First Amendment to CapitalBank Split Dollar Agreement with Steve O. White (December 31, 2008)
Contract Categories:
Business Finance
›
Modification Agreements
Summary
This amendment updates the Split Dollar Agreement between CapitalBank and Steve O. White, originally signed on December 31, 2003. The change redefines the "Normal Retirement Age" as the earliest of three events: August 31st after Mr. White's 61st birthday, his employment ending due to disability, or a change of control at the company. Both parties have agreed to this amendment as of December 31, 2008.
EX-10.82 2 ex10-82.htm EXHIBIT 10.82 ex10-82.htm
EXHIBIT 10.82
FIRST AMENDMENT
TO
CAPITALBANK
SPLIT DOLLAR AGREEMENT
DATED DECEMBER 31, 2003
FOR
STEVE O. WHITE
THIS AMENDMENT is adopted this 31st day of December, 2008 by and between CAPITALBANK a state-chartered commercial bank located in Greenwood, South Carolina (the “Company”), and STEVE O. WHITE (the “Executive”).
The Company and the Executive entered into the Split Dollar Agreement on December 31, 2003 (the “Agreement”). The Company and the Executive now agree to amend the Normal Retirement Age.
The undersigned hereby amend the Agreement with the following changes:
Section 1.6 of the Agreement shall be deleted in its entirety and replaced by the following:
| 1.6 | “Normal Retirement Age” means the earliest of August 31st immediately following the Executive’s 61st birthday, the date of Termination of Employment on account of Disability or the date of a Change of Control. |
IN WITNESS OF THE ABOVE, the Company and the Executive hereby consent to this Amendment.
| Executive: | CapitalBank |
| /s Steve O. White | By: /s R. Wesley Brewer |
| Steve O. White | Title: Chief Financial Officer |
