Exhibit 10.3


 


FIRST AMENDMENT


TO THE


SPLIT
DOLLAR POLICY ENDORSEMENT


BEACH FIRST
NATIONAL BANK SPLIT DOLLAR AGREEMENT


DATED             
    , 200  


FOR


 






 


THIS FIRST AMENDMENT is adopted this     
day of             ,
200  , by and between BEACH FIRST NATIONAL BANK, a
nationally-chartered commercial bank located in Myrtle Beach, South Carolina
(the “Bank”), and             
(the “Insured”).


 


The Bank and the Insured executed the SPLIT DOLLAR
POLICY ENDORSEMENT on July 1, 2002 (the “Endorsement”).


 


The undersigned hereby amend the Endorsement for the
purpose of bringing the Endorsement into compliance with Section 409A of
the Internal Revenue Code and to eliminate the death benefit for the Insured
when he ceases to be an employee of the Bank. Therefore, the following changes
shall be made:


 


Paragraph 5 of the Endorsement
shall be deleted in its entirety and replaced by the following:


 


5. Notwithstanding the provisions of paragraph (4) above, the Insured
or  the
Insured’s transferee shall have no rights or interests in the Policy with
respect to that portion of the death proceeds designated in paragraph (2) of
this Endorsement when the Insured ceases to serve as an employee of the Bank
for any reason whatsoever.


 


Except as otherwise provided in this First Amendment,
the capitalized terms used herein shall have the same meaning as in the
Endorsement.


 


IN WITNESS  OF THE ABOVE, the Bank and the Insured hereby consent to this First Amendment.


 


 


	
  The Insured:

  	
  BEACH FIRST NATIONAL BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Title

  	
   

  	
   

  
								



 

















 


FIRST AMENDMENT


TO THE


BEACH FIRST
NATIONAL BANK


SPLIT
DOLLAR AGREEMENT


DATED             
    , 200  


FOR


 






 


THIS FIRST AMENDMENT is adopted this     
day of             ,
200  , by and between BEACH FIRST NATIONAL BANK, a
nationally-chartered commercial bank located in Myrtle Beach, South Carolina
(the “Bank”), and             
(the “Executive”).


 


The Bank and the Executive executed the SPLIT DOLLAR
AGREEMENT on July 1, 2002 (the “Agreement”).


 


The undersigned hereby amend the Agreement for the
purpose of bringing the Agreement into compliance with Section 409A of the
Internal Revenue Code and to eliminate the death benefit for the Executive when
he ceases to be an employee of the Bank. Therefore, the following changes shall
be made:


 


Sections 1.1, 1.2 and 1.6 of the
Agreement shall be deleted in their entirety.


 


Section 2.2 of the Agreement
shall be deleted in its entirety and replaced by the following:


 


2.2                                  Executive’s Interest. Prior to Termination of Service, the
Executive shall have the right to designate the beneficiary of any remaining
death proceeds of the policy. The Executive shall also have the right to elect
and change settlement options that may be permitted. Provided, however, the
Executive, the Executive’s transferee or the Executive’s beneficiary shall have
no rights or interest in the Policy with respect to that portion of the death
proceeds designated in this Section 2.2 after the Executive’s Termination
of Service.


 


Section 2.4 of the Agreement
shall be deleted in its entirety and replaced by the following:


 


2.4                                  Comparable Coverage. Prior to the Executive’s Termination of
Service, the Bank shall maintain the Policy in full force and effect and in no
event shall the Bank amend, terminate or otherwise abrogate the Executive’s
interest in the Policy, unless the Bank replaces the Policy with a comparable
insurance policy to cover the benefit provided under this Agreement. The Policy
or any comparable policy shall be subject to the claims of the Bank’s
creditors.


 


1

















 


Article 7 of the Agreement
shall be deleted in its entirety and replaced by the following:


 


Article 7


Amendments
and Termination


 


This Agreement may be amended or terminated only by
a written agreement signed by the Bank and the Executive. This Agreement will
automatically terminate upon the Executive’s Termination of Service.


 


Except as otherwise
provided in this First Amendment, the capitalized terms used herein shall have
the same meaning as in the Agreement.


 


IN WITNESS OF THE ABOVE, the Bank and the Executive hereby consent
to this First Amendment.


 


 


	
  Executive:

  	
  BEACH FIRST NATIONAL BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  	 

	
   

  	
   

  	
  Title

  	
   

  	
   

  
								



 


2