Document:

Consulting Agreement

 EXHIBIT 10.19 
  
 CONSULTING AGREEMENT 
  
 THIS CONSULTING AGREEMENT is entered into as of this 23rd
day of June, 2005 by and between Bank of Wilmington, a bank chartered under North Carolina law (the “Bank”), and Larry W. Flowers, currently serving as the Bank’s Executive Vice President and Chief Credit Officer (the
“Consultant”). 
  
 WHEREAS, the Consultant has made and is expected to continue to make significant contributions to the profitability, growth, and financial strength of the Bank, 
  
 WHEREAS, the Consultant has extensive
contacts within the Bank’s community and the Consultant has acquired significant business and organizational knowledge, judgment, skills, and experience in his years in the banking industry, including his years of service as Chief Credit
Officer of the Bank, 
  
 WHEREAS, because the Consultant’s cessation of full-time service as an officer of the Bank is expected to occur when the Consultant attains age 65 in February 2007, the Bank desires to secure the
benefit of the Consultant’s knowledge, judgment, experience, acumen and expertise for a two-year period thereafter in order to avoid disruption of the Bank’s business, 
  
 WHEREAS, because the Bank desires to have the benefit of the Consultant’s services
beyond 2007, the Bank desires to induce the Consultant to continue to provide such services and to retain the Consultant as a consultant for the period from March 2007 through and including February 2009 in accordance with the terms and conditions
of this Consulting Agreement, 
  
 WHEREAS, the Consultant desires to be retained by and to continue to provide services to the Bank in accordance with the terms and conditions of this Consulting Agreement, 
  
 NOW, THEREFORE, in
consideration of these premises, the mutual promises and covenants contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto
agree as follows: 
  
 1. CONSULTING
SERVICES. The Consultant hereby agrees to provide such consulting and other relevant services and advice as the Bank shall reasonably request. The Consultant shall devote his best efforts to performance of his
duties hereunder, and shall in a timely manner commit and make available sufficient time to provide the services reasonably requested by the Bank. In his capacity as a consultant, the Consultant shall be an independent contractor and shall not
operate under the direction or supervision of any officer of the Bank, except as is necessary to outline the end product of consulting services to be provided by the Consultant under this Consulting Agreement. 

 2. TERM. The term of the Consultant’s service under this
Consulting Agreement shall commence on March 1, 2007 and terminate on February 28, 2009, except as may be otherwise provided herein. 
  
 3. COMPENSATION. (a) Basic Annual Consulting Fee. As compensation for the Consultant’s services, the
Bank shall pay or cause to be paid to the Consultant a fee of $42,800 annually, payable in equal monthly installments. 
  
 (b) The Consulting Fee is the Consultant’s Exclusive Compensation. Other than the basic consulting fee in paragraph (a) above and other
compensation and benefits provided under Section 4 below, the Consultant shall not be entitled to receive any other fees, payments, or other compensation, whether in cash or otherwise, for service as a consultant during the term of this
Consulting Agreement, or after termination of this Consulting Agreement if payments hereunder are being made to the Consultant. This paragraph (b) does not, however, affect the obligation of the Bank or a successor to make payments to the
Consultant under any deferred compensation, salary continuation, or retirement plan or agreement between the Consultant and the Bank. 
  
 4. OTHER BENEFITS AND EXPENSES. The Consultant shall be entitled to
participate in all benefit programs and plans in which consultants of the Bank are eligible to participate, and the Consultant shall be entitled to receive benefits thereunder. 
  
 5. OUTSIDE ACTIVITIES. Nothing in this Consulting Agreement shall
prevent the Consultant from engaging in any other full-time or part-time employment, or any consulting or independent contractor arrangement or any other occupation, whether or not for remuneration, provided the Consultant’s other employment,
consulting, independent contractor, or other activities are not in competition with the Bank or any of its subsidiaries, and provided the activities are not otherwise detrimental or adverse to the business, competitiveness, operations, or image of
the Bank. 
  
 6. TERMINATION.
(a) Termination as a Result of Death. This Consulting Agreement shall terminate before the end of its term if the Consultant dies before the end of the term. 
  
 (b) Disability. If the Consultant becomes disabled after the term of this Consulting Agreement commences but before
the end of its term, he shall be entitled to continue receiving the basic consulting fee set forth in Section 3(a) for the remaining term of this Consulting Agreement. For this purpose, disability means that, because of a medically determinable
physical or mental impairment that can be expected to result in death or that can be expected to last for a continuous period of at least 12 months, (a) the Consultant is unable to engage in any substantial gainful activity, or (b) the
Consultant is receiving income replacement benefits for a period of at least three months under an accident and health plan of the Bank. Medical determination of disability may be made either by the Social Security Administration or by the provider
of an accident or health plan covering employees of the Bank. Upon the Bank’s request, the Consultant must submit proof to the Bank of the Social Security Administration’s or provider’s determination. 

