Exhibit 10.1



THE 409A DEFERRED COMPENSATION PLAN



OF



FIRST CITIZENS BANK AND TRUST COMPANY, INC.



Effective

January 1, 2005



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THE 409A DEFERRED COMPENSATION PLAN

OF

FIRST CITIZENS BANK AND TRUST COMPANY, INC.



TABLE OF CONTENTS



|                                          |  |                                   |  |  
|----------------------------------------- |  | --------------------------------- |  | -
|Preamble                                  |  | 1                                
|                                         
|ARTICLE 1                                
|REFERENCES, CONSTRUCTION, AND DEFINITIONS
|                                          |  |                                  
|1.1                                       |  | Adjustment Date                   |  | 2
|1.2                                       |  | Affiliate                         |  | 2
|1.3                                       |  | Authorized Leave of Absence       |  | 2
|1.4                                       |  | Bank                              |  | 2
|1.5                                       |  | Beneficiary                       |  | 2
|1.6                                       |  | Board                             |  | 2
|1.7                                       |  | Code                              |  | 2
|1.8                                       |  | Committee                         |  | 2
|1.9                                       |  | Deferrals                         |  | 2
|1.10                                      |  | Disability Retirement             |  | 3
|1.11                                      |  | Early Retirement                  |  | 3
|1.12                                      |  | Early Retirement Age              |  | 3
|1.13                                      |  | Effective Date                    |  | 3
|1.14                                      |  | Employee                          |  | 3
|1.15                                      |  | Employer Discretionary Allocation |  | 3
|1.16                                      |  | ERISA                             |  | 3
|1.17                                      |  | Interest                          |  | 3
|1.18                                      |  | Normal Retirement                 |  | 3
|1.19                                      |  | Normal Retirement Age             |  | 3
|1.20                                      |  | Participant                       |  | 3
|1.21                                      |  | Participating Company             |  | 3
|1.22                                      |  | Performance-Based Compensation    |  | 4
|1.23                                      |  | Plan                              |  | 4
|1.24                                      |  | Plan Year                         |  | 4
|1.25                                      |  | Retirement Account                |  | 4
|1.26                                      |  | Retirement                        |  | 4
|1.27                                      |  | Salary                            |  | 4
|1.28                                      |  | Salary Deferral Election          |  | 4
|1.29                                      |  | Service                           |  | 4
|1.30                                      |  | Severance                         |  | 4
|1.31                                      |  | Surviving Spouse                  |  | 5
|1.32                                      |  | Termination of Employment         |  | 5
|1.33                                      |  | Total Disability                  |  | 5



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|                                                     |  |                                                          |  |   
|---------------------------------------------------- |  | -------------------------------------------------------- |  | --
|ARTICLE 2                                           
|ELIGIBILITY AND PARTICIPATION                       
|                                                     |  |                                                         
|2.1                                                  |  | Eligibility                                              |  | 5 
|2.2                                                  |  | Participation                                            |  | 5 
|2.3                                                  |  | Duration of Participation                                |  | 6 
|                                                    
|ARTICLE 3                                           
|ACCUMULATION OF PLAN BENEFITS                       
|                                                     |  |                                                         
|3.1                                                  |  | Deferral Elections                                       |  | 6 
|3.2                                                  |  | Employer Discretionary Allocations                       |  | 8 
|3.3                                                  |  | Interest                                                 |  | 8 
|                                                    
|ARTICLE 4                                           
|DISTRIBUTION OF BENEFITS                            
|                                                     |  |                                                         
|4.1                                                  |  | The Retirement Benefit                                   |  | 8 
|4.2                                                  |  | Reemployment                                             |  | 11
|4.3                                                  |  | Death                                                    |  | 12
|4.4                                                  |  | Payment of Plan Benefits Upon Severance                  |  | 12
|4.5                                                  |  | Commencement of Payments to Specified Employees          |  | 12
|                                                    
|ARTICLE 5                                           
|PAYMENT UPON OCCURRENCE OF AN UNFORSEEABLE EMERGENCY
|                                                     |  |                                                         
|5.1                                                  |  | Payment Upon Occurrence of an Unforseeable Emergency     |  | 12
|                                                    
|ARTICLE 6                                           
|ADJUSTMENTS                                         
|                                                     |  |                                                         
|6.1                                                  |  | Accounts                                                 |  | 13
|6.2                                                  |  | Adjustments to Retirement Account                        |  | 13
|                                                    
|ARTICLE 7                                           
|CONDITIONS                                          
|                                                     |  |                                                         
|7.1                                                  |  | Faithful Performance                                     |  | 14
|7.2                                                  |  | Intent to Comply with Internal Revenue Code Section 409A |  | 14





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|                                     |  |                                      |  |   
|------------------------------------ |  | ------------------------------------ |  | --
|ARTICLE 8                           
|ADMINISTRATION OF THE PLAN          
|                                     |  |                                     
|8.1                                  |  | Powers and Duties of the Committee   |  | 14
|8.2                                  |  | Agents                               |  | 14
|8.3                                  |  | Reports to Board                     |  | 14
|8.4                                  |  | Structure of Committee               |  | 14
|8.5                                  |  | Adoption of Procedures of Committee  |  | 15
|8.6                                  |  | Instructions for Payments            |  | 15
|8.7                                  |  | Claims for Benefits                  |  | 15
|8.8                                  |  | Mandatory Arbitration                |  | 15
|8.9                                  |  | Hold Harmless                        |  | 16
|8.10                                 |  | Service of Process                   |  | 16
|                                    
|ARTICLE 9                           
|DESIGNATION OF BENEFICIARIES        
|                                     |  |                                     
|9.1                                  |  | Beneficiary Designation              |  | 17
|9.2                                  |  | Failure to Designate Beneficiary     |  | 17
|                                    
|ARTICLE 10                          
|WITHDRAWAL OF PARTICIPATING COMPANY 
|                                     |  |                                     
|10.1                                 |  | Withdrawal of Participating Company  |  | 18
|10.2                                 |  | Effect of Withdrawal                 |  | 18
|                                    
|ARTICLE 11                          
|AMENDMENT OR TERMINATION OF THE PLAN
|                                     |  |                                     
|11.1                                 |  | Right to Amend or Terminate the Plan |  | 18
|11.2                                 |  | Notice                               |  | 19
|                                    
|ARTICLE 12                          
|GENERAL PROVISIONS AND LIMITATIONS  
|                                     |  |                                     
|12.1                                 |  | No Right to Continued Employment     |  | 19
|12.2                                 |  | Payment of Behalf of Payee           |  | 19
|12.3                                 |  | Nonalienation                        |  | 19
|12.4                                 |  | Missing Payee                        |  | 19
|12.5                                 |  | Required Information                 |  | 20
|12.6                                 |  | Cooperation of Participant           |  | 20
|12.7                                 |  | No Trust or Funding Created          |  | 20
|12.8                                 |  | Binding Effect                       |  | 20
|12.9                                 |  | Merger or Consolidation              |  | 20
|12.10                                |  | Entire Plan                          |  | 21



|                                         |  |          
|---------------------------------------- |  | ---------
|EXHIBITS                                
|Salary Deferral Election                 |  | Exhibit A
|Retirement Benefit Payment Election Form |  | Exhibit B
|Beneficiary Designation Form             |  | Exhibit C



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THE 409A DEFERRED COMPENSATION PLAN

OF

FIRST CITIZENS BANK AND TRUST COMPANY, INC.



PREAMBLE



Effective January 1, 2005, First Citizens Bank and Trust Company, Inc. (the Bank) hereby adopts this 409A
Deferred Compensation Plan of First Citizens Bank and Trust Company, Inc. (the Plan). The purpose of this Plan is to allow certain members of the management team of the Bank to defer the receipt of a portion of their compensation in
excess of the amount the eligible individual may otherwise be permitted to contribute to the Banks tax-qualified 401(k) plan. Further, the Bank may use this Plan to provide additional deferred compensation in the form of individually
determined, discretionary allocations for the benefit of certain management team members. This Bank intends for this Plan to comply with requirements of Internal Revenue Code Section 409A and any applicable regulations.



This Plan is a newly established Plan. The Banks previous nonqualified
deferred compensation plan, The Deferred Compensation Plan of First-Citizens Bank and Trust Company of South Carolina, was frozen effective December 31, 2004, and will govern the nonqualified deferred compensation benefits accrued under that plan up
to and including December 31, 2004, plus any earnings on such benefits after December 31, 2004.



