Document:

Exhibit
10.31

    

    AMENDMENT
EMPLOYMENT AGREEMENT

    BETWEEN
STONERIDGE, INC. AND JOHN C. COREY

    

    THIS AMENDMENT TO EMPLOYMENT AGREEMENT,
dated February 28, 2006, (the “Employment Agreement”) by and between Stoneridge,
Inc., an Ohio Corporation (the “Company”) and John C. Corey (the “Executive”) is
dated December 31, 2008.

     

    WHEREAS, certain law changes and
compliance issues with respect to Internal Revenue Code (the “Code”) Section
409A necessitate amendment of this Employment Agreement;

     

    NOW, THEREFORE, in consideration of the
mutual promises and mutual covenants herein contained and for other good and
valuable consideration, the adequacy and receipt of which are hereby
acknowledged, the parties agree as follows:

     

    
      	
               
      

            	
              1.

            	
              A
      new sentence shall be added to the end of Section 3(c), and shall provide
      as follows:

            

    

     

    “Notwithstanding
anything in this Employment Agreement or any other plan or program of the
Company to the contrary, in the event of Executive’s termination from employment
under circumstances such that Executive is bonus eligible, such bonus shall be
determined, and paid to Executive based upon satisfaction of the relevant
performance goals as of the date of the Executive’s termination from employment,
and the appropriate calculations.”

    

    
      	
               
      

            	
              2.

            	
              Section
      4(c) shall be removed in its entirety and replace by the following Section
      4(c) and shall provide as follows:

            

    

     

    “(c)  In
addition to making the monthly payments described above, the Company shall pay
the Executive a lump sum payment equal to the Executive Pro Rata Annual Bonus
(as defined in the CIC Agreement) at the same time it makes the first monthly
payment described above; provided that the payment shall be made only in the
event that the relevant performance goals are satisfied as of the date of the
Executive’s termination from employment.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    In
addition, the Company shall, at its expense, provide the Executive, and his
eligible dependents with life and health insurance, including the reimbursements
of life insurance premiums set forth in Section 3(h) (“Health and Welfare
Benefits”) in an amount not less than that provided on the date on which the
Change in Control occurred for a period of twenty-four (24) months following the
termination without cause; provided, however, the Company shall not be obligated
to pay for Health and Welfare Benefits after the date on which the Executive
shall be eligible to receive benefits from another employer which are
substantially equivalent to or greater than the benefits the Executive and his
family received from Company; provided, further, that if the Executive’s
continuation in some or all of the Company’s Health and Welfare Benefits is not
available, then the Company shall make additional monthly payments to the
Executive at the same time it makes the above monthly payments described above
equal to the cost of the coverage, as determined solely by the Company for
similarly situated employees of the Employer, over a period of twenty-four (24)
months with respect to those benefits among the Health and Welfare Benefits not
available.  All payments pursuant to this Employment Agreement Shall
be made less standard required deductions and withholdings.

     

    Notwithstanding
the preceding, reimbursements or payments, if any, to Executive for life
insurance premiums and any other termination payments to which Executive may be
entitled, shall be delayed six months following Executive’s termination of
employment with the Company, as may be required in order to comply with the
provisions of Code Section 409A.”

     

    The Employment Agreement otherwise
remains without change.

     

    IN WITNESS WHEREOF, Company and
Executive have hereunto set their hands as of the date and year first above
written.

    

    
      	
              STONERIDGE,
      INC.

            	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              By

            	
              /s/
      GEORGE E. STRICKLER

            	 
      	
              /s/
      JOHN C. COREY

            
	 
      	
              George
      E. Strickler

            	 
      	
              ExecutiveExhibit
10.32

    

    The
amended and restated change in control agreement presented below was executed
between Stoneridge, Inc. and the following executives:  John C. Corey,
George E. Strickler, Mark J. Tervalon, Thomas A. Beaver, Michael D. Sloan and
Vincent F. Suttmeier.

    

    STONERIDGE,
INC.

    AMENDED
AND RESTATED CHANGE IN CONTROL AGREEMENT

    

    THIS AMENDMENT TO THE AMENDED AND
RESTATED CHANGE IN CONTROL AGREEMENT, dated August 2, 2007, (the “Agreement”) is
by and between Stoneridge, Inc. an Ohio corporation (“Employer”) and
__________________ (“Executive”) and is made this 31st day of
December 2008.

     

    WHEREAS, Employer and Executive have
agreed that the terms of the Agreement require change to comply with recent
guidance from the Internal Revenue Service with respect to certain provisions of
the Internal Revenue Code of 1986, as amended (the “Code”);

     

    NOW, THEREFORE, in consideration of
Executive continuing with Employer and of the mutual promises herein contained,
Executive and Employer, intending to be legally bound, hereby agree as
follows:

     

    
      	
               
      

            	
              3.

