Document:

Amended and Restated Forbearance and Modification Agreement

 EXHIBIT 10.1 
  
 FIRST AMENDMENT TO AMENDED AND RESTATED FORBEARANCE 
 AND MODIFICATION AGREEMENT 
  
 This First Amendment to Amended and Restated Forbearance and Modification Agreement (this “Amendment”) is made as of November 2, 2005 by and among World Health Alternatives, Inc., a Florida corporation
(“World Health”), Better Solutions, Inc., a Pennsylvania corporation (“BSI”), JC Nationwide, Inc. (f/k/a MedTech Medical Staffing of Boca Raton, Inc.), a Delaware corporation (“JC”), MedTech Medical Staffing of New
England, Inc., a Delaware corporation (“MedTech Medical”), MedTech Franchising, Inc., a Delaware corporation (“MedTech Franchising”), World Health Staffing, Inc., a California corporation (“World Health California”),
World Health Staffing, Inc. (f/k/a MedTech Medical Staffing of Orlando, Inc.), a Delaware corporation (“World Health Delaware”; World Health, BSI, JC, MedTech Medical, MedTech Franchising, World Health California and World Health Delaware
are referred to herein individually and collectively, as “Borrower”), and CapitalSource Finance LLC, a Delaware limited liability company (“Lender”). 
  
 R E C I T A L S: 
  
 WHEREAS, Borrower and Lender are parties to that certain Amended and Restated Forbearance and Modification Agreement, dated as of September 15, 2005
(as amended and modified from time to time, the “Forbearance Agreement”); and 
  
 WHEREAS, Borrower is in default of the Forbearance Agreement; and 
  
 WHEREAS, Borrower and Lender desire to amend the Forbearance Agreement as set forth herein. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and
intending to be legally bound, the parties hereto agree as follows: 
  
 1. Definitions; Recitals. All capitalized terms used but not elsewhere defined in this Amendment shall have the respective meanings ascribed to such terms in the Forbearance Agreement, as amended hereby. The recitals set forth
above are incorporated herein by this reference thereto as though fully set forth below. 
  
 2. Amendment to Section 1.4. Section 1.4 of the Forbearance Agreement is hereby amended to delete the date “December 15, 2004” where it appears therein and insert in substitution
therefor the date “November 4, 2005”. 
  
 3.
Amendment to Section 2.5. Section 2.5 of the Forbearance Agreement is hereby amended in its entirety to read as follows: 
  
 “2.5. In response to Borrower’s request, Lender is willing to forebear until the Forbearance Termination Date from exercising
its rights and remedies under the Loan Documents and under applicable law as a result of the existence of the Designated Defaults provided that such forbearance is on the terms and conditions set forth in this Agreement (and, for the sake of
clarity, in no event shall such forbearance extend beyond November 4, 2005) and, further provided, that such forbearance does not waive the Designated Defaults or any other default or Event of Default that has arisen or may arise in the future
or otherwise prejudice the rights and remedies of Lender.” 
  

 1 

 4. Amendment to Section 4.1 of the Forbearance Agreement. The last full paragraph of
Section 4.1 of the Forbearance Agreement providing for an extension of the Forbearance Termination Date under certain conditions is hereby deleted in its entirety. Notwithstanding anything contained in the Forbearance Agreement to the contrary,
between the date of this Amendment and the Forbearance Termination Date, Advances shall not exceed $4,081,000. 
  
 5. Costs and Expenses. Borrower agrees to reimburse Lender for all out of pocket costs and expenses incurred in the preparation, negotiation
and execution of this Amendment and the consummation of the transactions contemplated hereby, including, without limitation, the expenses and fees of counsel for Lender. 
  