 (c) The Consultant’s Right to Terminate this Consulting Agreement. After the term of this
Consulting Agreement commences but before the end of its term, this Consulting Agreement may be terminated by the Consultant – 
  
 (1) if the Bank or its successor is in material breach of its obligations under this Consulting Agreement, and such breach continues for a
period of at least 30 days after written notice from the Consultant, 
  
 (2) if a Change in Control of the Bank occurs after the term of this Consulting Agreement commences. For purposes of this Consulting Agreement, a “Change in Control” shall mean any one of the following
events occurs, provided the event constitutes a change in control within the meaning of Internal Revenue Code section 409A and rules, regulations, and guidance of general application thereunder issued by the Department of the Treasury –

  
 (a) Change in Ownership of Bank of
Wilmington: a change in ownership of the Bank occurs on the date any one person or group accumulates ownership of the Bank’s stock constituting more than 50% of the total fair market value or total voting power of the Bank’s stock,

  
 (b) Change in Effective Control of Bank of
Wilmington: (1) any one person, or more than one person acting as a group, acquires within a 12-month period ownership of stock of the Bank possessing 35% or more of the total voting power of the Bank’s stock, or (2) a majority of
the Bank’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed in advance by a majority of the Bank’s board of directors, or 
  
 (c) Change in Ownership of a Substantial Portion of Bank
of Wilmington’s Assets: a change in the ownership of a substantial portion of the Bank’s assets occurs on the date any one person, or more than one person acting as a group, acquires assets from the Bank having a total gross fair
market value equal to or exceeding 40% of the total gross fair market value of all of the assets of the Bank immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of the Bank’s assets, or
the value of the assets being disposed of, determined without regard to any liabilities associated with the assets. 
  
 For purposes of Sections 6(c)(2)(a) through (c), persons shall be considered to be acting as a group if they would be considered to be
acting as a group under Internal Revenue Code section 409A and rules, regulations, and guidance of general application issued thereunder by the Department of the Treasury. 

 Anything in this Consulting Agreement to the contrary notwithstanding, a transaction in
which a company becomes the holding company for the Bank shall not be considered a Change in Control for purposes of this Consulting Agreement, provided the offer, sale, and issuance of shares of the holding company to Bank stockholders as part of
the holding company reorganization are exempt from registration under the Securities Act of 1933 by section 3(a)(12) of that Act. If a holding company reorganization occurs, references in this Section 6(c) to the Bank shall mean the holding
company instead, and after a holding company reorganization a sale of the holding company’s assets includes sale of the Bank alone. 
  
 (d) Termination Payment. If after the term of this Consulting Agreement has commenced this Consulting Agreement terminates under
Section 6(a) because of the Consultant’s death, under Section 6(c) after a Change in Control, or under Section 6(c) because of the Consultant’s election to terminate this Consulting Agreement after a material breach by the
Bank or its successor, the Consultant or his estate shall be entitled to receive from the Bank or its successor an amount equal to the remaining monthly payments of the basic consulting fee set forth in Section 3(a) through the end of the term
of this Consulting Agreement. The payment required to be made to the Consultant under this paragraph (d) shall be paid in a lump sum in cash within five days after termination, without reduction for the time value of money or other discount. In
addition, any stock options held by the Consultant at the time of termination under Section 6(a) or 6(c) or when the Consultant is determined under Section 6(b) to be disabled shall become fully vested and exercisable, and the Consultant
or his estate shall have the right for one year after termination or determination of disability to exercise such stock options in whole or in part from time to time, notwithstanding any contrary limits on vesting or exercise that may be set forth
in the applicable stock option plan or agreement. 
  
