Document:

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                                                                    EXHIBIT 10.1

                 FIRST CHARTER CORPORATION AMENDED AND RESTATED
              DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

                                    ARTICLE 1
                              ESTABLISHMENT OF PLAN

1.01     Background of Plan. First Charter Corporation hereby amends and
         restates the First Charter Corporation 1994 Deferred Compensation Plan
         for Non-Employee Directors, effective as of May 1, 2001, (the
         "Effective Date") and renames the plan the First Charter Corporation
         Amended and Restated Deferred Compensation Plan for Non-Employee
         Directors.

1.02     Status of Plan. The Plan is intended to be a nonqualified, unfunded
         plan of deferred compensation under the Internal Revenue Code of 1986,
         as amended. Although the plan is unfunded for tax purposes, the
         Corporation may establish a trust under Revenue Procedure 92-64 to
         provide benefits under the Plan. (See Section 1.03).

1.03     Establishment of Trust. As noted in Section 1.02, the Corporation may
         establish a trust to fund benefits provided under the terms of the Plan
         ("Trust"). It is intended that a transfer of assets into the Trust will
         not generate taxable income (for federal income tax purposes) to the
         Participants until such assets are actually distributed or otherwise
         made available to the Participants.

1.04     Purpose. The purpose of the Plan is to permit Eligible Directors to
         defer Compensation they receive from the Corporation and, through the
         Stock Account, give Eligible Directors the opportunity to further align
         their interests with the interests of the Corporation's shareholders.

                                    ARTICLE 2
                                   DEFINITIONS

2.01     Definitions. Certain terms of the Plan have defined meanings set forth
         in this Article and which shall govern unless the context in which they
         are used clearly indicates that some other meaning is intended.

                  Allocation Date. Any date on which an amount representing all
                  or a part of a Participant's Director's Fees is to be credited
                  to his or her Stock Account pursuant to an effective Election
                  Form. The Allocation Date for Director's Fees shall be the
                  last day of the month in which the meeting to which such
                  Director's Fees relate is held.

                  Beneficiary. Any person or persons designated by a
                  Participant, in accordance with procedures established by the
                  Committee or Plan Administrator, to receive benefits hereunder
                  in the event of the Participant's death. If any Participant
                  shall fail to designate a Beneficiary or shall designate a
                  Beneficiary who shall fail to survive the Participant, the
                  Beneficiary shall be the Participant's estate.

                  Board. The Board of Directors of the Corporation.

                  CFB Plan. The Carolina First Bancshares, Inc. Second Amended
                  and Restated Directors' Deferred Compensation Plan, as in
                  effect on May 1, 2001.

                  Committee. The Compensation Committee of the Board or its
                  designee that will administer and interpret the terms of the
                  Plan.

                  Common Stock. The no par value common stock of the
                  Corporation.

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                  Common Stock Units. Bookkeeping units, having a value equal to
                  the Fair Market Value of one (1) share of Common Stock as of a
                  given date, which may be credited to Participants' Stock
                  Account pursuant to the Plan.

                  Corporation. First Charter Corporation, a North Carolina
                  corporation, and any successor thereto.

                  Director. A member of the Board, a member of a Subsidiary's
                  board of directors, an Advisory Director to the Company or a
                  Subsidiary, or a member of an advisory board of directors to
                  the Company or a Subsidiary.

                  Director's Fees. The compensation that the Corporation pays an
                  Eligible Director to serve as a Director, including without
                  limitation, annual retainer and amounts paid for attendance at
                  meetings of Directors.

                  Disability. Permanent and total disability as determined under
                  procedures established by the Board for purposes of the Plan.

                  Election Form. A form, substantially in the form attached
                  hereto as Exhibit A, pursuant to which an Eligible Director
                  elects to defer Director's Fees under the Plan.

                  Election Date. The date established by the Plan as the date by
                  which a Participant must submit a valid Election Form to the
                  Plan Administrator in order to participate in the Plan for a
                  calendar year. For each calendar year, the Election Date is
                  December 31 of the preceding calendar year; provided, however,
                  that the Election Date for a newly Eligible Director shall be
                  the 30th day following the date on which such individual
                  becomes an Eligible Director.

                  Eligible Director. Any Director who is not a full-time
                  employee of the Corporation or a Subsidiary.

                  Fair Market Value. The average of the closing bid and asked
                  prices for the Common Stock in the over-the-counter market as
                  reported by the National Association of Securities Dealers
                  Automated Quotation ("NASDAQ") System if the Common Stock is
                  not listed on a national securities exchange or the NASDAQ
                  National Market System; or the closing price of the Common
                  Stock if the Common Stock is listed on a national securities
                  exchange or traded on the NASDAQ National Market System; or
                  the fair value thereof determined in good faith by the Board
                  of Directors if the Common Stock is not listed on a national
                  securities exchange or quoted on the NASDAQ National Market
                  System or the over-the-counter market.

                  Independent Agent. An "agent independent of the issuer" as
                  defined in Rule 100 of Regulation M under the Securities
                  Exchange Act of 1934, as amended. The Independent Agent shall
                  be Registrar and Transfer Company, or such other agent
                  independent of the issuer as shall be designated from time to
                  time by the Board.

