FIRST AMENDMENT TO THE CAPITALBANK SALARY CONTINUATION AGREEMENT DATED OCTOBER 17, 2002 FOR STEVE O. WHITE
EXHIBIT
10.49
FIRST
AMENDMENT
TO
THE
CAPITALBANK
DATED
OCTOBER 17, 2002
FOR
XXXXX
X. XXXXX
THIS
AMENDMENT is adopted this 10th day of January, 2006, by and between CAPITALBANK,
a state-chartered commercial bank located in Greenwood, South Carolina (the
“Company”) and XXXXX X. XXXXX (the “Executive”).
The
Company and the Executive executed the Salary Continuation Agreement (the
“Agreement”) on October 17, 2002. Pursuant
to Article 7 of the Agreement the undersigned hereby amend the Executive’s
Agreement as follows:
Article
1.1 of the Agreement shall be deleted in its entirety and replaced by Article
1.1 below:
1.1 “Benefit
Amount”
means
Twenty Thousand Five Hundred and Fifteen Dollars ($20,515) as of May 1, 2005.
Commencing at the end of each Plan Year thereafter, the Benefit Amount shall
be
increased four percent (4%) from the previous Plan Year.
Article
1.8 of the Agreement shall be deleted in its entirety and replaced by Article
1.8 below:
1.8
“Normal
Retirement Age”
means
the August 31st
immediately following the Executive’s 61st
birthday.
The
Company and the Executive expressly intend that the change to the Normal
Retirement Age contained in this First Amendment to the Agreement constitute
a
new payment election with respect to the time of payment of the amounts deferred
as permitted by the Transitional Relief included in Part XI.C. of the Preamble
to the Proposed Treasury Regulations published at 70 Federal Register 57930,
pages 57954-57955 (October 4, 2005) (the “Transitional Relief”). The Company
shall have the authority to amend the Plan and any election made hereunder,
retroactively if necessary, in order to effectuate the Company’s and the
Executive’s intent to satisfy the requirements of the Transitional Relief and to
defer compensation as governed by applicable federal law, including but not
limited to Internal Revenue Code Section 409A.
By
signing below, Executive elects to receive the Normal Retirement Benefit under
the Agreement, as amended, as of his Normal Retirement Age, as such term is
defined by this First Amendment to the Agreement. Executive understands that
this election is conditioned upon Executive’s continued employment with the
Company until Executive’s Normal Retirement Age. Executive’s entitlement to any
Early Termination Benefit attributable to his termination of employment prior
to
his Normal Retirement Age shall be governed by and subject to the terms of
the
Agreement, as amended from time to time.
IN
WITNESS OF THE ABOVE,
the
Executive and the Company hereby consent to this First Amendment.
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Executive:
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CAPITALBANK
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/s/
Xxxxx X. Xxxxx
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By:
/s/ Xxxxx X. Xxxxxxxx
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Xxxxx
X. Xxxxx
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Title:
Chairman, Compensation Committee
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