The Bank establishes this Plan to further the economic interests of the Bank and its affiliates by providing deferred compensation incentives to selected
management team members. This Plan is intended to enhance the long term performance and retention of the management team members selected to participate in this Plan.



This Plan is a top-hat plan within the meaning of Section 201(2), 301(a)(3), and 401(a)(1) of the Employment
Retirement Income Security Act of 1974, as amended (ERISA). As such, this Plan is subject to limited ERISA reporting and disclosure requirements, and is exempt from all other ERISA requirements. Distributions required or contemplated by this Plan or
actions required to be taken under this Plan shall not be construed as creating a trust of any kind or a fiduciary relationship between the Bank and any Participant, any Participants designated beneficiary, or any other person. Should the Bank
set aside any funds or purchase any insurance contract on the life of any Participant in anticipation of its obligations under the Plan, such fund or insurance contract shall continue for all purposes to be a part of the general funds of the Bank
and no other person other than the Bank shall, by virtue of the Plan or otherwise, have any interest in such funds or contract.



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ARTICLE 1

REFERENCES, CONSTRUCTION AND DEFINITIONS



Unless otherwise indicated, all references to articles, sections and subsections shall be to the Plan as set forth in this document. The Plan and all rights thereunder shall be construed and enforced in accordance
with ERISA and, to the extent that state law is applicable, the laws of the State of South Carolina. The article titles and the captions preceding sections and subsections have been inserted solely as a matter of convenience and in no way define or
limit the scope or intent of any provision. When the context so requires, the singular includes the plural. Whenever used herein and capitalized, the following terms have the respective meanings indicated unless the context plainly requires
otherwise.



|1.1 | Adjustment Date means the last day of each calendar month, and any other date specified by the Committee upon or as of which accounts are adjusted as set forth in
Article 6.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.2 | Affiliate means any corporation with respect to which the Bank owns, directly or indirectly, more than 50 percent of the corporations outstanding capital
stock, and any other entity the Committee designates an Affiliate.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.3 | Authorized Leave of Absencemeans either (a) a leave of absence authorized by the Participating Company provided that the Employee returns within the period
specified; or (b) an absence required to be considered an Authorized Leave of Absence by applicable law.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.4 | Bankmeans First Citizens Bank and Trust Company, Inc. or any entity which succeeds to its rights and obligations with respect to the Plan.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------



|1.5 | Beneficiarymeans the beneficiary or beneficiaries designated by a Participant pursuant to Article 9 to receive the benefits, if any, payable on behalf of the
Participant under the Plan after the death of such Participant, or, when there has been no such designation or an invalid designation, the individual or entity, or the individuals or entities, who will receive such amount.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.6 | Board means the Board of Directors of the Bank.
|--- | -------------------------------------------------



|1.7 | Code means the Internal Revenue Code of 1986, as now in effect or as hereafter amended. All citations to sections of the Code are to such sections as they may
from time to time be amended or renumbered.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.8 | Committee means the Committee provided for in Article 8 and responsible for administering the Plan.
|--- | -----------------------------------------------------------------------------------------------------



|1.9 | Deferralsmeans amounts of Salary foregone pursuant to a Salary Deferral Election.
|--- | -----------------------------------------------------------------------------------



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|1.10 | Disability Retirement means, with respect to a Participant who incurs a Termination of Employment on account of Total Disability, the Participant shall be deemed
to have taken Disability Retirement six months thereafter, provided the Participants Total Disability continues until such Disability Retirement.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.11 | Early Retirementmeans Termination of Employment prior to Normal Retirement, other than on account of death or Disability Retirement, on or after the date the
Participant attains Early Retirement Age.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.12 | Early Retirement Age means the earlier of the date a Participant attains age 50 with 15 years of Service or the date a Participant attains age 55 with 10 years of
Service.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.13 | Effective Date means the date the provisions of this Plan become effective, January 1, 2005.
|---- | ----------------------------------------------------------------------------------------------



|1.14 | Employeemeans a person who is a common law employee of a Participating Company or an Affiliate.
|---- | -------------------------------------------------------------------------------------------------



|1.15 | Employer Discretionary Allocationmeans a dollar amount allocated to a Participants Retirement Account pursuant to Plan Section 3.2.
|---- | --------------------------------------------------------------------------------------------------------------------------------------



|1.16 | ERISAmeans the Employee Retirement Income Security Act of 1974, as now in effect or as hereafter amended. All citations to sections of ERISA are to such sections
as they may from time to time be amended or renumbered.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.17 | Interestmeans, with respect to each Adjustment Date, the dollar amount of interest to be credited to the Participants Retirement Account as provided in
Article 6. The rate of Interest shall be determined in accordance with Plan Section 3.3.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.18 | Normal Retirement means Termination of Employment, other than on account of death, on or after the date the Participant attains Normal Retirement Age.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------



|1.19 | Normal Retirement Agemeans age 65.
|---- | ------------------------------------



|1.20 | Participant means any individual who commenced participation in the Plan as provided in Article 2 and who is either (a) an Employee, (b) a former Employee who is
eligible for a benefit under the Plan, or (c) a former Employee whose employment terminated on account of Total Disability and who may later become eligible for a benefit under the Plan.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.21 | Participating Companymeans the Bank or an Affiliate which, by action of its board of directors or equivalent governing body and with the written
consent of the Board, has adopted the Plan; provided that the Board may, subject to the foregoing provision, waive the requirement that such board of directors or equivalent governing body effect such adoption. By its adoption of or participation in
the Plan, a Participating Company shall be deemed to appoint the Bank its exclusive agent to exercise on its behalf all of
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | the power and authority conferred by the Plan upon the Bank and accept the delegation to the Committee of all the power and authority conferred upon it by
the Plan. The authority of the Bank to act as such agent shall continue until the Plan is terminated as to the Participating Company. The term Participating Company shall be construed as if the Plan were solely the Plan of such
Participating Company, unless the context plainly requires otherwise.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.22 | Performance-Based Compensationmeans Salary that is: (1) variable and contingent on the satisfaction of pre-established organizational or individual performance
criteria and (2) not readily ascertainable at the time of a Deferral Election. Commissions and other incentive compensation determined over period of less than twelve months will not be considered Performance-Based Compensation.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.23 | Plan means the 409A Deferred Compensation Plan of First Citizens Bank and Trust Company, Inc., as contained herein and as it may be amended from time to time
hereafter.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.24 | Plan Yearmeans the calendar year ending on each December 31st.
|---- | ----------------------------------------------------------------



|1.25 | Retirement Account means, with respect to each Participants Deferrals and Employer Discretionary Allocations (and Interest on such amounts), the separate
bookkeeping account adjusted as of each Adjustment Date as provided in Section 6.2. The Retirement Account may also be referred to as the Retirement Benefit. Subaccounts shall be maintained within each Participants Retirement Account.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.26 | Retirementmeans a Participants Normal Retirement, Early Retirement, or Disability Retirement. The term Retire means the act of taking
Retirement.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------



|1.27 | Salary means, with respect to an Employee, all cash compensation (exclusive of fringe and other employment benefits) payable by the Participating Company to the
Employee for Service. Notwithstanding any provision in this Plan to the contrary, Salary shall include commissions and Performance-Based Compensation.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.28 | Salary Deferral Election means the Participants written election, made in accordance with Section 2.4, on the form provided by the Committee, to forgo the
receipt of a stipulated amount of Salary. Amounts so foregone are called Deferrals.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.29 | Service means employment with the Participating Company or any Affiliate. Notwithstanding any provision in the Plan to the contrary, periods of Total Disability
constitute Service.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.30 | Severance means Termination of Employment other than on account of Retirement, death, or Total Disability.
|---- | ------------------------------------------------------------------------------------------------------------



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|1.31 | Surviving Spouse means the survivor of a deceased Participant to whom such deceased Participant was legally married (as determined by the Committee) immediately
before the Participants death.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.32 | Termination of Employment means a Termination of Employment with the Participating Company or an Affiliate as determined by the Committee in accordance with
reasonable standards and policies adopted by the Committee; provided, however, that the transfer of an Employee from employment by one Participating Company or an Affiliate to employment by another Participating Company or Affiliate shall not
constitute a Termination of Employment; and provided further that a Termination of Employment shall occur on the earlier of (a) or (b) where:
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | is the date as of which an Employee quits, is discharged, terminates employment in connection with a disability (including Total Disability), Retires or dies, and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | is the first day of absence of an Employee who fails to return to employment at the expiration of an Authorized Leave of Absence.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



|1.33 | Total Disability means a Participants physical or mental condition that renders the Participant unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or when a Participant is, by reason of any medically
determinable physical or mental impairment which can be expected to last for a continuous period of not less than 12 months, receives income replacement benefits for a period of not less than 3 months under an accident and health plan covering
employees of the Participants employer. The Committee, in the exercise of its sole and absolute discretion, shall determine, based on competent medical advice or other objective evidence, whether the Participant is under a Total
Disability. Totally Disabled means being under a Total Disability.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