                  Participant. Any Eligible Director who is participating in the
                  Plan. A Participant shall also include a person who ceases to
                  be a member of the Board after the effective date of the Plan
                  so long as his or her Stock Account is being maintained for
                  such person.

                  Plan. The First Charter Corporation Amended and Restated
                  Deferred Compensation Plan for Non-Employee Directors, as set
                  forth in this document, together with any subsequent
                  amendments hereto.

                  Plan Administrator. The Committee or such other individual(s)
                  appointed by the Board.

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                  Prior Plan. The First Charter Corporation 1994 Deferred
                  Compensation Plan for Non-Employee Directors as in effect on
                  May 1, 2001.

                  Stock Account. The account established by the Corporation for
                  each Participant for Director's Fees deferred pursuant to the
                  Plan and which shall be credited on the last day of each month
                  with the First Charter National Bank Prime Rate until invested
                  in Common Stock Units. Once invested in Common Stock Units,
                  the performance and value of the Stock Account shall be
                  measured by reference to the Fair Market Value of the Common
                  Stock from time to time. The maintenance of individual Stock
                  Accounts is for bookkeeping purposes only.

                  Subsidiary. A wholly owned subsidiary of the Corporation and
                  any wholly owned subsidiary of a subsidiary of the
                  Corporation.

                  Termination of Service. A Termination of Service occurs when a
                  Participant ceases to serve as a Director for any reason.

                                    ARTICLE 3
                                  PARTICIPATION

3.01     Election to Participate. Each Eligible Director is automatically
         eligible to participate in the Plan. All Eligible Directors who
         participate in the Prior Plan shall be Participants in the Plan
         effective May 1, 2001, and such Participant's elections made pursuant
         to Article 3 and Article 4 hereof shall remain in effect with, such
         changes as permitted pursuant to this Plan. An Eligible Director who
         does not participate in the Plan may participate in the Plan by
         delivering a properly completed and signed Election Form to the Plan
         Administrator on or before the relevant Election Date. The Eligible
         Director's participation in the Plan will be effective as of the first
         day of the calendar year beginning after the Plan Administrator
         receives the Eligible Director's Election Form, or, in the case of a
         newly eligible individual, on the first day of the calendar month
         beginning after the Plan Administrator receives such Eligible
         Director's Election Form. A Participant shall not be entitled to any
         benefit hereunder unless such Participant has properly completed an
         Election Form and deferred the receipt of his or her Director's Fees
         pursuant to the Plan.

3.02     Voluntary Termination of Election Form. A Participant may terminate his
         or her Election Form with respect to future Director's Fees at any
         time. Such termination will be effective on the first day of the
         calendar quarter after the Participant notifies the Plan Administrator
         of the Participant's termination of the Election Form. If a Participant
         terminates his or her Election Form, however, the Participant may not
         activate a new Election Form to defer his or her Director's Fees for
         the remainder of the calendar year in which the Participant's former
         Election Form was terminated. However, effective as of the first day of
         the following calendar year or the first day of any subsequent calendar
         year, the Participant (other than an Eligible Director who has begun
         receiving payment of his or her Account) may deliver a new Election
         Form and thereby defer the receipt of any future Director's Fees
         attributable to service on the Board. Such new Election Form shall be
         effective only for Director's Fees applicable to the Participant's
         service on the Board after the first day of the calendar year following
         the Plan Administrator's receipt of the Participant's new Election
         Form. Any Director's Fees deferred prior to the termination of the
         Election Form shall remain subject to the original Election Form and
         the Plan.

3.03     Continuation of Election Form. Prior to the commencement of each
         calendar year, a Participant shall have the right, by executing and
         delivering to the Plan Administrator a new Election Form, to modify the
         dollar amount or percentage of his or her Director's Fees which are
         deferred under the Plan, and, if such Election Form is filed at least
         two years prior to the payment commencement date, to change the form of
         payment (i.e., lump sum or installments) but not the method of

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         payment (i.e., stock). If the Participant fails to deliver a new
         Election Form prior to the commencement of the new calendar year, the
         Participant's Election Form in effect during the previous calendar year
         shall continue in effect during the new calendar year.

3.04     Automatic Termination of Election Form. A Participant's Election Form
         will automatically terminate at the earlier of (i) the Participant's
         Termination of Service, or (ii) the termination of the Plan.

3.05     No Right to Continue as a Director. Nothing contained in the Plan shall
         be deemed to give any Director the right to be retained as a Director
         of the Corporation.

                                    ARTICLE 4
                                  PLAN BENEFITS

4.01     Deferred Director's Fees. An Eligible Director may elect to defer all
         or part of the Director's Fees to which he or she is entitled in a
         calendar year. The amount deferred, if any, shall be in integral
         multiples of twenty-five percent (25%) of the Director's Fees. For
         bookkeeping purposes, the amount of the Director's Fees which the
         Director elects to defer pursuant to the Plan shall be transferred to
         and held in a Stock Account.

