Document:

Employee Agreement with Kenneth Black

 Exhibit 10.6 
 STATE OF NORTH CAROLINA 
 COUNTY OF WAKE 
 EMPLOYEE CONSULTATION, 
 POST-RETIREMENT NON-COMPETITION 
 AND DEATH BENEFIT AGREEMENT 
 THIS EMPLOYEE
CONSULTATION, POST-RETIREMENT NON-COMPETITION AND DEATH BENEFIT AGREEMENT (“Agreement”) is made and entered into effective as of the 1st day of July, 2005 (“Effective Date”), by and between FIRST-CITIZENS BANK &
TRUST COMPANY, a North Carolina banking corporation with its principal office in Raleigh, Wake County, North Carolina (“Employer”) and KENNETH A. BLACK (“Employee”); 
 W I T N E S S E T H 
 WHEREAS,
Employee is an employee of Employer who has provided guidance, leadership and direction in the growth, management and development of Employer and has learned trade secrets, confidential procedures and information, and technical and sensitive plans
of Employer; and, 
 WHEREAS, Employer desires to limit Employee’s availability to other employers or entities which are in
competition with Employer following Employee’s retirement from employment with Employer; and, 
 WHEREAS, Employer has offered to
Employee a non-competition arrangement and a consultation arrangement together with a death benefit arrangement for Employee’s designated beneficiary or estate, as applicable, and the parties hereto have reached an agreement concerning those
arrangements and other matters contained herein and desire to set forth the terms and conditions thereof. 
 NOW, THEREFORE, for and
in consideration of the mutual promises and undertakings herein set forth, Employee and Employer hereby agree as follows: 
 1.
Consultation Payments. Following Employee’s “Retirement” (as defined below) from Employee’s employment with Employer on the Retirement Date (as defined below), Employer shall pay to Employee the sum of ONE
THOUSAND NINE HUNDRED SEVENTY-FOUR and 43/100 Dollars ($1,974.43) per month, beginning six months and one week after Employee’s Retirement for a period of ten (10) years following Employee’s Retirement or until 

 
Employee’s death, whichever first occurs (“Consultation Payments”). Such monthly payments shall be paid for and in consideration of
Employee’s support, sponsorship, advisory and other services provided to Employer (“Consultation Services”); such sum to be payable to Employee whether or not Employee’s Consultation Services are utilized in said month by
Employer. Except as set forth below, Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security,
self-employment and any other taxes or assessments, if any, applicable on said compensation. 
 For and in consideration of said monthly
Consultation Payments to Employee, Employee will provide Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer’s business and
particularly those phases in which Employee has particular expertise and knowledge. Employee’s services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be
provided only when Employee is reasonably available and willing, which willingness will not be unreasonably withheld. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the
obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. 
 Effective as of Employee’s Retirement date, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that Employee’s rights and privileges and
obligations are only as provided in this Agreement as to matters covered herein. 
 Notwithstanding the foregoing, if Employer determines
that the Consultation Payments are compensation for other than payments for Consultation Services, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any,
under applicable tax law, the said payments shall be subject to the required withholdings. 
 If Employee should die during the ten-year
period during which Consultation Payments are being made under this Paragraph 1, then those payments shall terminate and future 

  

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payments, if any, shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in accordance with the provisions of
Paragraph 3 of this Agreement. 
 As used in this Agreement, the term “Retirement” shall mean a termination of Employee’s
employment with Employer which is treated as a “retirement” under the terms of Employer’s defined benefit pension plan, and which occurs no later than the last day of the calendar month in which Employee attains the age of sixty-five
(65) (the “Retirement Date”), or such other termination of Employee’s employment as Employer and Employee shall agree in writing to treat as “Retirement" for purposes of this Agreement. Employer and Employee hereby
acknowledge that compulsory retirement is not enforceable except as provided by law. Employer and Employee further agree that no provision herein shall be construed as requiring Employee’s retirement except as may now or hereafter be permitted
by law. 
 2. Non-competition Payments. Following Employee’s Retirement from his employment with Employer on the
Retirement Date, Employer shall pay to Employee the sum of FIVE THOUSAND NINE HUNDRED TWENTY-THREE and 29/100 Dollars ($5,923.29) per month, beginning six months and one week after Employee’s Retirement for a period of ten (10) years
following Employee’s Retirement or until Employee’s death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee’s agreement in this Paragraph 2 (Employee’s “Covenant Not To
Compete"). Payments hereunder (“Non-competition Payments”) shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income or other taxes or assessments, if any, applicable on those
payments. 
 For and in consideration of monthly Non-competition Payments to Employee, Employee agrees not to become an officer or employee
of, provide any consultation to, nor participate in any manner with, any other entity of any type or description involved in any major element of business which Employer is performing at the time of Employee’s Retirement, nor will Employee
perform or seek to perform any consultation or other type of work or service with any other firm, person or entity, directly or indirectly, in any such business which competes with Employer, whether done directly or indirectly, in ownership,
consultation, employment or otherwise. Employee agrees not to reveal to outside sources, without the consent of Employer, any matters, the revealing of which could, in any manner, adversely affect or disclose Employer’s business or any part
thereof, unless required by law to do so. This Covenant Not To Compete by 