 (e) Termination for Cause. This Consulting Agreement shall terminate if the Consultant is terminated for cause before the term of this Consulting Agreement commences. After the term of this Consulting Agreement commences, the Bank
may terminates the Consultant’s service for any of the following reasons – 
  
 (1) the Consultant’s gross negligence or gross neglect or intentional and material failure to perform requested services after
written notice thereof, causing material harm to the Bank or affiliates, or 
  
 (2) disloyalty or dishonesty by the Consultant in the performance of his services, or 
  
 (3) intentional wrongful damage by the Consultant to the business or property of the Bank or its affiliates, including without limitation
the reputation of the Bank, causing material harm to the Bank or affiliates, or 

 (4) a willful violation by the Consultant of any applicable law or significant policy of
the Bank or an affiliate causing material harm to the Bank or affiliates, regardless of whether the violation leads to criminal prosecution or conviction. For purposes of this Consulting Agreement, applicable laws include any statute, rule,
regulatory order, statement of policy, or final cease-and-desist order of any governmental agency or body having regulatory authority over the Bank, or 
  
 (5) the occurrence of any event that results in the Consultant being excluded from coverage, or having coverage limited for the Consultant
as compared to other executives or employees of the Bank, under the Bank’s blanket bond or other fidelity or insurance policy covering its directors, officers, or employees, excluding loss or limitation of coverage associated with the change in
the Consultant’s role from full-time officer to consultant, or 
  
 (6) the Consultant is removed from office or permanently prohibited from participating in the Bank’s affairs by an order issued under section 8(e)(4) or section 8(g)(1) of the Federal Deposit Insurance Act, 12
U.S.C. 1818(e)(4) or (g)(1), or 
  
 (7)
conviction of the Consultant for or plea of nolo contendere to a felony or conviction of or plea of nolo contendere to a misdemeanor involving moral turpitude, or the actual incarceration of the Consultant for seven consecutive days or
more. 
  
 This Consulting Agreement shall also terminate if the
Consultant serves as a director of a financial institution or financial institution holding company or if he accepts employment with or provides consulting services to another financial institution or financial institution holding company, whether
on a full-time basis or part-time basis, and regardless of whether such service is for remuneration, unless the Consultant’s service is approved in writing by the Bank’s board of directors. Termination as a result of the Consultant serving
as a director, officer or consultant with another financial institution or financial institution holding company shall be deemed to be termination for cause for all purposes of this Consulting Agreement. 
  
 If the Consultant is terminated for cause, he shall be entitled to receive
solely the amounts due hereunder to the date of such termination. 
  
 7. NOTICES. All notices, requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered
mail, return receipt requested, with postage prepaid, to the following addresses or to such other address as either party may designate by like notice. Unless otherwise changed by notice, notice shall be properly addressed to the Consultant if
addressed to the address of the Consultant on the books and records of the Bank at the time of the delivery of such notice, and properly addressed to the Bank if addressed to the Board of Directors, Bank of Wilmington, 1117 Military Cutoff Road,
Wilmington, North Carolina 28405. 

 8. ACTION OF THE BANK.
Every decision, determination, agreement, or other action required to be taken by the Bank, and every notice required to be given to the Bank, shall be taken by or given to the board of directors of the Bank, or such individual member or committee
of members as the board of directors may designate in writing. 
  
 9. WAIVER OF BREACH. The waiver by either party of a breach of any provision of this Consulting Agreement by the other party shall not operate or be construed as a waiver of
a subsequent breach. 
  
 10. SUCCESSORS
AND ASSIGNS. The rights and obligations of the Bank under this Consulting Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Bank, but the rights and
obligations of the Consultant are personal and may not be assigned or delegated without the Bank’s written consent. The Bank shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the Bank’s business or assets to expressly assume and agree to perform this Consulting Agreement in the same manner and to the same extent that the Bank would be required to perform it if no such succession had occurred.
Failure by the Bank to secure the assumption and agreement before effectiveness of any succession shall be a material breach of this Consulting Agreement, which if not cured within 30 days shall entitle the Consultant to terminate this Consulting
Agreement under Section 6 and receive the termination payment provided therein. As used in this Consulting Agreement, the term “Bank” shall include any successor to the business or assets of the Bank. 
  
 11. ENTIRE AGREEMENT AND
AMENDMENTS. This Consulting Agreement contains the entire agreement of the parties with respect to the subject matter hereof. This Consulting Agreement may be changed or amended solely by an agreement in writing
that is executed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought. This Consulting Agreement does not supersede, modify, or amend the terms of any deferred compensation, salary continuation,
or retirement agreement between the Consultant and the Bank, and any such agreement shall remain in full force and effect. 
  
 12. APPLICABLE LAW. This Consulting Agreement and all rights hereunder shall be governed by the laws
of the State of North Carolina. 
  
 13.
HEADINGS. The headings contained in this Consulting Agreement are for convenience only and shall not affect the meaning or interpretation of any provision of this Consulting Agreement. 
  
