EMPLOYMENT AGREEMENT (As Amended and Restated)Employment Agreement • March 12th, 2021 • Carter Bankshares, Inc. • National commercial banks • Virginia
THIS EMPLOYMENT AGREEMENT (this “Agreement”), originally dated as of June 15, 2017 and originally effective as of July 3, 2017 (“Original Effective Date”), is now dated and effective as of November 20, 2020 (the “Restatement Effective Date”), and is made by and between Carter Bankshares, Inc. (“Holding Company”), Carter Bank & Trust (“Bank”) (Holding Company and Bank, both individually and collectively, are referred to herein as “Employer”) and Matthew M. Speare (“Executive”).
NONQUALIFIED SUPPLEMENTAL DEFERRED COMPENSATION PLAN - PLAN DOCUMENT -Nonqualified Supplemental Deferred Compensation Plan • August 3rd, 2022 • Carter Bankshares, Inc. • National commercial banks
This document and the accompanying adoption agreement have not been approved by the Department of Labor, Internal Revenue Service, Securities Exchange Commission, or any other governmental entity. Employers may not rely on this document or the accompanying adoption agreement to ensure any particular tax consequences with respect to the Employer’s particular situation, nor do these documents constitute legal or tax advice. Pen-Cal and its employees cannot provide legal or tax advice in connection with these documents. Employers must determine the extent to which the Plan is subject to Federal or state securities laws. You should have your attorney review this document and the accompanying adoption agreement before adopting the documents. This document and the accompanying adoption agreement cannot be used in order to avoid penalties that may be imposed on the taxpayer.
ContractTime-Based Restricted Stock Agreement • May 4th, 2023 • Carter Bankshares, Inc. • National commercial banks • Virginia
CARTER BANKSHARES, INC. FORM OF PERFORMANCE UNIT AGREEMENT Granted <<AWARD DATE>>Performance Unit Agreement • December 12th, 2023 • Carter Bankshares, Inc. • National commercial banks • Virginia
This Performance Unit Agreement (this “Agreement”) is entered into and effective as of <<AWARD DATE>> (the “Award Date”) pursuant to Article XI of the Carter Bankshares, Inc. Amended and Restated 2018 Omnibus Equity Incentive Plan (the “Plan”) and evidences the grant of performance units and the terms, conditions and restrictions pertaining thereto (the “Award”) to <<NAME>> (the “Participant”).
CARTER BANKSHARES, INC. FORM OF TIME-BASED RESTRICTED STOCK AGREEMENT Granted <<Award Date>>Time-Based Restricted Stock Agreement • December 12th, 2023 • Carter Bankshares, Inc. • National commercial banks • Virginia
This Time-Based Restricted Stock Agreement (this “Agreement”) is entered into and effective as of <<Award Date>> (the “Award Date”) pursuant to Article VII of the Carter Bankshares, Inc. Amended and Restated 2018 Omnibus Equity Incentive Plan (the “Plan”), and evidences the grant of Restricted Stock and the terms, conditions and restrictions pertaining thereto (the “Award”) to <<Name>> (the “Participant”).
CHANGE OF CONTROL SEVERANCE AGREEMENT (As Amended and Restated)Change of Control Severance Agreement • March 12th, 2021 • Carter Bankshares, Inc. • National commercial banks • Virginia
THIS CHANGE OF CONTROL SEVERANCE AGREEMENT (the “Agreement”), originally dated and effective as of January 8, 2018, is effective this 20th day of November, 2020 (the “Effective Date”), by and between Carter Bankshares, Inc. (the “Holding Company”) and Carter Bank & Trust (the “Bank”) and Arthur Loran Adams (“Employee”).
