EXHIBIT 10.1
NONCOMPETITION, SEVERANCE AND EMPLOYMENT AGREEMENT
THIS NONCOMPETITION, SEVERANCE AND EMPLOYMENT AGREEMENT (this "Agreement")
is made and entered into as of this 17th day of September, 1997, by and between
Xxxxxx X. Xxxxxxxx, an individual (the "Executive"), and Carolina First
Corporation, a South Carolina corporation and financial institution holding
company headquartered in Greenville, South Carolina, and Carolina First Mortgage
Company, a South Carolina corporation and wholly-owned subsidiary of the
Company. Carolina First Corporation and Carolina First Mortgage Company are
hereinafter referred to as the "Company," except where the context otherwise
requires, in which case "Company" shall refer only to Carolina First
Corporation.
W I T N E S S E T H
WHEREAS the Board of Directors of the Company believes that the Executive
has been instrumental in the success of the Company since his employment;
WHEREAS the Company desires to continue to employ the Executive as
President of Carolina First Mortgage Company and in such other capacities as the
Executive is currently employed as of the date hereof;
WHEREAS the Company has a Long-term Incentive Compensation Plan (the
"Incentive Compensation Plan") which provides for incentive compensation
payments to be made to the executive officers of the Company (including the
Executive);
WHEREAS the terms hereof are consistent with the objectives of the
Incentive Compensation Plan;
WHEREAS the Executive is willing to accept the employment contemplated
herein under the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and the mutual covenants
and agreements contained herein and other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties hereto agree as follows:
1. Employment. Subject to the terms and conditions hereof, the Company
hereby employs the Executive and Executive hereby accepts such employment as
President of Carolina First Mortgage Company having such duties and
responsibilities as are set forth in Section 3 below.
2. Definitions. For purposes of this Agreement, the following terms shall
have the meanings specified below.
"Change in Control" shall mean the occurrence during the Term of any of the
following events:
(a) An acquisition (other than directly from the Company) of any
voting securities of the Company (the "Voting Securities") by any "Person"
(as the term person is used for purposes of Section 13(d) or 14(d) of the
Securities Exchange Act of 1934 (the "1934 Act")) immediately after which
such Person has "beneficial Ownership" (within the meaning of Rule 13d-3
promulgated under the 0000 Xxx) of 20% or more of the combined voting power
of the Company's then outstanding Voting Securities; provided, however,
that in determining whether a Change in Control has occurred, Voting
Securities which are acquired in a "Non-Control Acquisition" (as
hereinafter defined) shall not constitute an
acquisition which would cause a Change in Control. A "Non-Control
Acquisition" shall mean an acquisition by (i) an employee benefit plan (or
a trust forming a part thereof) maintained by (x) the Company or (y) any
corporation or other Person of which a majority of its voting power or its
equity securities or equity interest is owned directly or indirectly by the
Company (a "Subsidiary"), (ii) the Company or any Subsidiary, or (iii) any
Person in connection with a "Non-Control Transaction" (as hereinafter
defined); or
(b) The individuals who, as of the date of this Agreement, are members
of the Board (the "Incumbent Board") cease for any reason to constitute at
least two-thirds of the Board; provided, however, that if the election, or
nomination for election by the Company's stockholders, of any new director
was approved by a vote of at least two-thirds of the Incumbent Board, such
new director shall, for purposes of this Agreement, be considered as a
member of the Incumbent Board; provided, further, however, that no
individual shall be considered a member of the Incumbent Board if such
individual initially assumed office as a result of either an actual or
threatened "Election Contest" (as described in Rule 14a-11 promulgated
under the 0000 Xxx) or other actual or threatened solicitation of proxies
or consents by or on behalf of a Person other than the Board (a "Proxy
Contest") including by reason of any agreement intended to avoid or settle
any Election Contest or Proxy Contest; or
(c) Approval by stockholders of the Company of:
(1) A merger, consolidation or reorganization involving the
Company, unless
i) the stockholders of the Company, immediately before
such merger, consolidation or reorganization, own,
directly or indirectly, immediately following such
merger, consolidation or reorganization, at least
two-thirds of the combined voting power of the
outstanding voting securities of the corporation
resulting from such merger or consolidation or
reorganization (the "Surviving Corporation") in
substantially the same proportion as their ownership of
the Voting Securities immediately before such merger,
consolidation or reorganization, and
ii) the individuals who were members of the Incumbent Board
immediately prior to the execution of the agreement
providing for such merger, consolidation or
reorganization constitute at least two-thirds of the
members of the board of directors of the Surviving
Corporation.
