Document:

Exhibit 10(e)(i)

    EXHIBIT
      10 (e)(i)

    

    AMENDMENT
      NO. 1

    TO
      THE 

    PEOPLES
      BANCORP OF NORTH CAROLINA

    OMNIBUS
      STOCK OWNERSHIP AND

    LONG
      TERM INCENTIVE PLAN

    

    

    This
      is
      Amendment No. 1 to the Peoples Bancorp of North Carolina Omnibus Stock Ownership
      and Long Term Incentive Plan (the “Omnibus Plan”) of Peoples Bancorp of North
      Carolina, a North Carolina corporation with its principal office in Newton,
      North Carolina (the “Company”) under which ISOs, and Non-Qualified Options to
      acquire shares of the Stock, Restricted Stock, SARs, Book Value Shares and/or
      Units have been, prior to the date hereof, and may be granted from time to
      time
      in the future to Eligible Directors and Eligible Employees of the Company and
      any of its Subsidiaries. Capitalized terms not otherwise defined herein shall
      have the meanings ascribed to them in the Plan.

    

    Whereas,
      the Plan was established to promote the interests of the Company by attracting
      and retaining directors and employees of outstanding ability and to provide
      executive and other key employees of the Company and its Subsidiaries greater
      incentive to make material contributions to the success of the Company by
      providing them with equity based compensation, which will increase in value
      based upon the market performance of the Company’s common stock and corporate
      achievement of financial and other performance goals.

    

    Whereas,
      the Plan was approved by the Company’s shareholders on May 13,
      1999.

    

    Whereas,
      as of December 31, 2006 only Rights representing 36,455 shares of common stock
      were remaining to be awarded under the Plan.

    

    Whereas,
      the Company’s Board of Directors is committed to the stated goals of the Plan
      and believes that continuing such Plan is in the best interest of the Company
      and its shareholders.

    

    Whereas,
      the Board of Directors, subject to shareholder approval at the Annual Meeting
      of
      Shareholders to be held on May 3, 2007, has approved amending the Plan to
      provide for additional shares to the Plan Pool as set forth in this Amendment
      No. 1.

    

    AMENDMENT

    

    The
      definition of “Plan Pool”, contained in ARTICLE I DEFINITIONS, shall be amended
      to include an additional 390,000 shares of authorized but unissued Common Stock,
      as adjusted pursuant to Section 2.3(b) from time to time, which shall be
      available as Stock under the Plan.

    

    All
      other
      definitions and all other rights, terms and conditions set forth in the Plan
      shall remain the same with the same force and effect as originally adopted
      and
      approved by the Company’s shareholders.EXHIBIT
10.2

AMENDMENT

to

EMPLOYMENT/SEPARATION
AGREEMENT

This
Amendment (“Amendment”), made March 14, 2007, is to amend the Employment /
Separation Agreement (“Agreement”) originally entered into on March 15, 2005,
by and between Cornell Companies, Inc. (the “Company”), and John R. Nieser (“Employee”).

WITNESSETH

WHEREAS,
the Company and Employee previously entered into the Agreement; and

WHEREAS,
the Board of Directors of the Company has authorized certain amendments to such
Agreement relating to Employee’s entitlement to certain payments and benefits
following a change in control, to be effective as of March 9, 2007;

NOW,
THEREFORE, the parties hereto agree to this Amendment as follows:

1.                                       Section
8(f) of the Agreement is amended, effective as of March 9, 2007, to read in its
entirety as follows:

“(f)                              Termination
Following Change in Control.  If the
Employee’s employment shall be terminated by the Company, with or without
cause, during the Employment Period and within 180 days following the effective
date of a Change in Control pursuant to Section 7(f), in lieu of the
obligations of the Company hereunder, all Employee’s rights and benefits
provided for by this Agreement will terminate as of such date; provided,
however, that Employee will be paid (i) any Incentive Compensation award that
has been earned but that has not yet been paid; (ii) the unpaid amount of
Employee’s Annual Base Salary earned through the effective date of such
termination; and (iii) a payment equal to a pro rata portion of the target award
under the Company’s Incentive Compensation Plan, for the period from the
beginning of the period to which such target award pertains through the date of
termination.  Employee shall also be
entitled to continuation of his then-current Annual Base Salary for a period of
24 months following the date of termination (“Severance Period”), subject to
all applicable tax withholdings, such payments to be made in equal installments
according to the normal payroll practices of the Company during the Severance
Period.  Employee will also be entitled
to extended health care benefits (COBRA) at Employee’s expense and to the
extent Employee is qualified for such benefits as provided by law; provided,
however, that the Company shall pay to Employee an amount equal to the Company’s
portion of employee health care costs under the Company’s group health care
plan as if Employee were an active employee of the Company, such payments to be
made concurrently with the salary continuation payments made during the
Severance Period for so long as such coverage remains in effect as provided by
law.”

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2.                                       Unless
otherwise defined herein, the capitalized terms used herein shall have the
meanings given to them in the Agreement.

