Common use of Participation in Retirement and Employee Benefit Plans Clause in Contracts

Participation in Retirement and Employee Benefit Plans. Fringe -------------------------------------------------------------- Benefits. The Officer shall be entitled to participate in any plan relating to -------- deferred compensation, stock awards, stock options, stock purchases, pension, thrift, profit sharing, life insurance, medical and dental coverage, disability coverage, education, or other retirement or employee benefits that the Savings Bank or the Holding Company have adopted, or may, from time to time adopt, for his benefit or for the benefit of their executive employees and for employees generally, subject to the eligibility rules of such plans. The Officer shall also be entitled to participate in any other fringe benefits which are now or may be or become applicable to the Officer or the Savings Bank's other executive employees. The Savings Bank shall pay all reasonable expenses incurred by the Officer (including expenses of Officer's spouse) in attending meetings of the North Carolina Bankers Association and Americas Community Bankers and their successor organizations and other meetings in accordance with prior practice of the Savings Bank. In addition, the Officer shall be entitled to participate in any other benefits which are commensurate with the duties and responsibilities to be performed by the Officer under this Agreement. Additionally, the Officer shall be entitled to such vacation and sick leave as shall be established under uniform employee policies promulgated by the Directors. The Savings Bank shall reimburse the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur in connection with his services on behalf of the Savings Bank. The Officer shall be furnished with an automobile of make, model and age consistent with prior practice of the Savings Bank, which automobile may be used by the Officer for business and personal purposes. The Savings Bank shall pay membership dues, assessments and other expenses associated with the Officer's membership in clubs and other organizations in accordance with prior practice of the Saving Bank.

Participation in Retirement and Employee Benefit Plans. Fringe FRINGE -------------------------------------------------------------- BenefitsBENEFITS. The Officer shall be entitled to participate in any plan relating to -------- deferred compensation, stock awards, stock options, stock purchases, pension, thrift, profit sharing, life insurance, medical and dental coverage, disability coverage, education, or other retirement or employee benefits that the Savings Bank or the Holding Company have adopted, or may, from time to time adopt, for his benefit or for the benefit of their executive employees and for employees generally, subject to the eligibility rules of such plans. The Officer shall also be entitled to participate in any other fringe benefits which are now or may be or become applicable to the Officer or the Savings Bank's other executive employees. The Savings Bank shall pay all reasonable expenses incurred by the Officer (including expenses of Officer's spouse) in attending meetings of the North Carolina Bankers Association and Americas Community Bankers and their successor organizations and other meetings in accordance with prior practice of the Savings Bank. In addition, the Officer shall be entitled to participate in any other benefits which are commensurate with the duties and responsibilities to be performed by the Officer under this Agreement. Additionally, the Officer shall be entitled to such vacation and sick leave as shall be established under uniform employee policies promulgated by the Directors. The Savings Bank shall reimburse the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur in connection with his services on behalf of the Savings Bank. The Officer shall be furnished with an automobile of make, model and age consistent with prior practice of the Savings Bank, which automobile may be used by the Officer for business and personal purposes. The Savings Bank shall pay membership dues, assessments and other expenses associated with the Officer's membership in clubs and other organizations in accordance with prior practice of the Saving Bank.