(A transaction described in clauses (i) and (ii) shall
herein by referred to as a "Non-Control Transaction").
(2) A complete liquidation or dissolution of the Company; or
(3) An agreement for the sale or other disposition of all or
substantially all of the assets of the Company to any Person
(other than a transfer to a Subsidiary).
(d) Notwithstanding anything contained in this Agreement to the
contrary, if the Executive's employment is terminated prior to a Change in
Control and the Executive reasonably demonstrates that such termination (1)
was at the request of a third party who has indicated an intention or taken
steps reasonably calculated to effect a Change in Control and who
effectuates a Change in Control (a "Third Party") or (2) otherwise occurred
in connection with, or in anticipation of, a Change in Control which
actually occurs, then for all purposes or this Agreement, the date of a
Change in Control with respect to the Executive shall mean the date
immediately prior to the date of such termination of the Executive's
employment.
"Cause" shall mean (a) any act that (i) constitutes, on the part of the
Executive, fraud, dishonesty, gross malfeasance of duty, or conduct grossly
inappropriate to the Executive's office, and (ii) is demonstrably likely to lead
to material injury to the Company or resulted or was intended to result in
direct or indirect gain to or personal enrichment of the Executive; or
(b) the conviction (from which no appeal may be or is timely taken) of
the Executive of a felony; or
(c) the suspension or removal of the Executive by federal or state
banking regulatory authorities acting under lawful authority pursuant to
provisions of federal or state law or regulation which may be in effect
from time to time;
provided, however, that in the case of clause (a) above, such conduct shall not
constitute Cause:
(x) unless (i) there shall have been delivered to the Executive a
written notice setting forth with specificity the reasons that the Board
believes the Executive's conduct constitutes the criteria set forth in
clause (a), (ii) the Executive shall have been provided the opportunity to
be heard in person by the Board (with the assistance of the Executive's
counsel if the Executive so desires), and (iii) after such hearing, the
termination is evidenced by a resolution adopted in good faith by
two-thirds of the members of the Board (other than the Executive); or
(y) if such conduct (i) was believed by the Executive in good faith to
have been in or not opposed to the interests of the Company, and (ii) was
not intended to and did not result in the direct or indirect gain to or
personal enrichment of the Executive.
Additionally, after a Change in Control, the Company may not terminate
Executive for "Cause" as a result of any event about which the Company, any
member of a prior or existing Board of Directors, or any executive senior to the
Executive has known for more than twelve (12) months.
"Confidential Information" shall mean all business and other information
relating to the business of the Company, including without limitation, technical
or nontechnical data, programs, methods, techniques, processes, financial data,
financial plans, product plans, and lists of actual or potential customers,
which (i) derives economic value, actual or potential, from not being generally
known to, and not being readily ascertainable by proper means by, other Persons,
and (ii) is the subject of efforts that are reasonable under the circumstances
to maintain its secrecy or confidentiality. Such information and compilations of
information shall be contractually subject to protection under this Agreement
whether or not such information constitutes a trade secret and is separately
protectable at law or in equity as a trade secret. Confidential Information does
not include confidential business information which does not constitute a trade
secret under applicable law two years after any expiration or termination of
this Agreement.
"Disability" or "Disabled" shall mean the Executive's inability as a result
of physical or mental incapacity to substantially perform his duties for the
Company on a full-time basis for a period of six (6) months as determined by an
independent physician selected with the approval of both the Executive and the
Company.
"Involuntary Termination" shall mean the termination of Executive's
employment by the Executive following a Change in Control which, in the sole
judgment of the Executive, is due to (i) a change of the Executive's
responsibilities, position (including status as President of Carolina First
Mortgage Company, its successor or ultimate parent entity), office, title,
reporting relationships or working conditions, authority or duties (including
changes resulting from the assignment to the Executive of any duties
inconsistent with his
positions, duties or responsibilities as in effect immediately prior to the
Change in Control); or (ii) a change in the terms or status (including the
rolling three year termination date) of this Agreement; or (iii) a reduction in
the Executive's compensation or benefits; or (iv) a forced relocation of the
Executive outside the Columbia metropolitan area; or (v) a significant increase
in the Executive's travel requirements; or (vi) any attempted termination for
Cause that does not comply with the substantive and procedural provisions set
forth in the definition of Cause; or (vii) the Company's insolvency; or (viii)
the Company's breach of this Agreement. An "Involuntary Termination" shall be
considered to have occurred only after Executive gives the Company written
notice of such termination setting forth the specific grounds constituting the
termination and ten (10) days to cure such termination and the Company fails to
cure such termination.
