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SECTION FOUR <br />COMPENSATION OF EMPLOYEE <br />Employer shall pay Employee, and Employee shall accept from Employer, in full <br />payment for Employee's services hereunder, compensation at the rate of Forty -Four <br />Thousand Six Hundred Twenty -Five Dollars ($44,625.00) per year (annum), payable every <br />two weeks during the term of this agreement. <br />For the purposes of compensation, Employee will be a contract employee of <br />Employer. Corporation shall reimburse Employer for all of Employer's costs associated <br />with the employment of Employee, including any termination compensation as described <br />herein, by depositing Thirteen Thousand Two Hundred One Dollars and Eleven Cents <br />($13,201.11) quarterly with the Finance Office of Employer to cover the salary and <br />benefits described in this agreement. Quarterly payments shall be due and payable on <br />January 7, 1992, and April 1, 1992. <br />Employee shall be eligible for workers compensation, medical, dental and life <br />insurance and retirement coverage under Employer's benefit plan. <br />Employee shall be entitled ratably to twelve (12) days of sick leave per year and <br />twelve (12) days of annual leave per year during the term of this Employment Agreement. <br />Further, Employee shall be entitled to the following paid holidays during the term of this <br />Employment Agreement: New Year's Day, Martin Luther King Jr.'s Birthday (3rd Monday, <br />January); Good Friday; Memorial Day; Independence Day. <br />SECTION FIVE <br />MODIFICATION OF CONTRACT <br />No waiver or modification of this agreement or of any covenant, condition. or <br />limitation herein contained shall be valid unless in writing and duly executed by the party <br />to be charged therewith and no evidence of any waiver or modification shall be offered <br />or received in evidence in any proceeding, arbitration, or litigation between the parties <br />hereto arising out of or affecting this agreement, or the rights or obligations of the parties <br />hereunder, unless such waiver or modification is in writing duly executed aforesaid, and <br />the parties further agree that the provisions of this section may not be waived except as <br />herein set forth. <br />SECTION SIX <br />TERMINATION <br />Employee shall be deemed an "employee at will" as that term is defined under the <br />laws of North Carolina. Corporation shall review Employee's work performance prior to <br />2 <br />