ARTICLE 2

ELIGIBILITY AND PARTICIPATION



|2.1 | Eligibility.An Employee shall be eligible to become a Participant in the Plan if the Employee:
|--- | ----------------------------------------------------------------------------------------------



| | (a) | is a member of the Participating Companys select group of management or highly compensated employees, as defined in Sections 201(2), 301(a)(3), and 401(a)(1) of
ERISA, as amended; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | is designated in writing by the Committee as eligible.
| | --- | ------------------------------------------------------



|2.2 | Participation.An Employee who is eligible under Plan Section 2.1 to become a Participant shall become a Participant upon:
|--- | -------------------------------------------------------------------------------------------------------------------------



| | (a) | the execution and delivery of an election form under The First Citizens Bank Capital Accumulation Plan (the 401(k) Plan) for an amount equal to or greater than 6% (six
percent) of the Participants compensation; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (b) | the execution and delivery of a Deferral Election under this Plan.
| | --- | ------------------------------------------------------------------



No Salary Deferral Election shall be valid until accepted by the Committee in the exercise of its sole and absolute discretion. Notwithstanding the
preceding, an Employee who is eligible under Plan Section 2.1 and who receives an Employer Discretionary Allocation shall become a Participant when the Employer Discretionary Allocation is declared.



|2.3 | Duration of Participation.A Participant shall continue to be a Participant until the date the Participant is no longer entitled to a benefit under this Plan.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



ARTICLE 3

ACCUMULATION OF PLAN BENEFITS



|3.1 | Deferral Elections
|--- | ------------------



| | (a) | Procedures.
| | --- | -----------



| | (1) | First Year of Participation. An Employee shall have 30 days following the date the Employee first becomes eligible to participate in this Plan in which to execute and deliver
to the Committee a Salary Deferral Election by which the Participant elects to defer a stipulated amount of Salary to be earned during the portion of the Plan Year remaining after the Salary Deferral Election is made and which, but for such Salary
Deferral Election, would be paid to the Participant.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (2) | Subsequent Years of Participation. Unless a longer period is authorized under paragraph (1) above, an eligible Employee shall have until December 31 of each Plan Year to
execute and deliver to the Committee a Salary Deferral Election providing for the Deferral of a stipulated amount of Salary to be earned during the next Plan Year and which, but for such Salary Deferral Election, would be paid to the Participant.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (3) | Deferral of Salary Comprised of Performance-Based Compensation.In the case of any Salary comprised of Performance-Based Compensation for services performed over a period of
at least 12 months, an eligible Employee must submit a valid Deferral election by the deadline established by the Committee from time to time so long as the Deferral election is made no later than six months before the end of the performance period.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Notwithstanding the foregoing and for the 2005 Plan Year only, a Participant may make a
transitional year Deferral Election on or before December 31, 2004 with regard to Performance-Based Compensation determined for performance periods ending on or before December 31, 2004 to be paid in 2005. If allowed by IRS-issued
transition rules, the Deferral Election will be effective. If not allowed by IRS-issued transition rules, the Deferral Election will not be effective.



| | (4) | Other Rules.Once made, a Deferral Election of the Participants Salary that is not comprised of Performance-Based Compensation shall remain in effect for each
succeeding pay period until cancelled. A Participants Deferral Election applicable to Salary comprised of Performance-Based Compensation is valid with respect to the given performance period. The Committee may establish administrative rules,
in the Committees sole and absolute discretion, regarding the method, timing, and form of Deferral Elections under the Plan Section 3.1 that are more restrictive than described above if the Administrator deems such rules necessary for its
administration of this Plan.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Maximum Deferrals. An eligible Employee is prohibited from making any Deferral Election which would result in Deferrals for a Plan Year in excess of 10% of Salary.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Minimum Deferrals.An eligible Employee is prohibited from making any Deferral Election which, in the determination of the Committee, would result in Deferrals for a Plan
Year of less than $2,000. The foregoing notwithstanding, the Committee, in the exercise of its discretion, may waive such minimum Deferral requirement for any Participant with respect to one or more Plan Years.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Revocation of Deferral Election. Any Participant who has made a Deferral Election may subsequently cancel that election by providing notice of such cancellation to the
Committee. The cancellation shall be effective only with respect to the Salary subject to the Deferral Election cancelled and only with regard to Salary earned by the Participant on or after the filing of the cancellation notice. A Participant may
only cancel his or her Deferral Election with regard to Salary that is not Performance-Based Compensation once in a calendar year and no such subsequent Deferral Election will be allowed for that year. If a Participant cancels his or her Deferral
Election with regard to Performance-Based Compensation that particular Deferral Election cannot be renewed.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Deferrals shall be accounted for in a separate subaccount of the Participants Retirement Account.



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|3.2 | Employer Discretionary Allocations.From time to time during the existence of the Plan, the Participating Company may, in its sole and absolute discretion, identify an
Employee who is eligible under Plan Section 2.1(a) for an Employer Discretionary Allocation. In this case, the Participating Company shall declare in writing a dollar amount for the benefit of the Participant to be allocated to such
Participants Retirement Account as of a specific Allocation Date. The Employer Discretionary Allocations shall be accounted for in a separate subaccount of the Participants Retirement Account.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.3 | Interest. The Retirement Account of each Participant, shall accrue Interest. Interest shall separately accrue on the subaccounts maintained for Deferrals and Employer
Discretionary Allocations. Also, Interest accrued on Deferrals and Employer Discretionary Allocations shall be maintained in separate subaccounts of the Retirement Account. The rate of Interest shall be, at the election of the Participant, either a
fixed rate of interest or a floating rate of interest according to the following terms:
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | Floating Interest Rate. A rate of interest that may be changed prospectively from time to time, by written action of the Board; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------



| | (b) | Fixed Interest Rate. A rate of interest that is fixed when the Employee first becomes a Participant under Plan Section 2.2. The fixed rate of interest shall be used for all
purposes under the Plan while the Participant or the Participants Beneficiary is entitled to a benefit under this Plan.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



A Participant must make a written irrevocable interest rate election under this Plan Section 3.3 no later than the sixtieth day following the
Participants participation in this Plan. If a Participant fails to make an interest rate election under this provision of the Plan, then the Participant shall be deemed to have elected an adjusting rate under subsection (a) above. The
Plans initial interest rate under subsections (a) and (b) above shall be 8.2% and shall remain in effect until changed by written action of the Board.



ARTICLE 4

DISTRIBUTION OF BENEFITS



|4.1 | The Retirement Benefit
|--- | ----------------------



| | (a) | Eligibility.Upon a Participants Retirement, the Participating Company shall pay the Participant the Retirement Benefit described in this Section 4.1.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Payment Method, Timing, and Amount.The normal form of Retirement Benefit paid to a Participant who Retires from a Participating Company or Affiliate shall be equal payments
from the Participants Retirement Account in the form of a 10-year annuity calculated using the level payment method
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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described in Plan Section 4.1(c)(i) below. Subject to Section 4.5 below, payment of the normal form of Retirement Benefit shall begin after Retirement when
directed by the Committee in the exercise of its sole and absolute discretion, but in no event later than the last working day of the second month following the month of the Participants Retirement (the annuity starting date).
Payments shall continue on each anniversary of the annuity starting date until 10 annual payments have been made and no amount of benefit remains to the credit of the Participant.