"Person" shall mean any individual, corporation, bank, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization or
other entity.
"Voluntary Termination" shall mean the termination by Executive of
Executive's employment following a Change in Control which is not the result of
any of clauses (i) through (viii) set forth in the definition of Involuntary
Termination above.
3. Duties. During the Term hereof, the Executive shall have such duties and
authority as are typical of a president of a company such as the Company,
including, without limitation, those specified in the Company's Bylaws.
Executive agrees that during the Term hereof, he will devote his full time,
attention and energies to the diligent performance of his duties. Executive
shall not, without the prior written consent of the Company, at any time during
the Term hereof (i) accept employment with, or render services of a business,
professional or commercial nature to, any Person other than the Company, (ii)
engage in any venture or activity which the Company may in good faith consider
to be competitive with or adverse to the business of the Company or of any
affiliate of the Company, whether alone, as a partner, or as an officer,
director, employee or shareholder or otherwise, except that the ownership of not
more than 5% of the stock or other equity interest of any publicly traded
corporation or other entity shall not be deemed a violation of this Section, or
(iii) engage in any venture or activity which the Board of Directors of the
Company may in good faith consider to interfere with Executive's performance of
his duties hereunder.
4. Term. Unless earlier terminated as provided herein, the Executive's
employment hereunder shall be for a rolling term of three years (the "Term")
commencing on the date hereof, with compensation to be effective as of September
17, 1997. This Agreement shall be deemed to extend each day for an additional
day automatically and without any action on behalf of either party hereto;
provided, however, that either party may, by notice to the other, cause this
Agreement to cease to extend automatically and, upon such notice, the "Term" of
this Agreement shall be the three years following the date of such notice, and
this Agreement shall terminate upon the expiration of such Term. If no such
notice is given and this Agreement is terminated pursuant to Section 5 hereof,
for the purposes of calculating any amounts payable to the Executive as a result
of such termination, the remaining Term of this Agreement shall be deemed to be
three years from the date of such termination.
5. Termination. This Agreement may be terminated as follows:
5.1 The Company. The Company shall have the right to terminate
Executive's employment hereunder at any time during the Term hereof (i) for
Cause, (ii) if the Executive becomes Disabled, or (iii) upon the Executive's
death.
5.1.1 If the Company terminates Executive's employment under this
Agreement pursuant to clauses (i) through (iii) of Section 5.1, the Company's
obligations hereunder shall cease as of the date of termination; provided,
however, if Executive is terminated for Cause after a Change in Control, then
such termination shall be treated as a Voluntary Termination as contemplated in
Section 5.2 below.
5.1.2 If the Company terminates Executive other than pursuant to
clauses (i) through (iii) of Section 5.1 and there has been a Change in Control,
Executive shall be entitled to receive immediately as severance upon such
termination, the compensation and benefits provided in Section 6 hereof that
would otherwise be payable over the three years subsequent to such termination.
For purposes of determining compensation which is not fixed (such as a bonus),
the annual amount of such unfixed compensation shall be deemed to be the equal
to the average of such compensation over the three year period immediately prior
to the termination.
5.1.3 If the Company terminates Executive other than pursuant to
clauses (i) through (iii) of Section 5.1 and in the absence of a Change in
Control, Executive shall be entitled to receive immediately as severance upon
such termination, the compensation and benefits provided in Section 6 hereof for
the remaining Term of this Agreement.
5.1.4 In the event of such termination other than pursuant to
clauses (i) through (iii) of Section 5.1, (A) all rights of Executive pursuant
to awards of share grants or options granted by the Company shall be deemed to
have vested and shall be released from all conditions and restrictions, except
for restrictions on transfer pursuant to the Securities Act of 1933, as amended,
and (B) the Executive shall be deemed to be credited with service with the
Company for such remaining Term for the purposes of the Company's benefit plans,
including, without limitation, any restricted stock agreements now or hereafter
entered into with Executive.
