EX-10.12



  Exhibit 10.12 

MACON BANK, INC. 
 SALARY
CONTINUATION AGREEMENT 
  THIS AGREEMENT is adopted this 23rd day of June,
2003, by and between MACON BANK, INC., a state-chartered savings bank located in Franklin, North Carolina (the “Company”), and Roger D. Plemens (the “Executive”). 

INTRODUCTION 
 To
encourage the Executive to remain an employee of the Company, the Company is willing to provide salary continuation benefits to the Executive. The Company will pay the benefits from its general assets. 

AGREEMENT 
 The Company
and the Executive agree as follows: 
 Article 1 

Definitions 
 Whenever used
in this Agreement, the following words and phrases shall have the meanings specified: 
 1.1 “Affiliate” means any
“parent corporation” or “subsidiary corporation” of the Company, as the terms are defined in Section 424(e) and (f), respectively, of the Code. 

1.2 “Change of Control” means (i) the execution of an agreement for the sale of all, or a material portion, of the
assets of the Company; (ii) the execution of an agreement for a merger, consolidation, or other transaction of the Company whereby the Company is not the surviving entity; (iii) a change of control of the Company, as defined or determined
either by the Company’s primary banking regulator or under regulations promulgated by it; (iv) the acquisition, directly or indirectly, of the beneficial ownership within the meaning of that term as it is used in Section 13(d) of the
1934 Act, and the rules and regulations promulgated thereunder, of twenty-five percent (25%) or more of the outstanding voting proxies or securities of the Company by any person, trust, entity, or group; or (v) during any period of two
consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the 

  
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Board of Directors of the Company or its mutual holding company (the “Existing Board”) cease for any reason to constitute at least two-thirds thereof, provided that any individual whose
election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. This limitation shall not apply to a
transaction in which either the Company merely converts to stock form or up to thirty percent (30%) of any class of securities of the Company are purchased by a tax-qualified employee stock benefit plan of the Company or an
Affiliate. The term “person” refers to an individual or a corporation, partnership, trust, bank, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein.

 1.3 “Code” means the Internal Revenue Code of 1986, as amended. 

1.4 “Disability” means the Executive’s suffering a sickness, accident or injury which has been determined by the carrier
of any individual or group disability insurance policy covering the Executive, or by the Social Security Administration, to be a disability rendering the Executive totally and permanently disabled. The Executive must submit proof to the Company of
the carrier’s or Social Security Administration’s determination upon the request of the Company. 
 1.5 “Early
Termination” means the Termination of Employment before Normal Retirement Age for reasons other than death, Involuntary Early Termination, Disability, Termination for Cause or following a Change of Control. 

1.6 “Early Termination Date” means the month, day and year in which Early Termination occurs. 

1.7 “Effective Date” means January 1, 2003. 

1.8 “Involuntary Early Termination” means: 
  

	 	(a)	termination of the Executive’s employment by the Company, other than Termination for Cause, or 

  

	 	(b)	termination of the Executive’s employment by the Executive which is due to (i) the Executive’s duties are materially reduced, (ii) the Executive’s base salary is reduced, (iii) the
Executive’s employment is relocated more than 50 miles from the main office of the Company, or (iv) the Executive’s participation in any employee benefit plan is materially reduced or adversely affected unless the benefit reductions
are part of a company-wide reduction, and the Executive does not consent to such changes in items i, ii, iii and iv. 

 1.9
“Normal Retirement Age” means the Executive attaining age 65. 
 1.10 “Normal Retirement Date” means the
later of the Normal Retirement Age or Termination of Employment. 

  
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 1.11 “Plan Year” means a twelve-month period commencing on January lst and ending on December 31st of each year. The initial Plan Year shall commence on the Effective Date of this Agreement. 

1.12 “Termination for Cause” shall be defined as set forth in Article 5. 