In lieu of the normal form of Retirement Benefit (10-year annuity), a Participant may elect, prior to the
Participants Retirement, in the manner and form required by the Committee, to receive an optional form of Retirement Benefit. Such election must be approved by the Committee and shall be made during a period determined by the Committee so long
as the election is (1) submitted at least twelve (12) months prior to its intended effective date, (2) requires that the first payment with respect to the new Benefit Payment Election Form is deferred not less than 5 years from the date the payment
would have been made (except that such 5 year rule does not apply to distributions due to death, Disability, or unforeseeable emergency), and (3) in the case of a distribution scheduled for a specified time or date, submitted no less than twelve
(12) months prior to the date of the specified time or date. Subject to Section 4.5 below, payment of an optional form of Retirement Benefit other than a lump sum shall begin after Retirement when directed by the Committee in the exercise of its
sole and absolute discretion, but in no event later than the last working day of the second month following the month of the Participants Retirement (the annuity starting date). Payment of the Retirement Benefit in a lump sum shall
be made as described in Plan Section 4.4 regarding lump-sum payments upon Severance. Subject to Section 4.1(e) below, the Participant may select from one of the following optional forms of Retirement Benefit:



| | (i) | Lump sum equal to the Participants Retirement Account;
| | --- | -------------------------------------------------------



| | (ii) | 5-year annuity;
| | ---- | ---------------



| | (iii) | 15-year annuity;
| | ----- | ----------------



| | (iv) | 20-year annuity; and
| | ---- | --------------------



| | (v) | Delayed annuity (which can include delayed lump-sum payment).
| | --- | -------------------------------------------------------------



All annuity benefits will be paid in annual payments on the anniversary of the annuity starting date over the selected term. In lieu of
annual payments, a Participant may elect to receive monthly payments which shall be calculated at the beginning of each 12 month period based on the Interest rate in effect at that time pursuant to Plan Section 3.3. Any balance remaining in the
Participants Retirement Account at the end of the annuity period shall be paid with the last payment.



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---

| | (c) | Determination of Annual Payments. A Retired Participant who elects an annuity distribution alternative under Plan Section 4.1(b)(ii) through (v), the annual payment shall be
determined under one of the following two methods selected by the Participant at the time the Participant elects to receive an alternate form of payment:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Level Payment Method. The level payment method shall calculate an annual payment amount required to distribute the Participants entire Retirement Account in
substantially equal annual amounts over the annuity period determined under Plan Section 4.1(b). The level payment method shall use the following formula:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                  |  |   |  |                    
|----------------- |  | - |  | -------------------
|Annual Retirement |  | = |  | AB x Annuity Factor
|Distribution      |  |   |  |                    



Where (1) AB is the Participants Retirement Account balance on the annuity starting date (or subsequent anniversary thereof for recalculation) and (2) the Annuity Factor is factor determined by using the
rate of Interest in effect on the annuity starting date (or subsequent anniversary thereof for recalculation) and the term of the annuity determined under Plan Section 4.1(b). For example, a Participant retires in year 1 with a Retirement Account
balance of $100,000 on the annuity starting date. The rate of Interest in effect on the annuity starting date is 8.5%. The Participant will receive a 10 year annuity payout. The annual payments to be made under the Plan shall be a level amount
calculated as follows:



|                |  |   |             
|--------------- |  | - | ------------
|Account Balance |  | $ | 100,000     
|Annuity Factor  |  | x | 0.1524077051
|                |  |   |             
|Annuity Payment |  | $ | 15,241      
|                |  |   |             



The
annuity payment determined under this method shall be paid in annual installments on the first annuity starting date and each subsequent anniversary thereof. If the Participant has elected the floating rate of Interest, the annuity payment shall be
recalculated on the anniversary date on the Participants annuity starting date next following the change in the rate of Interest.



| | (ii) | Percentage of Retirement Account Balance Method. The percentage of Retirement Account balance method shall use the following formula:
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------



|                  |  |   |  |             
|----------------- |  | - |  | ------------
|Annual Retirement |  | = |  | AB x (y ÷ z)
|Distribution      |  |   |  |             



-10-



---

Where (1) AB is the Participants Retirement Account balance
immediately before the distribution including Interest since the last distribution; (2) y is the number which represents the number of annuity payments to date (including the current payment); (3) z is the total number of
annuity payments to be made under the payment method selected under 4.1(b) above. For example, a participant retires in Year 1 and elects the normal form of Retirement Benefit. The payment schedule would be as follows:



|                     |  |                      
|-------------------- |  | ---------------------
|Year of Distribution |  | Distribution Fraction
|1                    |  | 1/10 or 10%          
|2                    |  | 2/10 or 20%          
|3                    |  | 3/10 or 30%          
|4                    |  | 4/10 or 40%          
|5                    |  | 5/10 or 50%          
|6                    |  | 6/10 or 60%          
|7                    |  | 7/10 or 70%          
|8                    |  | 8/10 or 80%          
|9                    |  | 9/10 or 90%          
|10                   |  | 10/10 or 100%        



During the period over which the Retirement distribution is being made under this method, Interest shall accrue on the Retirement Account at the rate of Interest in effect at the time of the Interest accrual.



| | (d) | Period Certain Delayed Annuity Defined.A delayed annuity means an annuity that begins no less than one year nor more than 20 years after a Participants
Retirement in a form allowed under Section 4.1(b) except that such annuity shall not extend beyond the period ending 20 years after the Participants Retirement. Interest shall accrue during the period that distributions are delayed.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Committee Discretion.Notwithstanding the other provisions of this Article 4 (including any Participant distribution election), if the Committee, in the exercise of its sole
and absolute discretion, so directs at any time, the Participating Company may accelerate the time or schedule of payment of the Participants Retirement Benefit at its then current present value, or any portion thereof, including, without
limitation, the optional form of benefit selected by a Participant, if any, under Sections 4.1(b) for any reason allowed pursuant to Code Section 409A and any regulations thereunder (i.e. amounts distributed pursuant to a family court order incident
to divorce or amounts that are considered de minimis). The amount of the accelerated payment shall be its current present value at the time of payment.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.2 | Reemployment.If a Retired Participant again becomes an Employee, such reemployment shall not change, suspend, delay, or otherwise affect payment of the Participants
Retirement Benefit, and such Participant shall not be eligible to make Deferrals following such reemployment unless the Committee so authorizes.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|



-11-



---

|4.3 | Death.If a Participant dies before beginning distributions, then the deceased Participants Retirement Benefit shall be paid in any manner allowed under Plan Section
4.1(b) if so elected by the Participant in the Participants Beneficiary designation form or, if no such election is made, in a lump sum to the Participants Beneficiary(ies) no later than the first day of the seventh month following the
Participants date of death. If a Retired Participant dies after beginning distributions but before receiving the entire Retirement Benefit, the remaining Retirement Benefit will be paid to the Participants Beneficiary in the same manner
as was in effect on the date of the Participants death or in any manner allowed under Plan Section 4.1(b) if so elected by the Participant on the Participants Beneficiary designation form.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.4 | Payment of Plan Benefits Upon Severance. When a Participant terminates employment for reasons other than Retirement and therefore incurs Severance, the Participants
Retirement Account shall be paid in a lump-sum not earlier than the first day of the seventh month following Severance, but not later than the last day of the ninth month following severance.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.5 | Commencement of Payments to Specified Employees. Notwithstanding any other provision in this Plan to the contrary, a Participant who is a specified employee may
not begin receipt of Plan benefits upon Termination of Employment any earlier than 6 months after the date of Termination of Employment (or, if earlier, the date of death of the Participant). For purposes of the preceding sentence, a specified
employee is a key employee (as defined in Code Section 416(i) without regard to paragraph (5) thereof) of a corporation any stock in which is publicly traded on an established securities market or otherwise.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



ARTICLE 5

PAYMENT UPON OCCURRENCE OF AN UNFORSEEABLE EMERGENCY



|5.1 | Payment Upon Occurrence of an Unforseeable Emergency. An unforeseeable emergency occurs with respect to an active or retired Participant when the individual
incurs a severe financial hardship resulting from a illness or accident of the Participant, the Participants spouse, or the Participants dependent (as defined in Code Section 152(a)), loss of the Participants property due to casualty, or
other similar extraordinary and unforeseeable events referred to as an Unforseeable Emergency). If the Participant incurs an Unforseeable Emergency the Participant may request the Committee to distribute to or for the benefit of the
Participant, all or part of the Participants Retirement Account. The Committee shall take the Participants request under advisement and shall distribute all or part of such Retirement Account to the Participant. The decision to make a
distribution as a result of an Unforseeable Emergency shall be based upon the facts and circumstances of each case. However, in no event shall the amount distributed exceed the lesser of the amount which is
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-12-



---

necessary to satisfy or alleviate the Participants Unforseeable Emergency (plus any appropriate taxes), or the then-current value of the
Participants Retirement Account. In the event that the request for an Unforseeable Emergency distribution is approved and the Plan makes the same, the Participants Deferral Election shall be deemed void with respect to Deferrals after
the date of the Unforseeable Emergency distribution and the Participant shall be precluded from filing a subsequent Deferral Election to be effective before the first day of the 12thmonth following the date on which the Unforseeable Emergency distribution is made.