            	
              Section
      1, Paragraph 5 is deleted in its entirety and a new Section 1, Paragraph 5
      shall be added and provide as
follows:

            

    

     

    “5.           
‘Executive’s Annual Bonus’ means the greater of Executive’s average annual bonus
over the last three completed fiscal years or the last five completed fiscal
years.  If Executive has not been employed by Employer for three
completed fiscal years, Executive’s Annual Bonus means the average annual bonus
awarded to Executive for the completed fiscal years during his employment, or if
Executive has not been employed for a complete fiscal year, Executive’s Annual
Bonus means an amount equal to the incentive compensation Executive would have
been entitled to in the year the Triggering Event occurred calculated based upon
the personal and Employer targets or performance goals that were achieved as of
the date of the Triggering Event.”

     

    
      	
               
      

            	
              2.

            	
              Section
      1, Paragraph 7 is deleted in its entirety and a new Section 1, Paragraph 7
      shall be added and provide as
follows:

            

    

     

    
      “7.           ‘Executive
Pro Rata Annual Bonus’  means an amount equal to the pro rata amount
of incentive compensation Executive would have been entitled to at the time of a
Triggering Event calculated based upon the personal and Employer targets or
performance

    

     

    The Agreement remains otherwise without
change.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      
        
          	
                  STONERIDGE,
      INC.

                	 
      	 
      
	 
      	 
      	 
      
	
                  By

                	
                    

                	 
      	
                   

                
	 
      	
                  John
      Corey

                	 
      	
                  ExecutiveExhibit
10.28

    

    WAIVER
AGREEMENT AND ACKNOWLEDGEMENT

    

    This
Waiver Agreement and Acknowledgement (the “Waiver Agreement”) is executed as of
December 5, 2008 by and among Southern Community Financial Corporation (the
“Corporation”), Southern Community Bank and Trust (the “Bank”) and the
undersigned officer (“Officer”) and in consideration of the benefits to all
parties derived by the execution of that certain Letter Agreement (including the
Schedules thereto), and a Securities Purchase Agreement – Standard Terms
(including the Annexes thereto), dated December 5, 2008 (together referred to
herein as the “Purchase Agreement”) between the Corporation and the United
States Department of the Treasury (the “Investor”), the receipt and sufficiency
of which are hereby acknowledged by all parties, the parties agree as
follows:

    

    1.           Pursuant
to the terms of the Purchase Agreement, the Corporation, Bank and Officer hereby
agree to amend any and all compensation, bonus, incentive and other benefit
plans, arrangements and agreements (including golden parachute, severance and
employment agreements) (collectively, the “Benefit Plans”) between the Officer
and the Corporation and/or the Bank in such manner as may be necessary and
determined in the good faith discretion of the Corporation, during the period
that the Investor owns any debt or equity securities of the Corporation acquired
pursuant to the Purchase Agreement or the Warrant, in order to comply with
Section 111(b) of the Emergency Economic Stabilization Act of 2008, as
implemented by guidance or regulation thereunder that has been issued and is in
effect as of the Closing Date.  Terms not otherwise defined herein
shall have the same meaning ascribed to them in the Purchase
Agreement.

    

    2.           Officer
acknowledges and agrees that by executing this Waiver Agreement, he waives all
of his right to the receipt and objection to any recovery of any compensation,
bonus, incentive or other benefits (including golden parachute or severance
payments) as may be necessary, during the period that the Investor owns any debt
or equity securities of the Corporation acquired pursuant to the Purchase
Agreement or the Warrant, in order for the Corporation to comply with Section
111(b) of the Emergency Economic Stabilization Act of 2008 as implemented by
guidance or regulation thereunder that has been issued and is in effect as of
the Closing Date.  All other terms of the Benefit Plans will remain in
full force and effect after the date of this Agreement.

    

    3.           This
Waiver Agreement constitutes the valid, legal and binding obligation of the
Corporation, the Bank and Officer enforceable against each of them in accordance
with its terms.  This Agreement shall inure to the benefit of and be
binding upon any corporate successor of the Corporation or the
Bank.  This Agreement shall be governed by and construed in accordance
with the laws of the State of North Carolina.

    

    IN
WITNESS WHEREOF, the undersigned has executed this Waiver Agreement as of the
date first above written.

    

    
      
        
          	
                  OFFICER

                
	 
      
	
                  Signature:

                	
                  /s/ F. Scott
      Bauer

                
	
                  Name: 

                	
                  F. Scott Bauer

                
	 
      
	
                  SOUTHERN
      COMMUNITY FINANCIAL CORPORATION

                
	 
      
	
                  By:

                	
                  /s/ Jeff T.
      Clark

                
	 
      	
                  Authorized
      Officer

                
	 
      
	
                  SOUTHERN
      COMMUNITY BANK AND TRUST

                
	 
      
	
                  By:

                	
                  /s/ James Hastings

                
	
                  Authorized
      Officer

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