5.2 By Executive. Executive shall have the right to terminate his
employment hereunder if (i) the Company materially breaches this Agreement and
such breach is not cured within 30 days after written notice of such breach is
given by Executive to the Company; (ii) there is a Voluntary Termination; or
(iii) there is an Involuntary Termination.
5.2.1 If Executive terminates his employment other than pursuant
to clauses (i) through (iii) of Section 5.2, the Company's obligations under
this Agreement shall cease as of the date of such termination and Executive
shall be subject to the noncompetition provisions set forth in Section 10
hereof.
5.2.2 If Executive terminates his employment hereunder pursuant
to any of clauses (i) or (iii) of Section 5.2, Executive shall be entitled to
receive immediately as severance the compensation and benefits provided in
Section 6 hereof that would otherwise be payable over the three years subsequent
to such termination. For purposes of determining compensation which is not fixed
(such as a bonus), the annual amount of such unfixed compensation shall be
deemed to be the equal to the average of such compensation over the three year
period immediately prior to the termination.
5.2.3 If Executive terminates his employment pursuant to clause
(ii) of Section 5.2, Executive shall be entitled to receive immediately as
severance the compensation and benefits provided in Sections 6 hereof for one
year following the date of his Voluntary Termination. For purposes of
determining compensation which is not fixed (such as a bonus), the annual amount
of such unfixed compensation shall be deemed to be the equal to the average of
such compensation over the three year period immediately prior to the
termination.
5.2.4 In addition, in the event of such termination pursuant to
any of clauses (i) through (iii) of this Section 5.2, (A) all rights of
Executive pursuant to awards of share grants or options granted by the Company
shall be deemed to have vested and shall be released from all conditions and
restrictions, except for restrictions on transfer pursuant to the Securities Act
of 1933, as amended, and (B) the Executive shall be deemed to be credited with
service with the Company for such remaining Term for the purposes of the
Company's benefit plans.
5.3 Limitation on Availability of Severance Benefits. All severance
benefits to Executive conditioned on a Change of Control shall have been
obtained by Executive within three (3) years following a Change of Control or be
null, void, and deemed to have been waived by Executive.
6. Compensation. In consideration of Executive's services and covenants
hereunder, Company shall pay to Executive the compensation and benefits
described below (which compensation shall be paid in accordance with the normal
compensation practices of the Company and shall be subject to such deductions
and withholdings as are required by law or policies of the Company in effect
from time to time, provided that his salary pursuant to Section 6.1 shall be
payable not less frequently than monthly):
6.1 Annual Salary. During the Term hereof, the Company shall pay to
Executive a salary at the rate of $145,000 per annum. Executive's salary will be
reviewed by the Board of Directors of the Company at the beginning of each of
its fiscal years and, in the sole discretion of the Board of Directors, may be
increased for such year.
6.2 Annual Incentive Bonus. During the Term hereof, the Board of
Directors may pay to Executive an annual incentive cash bonus in accordance with
the terms of the Short Term Incentive Compensation Plan.
6.3 Stock Options and Restricted Stock. During the Term hereof, the
Board of Directors shall grant Executive options to purchase Company Common
Stock and restricted stock in accordance with the terms of the Company's Long
Term Incentive Compensation Plan. The Company agrees to use its best efforts to
cause the Company's Long Term Incentive Compensation Plan to be presented to the
shareholders of the Company for approval at the next annual meeting of the
shareholders for the purpose of meeting any NASD shareholder approval
requirements and qualifying such Options under Section 16 of the Securities
Exchange Act of 1934, as amended ("Section 16"). In the event that such
shareholder approval is not secured for Section 16 purposes, the options
referenced herein shall remain the legal and valid obligation of the Corporation
enforceable in accordance with their terms. In the event that shareholder
approval is not secured and the NASD does not confirm that an exemption is
available with respect to the grant of the options and restricted stock, stock
appreciation or similar rights with terms and conditions substantially
equivalent to the options and restricted stock shall be granted to Executive.
6.4 Other Benefits. Executive shall be entitled to share in any other
employee benefits generally provided by the Company to its most highly ranking
executives for so long as the Company provides such benefits. The Company also
agrees to provide Executive with a Company-paid automobile, reasonable club dues
for one country club and two business club(s), personal tax advisory services,
and a $1,000,000 life insurance policy. Executive shall also be entitled to
participate in all other benefits accorded general Company employees.