ARTICLE 6

ADJUSTMENTS



|6.1 | Accounts.The Committee shall establish and cause to be maintained with respect to each Participants Deferrals, Employer Discretionary Allocations, and Interest accrued
on Deferrals and Employer Discretionary Allocations separate subaccounts as part of the Participants Retirement Account and as of each Adjustment Date shall adjust each subaccount as provided in this Article 6.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.2 | Adjustments to Retirement Account.As of each Adjustment Date, the Committee shall adjust each Retirement Account by the following:
|--- | ----------------------------------------------------------------------------------------------------------------------------------



| | (1) | Retirement Account Payments and Forfeitures.There shall be debited Retirement Benefits distributed or forfeited pursuant to Article 4, Deferrals paid pursuant to Article 5,
forfeitures provided for under Article 7, and any other amounts that are properly allocable to the account as a reduction in the Retirement Account balance.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (2) | Interest.There shall be credited Interest for the period since the last Adjustment Date. Interest shall equal the product of the account, adjusted as of the Adjustment Date
immediately preceding and after adjustment pursuant to paragraph (1) above but before adjustment pursuant to paragraphs (3) and (4) below, times such Interest rate then in effect for such Retirement Account.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (3) | Deferrals.There shall be credited the Participants Deferrals, if any, made since the last Adjustment Date and allocable to the account.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (4) | Employer Discretionary Allocations. There shall be credited the Employer Discretionary Allocations declared for the benefit of the Participant, if any, made since the last
Adjustment Date and allocable to the account.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-13-



---

ARTICLE 7

CONDITIONS



|7.1 | Faithful Performance.Notwithstanding any provision in this Plan to the contrary, any benefit to be paid to or on behalf of any Participant under this Plan shall be reduced
by the amount of any financial loss caused by the Participants criminal act or actions affecting a Participating Company or an Affiliate or the amount of any financial loss caused by a Participants embezzlement of money or property from
a Participating Company or an Affiliate.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.2 | Intent to Comply with Internal Revenue Code Section 409A. This Plan is adopted by the Bank effective January 1, 2005, and the Bank intends for the terms, conditions and
administration of this Plan to satisfy the requirements of IRC §409A in form and operation for the deferral of income under a nonqualified plan. In addition to any general right the Bank has reserved to amend or terminate this Plan, the
Committee shall have the authority to amend the Plan and any Deferral Election, retroactively if necessary, in order to effectuate the Banks and a Participants intent to defer compensation in compliance with Code Section 409A.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



ARTICLE 8

ADMINISTRATION OF THE PLAN



|8.1 | Powers and Duties of the Committee.The Committee shall have general responsibility for the administration of the Plan (including but not limited to complying with reporting
and disclosure requirements (if any), and establishing and maintaining Plan records). In the exercise of its sole and absolute discretion, the Committee shall interpret the Plans provisions and determine the eligibility of individuals for
benefits.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.2 | Agents.The Committee may engage such legal counsel, certified public accountants and other advisers and service providers, who may be advisers or service providers for the
Participating Company or an Affiliate, and make use of such agents and clerical or other personnel, as it shall require or may deem advisable for purposes of the Plan. The Committee may rely upon the written opinion of any legal counsel or
accountants engaged by the Committee, and may delegate to any such agent or to any subcommittee or member of the Committee its authority to perform any act hereunder, including, without limitation, those matters involving the exercise of discretion,
provided that such delegation shall be subject to revocation at any time at the discretion of the Committee.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.3 | Reports to Board.The Committee shall report to the Board or to a committee of the Board designated for that purpose, as frequently as the Board or such committee shall
specify, with regard to the matters for which the Committee is responsible under the Plan.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.4 | Structure of Committee.The Committee shall consist of the Compensation Committee of the Bank as it exists from time to time. No member of the Committee
shall be entitled to act on or decide any matter relating solely to such member or any of such members rights or benefits under the Plan. In the event the Committee is unable to act in any matter by reason of the foregoing restriction, the
Board shall act on such
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-14-



---

| | matter. The members of the Committee shall not receive any special compensation for serving in the capacity as members of the Committee but shall be
reimbursed for any reasonable expenses incurred in connection herewith. Except as otherwise required by ERISA, no bond or other security shall be required of the Committee or any member thereof in any jurisdiction. Any member of the Committee, any
subcommittee or agent to whom the Committee delegates any authority, and any other person or group of persons, may serve in more than one fiduciary capacity with respect to the Plan.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.5 | Adoption of Procedures of Committee.The Committee shall establish its own procedures and the time and place for its meetings, and provide for the keeping of minutes of all
meetings. A majority of the members of the Committee shall constitute a quorum for the transaction of business at a meeting of the Committee. Any action of the Committee may be taken upon the affirmative vote of a majority of the members of the
Committee at a meeting. The Committee may also act without meeting by unanimous written consent.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.6 | Instructions for Payments.All requests of or directions to the Participating Company for payment or disbursement shall be signed by a member of the Committee or such other
person or persons as the Committee may from time to time designate in writing. This person shall cause to be kept full and accurate accounts of payments and disbursements under the Plan.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.7 | Claims for Benefits.All claims for benefits under the Plan shall be submitted in writing to the Committee. Within a reasonable period of time the Committee shall decide the
claim by majority vote. Written notice of the decision on each such claim shall be furnished within 30 days after receipt of the claim. If the claim is wholly or partially denied, such written notice shall set forth an explanation of the specific
findings and conclusions on which such denial is based. A claimant may review all pertinent documents and may request a review by the Committee of such a decision denying the claim. Such a request shall be made in writing and filed with the
Committee within 60 days after delivery to said claimant of written notice of said decision. Such written request for review shall contain all additional information which the claimant wishes the Committee to consider. The Committee may hold any
hearing or conduct any independent investigation which it deems necessary to render its decision, and the decision on review shall be made as soon as possible after the Committees receipt of the request for review. Written notice of the
decision on review shall be furnished to the claimant within 30 days after receipt by the Committee for a request for review. Written notice of the decision on review shall include specific reasons for such decision.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.8 | Mandatory Arbitration.Any controversy or claim arising out of or relating to a final decision, upon review pursuant to the procedures of Plan Section 8.7
above, that denies, whether in whole or part, a claim for benefits under the Plan shall be settled by arbitration using three arbitrators in accordance with the Commercial Arbitration Rules of the American Arbitration Association, and judgment upon
the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. Any such
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-15-



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| | arbitration shall be subject to the statute of limitations that would apply if the claim on which arbitration is based were brought as a suit in a United
States District Court under the ERISA. Notwithstanding the grant of any discretionary authority under the Plan, the arbitration shall be a de novoreview and the arbitrators shall not be limited to merely determining whether an abuse of
discretion has occurred. For all purposes under the Plan, the arbitrators shall have discretionary authority to decide the claim and their decision shall be final, binding, and conclusive on all interested parties. The site of any such arbitration
shall be in the executive offices of the Bank. Each party shall pay their own costs for arbitration. The arbitrators shall allocate the cost of arbitration among the parties in their sole and absolute discretion.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.9 | Hold Harmless. To the maximum extent permitted by law, no member of the Committee shall be personally liable by reason of any contract or other instrument executed by such
member or on such members behalf in such members capacity as a member of the Committee nor for any mistake of judgment made in good faith, and the Participating Company shall indemnify and hold harmless, directly from its own assets
(including the proceeds of any insurance policy the premiums of which are paid from the Banks own assets), each member of the Committee and each other officer, Employee, or director of the Participating Company or an Affiliate to whom any duty
or power relating to the administration or interpretation of the Plan against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Participating Company) arising out of
any act or omission to act in connection with the Plan unless arising out of such persons own fraud or bad faith.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.10 | Service of Process.The Secretary of the Bank or such other person designated by the Board shall be the agent for service of process under the Plan.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------