4.02     Time of Election of Deferral. An Eligible Director who wishes to defer
         Director's Fees for a calendar year must irrevocably elect to do so on
         or prior to the Election Date for such calendar year, by delivering a
         valid Election Form to the Plan Administrator. The Election Form shall
         irrevocably indicate, among other required information the Director's
         Fees to be deferred. AMOUNTS TO BE DEFERRED SHALL BE CREDITED TO THE
         PARTICIPANT'S STOCK ACCOUNT AS OF THE DATE SUCH DIRECTOR'S FEES IS
         OTHERWISE PAYABLE TO THE DIRECTOR.

4.03     Conversions of Account in Prior Plan and CFB Plan.

         (a)      Prior Plan Conversion Date. Effective May 1, 2001, the Stock
                  Account of each Participant in the Prior Plan shall be
                  converted to a number of Common Stock Units under this Plan.
                  The conversion shall occur by creating one Common Stock Unit
                  in the Participant's Stock Account under this Plan for each
                  unit equivalent to shares of Common Stock as described in
                  Section 3.2.2 of the Prior Plan, with any fractional Common
                  Stock Units being held in cash in the Participant's Stock
                  Account.

         (b)      CFB Plan Conversion Date. Effective May 1, 2001, the Stock
                  Account of each Participant in the CFB Plan shall be converted
                  to a number of Common Stock Units under this Plan. The
                  conversion shall occur by creating one Common Stock Unit in
                  the Participant's Stock Account under this Plan for each unit
                  equivalent to shares of Common Stock as described Section
                  4.03(d) of the CFB Plan, with any fractional Common Stock
                  Units being held in cash in the Participant's Stock Account.

         (c)      Continued Investment of Prior Plan and CFB Plan Accounts.
                  Following the conversion as described above, a Participant's
                  Stock Account, adjusted to represent the benefits available
                  under the Prior Plan and CFB Plan as described in Section
                  4.03(a) and (b) above, will be invested in the Participant's
                  Stock Account as described in Section 4.04 following.

4.04     Stock Accounts.

         (a)      Amounts in a Participant's Stock Account initially will be
                  credited with interest on the Allocation Date (or such other
                  day as determined by the Plan Administrator) based on the
                  annual yield of the First Charter National Bank prime rate as
                  in effect on such Allocation

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                  Date. If, when, and to the extent that, the trustee of the
                  Trust is able to purchase shares of Common Stock for the Trust
                  (which purchases shall be made through an Independent Agent in
                  accordance with Regulation M, Section 102(c), under the
                  Securities Exchange Act of 1934, as amended, or any successor
                  provision), the amounts in Participants' Stock Accounts shall
                  be converted, on a prorata basis, to Common Stock Units. Such
                  Common Stock Units are recorded as units of Common Stock, and
                  fractions thereof, with one Common Stock Unit equating to a
                  single share of Common Stock. Thus, the value of one Common
                  Stock Unit shall be the Fair Market Value of a single share of
                  Common Stock on the date such Common Stock Units are credited
                  to the Stock Account. The use of Common Stock Units is merely
                  a bookkeeping convenience, and the Common Stock Units are not
                  actual shares of Common Stock. The actual shares of Common
                  Stock purchased by the trustee of the Trust are owned by the
                  Corporation, under grantor trust rules, and are subject to the
                  claims of creditors of the Corporation. There can be no
                  assurance that the trustee of the Trust will be able to
                  purchase shares of Common Stock or that amounts deferred into
                  a Participant's Stock Account will ever be credited with
                  Common Stock Units.

         (b)      Sub-Accounts. To the extent required for bookkeeping purposes,
                  a Participant's Accounts will be subdivided to reflect
                  deferred Director's Fees on a year-by-year basis. For example,
                  a 1997 Stock Sub-Account, a 1998 Stock Sub-Account, and so on.

4.05     Investment in the Stock Account.

         (a)      Credits to the Stock Account. When a Participant elects to
                  defer Director's Fees into his or her Stock Account, such
                  Stock Account shall be credited, as of the date described in
                  Section 4.04(a), with the annual yield of the First Charter
                  National Bank prime rate as in effect as described in Section
                  4.04(a) unless and until converted to Common Stock Units, as
                  described above in Section 4.04(a). If and when appropriate, a
                  Participant's Stock Account will be credited with that number
                  of Common Stock Units, and fractions thereof, obtained by
                  dividing the dollar amount to be converted to Common Stock
                  Units by the Fair Market Value of the Common Stock as of such
                  date.

         (b)      Dividend Equivalents. Effective as of the payment date for
                  each cash dividend on the Common Stock, the Stock Account of
                  each Participant whose Stock Account was credited with Common
                  Stock Units on the record date for such dividend shall be
                  credited with an amount equal to the cash dividend that would
                  have been paid on such shares of Common Stock if issued in his
                  or her name. Such amount shall be credited with the annual
                  yield of the First Charter National Bank prime rate as in
                  effect as described in Section 4.04(a) unless and until
                  converted to Common Stock Units as described in Section
                  4.04(a).