6.5 Executive's Right to Benefits Absolute. The right of the Executive
to receive the benefits set forth in this Agreement shall be absolute and not
subject to any right of set-off or counterclaim the Company may have against
Executive.
7. Accelerated Vesting of Executive's Stock Options and Restricted Stock.
Anything set forth herein to the contrary notwithstanding, Executive's stock
options and restricted stock shall vest immediately upon the occurrence of a
Change in Control or upon the triggering of the provisions of the Company's
Shareholder Rights Agreement, even if Executive remains employed with the
Company after a Change in Control. Additionally, to the extent that this
Agreement is inconsistent with Company's existing Restricted Stock Plan (the
"RSP"), the terms of the RSP shall control. Moreover, anything set forth herein
to the contrary notwithstanding, Executive shall have a minimum of one (1) year
from the date of vesting to exercise such stock option and restricted stock
rights.
8. Excess Parachute Payments. It is the intention of the parties hereto
that the severance payments and other compensation provided for herein are
reasonable compensation for Executive's services to the Company and shall not
constitute "excess parachute payments" within the meaning of Section 280G of the
Internal Revenue Code of 1986, as amended, and any regulations thereunder. In
the event that the Company's independent accountants acting as auditors for the
Company on the date of a Change of Control determine that the payments provided
for herein constitute "excess parachute payments," then the compensation payable
hereunder shall be increased, on a tax gross-up basis, so as to reimburse the
Executive for the tax payable by the Executive, pursuant to Section 4999 of the
Internal Revenue Code, on such "excess parachute payments," taking into account
all taxes payable by Executive with respect to such tax gross-up payments
hereunder, so that Executive shall be, after payment of all taxes, in the same
financial position as if no taxes under Section 4999 had been imposed upon him.
9. Confidentiality. Executive acknowledges that, prior to and during the
term of this Agreement, the Company has furnished and will furnish to Executive
Confidential Information which could be used by Executive on behalf of a
competitor of the Company to the Company's substantial detriment. In view of the
foregoing, Executive acknowledges and agrees that the restrictive covenants
contained in this Agreement are reasonably necessary to protect the Company's
legitimate business interests and goodwill. Executive agrees that he shall
protect the Company's Confidential Information and shall not disclose to any
Person, or otherwise use, except in connection with his duties performed in
accordance with this Agreement, any Confidential Information; provided, however,
that Executive may make disclosures required by a valid order or subpoena issued
by a court or administrative agency of competent jurisdiction, in which event
Executive will promptly notify the Company of such order or subpoena to provide
the Company an opportunity to protect its interests. Upon the termination or
expiration of his employment hereunder, the Executive agrees to deliver promptly
to the Company all Company files, customer lists, management reports, memoranda,
research, Company forms, financial data and reports and other documents supplied
to or created by him in connection with his employment hereunder (including all
copies of the foregoing) in his possession or control and all of the Company's
equipment and other materials in his possession or control.
10. Noncompetition. In the event that Executive's employment with the
Company is terminated before a Change in Control voluntarily by the Executive or
by the Board of Directors pursuant to clause (i) of Section 5.1, then Executive
shall not, for a period of one (1) year following such termination of
employment:
(i) become employed by any insured depository institution that has
customers or does business as follows:
(a) has an office situated in or an agent or agents regularly working
in any city in which Company has an office or in which an agent
or agents of Company regularly work, or
(b) has a significant number of offices situated in or a significant
number of agents regularly working in any city in which Company
has a significant number of offices or in which a significant
number of agents of Company regularly work, or
(c) has customers located in any county of South Carolina where the
Company has a significant number of customers, or
(d) shares a significant number of customers with Company.
(ii) interfere or attempt to interfere with any business relationship of
the Company, including, without limitation, employee and customer
relationships, whether by lawful competition or otherwise; or
(iii) engage, directly or indirectly, in any business or activity which
requires Executive, or any
person or party employed by him or whom he represents, to provide
Confidential Information or other data obtained by Executive as a
result of his employment with Company to any other person or party who
is then engaged in providing similar services of the Company for use
in competing with the Company; or
(iv) solicit from any customer of the Company any business that such
customer has customarily done or contemplates doing with the Company;
or
(v) solicit any business from any customer of the Company with whom the
Executive had contact while employed by the Company; or
(vi) otherwise compete against the Company, directly or indirectly, either
as principal, agent, employee, owner (if the percentage of ownership
exceeds 10% of the entity).