-16-



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ARTICLE 9

DESIGNATION OF BENEFICIARIES



|9.1 | Beneficiary Designation.Every Participant shall file with the Committee a written designation (on a form provided by the Committee) of one or more persons as the Beneficiary
who shall be entitled to receive the benefits, if any, payable under the Plan after the Participants death. A Participant may from time to time revoke or change such Beneficiary designation without the consent of any prior Beneficiary by
filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior
to the Participants death, and in no event shall it be effective as of any date prior to such receipt. All decisions of the Committee concerning the effectiveness of any Beneficiary designation, and the identity of any Beneficiary, shall be
final. If a Beneficiary shall die after the death of the Participant and prior to receiving the payment(s) that would have been made to such Beneficiary had such Beneficiarys death not occurred, then for the purposes of the Plan the payment(s)
that would have been received by such Beneficiary shall be made to the Beneficiarys estate.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9.2 | Failure to Designate Beneficiary.If no Beneficiary designation is in effect at the time of a Participants death, the benefits, if any, payable under the Plan after the
Participants death shall be made to the beneficiary designated in writing under the Banks 401(k) Plan, if any, or if no such written designation exists, to the Participants Surviving Spouse, if any, or if the Participant has no
Surviving Spouse, to the Participants estate. If the Committee is in doubt as to the right of any person to receive such benefits, the Committee may direct the Participating Company to withhold payment, without liability for any Interest
thereon, until the rights thereto are determined, or the Committee may direct the Participating Company to pay any such amount into any court of appropriate jurisdiction and such payment shall be a complete discharge of the liability of the
Participating Company therefore.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-17-



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ARTICLE 10

WITHDRAWAL OF PARTICIPATING COMPANY



|10.1 | Withdrawal of Participating Company.The Participating Company (other than the Bank) may withdraw from participation in the Plan by giving the Board prior written notice
approved by resolution by its board of directors or similar governing body specifying a withdrawal date, which shall be the last day of a month at least 30 days subsequent to the date which notice is received by the Board. The Participating Company
shall withdraw from participating in the Plan if and when it ceases to be either a division of the Bank or an Affiliate. The Board may require the Participating Company to withdraw from the Plan, as of any withdrawal date the Board specifies.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.2 | Effect of Withdrawal.A Participating Companys withdrawal from the Plan shall not in any way modify, reduce, or otherwise affect the Participating Companys
obligations under Deferral Elections and Employer Discretionary Allocations (or Interests accruals thereon) made before the withdrawal, as such obligations are defined under the provisions of the Plan existing immediately before the withdrawal.
Withdrawal from the Plan by any Participating Company shall not in any way affect any other Participating Companys participation in the Plan.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



ARTICLE 11

AMENDMENT OR TERMINATION OF THE PLAN



|11.1 | Right to Amend or Terminate the Plan.
|---- | -------------------------------------



| | (a) | The Board reserves the right at any time to amend or terminate the Plan by corporate resolution, in whole or in part, and for any reason and without the consent of any
Participating Company, Participant, or Beneficiary. Each Participating Company by its participation in the Plan shall be deemed to have delegated this authority to the Board.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Committee may adopt any ministerial and nonsubstantive amendment which may be necessary or appropriate to facilitate the administration, management, and interpretation of
the Plan, provided the amendment does not materially affect the currently estimated cost to the Participating Companies of maintaining the Plan. Each Participating Company by its participation in the Plan shall be deemed to have delegated this
authority to the Committee.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | In no event shall an amendment or termination modify, reduce, or otherwise affect the Participating Companys obligations under Deferral Elections or Employer
Discretionary Allocations (or both) made before the amendment or termination, as such obligations are defined under the provisions of the Plan existing immediately before such amendment or termination.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-18-



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|11.2 | Notice.Notice of any amendment or termination of the Plan shall be given by the Board or the Committee, whichever adopts the amendment, to the other and all Participating
Companies.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



ARTICLE 12

GENERAL PROVISIONS AND LIMITATIONS



|12.1 | No Right to Continued Employment.Nothing contained in the Plan shall give any Employee the right to be retained in the employment of the Participating Company or Affiliate
or affect the right of any such employer to dismiss any Employee. The adoption and maintenance of the Plan shall not constitute a contract between any Participating Company and Employee or consideration for, or an inducement to or condition of, the
employment of any Employee.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.2 | Payment on Behalf of Payee. If the Committee shall find that any person to whom any amount is payable under the Plan is unable to care for such persons affairs because
of illness or accident, or is a minor, or had died, then any payment due such person or such persons estate (unless a prior claim therefore has been made by a duly appointed legal representative) may, if the Committee so elects, be paid to
such persons spouse, a child, a relative, an institute maintaining or having custody of such person, or any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment
shall be a complete discharge of the liability of the Plan and the Participating Company therefore.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.3 | Nonalienation.No interest, expectancy, benefit, payment, claim, or right of any Participant or Beneficiary under the Plan shall be (a) subject in any manner to any claims of
any creditor of the Participant or Beneficiary; (b) subject to the debts, contracts, liabilities or torts of the Participant or Beneficiary; or (c) subject to alienation by anticipation, sale, transfer, assignment, bankruptcy, pledge, attachment,
charge or encumbrance of any kind. If any person shall attempt to take any action contrary to this Section, such action shall be null and void and of no effect, and the Committee and the Participating Company shall disregard such action and shall
not in any manner be bound thereby and shall suffer no liability on account of its disregard thereof. If the Participant, Beneficiary, or any other beneficiary hereunder shall become bankrupt or attempt to anticipate, alienate, sell, assign, pledge,
encumber, or charge any right hereunder, then such right or benefit shall, in the discretion of the Committee, cease and terminate, and in such event the Committee may hold or apply the same or any part thereof for the benefit of the Participant or
Beneficiary or the spouse, children, or other dependents of the Participant or Beneficiary, or any of them, in such manner and in such amounts and proportions as the Committee may deem proper.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.4 | Missing Payee.If the Committee cannot ascertain the whereabouts of any person to whom a payment is due under the Plan, and if, after five years from the
date such payment is due, a notice of such payment due is mailed to the last known address of such person, as shown on the records of the Committee or the Participating Company,
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-19-



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| | and within three months after such mailing such person has not made written claim therefore, the Committee, if it so elects, after receiving advice from
counsel to the Plan, may direct that such payment and all remaining payments otherwise due to such person be canceled on the records of the Plan and the amount thereof forfeited, and upon such cancellation, the Participating Company shall have no
further liability therefore, except that, in the event such person later notifies the Committee of such persons whereabouts and requests the payment or payments due to such person under the Plan, the amounts otherwise due but unpaid as of the
date payment would have been made shall be paid to such person without Interest for late payment.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.5 | Required Information.Each Participant shall file with the Committee such pertinent information concerning himself or herself, such Participants Beneficiary, or such
other person as the Committee may specify, and no Participant, Beneficiary, or other person shall have any rights or be entitled to any benefits under the Plan unless such information is filed by or with respect to the Participant.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.6 | Cooperation of Participant.If a Participating Company elects to purchase life insurance on a Participants life or enter into any other investment or insurance product
intended to accumulate funds to be used by the Bank to pay benefits under the Plan, the Participant shall cooperate in the acquisition of such policy or such other investment but shall have no other claim to such policy or such other investment.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.7 | No Trust or Funding Created.The obligations of the Participating Company to make payments hereunder shall constitute a liability of the Participating Company to a
Participant or Beneficiary, as the case may be. Such payments shall be made from the general funds of the Participating Company, and the Participating Company shall not be required to establish or maintain any special or separate fund, or purchase
or acquire life insurance on a Participants life, or otherwise to segregate assets to assure that such payment shall be made, and neither a Participant nor a Beneficiary shall have any interest in any particular asset of the Participating
Company by reason of its obligations hereunder. Nothing contained in the Plan shall create or be construed as creating a trust of any kind or any other fiduciary relationship between the Participating Company and a Participant or any other person.
The rights and claims of a Participant or a Beneficiary to a benefit provided hereunder shall have no greater or higher status than the rights and claims of any other general, unsecured creditor of the Participating Company.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.8 | Binding Effect.Obligations incurred by the Participating Company pursuant to this Plan shall be binding upon and inure to the benefit of the Participating Company, its
successors and assigns, and the Participant and the Participants Beneficiary.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.9 | Merger or Consolidation.In the event of a merger or consolidation by the Participating Company with another corporation, or the acquisition of substantially all of the
assets or outstanding stock of the Participating Company by another corporation, then and in such event the obligations and responsibilities of the Participating Company under this Plan shall be assumed by any such successor or acquiring
corporation, and all of the rights, privileges, and benefits of the Participants and Beneficiaries hereunder shall continue.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-20-



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|12.10 | Entire Plan.This document and any written amendments hereto, the Deferral Elections, and the beneficiary designation forms contain all the terms and provisions of the Plan
and shall constitute the entire Plan, any other alleged terms or provisions being of no effect.
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



IN WITNESS WHEREOF,the Bank has caused this Plan to be executed this 1st day of January, 2005.



