Amendment to Supplemental Executive Retirement Agreement dated

THIS FIRST AMENDMENT (the “Amendment”) is adopted this 1st day of January 2024, by and between The First Bank, formerly The First, A National Banking Association (the “Bank”) and Milton R. Cole, Jr. (the “Executive”).

The Bank and the Executive are parties to a certain Supplemental Executive Retirement Plan Agreement dated January 1, 2020 (the “Agreement”). The Bank and the Executive now wish to amend the Agreement to increase the Executive’s benefit.

    Now, therefore, the Bank and the Executive agree as follows:

    Article 2, Table A, shall be amended to read as follows:

3.10    “Bank’s Death Proceeds” means (i) the total death benefits received by the Bank on life insurance policies on the life of the Executive, minus (ii) the cash surrender value of those same policies immediately prior to the Executive’s death and minus (iii) the benefit paid to the Executive’s beneficiaries under the Endorsement Split Dollar Insurance Agreement between the Executive and the Bank dated September 15, 2005.

3.11    “Change in Control Benefit” means (i) 50% of Projected Compensation less (ii) $164,110 until the Executive reaches age 80, and 50% of Projected Compensation thereafter.

3.12    “Compensation” means the average of the highest three (3) amounts of base salary and bonus paid to the Executive by the Bank in any year of the Executive’s employment.

3.13    “Early Termination Benefit” means (i) 50% of Projected Compensation multiplied by the Vested Percentage less (ii) the Projected Annualized 2014 SERP Benefit until the Executive reaches age 80, and 50% of Projected Compensation multiplied by the Vested Percentage thereafter.

3.14    “Projected Annualized 2014 SERP Benefit” means the projected annuitized benefit from the 2014 SERP. This projected benefit is the annual benefit amount which would fully amortize the lump sum benefit from the 2014 SERP, with interest credited on that amount at the discount rate used by the Bank to determine the Accrued Liability Balance at the time of Separation from Service, from the date of Separation from Service until the completion of the assumed 180 monthly installments beginning at age 65.    

3.15    “Projected Compensation” means Compensation increased by five percent (5%) annually from Separation from Service, Change in Control or the Executive's death until the date the Executive would have reached age sixty-five (65).

3.16    “2014 SERP” means the Supplemental Executive Retirement Plan Agreement between the Bank and the Executive dated May 15, 2014, as amended.

3.17    “Vested Percentage” means 1.205% per completed month of service from the Effective Date of the Agreement and continuing until a Separation from Service occurs, not to exceed 100%, as shown on Schedule A.

IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Bank have signed this Amendment.