Participation in Retirement and Employee Benefit Plans. Fringe -------------------------------------------------------------- Benefits. The Officer shall be entitled to participate in any plan relating to -------- deferred compensation, stock awards, stock options, stock purchases, pension, thrift, profit sharing, group life insurance, medical and dental coverage, disability coverage, education, or other retirement or employee benefits that the Savings Bank or the Holding Company have adopted, or may, from time to time adopt, for his benefit or for the benefit of their executive employees and for employees generally, subject to the eligibility rules of such plans. The Officer shall also be entitled to participate in any other fringe benefits which are now or may be or become applicable to the Officer or the Savings Bank's other executive employees. The Savings Bank shall pay all reasonable expenses incurred by the Officer (including expenses of Officer's spouse) and his wife in attending meetings the annual conventions of the North Carolina Community Bankers Association and Americas Community Bankers and their successor organizations organizations, and the Savings Bank shall pay all reasonable expenses incurred by the Officer in attending such other meetings in accordance with prior practice of at which the Savings BankBank deems the Officer's attendance to be desirable. In addition, the Officer shall be entitled to participate in any other benefits which are commensurate with the duties and responsibilities to be performed by the Officer under this Agreement. Additionally, the Officer shall be entitled to such vacation and sick leave as shall be established under uniform employee policies promulgated by the Directors. The Savings Bank shall reimburse the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur in connection with his services on behalf of the Savings Bank. The Officer shall be furnished with an automobile of make, model and age consistent with prior practice of the Savings Bank, which automobile may be used by the Officer for business and personal purposes. The Savings Bank shall pay to the Colonial Country Club and to the Thomasville Rotary Club all membership dues, dues and assessments and other expenses associated with the Officer's regular membership in clubs and other organizations in accordance with prior practice of the Saving Banksuch clubs.

Participation in Retirement and Employee Benefit Plans. Fringe -------------------------------------------------------------- BenefitsFRINGE BENEFITS; ------------------------------------------------------------------------ INSURANCE BENEFITS. ------------------- (a) The Officer Employee shall be entitled to participate in any plan of the Employers or either of them relating to -------- deferred compensation, stock awards, stock options, stock purchases, pension, thrift, profit sharing, employee stock ownership, group life insurance, medical and dental coverage, disability coverageinsurance, education, or other retirement or employee benefits that the Savings Bank or the Holding Company have adopted, has adopted or may, from time to time may adopt, for his benefit or for the benefit of their executive employees and for employees generally, subject on a basis no less favorable to the eligibility rules of such plansEmployee than that applicable to other executive employees. The Officer Employee shall also be entitled to participate in any other fringe benefits which that are now or may be or become applicable to the Officer Company's or the Savings Bank's other executive employees. The Savings Bank shall pay all , including the payment of reasonable expenses incurred by the Officer (including expenses of Officer's spouse) in for attending annual and periodic meetings of the North Carolina Bankers Association and Americas Community Bankers and their successor organizations and other meetings in accordance with prior practice of the Savings Bank. In additiontrade associations, the Officer shall be entitled to participate in provision of an automobile primarily for business use and any other benefits which that are commensurate with the duties and responsibilities to be performed by the Officer Employee under this Agreement. AdditionallyParticipation in these plans and fringe benefits (other than pursuant to a salary reduction agreement executed by the Employee) shall not reduce the salary and any bonus payable to the Employee under Section 2 hereof. (b) In addition to the benefits enumerated above, during the Officer term of this Agreement the Employee shall be entitled to such vacation the benefits of a special disability income policy (Guardian Policy No. G718042) and sick leave as a supplemental retirement income plan with a preretirement death benefit (Guardian Policy No. 3505768) purchased by and at the expense of the Company or the Bank (collectively the "Policies"). The Employee shall be established under uniform employee policies promulgated by the Directorsowner of the Policies and shall be entitled to designate the beneficiary or beneficiaries of the Policies. The Savings Bank shall reimburse All costs and expenses of the Officer for all out-of-pocket reasonable and necessary business expenses which the Officer may incur Employers in connection with his services on behalf the Policies in excess of those that are excludable from the Savings Bank. The Officer Employee's income under applicable law shall be furnished with an automobile reported as compensation income to the Employee and the Employee shall be responsible for the payment of make, model any and age consistent with prior practice of the Savings Bank, which automobile may be used by the Officer for business and personal purposes. The Savings Bank shall pay membership dues, assessments and other expenses associated with the Officer's membership in clubs and other organizations in accordance with prior practice of the Saving Bankall taxes related to such amounts.