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Mooresville Severance Plan

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Exhibit 10(f)


MOORESVILLE SAVINGS BANK, INC., SSB
SEVERANCE PLAN


THIS IS THE SEVERANCE PLAN ("PLAN") OF MOORESVILLE SAVINGS BANK, INC., SSB (THE "BANK"), A NORTH CAROLINA-CHARTERED SAVINGS BANK, WITH ITS PRINCIPAL OFFICE IN MOORESVILLE, NORTH CAROLINA, ADOPTED BY THE BOARD OF DIRECTORS OF THE BANK, TO BE EFFECTIVE ON THE DATE OF CONSUMMATION OF THE CONVERSION OF THE BANK FROM MUTUAL TO STOCK FORM.


1. Purpose. The purpose of this Plan is to aid the Bank in attracting and
------- retaining capable employees by providing the employees with the severance benefits set forth herein in the event that there is a change in control of the Bank. For purposes of this Plan, the term "Employee" means and includes any person employed by the Bank on a full time basis on the date of consummation or occurrence of a "Change in Control" (as defined in Subparagraph 2(c) below), excluding any person employed by the Bank on such date pursuant to a written employment agreement between such employee and the Bank which has a remaining term in excess of two years and excluding any person employed by the Bank on such date who has received a special termination agreement or other similar agreement from the Savings Bank or any parent holding company of the Bank which agreement provides for the payment of a specified amount of severance pay to such person in the event his or her employment is terminated or changed after a change in control of the Bank.


2. Severance Benefit.
-----------------


(a) In the event (i) the Bank or its successor terminates the employment
of any Employee in connection with, or within twenty-four (24) months
after, a "Change in Control" (as defined in Subparagraph (c) below),
other than for "cause" (as defined in Paragraph 3 below) or (ii) an
Employee terminates his employment following a Termination Event
pursuant to Paragraph 2(b) below, the Bank shall pay the Employee a
severance benefit equal to the greater of (A) an amount equal to two
weeks salary at the Employee's existing salary rate at the time of
termination multiplied times the Employee's number of complete years
of service as an employee of the Bank or (B) the amount of one months
salary at the Employee's existing salary rate at the time of
termination; provided, however, that the severance benefit shall not
exceed one-half of the annual salary payable to any Employee at his
salary rate existing on the date of such termination. Such sum shall
be payable as provided in Subparagraph (d) below.


(b) An Employee shall have the right to terminate his or her employment
upon the occurrence of any of the following events (the "Termination
Events") within twenty-four (24) months following a Change in Control:


(i) The Employee's annual base salary rate is decreased from the
level existing at the effective time of the Change in Control; or


(ii) The Employee is transferred to a location more than forty (40)
miles distant from the Employee's primary work station at the
time of the Change in Control.


A Termination Event shall be deemed to have occurred on the date such
action or event is


1


implemented or takes effect.


(c) For the purposes of this Plan, the term "Change in Control" shall mean
any of the following events:


(i) a change in control of a nature that would be required to be
reported in response to Item 1 of the Current Report on Form 8-K
by the Bank or by any parent holding company of the Bank
pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 as in effect on the date hereof (the "Exchange Act"); or


(ii) such time as any "person" (as such term is used in Sections
13(d) and 14(d) of the Exchange Act) is or becomes the
"beneficial owner" (as defined in Rule 13d-3 under the Exchange
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