1.13 “Termination of Employment” means that the Executive ceases to be employed by the Company for any reason, voluntary or
involuntary, other than by reason of a leave of absence approved by the Company. 
 Article 2 

Lifetime Benefits 
 2.1
Normal Retirement Benefit. Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit
under this Agreement. 
 2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is
$                 (                 Dollars). Commencing at the end of the
first Plan Year, and each Plan Year thereafter, the annual benefit shall be increased three percent (3.0%) from the previous Plan Year to a projected annual benefit of
$                     (                 Dollars) at
Normal Retirement Age. Any additional increase in the annual benefit shall require the recalculation of Schedule A. 
 2.1.2
Payment of Benefit. The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a
period of eighteen (18) years. 
 2.2 Early Termination Benefit. Upon Early Termination, the Company shall pay to the Executive
the benefit described in this Section 2.2 in lieu of any other benefit under this Agreement. 
 2.2.1 Amount of
Benefit. The benefit under this Section 2.2 is the annual Early Retirement Installment set forth on Schedule A for the Plan Year ending immediately prior to the Early Termination Date, determined by vesting the Executive in the attained
benefit level described in Section 2.1.1 for the Plan Year ending immediately prior to the Early Termination Date, twenty percent (20%) in the first Plan Year and an additional twenty percent (20%) for each Plan Year thereafter until
the Executive becomes one hundred percent (100%) vested in such attained benefit level. Any increase in the annual benefit beyond that provided under Section 2.1.1 shall require the recalculation of this benefit on Schedule A. 

  
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 2.2.2 Payment of Benefit. The Company shall pay the annual benefit to the
Executive in 12 equal monthly installments commencing with the month following the Normal Retirement Age, paying the annual benefit to the Executive for a period of eighteen (18) years. 

2.3 Disability Benefit. If the Executive terminates employment due to Disability prior to Normal Retirement Age, other than following a
Change of Control, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement. 

2.3.1 Amount of Benefit. The benefit under this Section 2.3 is the annual Disability Installment set forth on
Schedule A for the Plan Year ending immediately prior to Termination of Employment (except during the first Plan Year, the benefit is the amount set forth for Plan Year 1), determined by vesting the Executive in 100 percent of the Accrual Balance
for the Plan Year ending immediately prior to Termination of Employment. Any increase in the annual benefit beyond that provided under Section 2.1.1 would require the recalculation of this Disability benefit on Schedule A. This benefit is
determined by calculating a 216-month fixed annuity from said Accrual Balance, crediting interest on the unpaid balance at an annual rate of seven percent (7.0%), compounded monthly. 

2.3.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive in 12 equal monthly installments
commencing with the month following the Normal Retirement Age, paying the annual benefit to the Executive for a period of eighteen (18) years. 

2.4 Change of Control Benefit. Upon Termination of Employment following a Change of Control, the Company shall pay to the Executive the
benefit described in this Section 2.4 in lieu of any other benefit under this Agreement. 
 2.4.1 Amount of Benefit.
The benefit under this Section 2.4 is the annual Change of Control Installment set forth on Schedule A for the Plan Year ending immediately prior to Termination of Employment (except during the first Plan Year, the benefit is the amount set
forth for Plan Year 1), determined by vesting the Executive in 100% of the attained benefit level described in Section 2.1.1 calculated as if the Executive remained employed by the Company until the Normal Retirement Age. Any increase in the
annual benefit beyond that provided under Section 2.1.1 would require the recalculation of this Change of Control benefit on Schedule A. 

2.4.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive in 12 equal monthly installments
commencing with the month following the Normal Retirement Age, paying the annual benefit to the Executive for a period of eighteen (18) years. 

  
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 2.5 Involuntary Early Termination Benefit. Upon Involuntary Early
Termination, the Company shall pay to the Executive the benefit described in this Section 2.5 in lieu of any other benefit under this Agreement. 