  

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Employee is limited to the geographic area consisting of each county or like jurisdictional entity in which either Employer or any banking or investment
entity owned directly or indirectly by the parent of Employer shall maintain a banking or other business office at the time of Employee’s Retirement, shall exist for and during the term of all payments to be made under this Paragraph 2, whether
made directly by Employer or as otherwise provided herein, and shall not prevent Employee from purchasing or acquiring, as an investor only, a financial interest of less than 5% in a business or other entity which is in competition with Employer.

 Employee acknowledges that the remedy at law for breach of Employee’s Covenant Not To Compete will be inadequate and that Employer
shall be entitled to injunctive relief as to any violation thereof; however, nothing herein shall be construed as prohibiting Employer from pursuing any other remedies available to it, in addition to injunctive relief, whether at law or in equity,
including the recovery of damages. In the event Employee shall breach any condition of Employee’s Covenant Not To Compete, then Employee’s right to any of the payments becoming due under Paragraphs 1 and 2 of this Agreement after the
date of such breach shall be forever forfeited and the right of Employee’s designated beneficiary(ies) or Employee’s estate to any payments under this Agreement shall likewise be forever forfeited. This forfeiture is in addition to and not
in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of Employee’s Covenant Not To Compete shall be deemed a
material breach of this Agreement. 
 Notwithstanding the foregoing, if Employer determines that the Non-Competition Payments are
compensation for other than payments for Non-competition, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law, the said
payments shall be subject to the required withholdings. 
 If Employee should die during the ten-year period during which Non-competition
Payments are being made under this Paragraph 2, then those payments shall terminate and future payments, if any, shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in accordance with the provisions of
Paragraph 3 of this Agreement. 
 3. Continuation of Payments. Following Employee’s death during the original
ten-year period of payments under Paragraphs 1 and 2 above, the sum of SEVEN 

  

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THOUSAND EIGHT HUNDRED NINETY-SEVEN and 73/100 Dollars ($7,897.73) per month shall be paid to such individual or individuals as Employee shall have
designated in writing as his beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and
continuing thereafter until the expiration of said original ten-year period. Once the Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this
Agreement shall be ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those
payments. 
 Notwithstanding the foregoing, if Employer determines that the Consultation Payments and/or Non-competition Payments are
compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law, said payment shall be subject to the required
withholdings. 
 4. Death Benefits. In the event Employee dies while employed by Employer prior to Employee’s
Retirement Date or dies within six months and one week after Employee’s Retirement Date, Employer will pay the sum of SEVEN THOUSAND EIGHT HUNDRED NINETY-SEVEN and 73/100 Dollars ($7,897.73) per month for a period of ten (10) years, to
such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as applicable. The first payment shall be made
not later than two months following Employee’s death. Payments under this Paragraph 4 shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and
assessments, if any, applicable on those payments. 
 Notwithstanding the foregoing, if Employer determines that the Consultation Payments
and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable law, said payments shall be
subject to the required withholdings. 
  

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 5. Forfeiture of Benefits. This Agreement is subject to termination by Employer at any
time and without stated cause. In the event Employer shall terminate this Agreement, Employee shall forfeit all rights to receive any payment provided for herein. Likewise, in the event Employee’s employment is terminated, either voluntarily or
involuntarily, for reasons other than his death or Retirement, Employee shall forfeit all rights to receive any payment provided for herein. Employee acknowledges and agrees that any benefit provided for herein is merely a contractual benefit and
that nothing contained herein shall be construed as conferring upon Employee any vested benefits or any vested rights to receive any payment provided for herein and that any and all payments provided for herein shall be subject to a substantial risk
of forfeiture until such time as said payments are actually made by Employer. 
 6. Claims Procedure. Any claim for benefits
under this Agreement shall be made in writing to Employer. If any claim for benefits under this Agreement is wholly or partially denied, notice of the decision shall be furnished to the claimant within a reasonable period of time, not to exceed 90
days after receipt of the claim by Employer, unless special circumstances require an extension of time for processing the claim. If such an extension of time is required, written notice of the extension shall be furnished to the claimant prior to
the termination of the initial 90-day period. In no event shall such extension exceed the period of 90 days from the end of such initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the
date on which the administrator expects to render a decision. 
 Employer shall provide every claimant who is denied a claim for benefits
written notice setting forth, in a manner calculated to be understood by the claimant, the following: (i) specific reasons for the denial; (ii) specific reference to pertinent provisions upon which the denial is based; (iii) a
description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and (iv) an explanation of the Agreement’s claims review procedure
as set forth below. 
 The claimant may appeal the denial of his claim to Employer for a full and fair review. A claimant (or his duly
authorized representative) may request a review by filing a written application for review with Employer or its designee (the “Reviewer”) at any time within 60 days after receipt by the claimant of written notice of the denial of his
claim. The claimant or 

