or otherwise. This Agreement shall not be deemed to constitute a contract of employment between the parties hereto, nor shall any provision hereof
restrict the right of the Association to discharge the Employee or restrict the right of the Association to discharge the Employee or restrict the right of the Employee to terminate his employment.
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| | C. | The rights of the Employee under this Agreement and of any beneficiary of the Employee shall be solely those of an unsecured creditor of the Association. Any asset acquired by the
Association in connection with the liabilities assumed by it hereunder, shall not be deemed to be held under any trust for the benefit of the Employee or his beneficiaries or to be considered security for the performance of the obligations of the
Association but shall be, and remain, a general, unpledged, unrestricted asset of the Association.
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| | D. | The Association hereby reserves the right to accelerate the payments specified in Section 2, 3 and 4 above without the consent of the Employee, his estate, beneficiaries, or any
other person claiming through or under him.
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| | E. | The Association agrees that it will not merge or consolidate with any other Association or organization, or permit its business activities to be taken over by any other organization
unless and until the succeeding or continuing Association or other organization shall expressly assume the rights and obligations of the Association herein set forth. The Association further agrees that it will not cease its business activities or
terminate its existence, other than as heretoforth set forth in this Section, without having made adequate provision for the fulfilling of its obligations hereunder.
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| | F. | This Agreement may be revoked or amended in whole or in part by a writing signed by both of the parties hereto.
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| | G. | This Agreement shall be subject to and construed under the laws of the State of North Carolina.
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IN WITNESS THEREOF, the said Association has caused this Agreement to signed in its Corporate name by its duly authorized
officer, and impressed with its Corporate seal, attested by its Secretary, and the said Employee has hereunto set his hand and seal, all on the day and year first above written.



|                         |  |  |  |                       |  |       
|------------------------ |  |  |  | --------------------- |  | ------
|ATTEST:                  |  |  |  |                       |  |       
|                         |  |  | 
|/s/    Nancy C. Hildreth |  |  |  | /s/    Eric E. Rhodes |  | (Seal)
|                         |  |  |  |                       |  |       
|                         |  |  |  | Vice President        |  |       



|                               |  |  |  |                       |  |       
|------------------------------ |  |  |  | --------------------- |  | ------
|                               |  |  | 
|WITNESS: /s/ Nancy C. Hildreth |  |  |  | /s/    Bruce D. Jones |  | (Seal)
|                               |  |  |  |                       |  |       
|                               |  |  |  | (The Employee)        |  |       



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