 6. Ratification of Existing Agreements. Borrower reaffirms all of the terms, conditions, representations and
warranties under the Loan Documents and the Forbearance Agreement (except as expressly set forth in the Forbearance Agreement and herein) and acknowledges that all of the Obligations are, by execution of this Amendment, ratified and confirmed in all
respects by Borrower. Borrower further reaffirms the grant of all liens and security interests under the Loan Documents and notwithstanding the execution and delivery of this Amendment, the Loan Documents and the Forbearance Agreement remain in full
force and effect and the rights and remedies of Lender thereunder and the liens and security interests created and provided thereunder remain in full force and effect and shall not be affected or impaired hereby. 
  
 7. No Waiver by Lender. Lender shall not be deemed to have
waived any or all of its rights or remedies with respect to any default or event or condition which, with notice or the lapse of time, or both, would become a default under the Loan Documents and which upon Borrower’s execution and delivery of
this Amendment might otherwise exist or which might hereafter occur. The failure of Lender at any time or times hereafter to require strict performance by Borrower of any of the provisions, warranties, terms and conditions contained herein, in the
Forbearance Agreement or in the Loan Documents shall not waive, affect or diminish any right of Lender at any time or times thereafter to demand strict performance thereof; and, no rights of Lender hereunder shall be deemed to have been waived by
any act or knowledge of Lender, its agents, officers or employees, unless such waiver is contained in an instrument in writing signed by an authorized officer of Lender and directed to such Person specifying such waiver. No waiver by Lender of any
of its rights shall operate as a waiver of any other of its rights or any of its rights on a future occasion at any time and from time to time. All terms and conditions of the Loan Documents remain in full force and effect except to the extent
specifically modified by the Forbearance Agreement. 
  
 8.
Severability. If any term or provision of this Amendment or the application thereof to any party or circumstance shall be held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, the validity,
legality and enforceability of the remaining terms and provisions of this Amendment shall not in any way be affected or impaired thereby, and the affected term or provision shall be modified to the minimum extent permitted by law so as most fully to
achieve the intention of this Amendment. 
  
 9. Conditions
Precedent. This Amendment shall become effective upon satisfaction of each of the following conditions, which, in each case, are in form and substance satisfactory to Lender in its sole and absolute discretion and such satisfaction shall be
evidenced by a written confirmation of same by Lender to Borrower: (a) Except as expressly set forth in the Forbearance Agreement and herein, the representations and warranties of Borrower set forth in the Credit Agreement and the other Loan
Documents shall be true and correct in all material respects; (b) Except as expressly set forth in the Forbearance Agreement and herein, no Event of Default or Termination Event shall have occurred and be continuing; and (c) the following
shall have been delivered to Lender, each duly authorized and executed and in form and substance satisfactory to Lender: (i) this Amendment, (ii) terminations of all Liens granted to United Capital in any and all assets of Universal
Staffing, Inc. acquired by Borrower, and (iii) such other instruments, documents, 
  

 2 

 certificates, consents, waivers and opinions as Lender reasonably may request. The date on which all of the conditions
set forth in this Section 13 have been satisfied (or waived by Lender) is referred to herein as the “Effective Date.” 
  
 10. Representations and Warranties. Each Borrower hereby represents and warrants that: (a) such Borrower is duly organized, validly
existing and in legal good standing in the jurisdiction of incorporation or formation of such Borrower and that such Borrower has the power and authority to enter into this Amendment; (b) such Borrower has duly executed and delivered this
Amendment and constitutes the valid, binding and legal obligation of each such Borrower; (c) this Amendment is not being entered into by such Borrower with the intent to hinder or defraud any person; and (d) the recitals set forth in this
Amendment are true, accurate and complete. 
  