3.                                       Except
as amended hereby, the Agreement shall be and remain in full force and effect.

IN
WITNESS WHEREOF, the parties have signed this Amendment, to be effective as of
the date first set forth above.

	
  

  	
   

  	
  Cornell Companies, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
  John R. Nieser

  	
   

  	
   

  	
  Patrick N. Perrin Senior Vice President, Chief
  Administrative Officer and Secretary

  

 

 2Exhibit
10.4

AMENDMENT

to

SEVERANCE
AGREEMENT

This
Amendment (“Amendment”), made March 14, 2007, is to amend the Severance
Agreement (“Agreement”) originally entered into on December 22, 1999, by and
between Cornell Corrections, Inc. (the “Company”), and Patrick N. Perrin (“Officer”).

WITNESSETH

WHEREAS,
the Company and Officer previously entered into the Agreement; and

WHEREAS,
the Board of Directors of the Company has authorized certain amendments to such
Agreement relating to Officer’s entitlement to certain payments and benefits
following a change in control, to be effective as of March 9, 2007;

NOW,
THEREFORE, the parties hereto agree to this Amendment as follows:

1.                                       Section
2 of the Agreement is amended, effective as of March 9, 2007, to add a new subsection
(c) to read in its entirety as follows:

“(c)         Notwithstanding the foregoing
provisions of this Section 2, if, within 180 days after a Change in Control,
the Officer’s employment with the Company is terminated involuntarily by the
Company, with or without cause, then in lieu of the payments and other benefits
provided to Officer in  paragraphs (a)
and (b) of this Section 2, the Company shall be required to provide the
following payments and other benefits to the Officer:

(i)            Officer will be paid (A) any
Incentive Compensation award that has been earned but that has not yet been
paid; (B) the unpaid amount of Officer’s Annual Base Salary earned through the
effective date of such termination; and (C) a payment equal to a pro rata
portion of the target award under the Company’s Incentive Compensation Plan,
for the period from the beginning of the period to which such target award
pertains through the date of termination.

(ii)           Officer shall also be entitled to
continuation of his then-current Annual Base Salary for a period of 18 months
following the date of termination (“Severance Period”), subject to all
applicable tax withholdings, such payments to be made in equal installments
according to the normal payroll practices of the Company during the Severance Period..

(iii)          Officer will also be entitled to
extended health care benefits (COBRA) at Officer’s expense and to the extent
Officer is qualified for such benefits as provided by law; provided, however,
that the Company shall pay to Officer an amount equal to the Company’s portion
of employee health care costs under the Company’s group health care plan as if
Officer were an active employee of the Company, such payments to be made
concurrently with the salary continuation payments made during the Severance Period
for so long as such coverage remains in effect as provided by law.”

 1
 

 

2.                                       Section
2 of the Agreement is amended, effective as of March 9, 2007, to add a new
subsection (d) to read in its entirety as follows:

“(d)         To the extent any amount payable under paragraphs
(a) or (c) of this Section 2 shall be subject to Section 409A of the Internal
Revenue Code, and Officer shall be a “specified employee” as defined therein,
payment of any amounts hereunder shall be delayed for six (6) months following
Officer’s termination of employment, to the extent required by Section
409A.  Following any such delay, the
first payment shall include any amounts that would have otherwise become
payable during the period of such delay, but for the operation of this Section
2(d).”

3.                                       Section
6 of the Agreement is amended, effective as of March 9, 2007, to read in its
entirety as follows:

“6.           Taxes.

(a)           The Company may withhold or cause to
be withheld from any benefits payable under this Agreement all federal, state,
city or other taxes that are required by any law or governmental regulation or
ruling.

(b)           In the event it shall be determined
that any payment or distribution by the Company to or for the benefit of the
Officer (whether paid or payable or distributed or distributable pursuant to
the terms of this Agreement or otherwise) (a “Payment”) would be subject to the
excise tax imposed by Section 4999 (or a successor provision of like import) (“Excise
Tax”), then the total payments to the Officer hereunder shall be reduced to one
dollar less than the dollar amount at which the Excise Tax applies to such
payments; provided, however, that such reduction shall only apply to the extent
such reduced payment would exceed the total amount otherwise payable to Officer
hereunder minus the applicable Excise Tax. 
Any such determination regarding the applicability of any Excise Tax, as
well as any decision regarding the extent of any reduction of the Payment under
the provisions of this paragraph, shall be made by tax professionals who are
selected by the Officer, and who are reasonably acceptable to the Company.”

4.                                       Unless
otherwise defined herein, the capitalized terms used herein shall have the
meanings given to them in the Agreement.

5.                                       Except
as amended hereby, the Agreement shall be and remain in full force and effect.

IN
WITNESS WHEREOF, the parties have signed this Amendment, to be effective as of
the date first set forth above.

	
  

  	
   

  	
  Cornell Companies, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
  Patrick N.
  Perrin

  	
   

  	
   

  	
  James Hyman

  Chief Executive Officer

  

 

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