 14. COUNTERPARTS. This Consulting
Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

 IN WITNESS WHEREOF, the parties have
executed this Consulting Agreement as of the date first written above. 
  

									
	THE CONSULTANT	 	 	 	BANK OF WILMINGTON
				
	/s/    LARRY W.
FLOWERS        	 	 	 	 By:
	 	/s/    JOHN CAMERON
COBURN        
	Larry W. Flowers	 	 	 	 	 	John Cameron Coburn
	 	 	 	 	 	 	 Its:
	 	Chairman, President and Chief Executive OfficerSplit Dollar Plan

 Exhibit 10.20 
  
 BANK OF WILMINGTON 
 Split Dollar Plan

  
 BANK OF WILMINGTON 
 SPLIT DOLLAR PLAN 
  
 Pursuant to due authorization by its Board of Directors, the undersigned, BANK OF WILMINGTON, a corporation located in Wilmington, North Carolina (the
“Company”), did constitute, establish and adopt the following Split Dollar Plan (the “Plan”), effective July 15, 2004. 
  
 The purpose of this Plan is to attract, retain, and reward Directors, by dividing the death proceeds of certain life insurance policies which are owned by
the Company on the lives of the participating Directors with the designated beneficiary of each insured participating Director. The Company will pay the life insurance premiums from its general assets. 
  
 ARTICLE 1 
 DEFINITIONS 
  
 Whenever used in this Plan, the following terms shall have the meanings specified: 
  

	1.1	“Beneficiary” means each designated person, or the estate of a deceased Participant, entitled to benefits, if any, upon the death of a Participant.

  

	1.2	“Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that a Participant completes, signs and returns to the Plan
Administrator to designate one or more Beneficiaries. 

  

	1.3	“Board” means the Board of Directors of the Company as from time to time constituted. 

  

	1.4	“Company” means BANK OF WILMINGTON and any of its subsidiaries (now in existence or hereafter formed or acquired) that have been selected by the Board to
participate in the Plan and have adopted the Plan as a sponsor. 

  

	1.5	“Disability” means the Participant’s suffering a sickness, accident or injury which has been determined by the insurance carrier of any individual or group
disability insurance policy covering the Participant, or by the Social Security Administration, to be a disability rendering the Participant totally and permanently disabled. Upon the request of the Plan Administrator, the Participant must submit
proof to the Plan Administrator of the insurance carrier’s or Social Security Administration’s determination. 

  

	1.6	“Company’s Interest” means the benefit set forth in Section 3.2. 

  

	1.7	“Compensation” means the Participant’s total base annual salary at the earliest of: (i) the date of the Participant’s death: (ii) the date of
the Participant’s Disability; or (iii) the Participant’s Normal Retirement Date. 

  

	1.8	“Election to Participate” means the form required by the Plan Administrator of an eligible Director to indicate acceptance of participation in this Plan.

  

 1 

 BANK OF WILMINGTON 
 Split Dollar Plan 
  

	1.9	“Director” means an active director of the Company. 

  

	1.10	“Insured” means the individual Participant whose life is insured. 

  

	1.11	“Insurer” means the insurance company issuing the life insurance policy on the life of the Insured. 

  

	1.12	“Net Death Proceeds” means the total death proceeds of the Policy minus the cash surrender value. 

  

	1.13	“Normal Retirement Age” means the Participant attaining age 65. 

  

	1.14	“Normal Retirement Date” means the later of the Normal Retirement Age or the date of Termination of Employment for any reason other than Termination for Cause.

  

	1.15	“Participant” means a Director (i) who is selected to participate in the Plan, (ii) who elects to participate in the Plan, (iii) who signs an
Election to Participate and a Beneficiary Designation Form, (iv) whose signed Election to Participant and Beneficiary Designation Form are accepted by the Plan Administrator, (v) who commences participation in the Plan, and (vi) whose
Participation has not terminated. 

  

	1.16	“Participant’s Interest” means the benefit set forth in Section 3.1. 

  

	1.17	“Policy” means the individual insurance policy or policies adopted by the Plan Administrator for purposes of insuring a Participant’s life under this Plan.

  

	1.18	“Plan Administrator” means the plan administrator described in Article 10. 

  

	1.19	“Termination of Employment” means the termination of Participant’s service before Normal Retirement Age for reasons other than (i) death;
(ii) Disability; or (iii) a leave of absence approved by the Company. 