2.5.1 Amount of Benefit. The benefit under this Section 2.5 is the annual Early Involuntary Termination Installment
set forth on Schedule A for the Plan Year ending immediately prior to Termination of Employment (except during the first Plan Year, the benefit is the amount set forth for Plan Year 1), determined by vesting the Executive in 100% of the attained
benefit level described in Section 2.1.1 for the Plan Year ending immediately prior to Termination of Employment. Any increase in the annual benefit beyond that provided under Section 2.1.1 would require the recalculation of this
Involuntary Early Termination benefit on Schedule A. 
 2.5.2 Payment of Benefit. The Company shall pay the annual
benefit to the Executive in 12 equal monthly installments commencing with the month following Termination of Employment, paying the annual benefit to the Executive for a period of eighteen (18) years. 

Article 3 
 Death
Benefits 
 3.1 Death During Active Service. If the Executive dies while in the active service of the Company, the Company shall
pay to the Executive’s beneficiary the benefit described in this Section 3.1. This benefit shall be paid in lieu of the benefits under Article 2. 

3.1.1 Amount of Benefit. The annual benefit under this Section 3.1 is the Normal Retirement Benefit amount
described in Section 2.1.1, calculated as if the Executive had remained employed by the Company until Normal Retirement Age. 

3.1.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive’s beneficiary in 12 equal
monthly installments commencing with the month following the Executive’s death, paying the annual benefit to the Executive’s beneficiary for a period of eighteen (18) years. 

3.2 Death During Payment of a Benefit. If the Executive dies after any benefit payments have commenced under Article 2 of this
Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Executive’s beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived. 

3.3 Death After Termination of Employment But Before Payment of a Benefit Commences. If the Executive is entitled to a benefit under
Article 2 of this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the same benefit payments to the Executive’s beneficiary that the Executive was entitled to prior to death except that the benefit
payments shall commence on the first day of the month following the date of the Executive’s death. 

  
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 Article 4 

Beneficiaries 
 4.1
Beneficiary Designations. The Executive shall designate a beneficiary by filing a written designation with the Company. The Executive may revoke or modify the designation at any time by filing a new designation. However, designations will
only be effective if signed by the Executive and received by the Company during the Executive’s lifetime. The Executive’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Executive, or if the
Executive names a spouse as beneficiary and the marriage is subsequently dissolved. If the Executive dies without a valid beneficiary designation, all payments shall be made to the Executive’s estate. 

4.2 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the
disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Company may require proof of incompetence,
minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit. 

Article 5 
 General
Limitations 
 5.1 Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not
pay any benefit under this Agreement if the Company terminates the Executive’s employment for misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violations of any law, rule or
regulation (other than traffic violations or similar offenses), or final cease-and-desist orders. 
 5.2 Suicide or Misstatement. The
Company shall not pay any benefit under this Agreement if the Executive commits suicide within three years after the date of this Agreement. In addition, the Company shall not pay any benefit under this Agreement if the Executive has made any
material misstatement of fact on an employment application or resume provided to the Company, or on any application for any benefits provided by the Company to the Executive. 

5.3 Competition After Termination of Employment. The Company shall not pay any benefit under this Agreement if the Executive, within
twelve (12) months following Termination of Employment and without the prior written consent of the Company, engages in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial
shareholder in a corporation, or becomes associated with, in the capacity of employee, director, officer, principal, agent, trustee or in any other capacity whatsoever, any enterprise conducted in the trading area (a 50 mile radius of any office
location of the Company or its Affiliates at the date of the Executive’s Termination of Employment) of the business of the Company, which enterprise is, or may deemed to be, competitive with any business carried on by the Company as of the date
of termination of the Executive’s employment or retirement. This section shall not apply following a Change of Control. 

