ADDENDUM TO REVISED FIRST AMENDMENT TO NONCOMPETITION, SEVERANCE AND
EMPLOYMENT AGREEMENT BETWEEN
THE SOUTH FINANCIAL GROUP, INC. AND ANDREW B. CHENEY
A First Amendment to the Noncompetition, Severance and Employment Agreement was entered into on the7th day of December, 2005 and a Revised First Amendment to the Noncompetition, Severance and Employment Agreement (“Revised Amendment”) on the 1st day of June, 2006, by and between Andrew B. Cheney., and individual (“Executive”) and The South Financial Group, Inc., a South Carolina corporation financial institution holding company headquartered in Greenville, South Carolina (“Company”).
The following paragraph is an addendum to the Revised Amendment:
Executive and Company agree that Executive’s entitlement to the benefits provided in the First Amendment does not require performance of services to the Company after December 31, 2006. If Executive’s employment is terminated, the benefits provided in the First Amendment will be paid notwithstanding the reason for Executive’s termination. Payments under the First Amendment will be paid to your personal representative in the event of your death before completion of the payments.
Executive:
/s/ Andrew B. Cheney
Andrew B. Cheney
Chairman - Mercantile Bank
The South Financial Group. Inc.
/s/ Mary A. Jeffrey
Mary A. Jeffrey
Executive Vice President
Corporate Human Resources Director