  

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his duly authorized representative may request, upon written application to Employer, to review pertinent documents, and submit issues and comments in
writing. 
 The decision on review shall be made by the Reviewer, who may, in its or his/her discretion, hold a hearing on the denied claim;
the Reviewer shall make this decision promptly, and not later than 60 days after Employer receives the request for review, unless special circumstances require extension of time for processing, in which case a decision shall be rendered as soon as
possible, but not later than 120 days after receipt of the request for review. If such an extension of time for review is required, written notice of the extension (including the special circumstances requiring the extension of time) shall be
furnished to the claimant prior to the commencement of the extension. In the event that the decision on review is not furnished within the time period set forth in this paragraph, the claim shall be deemed denied on review. 
 The decision on review shall be in writing and shall include reasons for the decision, written in a manner calculated to be understood by the claimant,
and specific references to the pertinent provisions in the relevant documents on which the decision is based. 
 7. Assignment of
Rights; Spendthrift Clause. Neither Employee nor Employee’s estate, or any designated beneficiary shall have any right to sell, assign, transfer or otherwise convey the right to receive any payment hereunder. To the extent
permitted by law, no benefits payable under this Agreement shall be subject to the claim of any creditor of Employee or Employee’s estate or any designated beneficiary, or to any legal process by any creditor of any such person. 
 8. Unfunded Plan. Employee and Employer do not intend that the amounts payable hereunder be held by Employer in trust or as a segregated
fund for Employee or any other person entitled to payments hereunder. The benefits provided under this Agreement shall be payable solely from the general assets of Employer, and neither Employee nor any other person entitled to payments hereunder
shall have any interest in any assets of Employer by virtue of this Agreement. Employer’s obligation under this Agreement shall be merely that of an unfunded and unsecured promise of Employer to pay money in the future. To the extent that this
Agreement may be deemed to be a “pension plan,” Employee and Employer intend that it be unfunded for federal income tax purposes, as well as for Title I of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”). 
  

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 9. Payments and Funding. Any payments under this Agreement shall be independent of,
and in addition to, those under any other plan, program or agreement which may be in effect between the parties hereto, or any other compensation payable to Employee or Employee’s designee by Employer. This Agreement shall not be construed as a
contract of employment nor does it restrict the right of Employer to discharge Employee at will or the right of Employee to terminate said Employee’s employment at will. 
 Employer may, in its sole discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee
agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by
Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such
policy. Employee specifically waives any rights in any insurance policy on Employee’s life owned by Employer pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s performance under this
Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor of Employer and shall be subordinate to the rights of the depositors of Employer. 
 Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) or
Employee’s estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in North Carolina and the assignment of the rights under said annuity to the benefit of Employee,
Employee’s designated beneficiary(ies) or Employee’s estate. If this option is exercised by Employer, all rights accruing to Employee, Employee’s designated beneficiary(ies) or Employee’s estate hereunder shall be governed solely
by the annuity contract and any election made under said annuity contract; and Employer shall be fully discharged from any further liabilities to Employee, Employee’s designated beneficiary(ies) or Employee’s estate under this Agreement.

 Employer may, in its sole discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated
beneficiary(ies) or Employee’s estate at any time by determining the present value of the payments due hereunder, said amount to be determined by 

  