  
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 Article 6 

Claims and Review Procedure 

6.1 Claims Procedure. Any individual (“claimant”) who has not received benefits under the Agreement that he or she believes
should be paid shall make a claim for such benefits as follows: 
 6.1.1 Initiation—Written Claim. The claimant
initiates a claim by submitting to the Company a written claim for the benefits. 
 6.1.2 Timing of Company Response.
The Company shall respond to such claimant within 90 days after receiving the claim. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an
additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects
to render its decision. 
 6.1.3 Notice of Decision. If the Company denies part or all of the claim, the Company shall
notify the claimant in writing of such denial. The Company shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 

(a) The specific reasons for the denial; 

(b) A reference to the specific provisions of this Agreement on which the denial is based; 

(c) A description of any additional information or material necessary for the claimant to perfect the claim and an explanation
of why it is needed; 
 (d) An explanation of this Agreement’s review procedures and the time limits applicable to such
procedures; and 
 (e) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a)
following an adverse benefit determination on review. 
 6.2 Review Procedure. If the Company denies part or all of the claim, the
claimant shall have the opportunity for a full and fair review by the Company of the denial, as follows: 
 6.2.1
Initiation—Written Request. To initiate the review, the claimant, within 60 days after receiving the Company’s notice of denial, must file with the Company a written request for review. 

  
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 6.2.2 Additional Submissions—Information Access. The claimant shall
then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Company shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents,
records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 

6.2.3 Considerations on Review. In considering the review, the Company shall take into account all materials and
information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

6.2.4 Timing of Company Response. The Company shall respond in writing to such claimant within 60 days after receiving
the request for review. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end
of the initial 60-day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 

6.2.5 Notice of Decision. The Company shall notify the claimant in writing of its decision on review. The Company shall
write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 (a) The
specific reasons for the denial; 
 (b) A reference to the specific provisions of this Agreement on which the denial is
based; 
 (c) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to,
and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 

(d) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 

Article 7 
 Amendments
and Termination 
 This Agreement may not be amended, altered or modified, except by a written instrument signed by the parties hereto
or their respective successors, and may not be otherwise terminated except as provided herein. 

  
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 Article 8 

Miscellaneous 
 8.1
Binding Effect. This Agreement shall bind the Executive and the Company, and their beneficiaries, survivors, executors, successors, administrators and transferees. 

8.2 No Guarantee of Employment. This Agreement is not an employment policy or contract. It does not give the Executive the right to
remain an employee of the Company, nor does it interfere with the Company’s right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment at
any time. 
 8.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or
encumbered in any manner. 
 8.4 Reorganization. The Company shall not merge or consolidate into or with another company, or
reorganize, or sell substantially all of its assets to another company, firm, or person unless such succeeding or continuing company, firm, or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the
occurrence of such event, the term “Company” as used in this Agreement shall be deemed to refer to the successor or survivor company. 

8.5 Tax Withholding. The Company shall withhold any taxes that are required to be withheld from the benefits provided under this
Agreement. 
 8.6 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of North
Carolina, except to the extent preempted by the laws of the United States of America. 
 8.7 Unfunded Arrangement. The Executive and
beneficiary are general unsecured creditors of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive’s life is a general asset of the Company to which the Executive and beneficiary have no preferred
or secured claim. 
 8.8 Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Executive as
to the subject matter hereof. No rights are granted to the Executive by virtue of this Agreement other than those specifically set forth herein. 

8.9 Administration. The Company shall have powers which are necessary to administer this Agreement, including but not limited to: 

(a) Establishing and revising the method of accounting for the Agreement; 

(b) Maintaining a record of benefit payments; 

(c) Establishing rules and prescribing any forms necessary or desirable to administer the Agreement; and 

(d) Interpreting the provisions of the Agreement. 

  
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 8.10 Named Fiduciary. The Company shall be the named fiduciary and plan administrator
under this Agreement. It may delegate to others certain aspects of the management and operational responsibilities including the employment of advisors and the delegation of ministerial duties to qualified individuals. 

IN WITNESS WHEREOF, the Executive and the Company have signed this Agreement. 

 

									
	EXECUTIVE:	 		 	COMPANY:
			
		 		 	MACON BANK, INC.
				