         (c)      Stock Dividends. Effective as of the payment date for each
                  stock dividend on the Common Stock, additional Common Stock
                  Units shall be credited to the Stock Account of each
                  Participant whose Stock Account was credited with Common Stock
                  Units on the record date for such dividend. The number of
                  Common Stock Units that shall be credited to the Stock Account
                  of such a Participant shall equal the number of shares of
                  Common Stock, and fractions thereof, which the Participant
                  would have received as stock dividends had he or she been the
                  owner on the record date for such stock dividend of the number
                  of shares of Common Stock equal to the number of Common Stock
                  Units credited to his or her Stock Account on such record
                  date.

         (d)      Allocation of Dividends. To the extent required for
                  bookkeeping purposes, the allocation of additional Common
                  Stock Units attributable to cash dividends or stock dividends
                  will be made to the Stock Sub-Account holding existing Common
                  Stock Units to which the cash dividend or stock dividend
                  relates.

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         (e)      Recapitalization. If, as a result of a recapitalization of the
                  Corporation, the outstanding shares of Common Stock shall be
                  changed into a greater number or smaller number of shares, the
                  number of Common Stock Units credited to a Participant's Stock
                  Account shall be appropriately adjusted on the same basis.

         (f)      Distributions. Amounts credited to the Stock Account (in
                  Common Stock Units) may only be distributed out of the Stock
                  Account by withdrawal from the Stock Account. Withdrawals from
                  the Stock Account shall be made only in shares of Common
                  Stock; provided, however, that shares of Common Stock may be
                  elected only to the extent that the Stock Account is credited
                  with Common Stock Units.

         (g)      Responsibility for Investment Choices. Each Participant is
                  solely responsible for any decision to defer Director's Fees
                  into his or her Stock Account and accepts all investment risks
                  entailed by such decision, including the risk of loss and a
                  decrease in the value of the amounts he or she elects to defer
                  into his or her Stock Accounts.

4.06     Form of Payment.

         (a)      Payment of Benefits. Payment of Plan benefits shall commence
                  the earliest to occur of the following dates, as designated by
                  each Participant on an Election Form (whether an original
                  Election Form or modified Election Form):

                           the first day of the calendar month following the
                           date of the Participant's death;

                           the first day of the calendar month following the
                           date of the Participant's Disability;

                           the first day of the calendar month following the
                           date of termination of the Participant's service as a
                           member of the Board;

                           the first day of a calendar month specified by the
                           Participant which is at least six months after the
                           Election Date;

                           the earliest to occur of a, b, c or d;

                           the earliest to occur of a, b or c; or

                           the earliest to occur of a, b or d.

                  Any Director who has begun receiving payment of Plan benefits
                  may not participate further in the Plan.

         (b)      Optional Forms of Payment. The selection of the distribution
                  date in 4.06 shall become effective on the Election Date.
                  Distributions from Participant Stock Accounts may be paid to
                  the Participant in (i) a lump sum, (ii) no more than
                  one-hundred eighty (180) monthly or sixty (60) quarterly
                  installments, or (iii) a combination of (i) and (ii), as
                  designated by the Participant. The method of payment (e.g., in
                  lump sum or installments) elected on the Participant's initial
                  Election Form will apply to all amounts (including future
                  deferrals) held in the Participant's Stock Account unless the
                  Participant elects a different method of payment (e.g., lump
                  sum or installments) for all amounts (including prior and
                  future deferrals) held in the Participant's Stock Account by
                  filing a subsequent Election Form with the Plan Administrator
                  at least two years prior to the payment commencement date. If
                  the Participant fails to designate a payment method in the
                  Participant's initial Election Form or any subsequent Election
                  Form filed with the Plan Administrator at least two years
                  prior to the payment commencement date, the Participant's
                  Stock Account shall be distributed in a lump sum.

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         (c)      Stock Payment. Distributions from the Stock Account will be
                  distributed to the Participant in the form of Common Stock.
                  The shares of Common Stock distributable to Participants under
                  the Plan must be previously issued and repurchased shares and
                  may not be original issue shares.

         (d)      Payment to Beneficiary. Upon the Participant's death, all
                  unpaid amounts held in the Participant's Account shall be paid
                  to the Participant's Beneficiary in a lump sum no later than
                  sixty (60) days following the Participant's death or, if the
                  Beneficiary shall so elect in writing to the Plan
                  Administrator prior to payment, unpaid amounts held in the
                  Participant's Stock Account shall be paid to the Participant's
                  Beneficiary over the same period that the Participant had
                  elected to receive such amounts.

4.07     Financial Hardship. The Plan Administrator may, in its sole discretion,
         accelerate the making of payment to a Participant of an amount
         reasonably necessary to handle a severe financial hardship of a sudden
         and unexpected nature due to causes not within the control of the
         Participant. Such payment may be made even if the Participant has not
         incurred a Termination of Service. All financial hardship distributions
         shall be made in a single distribution. Such payments will be made on a
         first-in, first-out basis so that the oldest Director's Fees deferred
         under the Plan shall be deemed distributed first in a financial
         hardship.