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the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation,
and once determined, by payment of said amount in a lump sum to Employee, Employee’s designated beneficiary(ies) or Employee’s estate, as applicable. 
 10. Survivor Annuities and QDROs. Nothing contained in this Agreement is intended to give nor shall give any spouse or former spouse of Employee nor any other person any right to benefits under this
Agreement by virtue of sections 401(a)(11) and 417 of the Internal Revenue Code (relating to qualified preretirement survivor annuities and qualified joint and survivor annuities) or Internal Revenue Code sections 401(a)(13)(B) and 414(p) (relating
to qualified domestic relations orders). 
 11. Designation of Beneficiary(ies). In order to designate one or more
beneficiaries as described in Paragraph 3 or 4 above, Employee shall file a written designation with Employer in the form attached as Exhibit A to this Agreement. Each such designation shall specify, by name(s), the person(s) to whom any amounts
payable under this Agreement shall be paid following Employee’s death. From time to time, Employee may change or revoke a beneficiary designation without the consent of the beneficiary(ies) by filing a new beneficiary designation form with
Employer, and the filing of a new designation form automatically shall revoke any and all designation forms previously filed with Employer. A beneficiary designation form not properly filed with Employer prior to Employee’s death shall be of no
force or effect under this Agreement. 
 Subject to reasonable restrictions imposed by Employer and to Employer’s right to refuse to
accept such a designation for reasons satisfactory to it, Employee may designate more than one beneficiary and/or alternative or contingent beneficiaries, in which case Employee’s designation form shall specify the relative shares and terms and
conditions upon which amounts shall be paid to such multiple or alternative or contingent beneficiaries. 
 If, at the time of
Employee’s death, (i) no beneficiary designation is on file with Employer, (ii) no beneficiary designated by Employee has survived Employee, or (iii) there are other circumstances not covered by the beneficiary designation form
on file with Employer, then Employee’s estate conclusively shall be deemed to be the beneficiary designated to receive any amounts then remaining payable to Employee under this Agreement. 
 In making all determinations regarding Employee’s beneficiary, the latest designation form filed by Employee with Employer shall control, and all
changes in circumstances 

  

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that occur after the filing of that designation shall be ignored. For example, if Employee’s spouse is designated as beneficiary in the latest
designation filed by Employee but, thereafter, is divorced from Employee, such designation shall remain valid until and unless Employee files a later beneficiary designation form with Employer naming a different beneficiary. 
 Any check for a payment under this Agreement that is issued on or before the date of Employee’s death shall remain payable to Employee and shall be
handled accordingly, whether or not the check actually is received by Employee prior to death. Any check issued after the date of Employee’s death shall be the property of Employee’s beneficiary(ies) determined in accordance with this
Paragraph 11. 
 12. Named Fiduciary and Administrator. (The purpose of this Paragraph is to comply with ERISA in the event any
portion of the Plan is subject to ERISA.) The named fiduciary shall be Employer. The named fiduciary shall have the authority to control and manage the operation and administration of this Agreement. The administration of this Agreement shall be
under the supervision of a director, officer or employee of Employer (hereinafter referred to as the “Administrator”) designated by the Board of Directors of Employer. It shall be a principal duty of the Administrator to see that this
Agreement is carried out in accordance with its terms. 
 13. Suicide. In the event Employee commits suicide within two
years of the Effective Date of this Agreement, all payments provided for herein to be paid to Employee’s designated beneficiary or Employee’s estate shall be forfeited. 
 14. Binding Effect. This Agreement shall be binding upon Employee, his heirs, personal representatives and assigns, and upon Employer,
its successors and assigns. 
 15. Amendment of Agreement. This Agreement may not be altered, amended or revoked except by
a written agreement signed by Employer and Employee; provided, however, that if Employer determines to its reasonable satisfaction that an alteration or amendment of the Agreement is necessary or advisable in order for the Agreement to comply with
the Internal Revenue Code of 1986, as amended, the Treasury Regulations, or any other applicable tax authority (collectively “Tax Law”), then, upon written notice to Employee, Employer may unilaterally amend the Agreement in such manner
and to such an extent as it reasonably considers necessary or advisable in order to comply with the Tax Law. Nothing in this Paragraph 15 shall be deemed to limit Employer’s right to terminate this Agreement at any time and without stated cause
as provided in Paragraph 5. 
  

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 16. Interpretation. Where appropriate in this Agreement, words used in the singular
shall include the plural and words used in the masculine shall include the feminine. 
 17. Invalid Provision. The invalidity
or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were not contained herein.

 18. Governing Law. This Agreement shall be construed and enforced in accordance with and governed by the laws of the
State of North Carolina. 
 19. Entire Agreement. This Agreement contains the entire agreement and understanding of the parties
with respect to the subject matter hereof and supersedes and replaces any and all prior agreements and understandings, whether oral or written, with respect to the subject matter hereof. 
 IN TESTIMONY WHEREOF, Employer has caused this Agreement to be executed in its corporate name by its Executive Vice President, and attested by its
Secretary/Assistant Secretary, all by the authority of its Board of Directors duly given, and Employee has hereunto set his hand and adopted as his seal the typewritten word “SEAL” appearing beside his name, as of the day and year first
above written. 
  