  

	1.20	“Termination for Cause” means that the Participant’s employment with the Company has been or is terminated by the Board for any of the following reasons:

  

	 	(a)	Gross negligence or gross neglect of duties; or 

  

	 	(b)	Commission of a felony or of a gross misdemeanor involving moral turpitude; or 

  

	 	(c)	Fraud, disloyalty, dishonesty or willful violation of any law or significant Company policy committed in connection with the Participant’s employment and resulting in an
adverse effect on the Company; or 

  

 2 

 BANK OF WILMINGTON 
 Split Dollar Plan 
  

	 	(d)	Issuance by the Company’s banking regulators of an order for removal of the Participant. 

  
 ARTICLE 2 
 PARTICIPATION 
  

	2.1	Selection by Plan Administrator. Participation in the Plan shall be limited to those Directors of the Company selected by the Plan Administrator, in its sole discretion, to
participate in the Plan. 

  

	2.2	Enrollment Requirements. As a condition to participation, each selected Director shall complete, execute and return to the Plan Administrator (i) an Election to
Participate, and (ii) a Beneficiary Designation Form. In addition, the Plan Administrator shall establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary. 

  

	2.3	Eligibility; Commencement of Participation. Provided a Director selected to participate in the Plan has met all enrollment requirements set forth in this Plan and required by
the Plan Administrator, that Director will become a Participant, be covered by the Plan and will be eligible to receive benefits at the time and in the manner provided hereunder, subject to the provisions of the Plan. 

  

	2.4	Termination of Participation. A Participant’s rights under this Plan shall automatically cease and his or her participation in this Plan shall automatically terminate,
if either of the following events occur: (i) if there is a Termination for Cause; or (ii) if the Participant’s service with the Company is terminated prior to Normal Retirement Age for reasons other than Disability or a leave of
absence approved by the Company. In the event that the Company decides to maintain the Policy after the Participant’s termination of participation in the Plan, the Company shall be the direct beneficiary of the entire death proceeds of the
Policy. 

  

	2.5	Disability. If the Participant’s service with the Company is terminated because of the Participant’s Disability, the Company shall maintain the Policy in full force
and effect and in no event shall the Company amend, terminate or otherwise abrogate the Participant’s Interest in the Policy. However, the Company may replace the Policy with a comparable insurance policy to cover the benefit provided under
this Plan. 

  
  

 3 

 BANK OF WILMINGTON 
 Split Dollar Plan 
  

	2.6	Retirement. If the Participant remains in the continuous service of the Company, upon the Participant’s Normal Retirement Date, the Company shall maintain the Policy in
full force and effect and in no event shall the Company amend, terminate or otherwise abrogate the Participant’s Interest in the Policy. However, the Company may replace the Policy with a comparable insurance policy to cover the benefit under
this Plan. 

  
 ARTICLE 3 
 POLICY OWNERSHIP/INTERESTS 
  

	3.1	Participant’s Interest. The Participant, or the Participant’s assignee, shall have the right to designate the Beneficiary of an amount of death proceeds equal TO
$75,000 not to exceed the Net Death Proceeds, subject to: 

  

	 	(a)	Forfeiture of Participant’s rights upon Termination of Service; 

  

	 	(b)	Forfeiture of Participant’s rights upon Termination for Cause; 

  

	 	(c)	Termination of the Plan and the corresponding forfeiture of rights for all Participants or any one Participant in accordance with Section 9.1 hereof; and

  

	 	(d)	Forfeiture of the Participant’s rights and interest hereunder that the Company may reasonably consider necessary to conform with applicable law (including the Sarbanes-Oxley
Act of 2002). 

  

	3.2	Company’s Interest. The Company shall own the Policy and shall have the right to exercise all incidents of ownership except that the Company shall not sell, surrender or
transfer ownership of a Policy so long as a Participant has an interest in the Policy as described in Section 3.1. This provision shall not impair the right of the Company, subject to Article 9, to terminate this Plan. With respect to each
Policy, the Company shall be the beneficiary of the remaining death proceeds of the Policy after the Participant’s Interest is determined according to Section 3.1. 

  
 ARTICLE 4 
 PREMIUMS 
  

	4.1	Premium Payment. The Company shall pay all premiums due on all Policies. 

  

	4.2	Economic Benefit. The Plan Administrator shall determine the economic benefit attributable to any Participant based on the amount of the current term rate for the
Participant’s age multiplied by the aggregate death benefit payable to the Participant’s Beneficiary. The “current term rate” is the minimum amount required to be imputed under Internal Revenue Notice 2002-8, or any subsequent
applicable authority. 