FIRST CITIZENS BANK AND TRUST COMPANY, INC.By:

/s/    JIM B. APPLEJim B. AppleIts:Chairman and Chief Executive Officer




|                                                                 |  |          
|---------------------------------------------------------------- |  | ---------
|ATTEST:                                                         
|/s/    CHARLES D. COOK _________________________________________ |  |          
|Charles D. Cook, _________________________________________       |  | Secretary



-21-



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EXHIBIT A

SALARY DEFERRAL ELECTION



|      |  |                                                                                                                    |  | 
|----- |  | ------------------------------------------------------------------------------------------------------------------ |  | 
|To:   |  | Administrative Committee of the 409A Deferred Compensation Plan of the First Citizens Bank and Trust Company, Inc.
|      | 
|From: |  | Name:       __________________________________________                                                            
|      | 
|      |  | Address:   __________________________________________                                                             
|      | 
|      |  | __________________________________________                                                                        
|      | 
|      |  | Social Security No.:   __________________________________                                                         
|      |  |                                                                                                                   
|Date: |  | ______________                                                                                                     |  | 



DEFERRALS



NOTE:In order to make a deferral election under this Plan you must
make and maintain a deferral election of an amount equal to or greater than 6% of your compensation under the Banks 401(k) Plan.



Election to Defer Salary (excluding Performance-Based Compensation) for Next Calendar Year1



Pursuant to the terms of the Plan, I hereby elect to defer the receipt of the following amount of Salary (excluding Performance-Based Compensation)
which I earn during the next calendar year and which, but for this Deferral Election, would be paid to me:



percent (not to exceed 10%)



AND



Election to Defer Salary Resulting from Performance-Based Compensation for the 2004/2005 Transition Year



Pursuant to the terms of the Plan, I hereby elect to defer the receipt of the
following amount of Salary derived from Performance-Based Compensation calculated over a period of



---

|1 | If you became eligible to participate in the Plan within the past 30 days, you may make a deferral election to defer a portion of your Salary. The amount of deferral
will be determined as a percentage of your Salary which you earn during the remainder of the current calendar year and which, but for this Deferral Election, would be paid to you.
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

12 months or more for the 2004 calendar year to be paid in 2005, if any. I understand that the Committee may ignore this deferral request if necessary to
avoid adverse tax consequences.



percent (not to exceed 10%)



AND



Election to Defer Salary Resulting from Performance-Based Compensation for 2005 to be Paid in 2006



Pursuant to the terms of the Plan, I hereby elect to defer the receipt of the following amount of my 2006 Salary derived from Performance-Based
Compensation calculated over a period of 12 months or more for any period ending in the 2005 calendar year to otherwise be paid in 2006, if any.



percent (not to exceed 10%)



INTEREST



I understand that the rate of Interest under this Plan shall be determined under Plan Section 3.3 the terms of which are as follows:



|3.3 | Interest. The Retirement Account of each Participant, shall accrue Interest. Interest shall separately accrue on the subaccounts maintained for Deferrals and Employer
Discretionary Allocations. Also, Interest accrued on Deferrals and Employer Discretionary Allocations shall be maintained in separate subaccounts of the Retirement Account. The rate of Interest shall be, at the election of the Participant, either a
fixed rate of interest or a floating rate of interest according to the following terms:
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | Floating Interest Rate. A rate of interest that may be changed prospectively from time to time, by written action of the Board; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------



| | (b) | Fixed Interest Rate. A rate of interest that is fixed when the Employee first becomes a Participant under Plan Section 2.2. The fixed rate of interest shall be used for all
purposes under the Plan while the Participant or the Participants Beneficiary is entitled to a benefit under this Plan.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



A Participant must make a written irrevocable interest rate election under this Plan Section 3.3 no later than the sixtieth day following the
Participants participation in this Plan. If a Participant fails to make an interest rate election under this provision of the Plan, then the Participant shall be deemed to have elected an adjusting rate under subsection (a) above. The
Plans initial interest rate under subsections (a) and (b) above shall be 8.2% and shall remain in effect until changed by written action of the Board.



---

I have read the foregoing Plan provision and I understand that I must make an irrevocable election
regarding the rate of Interest that will be used for the determination of my Plan benefits.



|       |  |                                                                                                                    
|------ |  | -------------------------------------------------------------------------------------------------------------------
|(    ) |  | I hereby elect a floating interest rate under Plan Section 3.3(a).                                                 
|       | 
|(    ) |  | I hereby elect a fixed interest rate under Plan Section 3.3(b) which shall be 8.2% for all purposes under the Plan.



CONDITIONS



I understand that if I cause a financial loss by criminal act or actions to
the Bank or any Affiliate, then my benefits under the Plan may be reduced or eliminated.



RIGHT TO MAKE A BENEFICIARY DESIGNATION



I further understand that the Plan allows me to designate a Beneficiary to receive any benefits payable after my death. I understand that I must complete a separate form to make my Beneficiary designation. I may also
direct how payments will be made to the Beneficiary I designate.



EFFECT OF
DEFERRALS UNDER TAX-QUALIFIED PLANS



I further understand
that amounts I choose to defer under this Plan and amounts that may be allocated for my benefit under this Plan as Employer Discretionary Allocations (if any) will not be considered compensation in determining benefits under the
Banks tax-qualified retirement plans.



INCORPORATION OF PLAN



I further understand that the Plan, a copy of which was
provided to me, is incorporated herein by reference and shall govern the rights and obligations hereunder.



|                                          |  |       |  | 
|----------------------------------------- |  | ----- |  | 
|                                          |  | Date: |  | 
|Participant Signature                     |  |       |  | 
|                                          |  |      
|Accepted by the Administrative Committee: |  |       |  | 
|                                          |  |      
|                                          |  | Date: |  | 
|Authorized Signature                      |  |       |  | 
|                                          |  |      
|                                          |  |       |  | 
|Printed Name                              |  |       |  | 



---

EXHIBIT B

RETIREMENT BENEFIT PAYMENT ELECTION FORM



|      |  |                                                                                                                   
|----- |  | ------------------------------------------------------------------------------------------------------------------
|To:   |  | Administrative Committee of the 409A Deferred Compensation Plan of the First Citizens Bank and Trust Company, Inc.
|      | 
|From: |  | Name:     ______________________________                                                                          
|      | 
|      |  | Address: ____________________________                                                                             
|      | 
|      |  | ____________________________                                                                                      
|      | 
|      |  | Social Security No.: ___________________                                                                          



I, a Participant in
the Plan, hereby elect to receive Plan benefits as follows:



| | (    ) | Lump sum equal to the Participants Retirement Account;
| | ------ | -------------------------------------------------------



| | (    ) | 5-year annuity;
| | ------ | ---------------



| | (    ) | 15-year annuity;
| | ------ | ----------------



| | (    ) | 20-year annuity; or
| | ------ | -------------------



| | (    ) | Delayed annuity (which can include delayed lump-sum payment). If delayed annuity describe:
.
Delayed annuity may not extend beyond 20 years.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------



For example: delay the annual payments for five years and then pay out over the remaining 15 years.



If I have elected a benefit payout other than lump sum, I understand that I have the right to choose a Level Payment Method or a
Percentage of Retirement Account Balance Method as more fully described in Plan Section 4.1(c). I hereby elect to receive my benefits under the:



| | (    ) | Level Payment Method
| | ------ | --------------------



| | (    ) | Percentage of Retirement Account Method
| | ------ | ---------------------------------------



I understand that all annuity benefits will be paid to me in annual payments on the anniversary of the annuity starting date over the term selected
above unless I elect monthly distribution below:



| | (    ) | I elect to receive monthly benefit payments in lieu of annual payments.
| | ------ | -----------------------------------------------------------------------



---

I understand that this Benefit Payment Election Form shall remain in effect until revoked by me in
writing or until superseded by my execution and delivery of a new Benefit Payment Election Form. I understand that no such revocation or new Benefit Payment Election Form will be effective until it is actually received and accepted by the Committee
pursuant to the following rules: the election is (1) submitted at least twelve (12) months prior to its intended effective date (i.e. your Retirement Date), (2) requires that the first payment with respect to the new Benefit Payment Election Form is
deferred not less than 5 years from the date the payment would have been made (except that such 5 year rule does not apply to distributions due to death, Disability, or unforeseeable emergency), and (3) in the case of a distribution scheduled for a
specified time or date, submitted no less than twelve (12) months prior to the date of the specified time or date.