									
		 		 	FIRST-CITIZENS BANK & TRUST COMPANY
					
		 		 		 	By:	 	/S/    LOU JONES DAVIS
		 		 		 		 	 Lou Jones Davis
 Executive Vice
President

																					
	ATTEST:	 		 		 		 		 		 		 		 	
										
	/S/    LEE HARDEMAN	 		 		 		 		 		 		 		 		 	
	Assistant Secretary	 		 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	
											
		 		 		 		 		 		 		 		 		 	/S/    KENNETH A. BLACK	 	(SEAL)
		 		 		 		 		 		 		 		 	Kenneth A. Black	 	

  

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 DESIGNATION OF BENEFICIARY 
 Pursuant to the terms of the Employee Consultation, Post-Retirement Non-Competition and Death Benefit Agreement, dated as of July 1, 2005,
between me and FIRST-CITIZENS BANK & TRUST COMPANY, I hereby designate the following beneficiary(ies) to receive any payments which may be due under such Agreement after my death. 
 Primary Beneficiary(ies): (If more than one is listed, it is assumed that Employee intends for all Primary Beneficiaries to share in payments as
co-beneficiaries in the percentages listed, or equally if no percentages are listed, rather than as alternative or contingent beneficiaries or in any order of listing or otherwise.) 

				
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 Contingent Beneficiary(ies): (If more than one is listed, it is assumed that, if no Primary
Beneficiary shall survive Employee, Employee intends for all Contingent Beneficiaries to share in payments as co-contingent beneficiaries in the percentages listed, or equally if no percentages are listed, rather than in the order in which they are
listed or otherwise. If Employee intends for one or more Contingent Beneficiary(ies) to receive payments in any particular order or to the exclusion of any other(s) listed, that should be clearly indicated below.) 
  

				
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 This designation hereby revokes any prior designation which may have been in effect. 

 

									
	Date:	 	  	 		 	  	 	  
		 		 		 	Kenneth A. Black
				
	  	 		 		 	
	Witness	 		 		 	
				
		 		 		 	Acknowledged by:
				
		 		 		 	  
					
		 		 		 	Title:	 	  
					
		 		 		 	Date:	 	, 20Seperation Agreement with James F. Pope

 Exhibit 10.7 
 STATE OF GEORGIA 
 COUNTY OF FULTON 
 SEPARATION AGREEMENT AND RELEASE 
 THIS SEPARATION AGREEMENT AND RELEASE (the “Agreement”) is made and entered into by
and between IRONSTONE BANK, a federal savings association (the “Bank”); and JAMES F. POPE a resident of Fulton County, Georgia (“Associate”); 
 W I T N E S S E T H: 
 WHEREAS, Associate is employed by the Bank as a President with the Bank’s
IronStone Bank in Alpharetta, Fulton County, Georgia; and 
 WHEREAS, Associate and the Bank have agreed that Associate’s employment
with the Bank will terminate effective as of July 6, 2006 (the “Separation Date”), and the parties have reached an arrangement as to such separation from employment with the Bank, as evidenced in this Agreement. 
 NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, and for other good and valuable considerations, the
receipt and sufficiency of which hereby are acknowledged, the Bank and Associate agree as follows: 
 1. SEPARATION.
Associate’s employment with the Bank shall terminate on the Separation Date, and Associate shall have no further authority as an employee or agent of the Bank. Associate specifically recognizes and agrees that this Agreement is a full and
complete resolution, settlement, and termination of any rights or claims that Associate may have had, or alleges to have had, to any further employment with the Bank, its subsidiaries, or affiliates, including but not limited to its holding company,
First Citizens BancShares, Inc. (“BancShares”), and BancShares’ subsidiaries and affiliates, following the Separation Date. 
 2. SALARY AND PAID TIME OFF PAY. The Bank shall pay to Associate Associate’s normal salary, less normal deductions and withholdings, through the Separation Date, and agrees to provide further special payments and consideration
to Associate as set forth below. The Bank also shall pay to Associate any accrued but unused paid time off, less normal deductions and withholdings, calculated as of the Separation Date. 
 3. SPECIAL SEPARATION PAYMENTS. On or after the Separation Date or the Effective Date (as defined in Paragraph 7), whichever occurs later, the
Bank shall pay to Associate the amount of Four Hundred Forty-Six Thousand Eight Hundred Eighteen and 40/100 Dollars ($446,818.40), less normal withholdings, for and in consideration of the provisions of Paragraph 5 (Covenant of Good Faith and
Confidentiality), Paragraph 6 (Covenant of Nonsolicitation and Nondisclosure), and the other terms and conditions of this Agreement, and the amount of One Hundred Ninety-One Thousand Four Hundred Ninety-Three and 60/100 

  