  

 4 

 BANK OF WILMINGTON 
 Split Dollar Plan 
  

	4.3	Imputed Income. The Company shall impute the economic benefit to the Participant on an annual basis, by adding the economic benefit to the Participant’s W-2, or if
applicable, Form 1099. 

  
 ARTICLE 5

 BENEFICIARIES 
  

	5.1	Beneficiary. Each Participant shall have the right, at any time, to designate a Beneficiary(ies) to receive any benefits payable under the Plan to a beneficiary upon the
death of a Participant. The Beneficiary designated under this Plan may be the same as or different from the Beneficiary designation under any other plan of the Company in which the Participant participates. 

  

	5.2	Beneficiary Designation: Change. A Participant shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering it to the Plan
Administrator or its designated agent. The Participant’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Participant or if the Participant names a spouse as Beneficiary and the marriage is
subsequently dissolved. A Participant shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures, as in effect
from time to time. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary
Designation Form filed by the Participant and accepted by the Plan Administrator prior to the Participant’s death. 

  

	5.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Plan Administrator or
its designated agent. 

  

	5.4	No Beneficiary Designation. If the Participant dies without a valid designation of beneficiary, or if all designated Beneficiaries predecease the Participant, then the
Participant’s surviving spouse shall be the designated Beneficiary. If the Participant has no surviving spouse, the benefits shall be made payable to the personal representative of the Participant’s estate. 

  

	5.5	Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person
incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable
person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Participant and the
Participant’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount. 

  

 5 

 BANK OF WILMINGTON 
 Split Dollar Plan 
  

 ARTICLE 6 
 ASSIGNMENT 
  
 Any
Participant may irrevocably assign without consideration all or part of such Participant’s Interest in this Plan to any person, entity or trust. In the event a Participant shall transfer all or part of such Participant’s Interest, then all
or part of that Participant’s Interest in this Plan shall be vested in his or her transferee, who shall be substituted as a party hereunder, and that Participant shall have no further interest in this Plan. 
  
 ARTICLE 7 
 INSURER 
  
 The Insurer shall be bound only by the terms of its given Policy. Any payments the Insurer makes or actions it takes in accordance with a Policy shall fully discharge it from all claims, suits and demands of all persons relating to that
Policy. The Insurer shall not be bound by or deemed to have notice of the provisions of this Plan. The Insurer shall have the right to rely on the Plan Administrator’s representations with regard to any definitions, interpretations or Policy
interests as specified under this Plan. 
  
 ARTICLE 8

 CLAIMS AND REVIEW PROCEDURE 
  

	8.1	Claims Procedure. A Participant or Beneficiary (“claimant”) who has not received benefits under the Plan that he or she believes should be paid shall make a claim
for such benefits as follows: 

  

	 	8.1.1 	Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits. 

  

	 	8.1.2 	Timing of Plan Administrator Response. The Plan Administrator shall respond to such claimant within 90 days after receiving the claim. If the Plan Administrator determines
that special circumstances require additional time for processing the claim, the Plan Administrator 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 Plan Administrator expects to render its decision. 

  

	 	8.1.3 	Notice of Decision. If the Plan Administrator denies part or all of the claim, the Plan Administrator shall notify the claimant in writing of such denial. The Plan
Administrator 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; 

  

 6 

 BANK OF WILMINGTON 
 Split Dollar Plan 
  

	 	(b)	A reference to the specific provisions of the Plan 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 the Plan’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. 

  

	8.2	Review Procedure. If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of
the denial, as follows: 

  

	 	8.2.1 	Initiation – Written Request. To initiate the review, the claimant, within 60 days after receiving the Plan Administrator’s notice of denial, must file with the
Plan Administrator a written request for review. 

  

	 	8.2.2 	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 Plan Administrator 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. 

  

	 	8.2.3 	Considerations on Review. In considering the review, the Plan Administrator 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. 

  

	 	8.2.4 	Timing of Plan Administrator’s Response. The Plan Administrator shall respond in writing to such claimant within 60 days after receiving the request for review. If the
Plan Administrator determines that special circumstances require additional time for processing the claim, the Plan Administrator 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 Plan Administrator expects to render its decision. 

  

	 	8.2.5 	Notice of Decision. The Plan Administrator shall notify the claimant in writing of its decision on review. The Plan Administrator 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 the Plan on which the denial is based; 

  

 7 

 BANK OF WILMINGTON 
 Split Dollar Plan 
  

	 	(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 9 
 AMENDMENTS AND TERMINATION 
  

	9.1	Amendment or Termination of Plan. Except as otherwise provided in Sections 2.5 and 2.6, or as otherwise agreed to in writing, the Company may amend or terminate this Plan for
all Participants or for any Participant at any time prior to a Participant’s death. Such amendment or termination shall be by written notice to the Participant(s). In the event that the Company decides to maintain the Policy after the
Participant’s termination of participation in the Plan, the Company shall be the direct beneficiary of the entire death proceeds of the Policy. 