 11. Release
of Claims. Borrower hereby represents and warrants that there are no liabilities, claims, suits, debts, losses, causes of action, demands, rights, damages or costs, or expenses of any kind, character or nature whatsoever, known or unknown,
fixed or contingent (collectively, the “Claims”), which Borrower may have or claim to have against Lender or any of its affiliates, agents, employees, officers, directors, representatives, attorneys, successors, or assigns (collectively,
the “Lender Released Parties”), which might arise out of or be connected with any act of commission or omission of the Lender Released Parties existing or occurring on or prior to the date of this Amendment, including without limitation
any Claims arising with respect to the Forbearance Agreement, Credit Agreement or any Loan Documents. Borrower hereby releases, acquits, and forever discharges the Lender Released Parties from any and all Claims that Borrower may have or claim to
have, relating to or arising out of or in connection with this Amendment, the Forbearance Agreement, the Credit Agreement or any Loan Documents or any other agreement or transaction contemplated thereby or any action taken in connection therewith
from the beginning of time up to and including the Effective Date of this Amendment. Borrower further agrees forever to refrain from commencing, instituting, or prosecuting any lawsuit, action, or other proceeding against any Lender Released Parties
with respect to any and all Claims. 
  
 12. WAIVER OF JURY
TRIAL. EACH PARTY TO THIS AMENDMENT KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE OR HEREAFTER HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE
UNDERLYING TRANSACTIONS. EACH OBLIGOR CERTIFIES THAT NEITHER THE LENDER NOR ANY OF ITS REPRESENTATIVES, AGENTS OR COUNSEL HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE LENDER WOULD NOT IN THE EVENT OF ANY SUCH SUIT, SEEK TO ENFORCE THIS WAIVER
OF RIGHT TO TRIAL BY JURY. 
  
 13. No Third-Party
Beneficiaries. There are no third-party beneficiaries to this Amendment or to the Forbearance Agreement. 
  
 14. Counterparts. This Amendment may be executed in multiple counterparts (which counterparts may be delivered by means of facsimile
transmission or comparable electronic transmission), each of which shall be an original and all of which taken together shall constitute one and the same agreement. 
  
 15. Governing Law. This Amendment shall be in all respects interpreted according to the laws of the State of
Maryland, without reference to the State of Maryland’s conflicts of law principles. 
  
 16. Descriptive Headings. The descriptive headings of this Amendment are inserted for convenience only and do not constitute a part of this Amendment. 
  

 3 

 17. Limited Amendment. This Amendment is limited by its terms and does not and shall not
serve to amend or waive any provision of the Forbearance Agreement except as expressly provided for in this Amendment. 
  
 18. Acknowledgment/Waiver of Legal Counsel; Drafting of Agreement. Borrower represents and warrants that: (a) it is represented by
legal counsel of its choice, is fully aware of the terms contained in this Amendment and has voluntarily and without coercion or duress of any kind, entered into this Amendment and the documents executed in connection with this Amendment; or
(b) it has knowingly and intentionally waived its right to have legal counsel of their choice review and represent it with respect to the negotiation and preparation of this Amendment. Borrower further represents and warrants and acknowledges
and agrees that it has participated in the drafting of this Amendment. 
  
 19. Agreement Controls. In the event of any inconsistency between this Amendment and the Loan Documents or the Forbearance Agreement, the terms of this Amendment shall control. 
  
 [rest of page intentionally left blank; signature page follows] 
  

 4 

 IN WITNESS WHEREOF, the parties have executed this Amendment by their duly authorized officers as of the
day and year first written above. 
  

							
	CAPITALSOURCE FINANCE LLC,	    	WORLD HEALTH STAFFING, INC.,
	a Delaware limited liability company	    	a Delaware corporation
				
	By:	 	 /s/ Keith D. Reuben

	    	  
 By:
  
  
	 	 /s/ James Dubow

	Name:	 	Keith D. Reuben	    	Name:	 	James Dubow
	Title:	 	Managing Director	    	Title:	 	Chief Financial Officer
			