4.08     Payment to Minors and Incapacitated Persons. In the event that any
         amount is payable to a minor or to any person who, in the judgment of
         the Plan Administrator, is incapable of making proper disposition
         thereof, such payment shall be made for the benefit of such minor or
         such person in any of the following ways as the Plan Administrator, in
         its sole discretion, shall determine:

         (a)      By payment to the legal representative of such minor or such
                  person;

         (b)      By payment directly to such minor or such person;

         (c)      By payment in discharge of bills incurred by or for the
                  benefit of such minor or such person. The Plan Administrator
                  shall make such payments without the necessary intervention of
                  any guardian or like fiduciary, and without any obligation to
                  require bond or to see to the further application of such
                  payment. Any payment so made shall be in complete discharge of
                  the Plan's obligation to the Participant and his or her
                  Beneficiaries.

4.09     Application for Benefits. The Plan Administrator may require a
         Participant or Beneficiary to complete and file certain forms as a
         condition precedent to receiving the payment of benefits. The Plan
         Administrator may rely upon all such information given to it, including
         the Participant's current mailing address. It is the responsibility of
         all persons interested in receiving a distribution pursuant to the Plan
         to keep the Plan Administrator informed of their current mailing
         addresses.

4.10     Designation of Beneficiary. Each Participant from time to time may
         designate any person or persons (who may be designated contingently or
         successively and who may be an entity other than a natural person) as
         his or her Beneficiary or Beneficiaries to whom the Participant's Stock
         Account is to be paid if the Participant dies before receipt of all
         such benefits. Each Beneficiary designation shall be on the form
         prescribed by the Plan Administrator and will be effective only when
         filed with the Plan Administrator during the Participant's lifetime.
         Each Beneficiary designation filed with the Plan Administrator will
         cancel all Beneficiary designations previously filed with the Plan
         Administrator. The revocation of a Beneficiary designation, no matter
         how effected, shall not require the consent of any designated
         Beneficiary.

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                                    ARTICLE 5
                                 FUNDING OF PLAN

5.01     Funding. Plan benefits shall be paid from the general assets of the
         Corporation or as otherwise directed by the Corporation. To the extent
         that any Participant acquires the right to receive payments under the
         Plan (from whatever source), such right shall be no greater than that
         of an unsecured general creditor of the Corporation. Participants and
         their Beneficiaries shall not have any preference or security interest
         in the assets of the Corporation other than as a general unsecured
         creditor.

                                    ARTICLE 6
                           ADMINISTRATION OF THE PLAN

6.01     Administration of the Plan. The Committee and the Plan Administrator
         shall have complete control of the administration of the Plan with all
         powers necessary to enable it to properly carry out the provisions of
         the Plan. In addition to all implied powers and responsibilities
         necessary to carry out the objectives of the Plan, the Committee and
         the Plan Administrator shall have the following specific powers and
         responsibilities:

         (a)      To construe the Plan and to determine all questions arising in
                  the administration, interpretation and operation of the Plan;

         (b)      To determine the benefits of the Plan to which any
                  Participant, Beneficiary or other person may be entitled;

         (c)      To keep records of all acts and determinations of the
                  Committee and Plan Administrator, and to keep all such
                  records, books of accounts, data and other documents as may be
                  necessary for the proper administration of the Plan;

         (d)      To prepare and distribute to all Participants and
                  Beneficiaries information concerning the Plan and their rights
                  under the Plan;

         (e)      To do all things necessary to operate and administer the Plan
                  in accordance with its provisions.

                  Subject to Section 6.02, the Committee's interpretation and
         construction of any provision of the Plan shall be final, conclusive
         and binding on all Participants and the Corporation.

6.02     Claims Resolution. If for any reason a benefit due under the Plan is
         not paid when due, the Participant or other person alleging entitlement
         to such benefit may file a written claim with the Committee. If the
         claim is denied or no response is received within forty-five (45) days
         (in which case, the claim will be deemed to have been denied), then
         such person may appeal the denial to the Board within thirty (30) days
         of the denial. In pursuing an appeal, the person may require that a
         responsible officer of the Corporation review the denial, may review
         pertinent documents, and may submit issues and comments in writing. Any
         decision on appeal shall be made within thirty (30) days after the
         appeal is made, unless special circumstances require the Board to
         extend the period for an additional thirty (30) days.

                                    ARTICLE 7
                            AMENDMENT AND TERMINATION

7.01     Amendment and Termination. The Committee reserves the right to modify,
         alter, amend, or terminate the Plan, at any time and from time to time,
         without notice, to any extent deemed advisable; provided, however, that
         no such amendment or termination shall (without the written consent of
         the Participant, if living, and if not, the Participant's Beneficiary)
         adversely affect any

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         benefit under the Plan which has accrued with respect to the
         Participant or Beneficiary as of the date of such amendment or
         termination regardless of whether such benefit is in pay status.

                                    ARTICLE 8
                                  MISCELLANEOUS

8.01     Headings. The headings and sub-headings in the Plan have been inserted
         for convenience of reference only and are to be ignored in any
         construction of the provisions hereof.

8.02     Spendthrift Clause. None of the benefits, payments, proceeds or
         distribution under the Plan shall be subject to the claim of any
         creditor of any Participant or Beneficiary, or to any legal process by
         any creditor of such Participant or Beneficiary, and none of them shall
         have any right to alienate, commute, anticipate or assign any of the
         benefits, payments, proceeds or distributions under the Plan except to
         the extent expressly provided herein to the contrary.

