exv10w18



 






EXHIBIT 10.18



First Amendment to Stephen Jeuck’s

Salary Continuation Agreement


(Attached)



 









 





FIRST AMENDMENT

TO THE

FLORIDA CHOICE BANK

SALARY CONTINUATION AGREEMENT

FOR STEPHEN R. JEUCK




     THIS FIRST AMENDMENT is adopted as of this 15th day of December, 2005, by and
between FLORIDA CHOICE BANK, located in Mount Dora, Florida (the “Company”) and STEPHEN R. JEUCK
(the “Executive”).



     WHEREAS, the Company and the Executive executed the FLORIDA CHOICE BANK SALARY CONTINUATION
AGREEMENT on April 1, 2005 (the “Agreement”), which Agreement is subject to Internal Revenue Code
Section 409A (“Section 409A”) and its rules and regulations; and



     WHEREAS, the Company and the Executive now desire to amend and terminate the Agreement in
accordance with Section 409A, its Proposed Regulations and Q&A-20 of Notice 2005-1, as of December
15, 2005 (the “Effective Date”).



     NOW THEREFORE, effective as of the Effective Date, the following revisions shall be made:




	 	1.	 	A new Section 2.6 is added as follows:






“2.6 Benefit in Event of 409A Termination. Notwithstanding any other
provisions of this Agreement to the contrary, if the Company elects to terminate
this Agreement in accordance with a 409A Termination pursuant to Article 8, the
Company shall pay to the Executive the benefit described in this Section 2.6 in lieu
of any other benefit hereunder.




     2.6.1 Amount of Benefit. The benefit under this Section 2.6 is
one-hundred percent (100%) of the normal retirement benefit as set forth in Section
2.1.




2.6.2 Payment of Benefit. The Company shall pay no later than
December 31, 2005, the lump sum present value of the normal retirement benefit
determined as of December 31, 2005, utilizing the Discount Rate.




2.6.3 Satisfaction of All Company Obligations. Notwithstanding
anything to the contrary in this Agreement or in that certain Supplemental Life
Insurance Agreement between the Executive and the Company (as amended, the
“Insurance Agreement”), immediately upon receipt of the lump sum payment provided
for in Section 2.6.2 of this Agreement, the Executive’s rights under this Agreement
and under the Insurance Agreement shall automatically cease and his participation in
this Agreement and the Insurance Agreement shall automatically terminate such that
no further amounts shall be paid or payable to the Executive under either this
Agreement or the Insurance Agreement, and if the Company decides to maintain the
Policy referred to in the Insurance Agreement after such time, the Company shall be
the sole and direct beneficiary of the entire death proceeds of the Policy.”




	 	2.	 	Section 5.4 is deleted in its entirety.
	 
	 	3.	 	The following is added at the end of Article 8:
	 
	 	 	 	“Notwithstanding the foregoing provisions of this Article 8, the Company by
resolution of the Board of Directors, may unilaterally terminate this Agreement in
accordance with




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	 	 	 	Article XI, F. of the Commentary to the Proposed Regulations under Section 409A of
the Internal Revenue Code (or such finalized version of such regulations) and Q&A-20
of Notice 2005-1 (“409A Termination”). In the event of a 409A Termination, the
Executive shall be paid (no later than December 31, 2005) the 409A Termination
Benefit in accordance with Section 2.6.”






	 	4.	 	The content of Schedule A of the Agreement shall be deleted and replaced by the
amended Schedule A.
	 
	 	5.	 	All other terms and provisions of the Agreement and any previous amendments not
herein amended shall remain in full force and effect.





     IN WITNESS OF THE ABOVE, the Executive and the Company hereby consent to this First Amendment
as of the date first written above.



	 	 	 	 	 	 	 	 	 
	Executive:	 	 	 	Florida Choice Bank:
	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Stephen R. Jeuck
	 	 	 	By:	 	/s/ Robert L. Porter	 	 
	 

Stephen R. Jeuck

	 	 	 	 	 	 
	 	 
	 

	 	 	 	Title:	 	COO	 	 
	 

	 	 	 	 	 	 

	 	 






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Salary Continuation Plan



Schedule A




	 	 	 
	Stephen R. Jeuck
	 	 
	Birth Date: 12/10/1951
	 	Termination of Agreement
	Plan Anniversary Date: 1/1/2006
	 	 
	Normal Retirement: 12/31/2013, Age 62
	 	Lump Sum Payable
	Normal
Retirement Payment: Monthly for 18 years
	 	 






	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Discount	 	 	Benefit	 	 	 	 	 	 	Based On	 
	Period	 	Rate	 	 	Level 2	 	 	Vesting	 	 	Benefit	 
	Ending	 	(1)	 	 	(2)	 	 	(3)	 	 	(4)	 
	Dec 2005
	 	 	5.00%	 	 	 	35,000	 	 	 	100%	 	 	 	382,495	 








 




			
	1	 	The first line reflects 12 months of data, January 2006 to December 2006.
	 
	2	 	The benefit amount is based on a $35,000 beginning benefit, inflating at 4.00% each year until retirement.
	 
	*	 	IF THERE IS A CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULEA AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE
AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE
DATE OF THE EVENT.