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Dollars ($191,493.00), less normal withholdings, for and in consideration of the provisions of Paragraph 7 (Release) (collectively, the “Special
Separation Payments”). 
 4. TERMINATION/CONTINUATION OF CERTAIN RIGHTS AND BENEFITS. Associate recognizes and agrees that
payment of Associate’s salary, payment of accrued but unused paid time off, and payment of the Special Separation Payments, as described in Paragraphs 2 and 3 above, are in full settlement of any wages and benefits owed to Associate
through the Separation Date and that, except for Associate’s rights and benefits under this Agreement, Associate’s vested rights in the Bank’s benefit or retirement plans (if any), and Associate’s eligibility to continue certain
group insurance coverage pursuant to Associate’s rights under the provisions of state law and/or the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), to the extent permitted by law, all of Associate’s employment rights,
wages, and benefits with the Bank, and all subsidiaries and affiliates of the Bank, shall terminate and be forfeited as of the Separation Date, including, without limitation, Associate’s eligibility for further payment of any salary, paid time
off, personal leave, sick leave, severance pay, incentive awards, bonuses, or any other amounts. Associate further recognizes and agrees that payment of Associate’s salary, payment of accrued but unused paid time off, and payment of the Special
Separation Payments by the Bank are not to be construed as an admission of liability on the part of the Bank or its subsidiaries or affiliates, and that the Bank has denied and denies any violation of any law and any liability, and intends by such
payments simply to recognize Associate’s length of service and Associate’s separation from employment, and to avoid the time and costs of any legal proceedings. 
 5. COVENANT OF GOOD FAITH AND CONFIDENTIALITY. The Bank and Associate acknowledge and agree that the Bank and its subsidiaries and affiliates have a significant interest in protecting their reputation and
public trust, maintaining good public relations with their customers, prospective customers, and others in their market areas, and maintaining good relationships with their current and prospective employees; that Associate has a significant interest
in protecting Associate’s personal and professional reputation; and that it is in the Bank’s and Associate’s mutual best interests to characterize their employment relationship in a positive light, and to characterize the expiration
of Associate’s employment and the related payments to be paid to Associate hereunder as having resulted from an agreement made in good faith between Associate and the Bank. In this connection, Associate shall not downgrade, speak adversely
about, or comment derogatorily about or in any other way make any adverse or negative indications, actions, or comments about the Bank, its subsidiaries or affiliates, its and their successors and assigns, or the shareholders, directors, officers,
employees, associates, agents, or attorneys of said entities, and the Bank shall instruct its management employees to refrain from downgrading, speaking adversely about, or commenting derogatorily about or in any 

  

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other way making any adverse or negative indications, actions, or comments about Associate; provided, however, that the Bank may disclose
information regarding Associate’s performance as required by applicable federal or state law or regulation. 
 All of the terms and
conditions of this Agreement shall be held in strictest confidence by the Bank and Associate and shall not be disclosed by either party to any third party without the prior written consent of the other party, except to Associate’s immediate
family and/or to legal or accounting professionals or financial or regulatory institutions or as required by federal or state laws or regulations, on a need to know basis for the information required for a particular purpose only. 
 6. COVENANTS OF NONSOLICITATION AND NONDISCLOSURE. 
 (a) During the course of Associate’s employment with the Bank, Associate has been given and has obtained various confidential information concerning the Bank, BancShares, their subsidiaries and affiliates, the
shareholders, directors, officers, associates, employees, and agents of said entities, and their customers, prospective customers, services, trade secrets, proprietary information, personnel information, and other information concerning their
business (collectively, the “Information”), all of which constitute valuable assets and privileged information of the Bank, which Information is particularly sensitive due to the fiduciary responsibilities and public trust inherent in the
Bank’s business. The Bank and Associate acknowledge that the Bank has invested, and shall continue to invest, considerable amounts of time, effort, and resources in developing such valuable assets and Information, and that disclosure by
Associate of such assets and Information to the public or to any other person or entity, regardless of how insignificant such assets or Information may seem, would cause irreparable harm, damage, and loss to the Bank. 
 To protect the Bank from Associate’s use, disclosure, or exploitation of customer contacts and the Information, Associate agrees that Associate
shall not do any of the following without the Bank’s prior written consent (which may be withheld in the Bank’s sole discretion): 
 (i) Covenant of Nonsolicitation. For a period of six (6) months following the Separation Date, either directly, indirectly, or through any person or entity: 
 (A) Solicit or accept any business in any way related or similar to the Bank’s business from any person or business entity within the Restricted
Territory who or which is or was a customer or prospective customer of the Bank and with whom or with which Associate has had direct contact on behalf of the Bank within the one-year period immediately preceding the date of this Agreement; or

