STATE OF NORTH CAROLINA

COUNTY OF HARNETT

EMPLOYMENT AGREEMENT

THIS AGREEMENT entered into as of Mach 1, 2002 by and between NEW CENTURY BANK (hereinafter referred to as the Bank) and Lisa F. Campbell (hereinafter referred to as Employee).

W I T N E S S E T H:

WHEREAS, the expertise and experience of Employee and his/her relationships and reputation in the financial institutions industry are extremely valuable to the Bank; and

WHEREAS, it is in the best interests of the Bank and its shareholders to maintain an experienced and sound management team to manage the Bank and to further the Banks overall strategies to protect and enhance the value of its shareholders investments; and

WHEREAS, the Bank and Employee desire to enter into this Agreement to establish the scope, terms and conditions of Employees employment by the Bank; and

WHEREAS, the Bank and Employee desire to enter into this Agreement also to provide Employee with security in the event of a change in control in the Bank and to insure the continued loyalty of Employee during any such change in control in order to maximize shareholder value as well as the continued safe and sound operation of the Bank.

NOW, THEREFORE, for and in consideration of the premises and mutual promises, covenants and conditions hereinafter set forth, and other good and valuable considerations, the receipt and sufficiency of which hereby are acknowledged, the Bank and Employee hereby agree as follows:

1. Employment. The Bank hereby agrees to employ Employee, and Employee hereby agrees to serve as an officer of the Bank, all upon the terms and conditions stated herein. As an officer of the Bank, Employee will (i) serve as Sr. Vice President of the Bank, and (ii) have such other duties and responsibilities, and render to the Bank such other management services, as are customary for persons in Employees position with the Bank or as shall otherwise be reasonably assigned to his/her from time to time by the Bank. Employee shall faithfully and diligently discharge his/her duties and responsibilities under this Agreement and

shall use his/her best efforts to implement the policies established by the Bank. Employee hereby agrees to devote such number of hours of his/her working time and endeavors to the employment granted hereunder as Employee and the Bank shall deem to be necessary to discharge his/her duties hereunder, and, for so long as employment hereunder shall exist, Employee shall not engage in any other occupation which requires a significant amount of Employees personal attention during the Banks regular business hours or which otherwise interferes with Employees attention to or performance of his/her duties and responsibilities as an officer of the Bank hereunder except with the prior written consent of the Bank. However, nothing herein contained shall restrict or prevent Employee from personally, and for Employees own account, trading in stocks, bonds, securities, real estate or other forms of investment for Employees own benefit so long as said activities do not interfere with Employees attention to or performance of his/her duties and responsibilities as an officer of the Bank hereunder.

2. Compensation. For all services rendered by Employee to the Bank under this Agreement, the Bank shall pay Employee a base salary at a rate of Eighty-Nine Thousand Dollars and 00/100s ($89,000.00) per annum; provided that the rate of such salary shall be reviewed by the Board of Directors not less often than annually. Salary paid under this Agreement shall be payable in cash not less frequently than monthly. All compensation hereunder shall be subject to customary withholding taxes and such other employment taxes as are required by law. In the event of a Change in Control (as defined in Paragraph 8), Employees base salary shall be increased not less than six percent (6%.) annually during the term of this Agreement.

In addition to the foregoing, Employee shall be entitled to receive cash bonuses on an annual basis during the term of this Agreement as may be determined by the Board of Directors of the Bank or its Compensation Committee.

3. Participation in Retirement and Employee Benefit Plans; Fringe Benefits. Subject to the terms and conditions of this Agreement, Employee shall be entitled to participate in any and all employee benefit programs and compensation plans from time to time maintained by the Bank and available to all employees of the Bank, all in accordance with the terms and conditions (including eligibility requirements) of such programs and plans of the Bank, resolutions of the Banks Board of Directors establishing such programs and plans, and the Banks normal practices and established policies regarding such programs and plans.

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