	 WORLD HEALTH ALTERNATIVES, INC.,
 a Florida
corporation
	    	 	 	 
				
	By:	 	 /s/ James Dubow

	    	 	 	 
	Name:	 	James Dubow	    	 	 	 
	Title:	 	Chief Financial Officer	    	 	 	 
			
	 BETTER SOLUTIONS, INC.,
 a Pennsylvania
corporation
	    	 	 	 
				
	By:	 	 /s/ James Dubow

	    	 	 	 
	Name:	 	James Dubow	    	 	 	 
	Title:	 	Chief Financial Officer	    	 	 	 
			
	 JC NATIONWIDE, INC.,
 a Delaware
corporation
	    	 	 	 
				
	By:	 	 /s/ James Dubow

	    	 	 	 
	Name:	 	James Dubow	    	 	 	 
	Title:	 	Chief Financial Officer	    	 	 	 
			
	 MEDTECH MEDICAL STAFFING OF NEW ENGLAND, INC.,
 a Delaware corporation
	    	 	 	 
				
	By:	 	 /s/ James Dubow

	    	 	 	 
	Name:	 	James Dubow	    	 	 	 
	Title:	 	Chief Financial Officer	    	 	 	 
			
	 MEDTECH FRANCHISING, INC.,
 a Delaware
corporation
	    	 	 	 
				
	By:	 	 /s/ James Dubow

	    	 	 	 
	Name:	 	James Dubow	    	 	 	 
	Title:	 	Chief Financial Officer	    	 	 	 
			
	 WORLD HEALTH STAFFING, INC.,
 a California
corporation
	    	 	 	 
				
	By:	 	 /s/ James Dubow

	    	 	 	 
	Name:	 	James Dubow	    	 	 	 
	Title:	 	Chief Financial OfficerAmended and Restated Employee Consultation

 EXHIBIT 10.1 
  
 AMENDED AND RESTATED 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 (hereinafter referred to as “Employer”); and LEWIS R. HOLDING (hereinafter referred to as “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 EIGHT THOUSAND THREE HUNDRED THIRTY-FOUR and 46/100 Dollars ($8,334.46) per month, beginning six months and one week after Employee’s Retirement for a period of ten (10) years following Employee’s
Retirement or 

  

 1 

 
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 or under Paragraph 3 below, 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 4 of this Agreement. 
  

 2 

 As used in this Agreement, the term “Retirement” shall mean a termination of Employee’s
employment with Employer on the 1st day of January, 2011 (the “Retirement Date”). 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 TWENTY-FIVE THOUSAND THREE and 38/100 Dollars ($25,003.38) 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 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 

  

 3 

 
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 or under Paragraph 3 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 or under Paragraph 3 below, 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 4 of this Agreement. 
  
 3. Postponement of Retirement Date and Payments. Employee may postpone the Retirement Date and effectively postpone the timing of the Consultation Payments and Non-competition Payments (collectively “Post-Retirement
Payments”). In the event Employee desires to postpone the Retirement Date and the Post-Retirement Payments, Employee 

  

 4 

 
shall make an election to postpone in the form attached as Exhibit A to this Agreement. Such election may not take effect until at least twelve months
(12) after the date on which the election is made. Employee shall make the election to postpone at least twelve months prior to the original Retirement Date. If Employee makes the election, Employee shall postpone the Retirement Date to a date
not less than five years from the original Retirement Date. Consequently, the beginning date of the ten-year payment period for the Post-Retirement Payments shall be postponed to a date that is six months and one week after the new Retirement Date.

  
 To the extent permitted by the Internal Revenue Code of 1986,
as amended, and other tax principles, including but not limited to Section 409A of the Code, Employee may make subsequent elections to continue to postpone the Retirement Date and effectively the Post-Retirement Payments. The subsequent
election must be made at least twelve months prior to the Retirement Date established by the previous election. If Employee makes a subsequent election, Employee shall postpone the Retirement Date to a date not less than five years from the
Retirement Date established by the previous election. Consequently, the beginning date of the ten-year payment period for the Post-Retirement Payments shall be postponed to a date that is six months and one week after the new Retirement Date.

