SEC Contract Filing

Filing Date: 2018-02-26

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tv486978_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">STATE OF NORTH CAROLINA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>COUNTY OF HARNETT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>FIRST AMENDMENT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This <FONT STYLE="text-transform: uppercase"><B>FIRST
AMENDMENT to EMPLOYMENT AGREEMENT</B></FONT> (&ldquo;Amendment&rdquo;) is entered into effective as of the 23rd day of February,
2018, by and among <FONT STYLE="text-transform: uppercase">Select Bancorp, Inc.</FONT>, a North Carolina business corporation (the
&ldquo;Company&rdquo;), <FONT STYLE="text-transform: uppercase">Select Bank &amp; Trust Company</FONT>, a North Carolina banking
corporation (the &ldquo;Bank&rdquo;) and <FONT STYLE="text-transform: uppercase">Lynn H. Johnson</FONT> (&ldquo;Employee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Employee,
the Company, and the Bank previously entered into an Employment Agreement dated as of October 3, 2014 (the &ldquo;Employment Agreement&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
parties now desire to amend the Employment Agreement as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
for and in consideration of the premises and mutual promises, covenants and conditions set forth in the Employment Agreement, the
employment of Employee by the Bank and the Company, and the compensation received by Employee from the Company and Bank from time
to time, and other good and valuable consideration, the receipt and sufficiency of which hereby is acknowledged, the parties hereby
agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>EMPLOYMENT</B>. Paragraph 1 of the Employment Agreement entitled &ldquo;Employment&rdquo; is hereby amended by deleting
from the second sentence of such paragraph the phrase &ldquo;Chief Administrative Officer&rdquo; and replacing such phrase with
the following new language: &ldquo;Chief Operating Officer&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>COMPENSATION</B>. Paragraph 2 of the Employment Agreement entitled &ldquo;Compensation&rdquo; is hereby amended by deleting
the first sentence of such paragraph in its entirety and replacing such sentence with the following new sentence: &ldquo;For all
services rendered by Employee to the Bank and the Company under this Agreement, the Bank shall pay Employee a base salary at a
rate of Two Hundred and Twenty Thousand Five Hundred Fifty and 00/100 Dollars ($220,550.00) per annum.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>CHANGE IN CONTROL PAYMENTS AND BENEFITS</B>. Subparagraph 8(d) of the Employment Agreement is hereby amended by deleting
from such subparagraph the phrase &ldquo;two hundred percent (200%)&rdquo; and replacing such phrase with the following new language:
&ldquo;two hundred ninety-nine percent (299%)&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>REMAINDER OF EM