NONQUALIFIED SUPPLEMENTAL DEFERRED COMPENSATION PLAN ADOPTION AGREEMENTNonqualified Supplemental Deferred Compensation Plan Adoption Agreement • August 3rd, 2022 • Carter Bankshares, Inc. • National commercial banks
This adoption agreement and the accompanying plan document have not been approved by the Department of Labor, Internal Revenue Service, Securities Exchange Commission, or any other governmental entity. Employers may not rely on this document or the accompanying plan document to ensure any particular tax consequences with respect to the Employer’s particular situation, nor do these documents constitute legal or tax advice. Pen-Cal and its employees cannot provide legal or tax advice in connection with these documents. Employers must determine the extent to which the Plan is subject to Federal or state securities laws. You should have your attorney review this document and the accompanying plan document before adopting the documents. This adoption agreement and accompanying plan document cannot be used in order to avoid penalties that may be imposed on the taxpayer.
CARTER BANKSHARES, INC. TIME-BASED RESTRICTED STOCK AGREEMENTTime-Based Restricted Stock Agreement • March 12th, 2021 • Carter Bankshares, Inc. • National commercial banks • Virginia
This Time-Based Restricted Stock Agreement (this “Agreement”) is entered into and effective as of <<AWARD DATE>> (the “Award Date”) pursuant to Article VII of the Carter Bankshares, Inc. Amended and Restated 2018 Omnibus Equity Incentive Plan (the “Plan”), and evidences the grant of Restricted Stock and the terms, conditions and restrictions pertaining thereto (the “Award”) to <<NAME>> (the “Participant”).
ContractNon-Qualified Deferred Compensation Plan • March 12th, 2021 • Carter Bankshares, Inc. • National commercial banks
Exhibit 10.11.1 NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR EXECUTIVES (As Restated Effective January 1, 2018) ADOPTION AGREEMENT (Updated Form January 1, 2020) This Adoption Agreement is the companion document that allows an employer to sponsor and adopt the Virginia Bankers Association Model Non-Qualified Deferred Compensation Plan for Executives (the “Plan”). Each Employer named below hereby adopts the Plan through this Adoption Agreement (the “Adoption Agreement”), to be effective as of the date(s) specified below, and elects the following specifications and provides the following information relating thereto. In completing this Adoption Agreement, if additional space is required, insert additional sheets. Adoption Agreement Contents Page Option 1Employer(s) Adopting Plan....1 Option 2General Plan Information ..1 Option 3Status of Plan and Effective Date(s) 2 Option 4Definitions and Other Optional Provisions 3 Option 5Employer Contributions ....8 Option 6Vesting 10 Option 7Retirem
AGREEMENT AND PLAN OF REORGANIZATION AMONG CARTER BANK & TRUST CARTER BANKSHARES, INC. AND CBT MERGER SUB, INC.Agreement and Plan of Reorganization • November 23rd, 2020 • Carter Bankshares, Inc. • Virginia
This Agreement and Plan of Reorganization (this “Agreement”), dated as of November 9, 2020, is by and among Carter Bank & Trust, Martinsville, Virginia (“Bank”), Carter Bankshares, Inc. (“Company”), and CBT Merger Sub, Inc. (“Subsidiary”).
ContractNon-Qualified Deferred Compensation Plan • March 12th, 2021 • Carter Bankshares, Inc. • National commercial banks
Exhibit 10.12.1 NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR DIRECTORS (As Restated Effective January 1, 2018) ADOPTION AGREEMENT (Updated Form January 1, 2020) This Adoption Agreement is the companion document that allows a corporation to sponsor and adopt the Virginia Bankers Association Model Non-Qualified Deferred Compensation Plan for Directors (the “Plan”). Each Corporation named below hereby adopts the Plan through this Adoption Agreement (the “Adoption Agreement”), to be effective as of the date(s) specified below, and elects the following specifications and provides the following information relating thereto. In completing this Adoption Agreement, if additional space is required, insert additional sheets. Adoption Agreement Contents Page Option 1Corporation(s) Adopting Plan ...1 Option 2General Plan Information ..1 Option 3Status of Plan and Effective Date(s) .2 Option 4Definitions and Other Optional Provisions ...3 Option 5Time and Form of Payments .5 Option 6Hardship Withdra