	  
	 		 	By	 	 
				
	[Name of Executive]	 		 	Title	 	  



  
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 BENEFICIARY DESIGNATION 

MACON BANK, INC. 
 SALARY
CONTINUATION AGREEMENT 
 [Name of Executive] 

I designate the following as beneficiary of any death benefits under this Agreement: 

Primary:                        
                                         
                                         
                                         
                                         
                                         
            
  

                          
                                         
                                         
                                         
                                         
                                         
                           

Relationship and Social Security Number:
                                         
                                         
                                         
                                         
            
 Contingent (if the Primary is deceased):
                                         
                                         
                                         
                                         
                 
  

                          
                                         
                                         
                                         
                                         
                                         
                          

        Relationship and Social Security Number:
                                         
                                         
                                         
                                         
   
 Note: 
  

	•	Include instructions regarding how you want benefits divided if you are naming more than one Primary or Contingent beneficiary and their share is not equal. 


 

	•	To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement and the tax identification number. 


I understand that I may change these beneficiary designations by filing a new written designation with the Company. I further understand that the designations
will be automatically revoked if the beneficiary predeceases me, or, if I have named my spouse as beneficiary and our marriage is subsequently dissolved. 
  

			
	Signature	 	 
		 	[Name of Executive]


			
	Date	 	  


 Received by the Company this              day of
                        , 2003. 
  

			
	By	 	 
		
	Title	 	  



  
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	CLARK CONSULTING	  	 Macon Bank, Inc
 Salary Continuation Plan -
Schedule A
	  	 	Plan Year Reporting	  