 (B) Divert or attempt to divert any customer or prospective customer of the Bank with whom or with which Associate has had direct contact
on behalf of the Bank within the one-year period immediately preceding the date of this Agreement to any person or business 

  

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entity within the Restricted Territory who or which is competitive with, or engaged in business in any way related or similar to, the Bank’s business;
or 
 (C) Employ or seek to employ any employee of the Bank or induce any such person to leave the Bank’s employment. 
 (ii) Covenant of Nondisclosure. Directly or indirectly, at any time, for any reason, reveal, divulge, disclose, or communicate to any
person, corporation, firm, or other entity or to any shareholder, director, officer, partner, member, manager, employee, agent, or associate of any such person, corporation, firm, or other entity, any confidential, sensitive, or personal
information, proprietary information, trade secret, or other information whatsoever, including but not limited to the Information, about or received by Associate from the Bank or its subsidiaries or affiliates, developed or received by Associate
during employment with the Bank or its subsidiaries or affiliates, or developed or received by Associate during the course of Associate’s association with the Bank or its subsidiaries or affiliates, relating to the business affairs of the Bank
or its subsidiaries or affiliates, or the business or personal affairs of the shareholders, directors, officers, associates, employees, agents, or attorneys of said entities, including, without limitation, information concerning customer and
prospective customer records, personnel information, ideas, proprietary information, methods, marketing investigations, surveys, research, and other like or similar information, unless required to do so by law or by a court of competent
jurisdiction. 
 (b) For purposes of this Agreement, the “Restricted Territory” means any county or other locality in any state in
which the Bank engages in the Bank’s business and in which Associate has solicited or accepted business from or contacted a customer, or any county or other locality in any state in which the Bank engages in the Bank’s business and which
was assigned to Associate during the term of Associate’s employment with the Bank. 
 7. RELEASE. Except for Associate’s
specific contractual rights and benefits under this Agreement and except as prohibited by law, Associate hereby releases, acquits, quitclaims, and discharges the Bank, any subsidiaries or affiliates of the Bank, including but not limited to
BancShares, and their respective successors and assigns, and the shareholders, directors, officers, associates, employees, agents, attorneys, benefit plans, and plan administrators of all of said entities, and their respective successors and assigns
(collectively, the “Releasees”), of and from any and all actions, causes of action, claims, demands, damages, costs (including reasonable attorneys’ fees), loss of services, expenses, and compensation, and for all consequential,
compensatory, actual, punitive, or liquidated damages, known or unknown, including those under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., on account of, or in any way arising from the employment or any other
relationship between Associate and the Bank, and any and all collateral matters pertaining thereto, whether directly, 

  

 4 

 
indirectly, or in any way connected with any Releasee. As part of the consideration for this Agreement, Associate agrees that, to the extent permitted by law
and except as otherwise required by law, neither Associate nor any of Associate’s heirs, legal representatives, or assigns will make or file any claim, charge, or lawsuit, or cooperate voluntarily in any investigation, lawsuit, or legal or
administrative proceeding by any individual, entity, or agency, against or involving any Releasee, for or on account of any claim Associate may have or may have had against any Releasee in connection with Associate’s employment or any other
relationship with the Bank, the matters referenced above, and/or the cessation of Associate’s employment with the Bank. Associate further agrees that, except as prohibited by law, Associate will waive and release any and all personal damages
(including but not limited to damages relating to pain and suffering, back pay, and compensatory and/or punitive damages) resulting from any charge filed with or investigation conducted by the Equal Employment Opportunity Commission or any other
administrative agency in connection with Associate’s employment or any other relationship with the Bank. 
 Associate understands and
agrees that with respect to any rights or claims of Associate under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq. (the “Act”): (a) no rights or claims are waived by Associate that may arise from an
event or transaction that occurs after the date this Agreement is executed by Associate; (b) Associate has been advised in writing to consult with an attorney prior to executing this Agreement; (c) Associate has been advised that
Associate has twenty-one (21) days from Associate’s receipt of this Agreement, unless extended in writing by the Bank, to consider the release provisions of this Agreement; (d) Associate has been advised that Associate has seven
(7) days following Associate’s execution of this Agreement to revoke the release provisions of this Agreement pertaining to any right or claim under the Act; and (e) the release provisions of this Agreement pertaining to any right or
claim under the Act shall not become effective or enforceable until the revocation period of seven (7) days following Associate’s execution hereof has expired (the “Effective Date”). 
 8. ENFORCEMENT. 
 (a) The covenants
and agreements of Associate contained in this Agreement are a material part of this Agreement. Payment of the Special Separation Payments referenced in Paragraph 3 of this Agreement is conditioned upon Associate’s adherence to these
covenants and agreements. Associate acknowledges and agrees that should Associate breach any of the covenants and agreements contained in this Agreement, Associate shall be required to return to the Bank the entire amount of the Special Separation
Payments paid to Associate for Associate’s execution of this Agreement. Further, Associate shall indemnify and hold harmless the Bank from any and all losses, costs, or expenses, including reasonable attorneys’ fees, which the Bank may
incur in recovering this amount or as a result of Associate’s breach of the terms of this 