  
 Once Employee makes an election to postpone, the timing of
the Post-Retirement Payments may not be accelerated to a date prior to the date established by the election except on account of Employee’s death. 
  
 4. Continuation of Payments. Following Employee’s death during the ten-year period of payments under Paragraphs 1 and 2 or under
Paragraph 3 above, the sum of THIRTY-THREE THOUSAND THREE HUNDRED THIRTY-SEVEN and 84/100 Dollars ($33,337.84) 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 12 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 the 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. 
  

 5 

 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. 
  
 5. 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 THIRTY-THREE THOUSAND
THREE HUNDRED THIRTY-SEVEN and 84/100 Dollars ($33,337.84) 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 12 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 5 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. 
  
 6. 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 

 7. 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 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 

  

 7 

 
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. 
  
 8. 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. 
  
 9. 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”). 
  
 10. 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 

  

 8 

 
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
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. 
  
 11. 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). 
  

 9 

 12. Designation of Beneficiary(ies). In order to designate one or more beneficiaries as
described in Paragraph 4 or 5 above, Employee shall file a written designation with Employer in the form attached as Exhibit B 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 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 12. 
  

 10 

 13. 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. 
  
 14. 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. 
  
 15. Binding
Effect. This Agreement shall be binding upon Employee, his heirs, personal representatives and assigns, and upon Employer, its successors and assigns. 
  
 16. 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 16 shall be deemed to limit Employer’s right to terminate this Agreement at any time and without stated cause as
provided in Paragraph 6. 
  
 17.
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. 
  
 18. 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. 
  

 11 

 19. Governing Law. This Agreement shall be construed and enforced in accordance with
and governed by the laws of the State of North Carolina. 
  
 20. 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 Vice Chairman, 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. 
  
 This the 25th day of October 2005. 
  

			
	FIRST-CITIZENS BANK & TRUST COMPANY
		
	By:	 	 /s/ James B. Hyler, Jr.

	 	 	James B. Hyler, Jr.
	 	 	Vice Chairman

  

	
	ATTEST:
	
	 /s/ Lee Hardeman

	Secretary/Assistant Secretary

  

					
	 	 	 /s/ Lewis R. Holding

	 	(SEAL)
	 	 	Lewis R. Holding

  

 12 

 ELECTION TO POSTPONE RETIREMENT DATE AND POST-RETIREMENT 
  
 PAYMENTS 
  
 Pursuant to Paragraph 3 of the Amended and Restated 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 elect to postpone the Retirement Date and the Consultation Payments and the Non-competition Payments (collectively
“Post-Retirement Payments”) provided under this Agreement. I understand that I must make this election at least twelve months prior to the previous Retirement Date. I further understand that I must elect to postpone the Retirement Date to
a date which is at least five years from the previous Retirement Date which will effectively postpone the timing of the Post-Retirement Payments to a date that is six months and one week after the new Retirement Date and that once I make this
election, the payments may not be accelerated except on account of my death. 
  
 Effective Date of Election (At least twelve months from date the election is made): 
  

  
 Previous Retirement Date: 
  

  
 New Retirement Date (At least five years from previous Retirement Date): 
  

  

							
	Date:	 	  

	 	  

	 	 	 	 	Lewis R. Holding
	  

	 	 
	                Witness	 	 	 	 
	 	 	 	 	 Acknowledged by:
  
  

				
	 	 	 	 	Title:	 	  

				
	 	 	 	 	Date:	 	                                    ,
20    

  

 13 

 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.) 
  
                                       
                              % 
  
                                       
                              % 
  
                                       
                              % 
  
 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.)

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

									
	Date:	 	  

	 	 	 	  

			
	  

	 	 	 	Lewis R. Holding
	                Witness	 	 	 	 
	 	 	 	 	 	 	 Acknowledged by:
  
  

					
	 	 	 	 	 	 	Title:	 	  

					
	 	 	 	 	 	 	Date:	 	                                    ,
20    

  

 14

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"}]]