The parties hereto intend the geographic areas and all other restrictions
set forth herein to be completely severable and independent; if any of the
restrictions set forth above are determined to be unenforceable in any of the
geographic areas set forth above, the parties intend that the restrictions set
forth above shall continue to apply to the remaining geographic areas set forth
above.
In the event that Executive's employment is terminated for any reason
following a Change in Control (whether by the Company or Executive), it is
expressly acknowledged that there shall be no limitation on any activity of
Executive, including direct competition with the Company or its successor, and
Company shall not be entitled to injunctive relief with respect to any such
activities of Executive.
11. Trust. The Company shall establish an irrevocable trust to fund the
obligations hereunder (which may be a "rabbi trust" if so requested by
Executive), which trust (i) shall have as trustee an individual acceptable to
Executive, (ii) shall be funded upon the earlier of a Change in Control or the
approval of any regulatory application filed by a potential acquiror of the
Company seeking to acquire control of the Company, and (iii) shall contain such
other terms and conditions as are reasonably necessary in Executive's
determination to ensure the Company's compliance with its obligations hereunder.
12. Assignment. The parties acknowledge that this Agreement has been
entered into due to, among other things, the special skills of Executive, and
agree that this Agreement may not be assigned or transferred by Executive, in
whole or in part, without the prior written consent of Company.
13. Notices. All notices, requests, demands, and other communications
required or permitted hereunder shall be in writing and shall be deemed to have
been duly given if delivered or seven days after mailing if mailed, first class,
certified mail postage prepaid:
To the Company:
Carolina First Corporation
000 Xxxxx Xxxx Xxxxxx
Xxxxxxxxxx, Xxxxx Xxxxxxxx 00000
Attn: Chairman of the Board
To Executive:
Xxxxxx X. Xxxxxxxx
000 Xxxxx Xxxxxxxx Xxx.
Xxxxxxxx, XX 00000
Any party may change the address to which notices, requests, demands, and other
communications shall be delivered or mailed by giving notice thereof to the
other party in the same manner provided herein.
14. Provisions Severable. If any provision or covenant, or any part
thereof, of this Agreement should be held by any court to be invalid, illegal or
unenforceable, either in whole or in part, such invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of
the remaining provisions or covenants, or any part thereof, of this Agreement,
all of which shall remain in full force and effect.
15. Remedies. The Executive acknowledges that if he breaches or threatens
to breach his covenants and agreements in this Agreement, such actions may cause
irreparable harm and damage to the Company which could not be compensated by
monetary damages alone. Accordingly, if Executive breaches or threatens to
breach this Agreement, the Company shall be entitled to injunctive relief, in
addition to any other rights or remedies of the Company. In the event that
Executive is reasonably required to engage legal counsel to enforce his rights
hereunder against the Company, Executive shall be entitled to receive from the
Company his reasonable attorneys' fees and costs; provided that Executive shall
not be entitled to receive those fees and costs related to matters, if any,
which were the subject of litigation and with respect to which a judgment is
rendered against Executive.
16. Waiver. Failure of either party to insist, in one or more instances, on
performance by the other in strict accordance with the terms and conditions of
this Agreement shall not be deemed a waiver or relinquishment of any right
granted in this Agreement or of the future performance of any such term or
condition or of any other term or condition of this Agreement, unless such
waiver is contained in a writing signed by the party making the waiver.
17. Amendments and Modifications. This Agreement may be amended or modified
only by a writing signed by other parties hereto.
18. Governing Law. The validity and effect of this agreement shall be
governed by and construed and enforced in accordance with the laws of the State
of South Carolina.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above written.
WITNESSES: EXECUTIVE
________________________ /s/ Xxxxxx X. Xxxxxxxx
---------------------------------
Xxxxxx X. Xxxxxxxx
________________________
CAROLINA FIRST CORPORATION
________________________ /s/ Xxxxxxx X. Xxxxxxx, Xx.
---------------------------------
By: Xxxxxxx X. Xxxxxxx, Xx.
Chairman of the Board
________________________