  

 5 

 
Agreement, or both. Return of any such amounts pursuant to this Paragraph 8 shall not entitle Associate to renew any claim Associate may have against
the Bank that is waived or released under this Agreement, shall not prohibit the Bank’s enforcement of the breached covenant or agreement, shall not terminate the remaining covenants and agreements set forth in this Agreement, and shall not
impair any of the Bank’s enforcement rights as described in this Paragraph 8. 
 (b) In the event of Associate’s breach of any
covenant or agreement of Associate contained in this Agreement, the Bank shall be entitled, in addition to any other rights and remedies available at law or in equity, to an injunction enjoining and restraining Associate from doing or continuing to
do any such act and any other violation or threatened violation of such covenant or agreement. In the event that the Bank shall institute any action or proceeding to enforce the provisions of the covenants or agreements contained herein, Associate
shall waive the claim or defense that the Bank has an adequate remedy at law, and Associate shall not urge in any such action or proceeding the claim or defense that such a remedy at law exists, Associate recognizing that the Bank shall be entitled
to injunctive relief as to the violation of any such covenant or agreement. However, nothing contained in this Agreement shall be construed as prohibiting the Bank from pursuing any other remedies available, in addition to injunctive relief, whether
at law or in equity, including the recovery of damages. 
 9. ENTIRE UNDERSTANDING/AMENDMENTS. This Agreement contains the entire
understanding between the Bank and Associate as to the matters contained herein, and no conditions precedent or subsequent exist which are not contained herein. This Agreement may not be altered, amended, or revoked except by a written agreement
signed by the Bank and Associate. 
 10. BINDING EFFECT. The Bank and Associate recognize and agree that this Agreement is binding
upon the Bank and Associate and its/Associate’s respective heirs, representatives, successors, and assigns, as applicable. Associate further acknowledges that Associate has carefully read this Agreement, which contains a release, and knows and
understands the contents hereof and voluntarily executes the same as Associate’s free act and deed, and that the provisions contained herein constitute the entire agreement between the parties hereto, and that the terms of this Agreement are
contractual and not a mere recital. 
 11. GOVERNING LAW AND VENUE. The Bank and Associate agree that without regard to principles of
conflicts of laws, the internal laws of the State of North Carolina shall govern and control the validity, interpretation, performance, and enforcement of this Agreement. The Bank and Associate agree that any action relating to this Agreement shall
be instituted and prosecuted only in the courts of Wake County, North Carolina or the federal courts of the Eastern District of North Carolina, and the Bank and Associate hereby consent to the 

  

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jurisdiction of such courts and waive any right or defense relating to venue and jurisdiction over the person. 
 12. SEVERABILITY. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof,
and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were not contained herein. 
 13.
ASSIGNMENT. The Bank may assign this Agreement to any other corporation or entity acquiring all or substantially all of the assets of the Bank, or to any other corporation or entity into which or with which the Bank may be merged or
consolidated. Upon such assignment, merger, or consolidation, the rights of the Bank under this Agreement, as well as the obligations and liabilities of the Bank herein, shall inure to the benefit of and be binding upon any and all
successors-in-interest or transferees of all or substantially all of the assets of the Bank. This Agreement is not assignable in any respect by Associate. 
 14. HEADINGS. The headings appearing in this Agreement are for convenience only and are not to be considered in interpreting this Agreement. 
  
  
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of page intentionally left blank. Signatures follow.] 
  

 7 

 IN TESTIMONY WHEREOF, the Bank has caused this instrument to be executed in its corporate name by its
Chairman, attested by its Secretary/Assistant Secretary, and its corporate seal to be hereto affixed, all within the authority duly given by its Board of Directors, and Associate has hereunto set Associate’s hand and adopted as Associate’s
seal the typewritten word “SEAL” appearing beside Associate’s name, all effective as of the Effective Date. 
  

			
	IRONSTONE BANK
		
	By:	 	/S/    LEWIS R. HOLDING
		 	 Lewis R. Holding
 Chairman

  
  

	
	ATTEST:
	
	/S/    DELORES TEEL
	Assistant Secretary

  
  

			
	ASSOCIATE:	 	
		
	/S/    JAMES F. POPE	 	(SEAL)
	James F. Pope	 	 
		
	July 24, 2006	 	   
	Date of Execution by Associate	 	

  

 8

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