 Roger Plemens 
  

																																													
	 DOB: 8/14/1955

Plan Anniv Date: 1/1/2004
 Retirement Age:
65
 Payments: Monthly Installments
	 	  	Early Involuntary
Termination	 	  	Early Retirement	 	  	Disability	 	  	Change of Control	 
	  	Installment
Payable Immediately	 	  	Installment
Payable at 65	 	  	Installment
Payable at 65	 	  	Installment
Payable at 65	 
	Period	  	 	 	  	Benefit
Level 2	 	  	Accrual
Balance	 	  	Vesting	 	 	Based On
Benefit	 	  	Vesting	 	 	Based On
Benefit	 	  	Vesting	 	 	Based On
Accrual	 	  	Vesting	 	 	Based On
Benefit	 
	 Ending
	  	Age	 	  	(1)	 	  	(2)	 	  	(3)	 	 	(4)	 	  	(5)	 	 	(6)	 	  	(7)	 	 	(8)	 	  	(9)	 	 	(10)	 
	 Dec 20031
	  	 	48	  	  	 	67,097	  	  	 	20,382	  	  	 	100	% 	 	 	67,097	  	  	 	20	% 	 	 	13,419	  	  	 	100	% 	 	 	6,384	  	  	 	100	% 	 	 	110,901	  
	 Dec 2004
	  	 	49	  	  	 	69,110	  	  	 	42,914	  	  	 	100	% 	 	 	69,110	  	  	 	40	% 	 	 	27,644	  	  	 	100	% 	 	 	12,534	  	  	 	100	% 	 	 	110,901	  
	 Dec 2005
	  	 	50	  	  	 	71,183	  	  	 	67,846	  	  	 	100	% 	 	 	71,183	  	  	 	60	% 	 	 	42,710	  	  	 	100	% 	 	 	18,480	  	  	 	100	% 	 	 	110,901	  
	 Dec 2006
	  	 	51	  	  	 	73,319	  	  	 	95,465	  	  	 	100	% 	 	 	73,319	  	  	 	80	% 	 	 	58,655	  	  	 	100	% 	 	 	24,250	  	  	 	100	% 	 	 	110,901	  
	 Dec 2007
	  	 	52	  	  	 	75,518	  	  	 	126,099	  	  	 	100	% 	 	 	75,518	  	  	 	100	% 	 	 	75,518	  	  	 	100	% 	 	 	29,873	  	  	 	100	% 	 	 	110,901	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Dec 2008
	  	 	53	  	  	 	77,784	  	  	 	160,125	  	  	 	100	% 	 	 	77,784	  	  	 	100	% 	 	 	77,784	  	  	 	100	% 	 	 	35,376	  	  	 	100	% 	 	 	110,901	  
	 Dec 2009
	  	 	54	  	  	 	80,117	  	  	 	197,982	  	  	 	100	% 	 	 	80,117	  	  	 	100	% 	 	 	80,117	  	  	 	100	% 	 	 	40,791	  	  	 	100	% 	 	 	110,901	  
	 Dec 2010
	  	 	55	  	  	 	82,521	  	  	 	240,181	  	  	 	100	% 	 	 	82,521	  	  	 	100	% 	 	 	82,521	  	  	 	100	% 	 	 	46,149	  	  	 	100	% 	 	 	110,901	  
	 Dec 2011
	  	 	56	  	  	 	84,996	  	  	 	287,329	  	  	 	100	% 	 	 	84,996	  	  	 	100	% 	 	 	84,996	  	  	 	100	% 	 	 	51,486	  	  	 	100	% 	 	 	110,901	  
	 Dec 2012
	  	 	57	  	  	 	87,546	  	  	 	340,152	  	  	 	100	% 	 	 	87,546	  	  	 	100	% 	 	 	87,546	  	  	 	100	% 	 	 	56,843	  	  	 	100	% 	 	 	110,901	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Dec 2013
	  	 	58	  	  	 	90,173	  	  	 	399,536	  	  	 	100	% 	 	 	90,173	  	  	 	100	% 	 	 	90,173	  	  	 	100	% 	 	 	62,265	  	  	 	100	% 	 	 	110,901	  
	 Dec 2014
	  	 	59	  	  	 	92,878	  	  	 	466,585	  	  	 	100	% 	 	 	92,878	  	  	 	100	% 	 	 	92,878	  	  	 	100	% 	 	 	67,812	  	  	 	100	% 	 	 	110,901	  
	 Dec 2015
	  	 	60	  	  	 	95,664	  	  	 	542,723	  	  	 	100	% 	 	 	95,664	  	  	 	100	% 	 	 	95,664	  	  	 	100	% 	 	 	73,560	  	  	 	100	% 	 	 	110,901	  
	 Dec 2016
	  	 	61	  	  	 	98,534	  	  	 	629,872	  	  	 	100	% 	 	 	98,534	  	  	 	100	% 	 	 	98,534	  	  	 	100	% 	 	 	79,617	  	  	 	100	% 	 	 	110,901	  
	 Dec 2017
	  	 	62	  	  	 	101,490	  	  	 	730,808	  	  	 	100	% 	 	 	101,490	  	  	 	100	% 	 	 	101,490	  	  	 	100	% 	 	 	86,147	  	  	 	100	% 	 	 	110,901	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 Dec 2018
	  	 	63	  	  	 	104,535	  	  	 	850,035	  	  	 	100	% 	 	 	104,535	  	  	 	100	% 	 	 	104,535	  	  	 	100	% 	 	 	93,447	  	  	 	100	% 	 	 	110,901	  
	 Dec 2019
	  	 	64	  	  	 	107,671	  	  	 	996,660	  	  	 	100	% 	 	 	107,671	  	  	 	100	% 	 	 	107,671	  	  	 	100	% 	 	 	102,179	  	  	 	100	% 	 	 	110,901	  
	 Aug 2020
	  	 	65	  	  	 	110,901	  	  	 	1,133,260	  	  	 	100	% 	 	 	110,901	  	  	 	100	% 	 	 	110,901	  	  	 	100	% 	 	 	110,901	  	  	 	100	% 	 	 	110,901	  

 August 14, 2020 Retirement; September
30, 2020 First Payment Date 
  

	1 	The first line reflects 12 months of data, January 2003 to December 2003. 


	2 	The benefit amount is based on a $67,097 beginning benefit, inflating at 3.00% each year to $110,901 at retirement. 

  

			
	 Copyright © 2003 Clark Consulting.

Salary Continuation Plan for Macon Bank, Inc - Franklin, NC
 370011
12039 104018 v5.26.04 05/23/2003:13 SCP-E,F C
	  	 Securities offered through Clark/Bardes Financial Services, Inc.,

member NASD & SIPC, Los Angeles, CA 90071, (213) 486-6300.