I understand that if I terminate employment for reasons other than Retirement (as defined by the Plan) my Benefit will be determined under the Plan and
paid in a lump sum as required under Plan Section 4.4.



I
understand that the Committee will process and administer this Benefit Payment Election consistent with the terms of the Plan and Code Section 409A. I understand that payments will have federal and state tax consequences and that such consequences
will depend on my personal circumstances; and I acknowledge that I have been advised to consult an independent, professional tax advisor before completing this Benefit Payment Election Form.



|                                          |  |       |  |     
|----------------------------------------- |  | ----- |  | ----
|                                          |  |       |  |     
|Participants Signature                   |  |       |  | Date
|                                          |  |      
|Accepted by the Administrative Committee: |  |       |  |     
|                                          |  |      
|                                          |  | Date: |  |     
|Authorized Signature                      |  |       |  |     
|                                          |  |      
|                                          |  |       |  |     
|Printed Name                              |  |       |  |     



---

EXHIBIT C

BENEFICIARY DESIGNATION FORM



|      |  |                                                                                                                   
|----- |  | ------------------------------------------------------------------------------------------------------------------
|To:   |  | Administrative Committee of the 409A Deferred Compensation Plan of the First Citizens Bank and Trust Company, Inc.
|      | 
|From: |  | Name:       __________________________________                                                                    
|      | 
|      |  | Address:  ___________________________________                                                                     
|      | 
|      |  | __________________________________                                                                                
|      | 
|      |  | Social Security No.: ______________________                                                                       



I, a Participant in
the Plan, hereby name the following person or persons, entity or entities (herein called Designated Beneficiary(ies)) to receive such amounts, if any, that are payable under the Plan after my death (herein called Survivor
Benefits):



|                         |  |         |  |                     |  |            |  |  |  |     |  
|------------------------ |  | ------- |  | ------------------- |  | ---------- |  |  |  | --- | -
|Primary Beneficiary(ies) |  |         | 
|                         |  |         |  |                    
|Name and Relationship    |  | Address |  | Social Security No. |  | Percentage |  |  | 
|1.                       |  |         |  |                     |  |            |  |  |  |     |  
|                         |  |         |  |                     | 
|                         |  |         |  |                     |  |            |  |  |  |     |  
|                         |  |         |  |                     | 
|2.                       |  |         |  |                     |  |            |  |  |  |     |  
|                         |  |         |  |                     | 
|                         |  |         |  |                     |  |            |  |  |  |     |  
|                         |  |         |  |                     | 
|3.                       |  |         |  |                     |  |            |  |  |  |     |  
|                         |  |         |  |                     | 
|                         |  |         |  |                     |  |            |  |  |  |     |  
|                         |  |         |  |                     | 
|4.                       |  |         |  |                     |  |            |  |  |  |     |  
|                         |  |         |  |                     | 
|                         |  |         |  |                     |  |            |  |  |  |     |  
|                         |  |         |  |                     | 
|                         |  |         |  |                     |  |            |  |  |  |     |  
|                         |  |         |  |                     |  |            |  |  |  | 100 | %
|                         |  |         |  |                     |  |            |  |  |  |     |  



---

If my Survivor Benefits, if any, are to be paid to more than one Designated Beneficiary, I understand
that such Survivor Benefits shall be divided equally (or in the percentages specified) between or among such Designated Beneficiaries.



If any Primary Beneficiary(ies) named above is (are) not in existence at my death, then I name the following Contingent Beneficiary(ies) to receive the
benefit that such Primary Beneficiary(ies) would have received:



Contingent Beneficiary



|                                                     |  |         |  |                     |  |     |  
|---------------------------------------------------- |  | ------- |  | ------------------- |  | --- | -
|Name and Relationship Percentage                     |  | Address |  | Social Security No. |  |     |  
|                                                     |  |        
|Contingent Beneficiary to Primary Beneficiary No.
 : |  |         |  |                     | 
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |        
|Contingent Beneficiary to Primary Beneficiary No.
 : |  |         |  |                     | 
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |        
|Contingent Beneficiary to Primary Beneficiary No.
 : |  |         |  |                     | 
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |        
|Contingent Beneficiary to Primary Beneficiary No.
 : |  |         |  |                     | 
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |         | 
|                                                     |  |         |  |                     |  |     |  
|                                                     |  |         |  |                     |  | 100 | %
|                                                     |  |         |  |                     |  |     |  







---

I understand that if a Primary Beneficiary dies before I do and there is no Contingent Beneficiary named
to take such Primary Beneficiarys share, then the Survivor Benefits will be paid to my Surviving Spouse, if any, and if not to my estate.



I understand that if a Designated Beneficiary dies after I do but before all Survivor Benefit payments have been made to such Designated Beneficiary, then
the remaining payments will be made to the Designated Beneficiarys estate.



I understand that if I die before beginning distributions, then my Retirement Benefit shall be paid in any manner allowed under Plan Section 4.1(b) that I elect below or, if I make no such election, in a lump sum to
my Beneficiary(ies) no later than the first day of the seventh month following my date of death. I further understand that if I die after beginning distributions but before receiving the entire Retirement Benefit, my remaining Retirement Benefit
will be paid to my Beneficiary in the same manner as was in effect on the date of my death or in such other manner elected by me below:



* If I diebeforebeginning distributions, I declare that my Beneficiary receive Plan benefits
as follows:



| | (    ) | Lump sum equal to the Participants Retirement Account;
| | ------ | -------------------------------------------------------



| | (    ) | 5-year annuity;
| | ------ | ---------------



| | (    ) | 15-year annuity;
| | ------ | ----------------



| | (    ) | 20-year annuity; or
| | ------ | -------------------



| | (    ) | Delayed annuity (which can include delayed lump-sum payment). If delayed annuity describe:
.
delayed annuity may not extend beyond 20 years.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------



For example: delay the annual payments for five years and then pay out over the remaining 15 years.



If I have elected a benefit payout other than lump sum, I understand that I have the right to choose a Level Payment Method or a
Percentage of Retirement Account Balance Method as more fully described in Plan Section 4.1(c). I hereby elect to receive my benefits under the:



| | (    ) | Level Payment Method
| | ------ | --------------------



---

| | (    ) | Percentage of Retirement Account Method
| | ------ | ---------------------------------------



I understand that all annuity benefits will be paid to my beneficiary in annual payments on the anniversary of the annuity starting date over the term
selected above unless I elect monthly distribution below:



| | (    ) | I elect for my beneficiary to receive monthly benefit payments in lieu of annual payments.
| | ------ | ------------------------------------------------------------------------------------------



* If I dieafterbeginning distributions but before my Plan
benefits have been completely distributed, I declare that my Beneficiary receive Plan benefits as follows:



| | (    ) | In the same manner as before my death;
| | ------ | --------------------------------------



| | (    ) | Lump sum equal to the Participants Retirement Account;
| | ------ | -------------------------------------------------------



| | (    ) | 5-year annuity;
| | ------ | ---------------



| | (    ) | 15-year annuity;
| | ------ | ----------------



| | (    ) | 20-year annuity; or
| | ------ | -------------------



| | (    ) | Delayed annuity (which can include delayed lump-sum payment). If delayed annuity describe:
.
delayed annuity may not extend beyond 20 years.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------



For example: delay the annual payments for five years and then pay out over the remaining 15 years.



If I have elected a benefit payout other than lump sum, I understand that I have the right to choose a Level Payment Method or a
Percentage of Retirement Account Balance Method as more fully described in Plan Section 4.1(c). I hereby elect to receive my benefits under the:



| | (    ) | Level Payment Method
| | ------ | --------------------



| | (    ) | Percentage of Retirement Account Method
| | ------ | ---------------------------------------



I understand that all annuity benefits will be paid to my beneficiary in annual payments on the anniversary of the annuity starting date over the term
selected above unless I elect monthly distribution below:



| | (    ) | I elect for my beneficiary to receive monthly benefit payments in lieu of annual payments.
| | ------ | ------------------------------------------------------------------------------------------



---

I understand that this Beneficiary Designation Form shall remain in effect until revoked by me in writing
or until superseded by my execution and delivery of a substitute Beneficiary Designation Form. I understand that no such revocation or substitute Beneficiary Designation Form will be effective until it is actually received by the Committee.



I understand that Survivor Benefit payments will have federal
and state tax consequences and that such consequences may depend on the identity of the Beneficiary of such payments (for example, whether the Beneficiary is my spouse); and I acknowledge that I have been advised to consult an independent,
professional tax advisor before completing this Beneficiary Designation Form.



Participants SignatureDate: