First Amendment to Salary Continuation Agreement between Third Coast Bank and John McWhorter
This amendment, effective May 4, 2025, updates the Salary Continuation Agreement between Third Coast Bank and John McWhorter. The main change is an increase in the annual benefit amount to $193,525. All other terms of the original agreement remain unchanged. The amendment is legally binding once signed by both parties.
Exhibit 10.2
FIRST AMENDMENT TO SALARY CONTINUATION AGREEMENT
This FIRST AMENDMENT TO SALARY CONTINUATION AGREEMENT (this “Amendment”) is entered into as of May 4, 2025 (the “Effective Date”), by and between Third Coast Bank, a Texas banking association (the “Bank”), and John McWhorter (“Executive”). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Salary Continuation Agreement (as defined below).
WHEREAS, the Bank and Executive are parties to that certain Third Coast Bank Salary Continuation Agreement, dated as of July 6, 2020 (the “Salary Continuation Agreement”); and
WHEREAS, effective as of the Effective Date, the parties hereto desire to amend the Salary Continuation Agreement as provided in this Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree to amend the Salary Continuation Agreement effective as of the Effective Date as follows:
2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is One Hundred Ninety-Three Thousand Five Hundred Twenty-Five Dollars ($193,525).
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IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the date first written above.
THIRD COAST BANK, a Texas banking association
| By: | /s/ Bart Caraway |
Name: | Bart Caraway | |
Title: | President and Chief Executive Officer |
| /s/ John McWhorter |
John McWhorter | |
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[Signature Page to First Amendment to Salary Continuation Agreement]