  

	9.2	Option to Purchase Upon Termination. If the Company exercises the right to terminate the Plan or a Participant’s participation in the Plan, the Company shall not sell,
surrender or transfer ownership of a Policy without first giving a Participant or the Participant’s transferee the option to purchase the Policy for a period of sixty (60) days from written notice of such intention. The purchase price
shall be an amount equal to the cash surrender value of the Policy. 

  

	9.3	Waiver of Participation. A Participant may, in the Participant’s sole and absolute discretion, waive his or her rights under the Plan at any time. Any waiver permitted
under this Section 9.3 shall be in writing and delivered to the Plan Administrator. 

  
 ARTICLE 10 
 ADMINISTRATION 
  

	10.1	Plan Administrator Duties. This Plan shall be administered by a Plan Administrator which shall consist of the Board, or such committee or persons as the Board may choose.
Members of the Plan Administrator may be Participants under this Plan. The Plan Administrator shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of
this Plan and (ii) decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan. 

  

	10.2	Agents. In the administration of this Plan, the Plan Administrator may employ agents and delegate to them such administrative duties as it sees fit, (including acting through
a duly appointed representative), and may from time to time consult with counsel who may be counsel to the Company. 

  

 8 

 BANK OF WILMINGTON 
 Split Dollar Plan 
  

	10.3	Binding Effect of Decisions. The decision or action of the Plan Administrator with respect to any question arising out of or in connection with the administration,
interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 

  

	10.4	Indemnity of Plan Administrator. The Company shall indemnify and hold harmless the members of the Plan Administrator against any and all claims, losses, damages, expenses or
liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Plan Administrator or any of its members. 

  

	10.5	Information. To enable the Plan Administrator to perform its functions, the Company shall supply full and timely information to the Plan Administrator on all matters relating
to the Compensation of its Participants, the date and circumstances of the retirement, Disability, death or Termination of Employment of its Participants, and such other pertinent information as the Plan Administrator may reasonably require.

  
 ARTICLE 11 
 MISCELLANEOUS 
  

	11.1	Binding Effect. This Plan shall bind each Participant and the Company, their beneficiaries, survivors, executors, administrators and transferees and any Beneficiary.

  

	11.2	No Guarantee of Service. This Plan is not a contract for service. It does not give a Participant the right to remain a Director of the Company, nor does it interfere with the
Company’s right to discharge a Participant. It also does not require a Participant to remain a Director nor interfere with a Participant’s right to terminate service at any time. 

  

	11.3	Applicable Law. The Plan and all rights hereunder shall be governed by and construed according to the laws of the State of NORTH CAROLINA, except to the extent preempted by
the laws of the United States of America. 

  

	11.4	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 Plan. Upon the occurrence of such event, the term “Company” as used in this Plan shall be deemed
to refer to the successor or survivor company. 

  

 9 

 BANK OF WILMINGTON 
 Split Dollar Plan 
  

	11.5	Notice. Any notice or filing required or permitted to be given to the Plan Administrator under this Plan shall be sufficient if in writing and hand-delivered, or sent by
registered or certified mail, to the address below: 

  
 Bank of Wilmington 
 1117 Military Cutoff Road 
 Wilmington, NC 28405 
  
 Such
notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or the receipt for registration or certification. 
  
 Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing
and hand-delivered, or sent by mail, to the last known address of the Participant. 
  

	11.6	Entire Agreement. This Plan, along with a Participant’s Election to Participate, Beneficiary Designation Form and any agreement in writing between the Company and any
Participant, constitute the entire agreement between the Company and the Participant as to the subject matter hereof. No rights are granted to the Participant under this Plan other than those specifically set forth herein. 

 
 IN WITNESS WHEREOF, the Company executes this Plan as of the date
indicated above. 
  

			
	 BANK OF WILMINGTON

		
	 By
	 	/s/    JOHN CAMERON
COBURN        
	 Title
	 	President/CEO

  

 10 

 BANK OF WILMINGTON 
 Split Dollar Plan 
 ELECTION FORM 
  

 I, Walter L. Crouch, Jr. a Director designated as set forth in Article 2 of the Bank of Wilmington
Split Dollar Plan (the “Plan”) dated July 15, 2004, hereby elect to become a Participant of this Plan according to Article 2 of the Plan. 
  
 Additionally, I acknowledge that I have read the Plan document and agree to be bound by its terms. 
  

	
	Executed this 07 day of September, 2004
	
	/s/    WALTER L. CROUCH,
JR.        
	Walter L. Crouch, Jr.

  
 Acknowledged by the Plan Administrator
this 07 day of September, 2004 
  

			
		
	 By
	 	/s/    JOHN CAMERON
COBURN        
	 Title
	 	President/CEO

 BANK OF WILMINGTON 
 Split Dollar Plan 
 ELECTION FORM 
  

 I, Windell Daniels, a Director designated as set forth in Article 2 of the Bank of Wilmington Split
Dollar Plan (the “Plan”) dated July 15, 2004, hereby elect to become a Participant of this Plan according to Article 2 of the Plan. 
  
 Additionally, I acknowledge that I have read the Plan document and agree to be bound by its terms. 
  
 Executed this 06 day of September, 2004 
  

	
	
	/s/    WINDELL DANIELS        
	Windell Daniels

  
 Acknowledged by the Plan Administrator
this 06 day of September, 2004 
  

			
		
	By	 	/s/    JOHN CAMERON
COBURN        
	 Title
	 	President/CEO

 BANK OF WILMINGTON 
 Split Dollar Plan 
 ELECTION FORM 
  

 I, Craig S. Relan, a Director designated as set forth in Article 2 of the Bank of Wilmington Split
Dollar Plan (the “Plan”) dated July 15, 2004, hereby elect to become a Participant of this Plan according to Article 2 of the Plan. 
  
 Additionally, I acknowledge that I have read the Plan document and agree to be bound by its terms. 
  
 Executed this 07 day of September, 2004 
  

	
	
	/s/    CRAIG S. RELAN        
	Craig S. Relan

  
 Acknowledged by the Plan Administrator
this 07 day of September, 2004 
  

			
		
	By	 	/s/    JOHN CAMERON
COBURN        
	 Title
	 	President/CEO

 BANK OF WILMINGTON 
 Split Dollar Plan 
 ELECTION FORM 
  

 I, Jerry D. Sellers, a Director designated as set forth in Article 2 of the Bank of Wilmington Split
Dollar Plan (the “Plan”) dated July 15, 2004, hereby elect to become a Participant of this Plan according to Article 2 of the Plan. 
  
 Additionally, I acknowledge that I have read the Plan document and agree to be bound by its terms. 
  
 Executed this 07 day of September, 2004 
  

	
	
	/s/    JERRY D. SELLERS        
	Jerry D. Sellers

  
 Acknowledged by the Plan Administrator
this 07 day of September, 2004 
  

			
		
	By	 	/s/    JOHN CAMERON
COBURN        
	 Title
	 	President/CEO

 BANK OF WILMINGTON 
 Split Dollar Plan 
 ELECTION FORM 
  

 I, John Davie Waggett, a Director designated as set forth in Article 2 of the Bank of Wilmington
Split Dollar Plan (the “Plan”) dated July 15, 2004, hereby elect to become a Participant of this Plan according to Article 2 of the Plan. 
  
 Additionally, I acknowledge that I have read the Plan document and agree to be bound by its terms. 
  
 Executed this 13th day of September, 2004 
  

	
	
	/s/    JOHN DAVIE
WAGGETT        
	John Davie Waggett

  
 Acknowledged by the Plan Administrator
this 13th day of September, 2004 
  

			
		
	 By
	 	/s/    JOHN CAMERON
COBURN        
	 Title
	 	President/CEO

 BANK OF WILMINGTON 
 Split Dollar Plan 
 BENEFICIARY DESIGNATION FORM 
  

 I, Walter O. Winter, a Director designated as set forth in Article 2 of the Bank of Wilmington Split
Dollar Plan (the “Plan”) dated July 15, 2004, hereby elect to become a Participant of this Plan according to Article 2 of the Plan. 
  
 Additionally, I acknowledge that I have read the Plan document and agree to be bound by its terms. 
  
 Executed this 07 day of September, 2004 
  

	
	
	/s/    WALTER O. WINTER        
	Walter O. Winter

  
 Acknowledged by the Plan Administrator
this 07 day of September, 2004 
  

			
		
	 By
	 	/s/    JOHN CAMERON
COBURN        
	 Title
	 	President/CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00093-of-00352.parquet"}]]