BEACH FIRST NATIONAL BANK SALARY CONTINUATION AGREEMENTSalary Continuation Agreement • March 5th, 2008 • Beach First National Bancshares Inc • National commercial banks • South Carolina
This Salary Continuation Agreement (the “Agreement”) is adopted this 1st day of March, 2008, by and between Beach First National Bank, a nationally-chartered commercial bank located in Myrtle Beach, South Carolina (the “Bank”) and Gary Austin (the “Executive”). The purpose of this Agreement is to provide specified benefits to the Executive, a member of a select group of management or highly compensated employees who contribute materially to the continued growth, development, and future business success of the Bank. This Agreement shall be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time.