8.03     Merger. The Plan shall not be automatically terminated by the
         Corporation's acquisition by, merger into, or sale of substantially all
         of its assets to any other organization, but the Plan shall be
         continued thereafter by such successor organization. All rights to
         amend, modify, suspend or terminate the Plan shall be transferred to
         the successor organization, effective as of the date of the combination
         or sale.

8.04     Release. Any payment to Participant or Beneficiary, or to their legal
         representatives, in accordance with the provisions of the Plan, shall
         to the extent thereof be in full satisfaction of all claims hereunder
         against the Committee, the Plan Administrator and the Corporation, any
         of whom may require such Participant, Beneficiary, or legal
         representative, as a condition precedent to such payment, to execute a
         receipt and release therefor in such form as shall be determined by the
         Plan Administrator, the Committee, or the Corporation, as the case may
         be.

8.05     Governing Law. The Plan shall be governed by the laws of the State of
         North Carolina.

8.06     Costs of Collection: Interest. In the event the Participant collects
         any part or all of the payments due under the Plan by or through a
         lawyer or lawyers, the Corporation will pay all costs of collection,
         including reasonable legal fees incurred by the Participant. In
         addition, the Corporation shall pay to the Participant interest on all
         or any part of the payments that are not paid when due at a rate equal
         to the Prime Rate as announced by First Charter National Bank or its
         successors from time to time.

8.07     Successors and Assigns. The Plan shall be binding upon the successors
         and assigns of the parties hereto.

         IN WITNESS WHEREOF, the Corporation has caused this Amended and
Restated Directors' Deferred Compensation Plan to be duly executed and its seal
to be hereunto affixed on the date indicated below.

                                   FIRST CHARTER CORPORATION

                                   By: /s/ LAWRENCE M. KIMBROUGH
                                   Title: President and Chief Executive Officer

[CORPORATE SEAL]

Attest:

/s/ ANNE C. FORREST
Anne C. Forrest
Assistant Secretary

                                       9<PAGE>   1
                                                                    Exhibit 10.2

                                 EXECUTION COPY

         AMENDED AND RESTATED 364-DAY CREDIT AGREEMENT dated as of June 29, 2001
(this "2001 Amendment and Restatement"), among Cox Radio, Inc., the banks party
hereto (the "Banks"), The Chase Manhattan Bank, as administrative agent,
Citibank, N.A. and Mizuho Bank, as documentation agents (the "Documentation
Agents") and Bank of America, N.A. and Fleet National Bank, as syndication
agents (the "Syndication Agents").

         A. On June 30, 2000, the Company, certain of the Banks and the
Administrative Agent entered into a 364-Day Credit Agreement in an aggregate
principal amount of $350,000,000 (the "Credit Agreement").

         B. The parties hereto have agreed, subject to the terms and conditions
hereof, to amend and restate the Credit Agreement as set forth herein on the
terms and subject to the conditions provided herein.

         C.       Capitalized terms used and not otherwise defined herein shall
have the meanings assigned to such terms in the Credit Agreement.

         SECTION 1. (a) Amendment and Restatement. The Credit Agreement is
hereby amended and restated in the form of an Amended and Restated Credit
Agreement dated as of the date hereof, the terms of which shall be identical to
the terms of the Credit Agreement except as expressly provided in this Section.

         (b)      Amendment to Article I. Article I of the Credit Agreement is
hereby amended by:

                  (i)      Adding in the appropriate alphabetical order the
         following definitions:

                  ""Indexed Securities" means securities or financial contracts
                  of the Company issued and out standing from time to time whose
                  fair value is derived from an index, such as the trading price
                  of another referenced security."

                  ""Termination Date" shall mean June 28, 2002."

                  (ii)     Deleting the definition of "Agent's Fee Letter" and
         substituting therefor the following:

                  ""Agent's Fee Letter" shall mean the fee letter dated as of
                  June 21, 2001, among Chase, J.P. Morgan Securities Inc.
                  ("JPMorgan") and the Company."

<PAGE>   2

                  (iii)    Deleting the definition of "CSI" and substituting
         therefor in alphabetical order the following:

                  ""JPMorgan" shall have the meaning set forth in the definition
                  of "Agent's Fee Letter" under this Agreement."

                  (iv)     Deleting the definition of "Cox Family" and
         substituting therefor the following:

                  ""Cox Family" shall include those certain trusts commonly
                  referred to as the Dayton-Cox Trust A, the Barbara Cox Anthony
                  Atlanta Trust, the Anne Cox Chambers Atlanta Trust, the Estate
                  of James M. Cox, Jr., Barbara Cox Anthony, Garner Anthony,
                  Anne Cox Chambers, and the estates, executors and
                  administrators, and lineal descendants of the above-named
                  individuals, any private foundation or other charitable entity
                  of which the above- described individuals constitute a
                  majority of the trustees, directors or managers, and any
                  corporation, partnership, limited liability company, trust or
                  other entity in which the above-named trusts or
                  above-described individuals and the estates, executors and
                  administrators, and lineal descendants of the above-named
                  individuals in the aggregate have a direct or indirect
                  beneficial interest or voting control of greater than 50%."

                  (v)      Adding at the end of clause (b) of the definition of
         "EBITDA" the following:

                  "(which shall exclude any effect thereon in respect of the
                  accounting for all derivative financial instruments in
                  accordance with GAAP, as provided in the proviso to, and the
                  last sentence of, the definition of "Interest Expense")"

                  (vi) Deleting the definition of "Existing Facility" and
         substituting therefor the following, and making a corresponding
         amendment to the first preamble to the Credit Agreement:

                  ""Existing Facility" shall mean the 364-Day Credit Agreement
                  dated as of June 30, 2000, among the Company and the banks and
                  the agents party thereto."

                  (vii)    Adding at the end of the definition of "Interest
         Expense" the following:

                  "; provided that interest expense shall exclude any effect
                  thereon in respect of the accounting for all derivative
                  financial instruments in accordance with GAAP, including
                  derivative financial instruments that may be embedded in the
                  Company's or any Restricted Subsidiary's debt securities or
                  Indexed Securities and freestanding derivative financial
                  instruments that may be

<PAGE>   3

                  used by the Company or any Restricted Subsidiary for hedging
                  purposes. The effect on interest expense that may be excluded
                  in respect of the accounting for all derivative financial
                  instruments in accordance with GAAP include: (i) entries to
                  record noncash interest expense (or income) associated with
                  the mark-to-market of freestanding and embedded derivative
                  financial instruments, (ii) noncash interest expense
                  associated with the accretion of additional debt discount that
                  may arise from the bifurcation of derivative financial
                  instruments embedded in the Company's or any Restricted
                  Subsidiary's debt securities or Indexed Securities, and (iii)
                  noncash interest expense (or income) that may arise if the
                  Company's or any Restricted Subsidiary's hedging strategies
                  become ineffective, as determined in accordance with GAAP."

                  (viii)   Adding at the end of the definition of "Leverage
         Ratio" the following:

                  "; provided that the computation of the Leverage Ratio shall
                  exclude any effect on the Company's or any Restricted
                  Subsidiary's debt securities or Indexed Securities in respect
                  of the accounting for all derivative financial instruments in
                  accordance with GAAP, including derivative financial
                  instruments that may be embedded in the Company's or any
                  Restricted Subsidiary's debt securities or Indexed Securities
                  and freestanding derivative financial instruments used by the
                  Company or any Restricted Subsidiary for hedging purposes, but
                  such computation shall in any event include the original
                  principal amount and any accreted principal amount of such
                  debt securities and Indexed Securities. The effect on the
                  computation of the Leverage Ratio that may be excluded in
                  respect of the accounting for all derivative financial
                  instruments in accordance with GAAP include: (i) entries
                  associated with the mark-to-market of all freestanding and
                  embedded derivative financial instruments classified as a
                  component of the Company's or any Restricted Subsidiary's debt
                  securities or Indexed Securities in the consolidated balance
                  sheet and (ii) entries to record and accrete additional debt
                  discount that may arise from the bifurcation of derivative
                  financial instruments embedded in the Company's or any
                  Restricted Subsidiary's debt securities or Indexed
                  Securities."

                  (ix)     Deleting the definition of "Majority Banks" and
         substituting therefor the following:

                  ""Majority Banks" shall mean, for the period from the date
                  hereof to and including the Termination Date, Banks holding at
                  least 51% of the aggregate Commitments hereunder and, for the

<PAGE>   4

                  period after the Termination Date until such time as the
                  Revolving Loans are paid in full, Banks holding at least 51%
                  of the aggregate principal among of Revolving Loans
                  outstanding."

                  (x)      Deleting the definition of "Maturity Date" and
         substituting therefor the following:

                  ""Maturity Date" shall mean the Termination Date, unless the
                  Company shall give the notice of extension contemplated by
                  Section 2.01(i), in which case the Maturity Date shall mean
                  the fourth anniversary of the date of this Agreement."

                  (xi)     Deleting the definition of "Quarterly Date" and
         substituting therefor the - following:

                  ""Quarterly Date" shall mean the last day of each March, June,
                  September and December, beginning with September 30, 2001, or
                  if any such date is not a Business Day, the respective
                  Quarterly Date shall be the next succeeding Business Day."

                  (xii)    Deleting "Maturity Date" in the definitions of
         "Swingline Commitment" and "Swingline Maturity Date" and substituting
         therefor "Termination Date."

         (c)      Amendment to Section 2.01. Section 2.01 of the Credit
Agreement is hereby amended by:

                  (i)      Deleting subsection (a) thereof and substituting
         therefor the following:

                           "(a) Revolving Loan Commitment. Subject to and upon
                  the terms and conditions set forth in this Agreement, each
                  Bank severally agrees to make Revolving Loans in Dollars to
                  the Company on any one or more Business Days on or after the
                  date hereof and prior to the Termination Date, up to an
                  aggregate principal amount of Revolving Loans not exceeding at
                  any one time outstanding an amount equal to such Bank's
                  Commitment made to the Company, if any, minus such Bank's
                  Swingline Loan Exposure; provided, however, that in no event
                  shall the aggregate outstanding principal amount at any time
                  of the Revolving Loans and the Discretionary Loans and the
                  Swingline Loan Exposure exceed $350,000,000, as such amount
                  may be reduced pursuant to the terms of this Agreement. Each
                  Borrowing shall be in an aggregate amount of not less than
                  $3,000,000 and an integral multiple of $250,000. Subject to
                  the foregoing, each Borrowing shall be made simultaneously
                  from the Banks according to their Pro Rata Shares of the
                  principal amount requested for each Borrowing, and shall
                  consist of Revolving Loans of the same type (e.g., CD Rate

<PAGE>   5

                  Loans, Alternate Base Rate Loans or Eurodollar Loans) with the
                  same Interest Period from each Bank. Within such limits and
                  during such period, the Company may borrow, repay and reborrow
                  under this Section 2.01(a)."

                  (ii)     Adding at the end of such Section 2.01 the following
         subsection (i):

                           "(i) Extension of Maturity Date. The Company may, at
                  its sole option, at any time not sooner than the 30th Business
                  Day prior to the Termination Date and not later than the 15th
                  Business Day prior to the Termination Date deliver to the
                  Administrative Agent written notice extending the Maturity
                  Date, in which event the Commitments shall terminate on the
                  Termination Date but the Maturity Date for Revolving Loans
                  outstanding on the Termination Date shall be extended to the
                  fourth anniversary of the date of this Agreement. After the
                  Termination Date, references in Section 2.01(e)(ii),
                  2.01(g)(vi), 13.03 and 13.07(c) to "Commitment" or
                  "Commitments" shall be deemed to be references to "Loan" or
                  "Loans", as the sense of the applicable provisions may
                  require. Loans repaid or prepaid after the Termination Date
                  may not be reborrowed."

         (d) Amendment to Exhibit 2.01(a). Exhibit 2.01(a) to the Credit
Agreement is hereby amended by deleting such Exhibit 2.01(a) in its entirety and
substituting therefor Exhibit 2.01(a) hereto.

         (e)      Amendment to Section 2.06. Section 2.06 of the Credit
Agreement is hereby amended by:

                  (i) Deleting "Maturity Date" in the first and the third
         sentences of subsection (a) thereof and substituting therefor
         "Termination Date".

                  (ii)     Adding at the end of subsection (a) thereof the
         following sentence:

                  "The Company hereby unconditionally promises to pay to each
                  Bank the then unpaid principal amount of each Discretionary
                  Loan made by such Bank on the earlier of the Maturity Date and
                  the date on which such principal amount is due pursuant to the
                  terms of such Discretionary Loan."

         (f) Amendment to Section 2.07. Section 2.07 of the Credit Agreement is
hereby amended by deleting "Maturity Date" in the first and the last sentences
of subsection (a) thereof and substituting therefor "Termination Date".

         (g) Amendment to Section 4.02. Section 4.02 of the Credit Agreement is
hereby amended by deleting "Maturity Date" in the first and second sentences
thereof and substituting therefor "Termination Date".

<PAGE>   6

         (h)      Amendment to Section 4.03. Section 4.03 of the Credit
Agreement is hereby amended by deleting it in its entirety and substituting
therefor the following:

                  "SECTION 4.03. Utilization Fees. From the date of this
                  Agreement to and including the Maturity Date, the Company
                  agrees to pay to the Administrative Agent for the account of
                  each Bank (ratably in accordance with the outstanding Loans
                  (other than Swingline Loans) and Swingline Exposures of the
                  Banks), in Dollars, a utilization fee ("Utilization Fee") (i)
                  equal to 0.10% times the sum of the aggregate principal amount
                  of the outstanding Loans for any date on which the sum of the
                  outstanding aggregate principal amount of the (a) Loans plus
                  (b) loans under the Facility B Credit Agreement (such sum, the
                  "Utilized Loans") is greater than the sum of 33 1/3% of the
                  (x) Total Commitment hereunder plus (y) aggregate amount of
                  the commitments of the lenders under the Facility B Credit
                  Agreement (such sum, the "Aggregate Commitments") but less
                  than or equal to 66 2/3% of the Aggregate Commitments, and
                  (ii) equal to 0.15% times the aggregate amount of the
                  outstanding Loans for any date on which the amount of the
                  Utilized Loans exceeds 66 2/3% of the Aggregate Commitments.
                  For purposes of determining the applicable Utilization Fee
                  during the period following the Termination Date and prior to
                  the Maturity Date, the applicable calculations shall be made
                  based on the amount of the Loans outstanding hereunder from
                  time to time and the Total Commitments hereunder immediately
                  prior to their termination on the Termination Date. Any
                  Utilization Fee accrued during any quarter will be payable, on
                  a 360-day basis, on the last Business Day of such quarter."

         (i) Amendment to Exhibit 6.01. Exhibit 6.01 to the Credit Agreement is
hereby amended by deleting such Exhibit 6.01 and substituting therefor Exhibit
6.01 hereto.

         (j)      Amendment to Section 6.02. Section 6.02 of the Credit
Agreement is hereby amended by:

                  (i)      Deleting the first sentence thereof in its entirety
         and substituting therefor the following:

                  "The Company has furnished each Bank with the consolidated
                  financial statements for the Company and the Subsidiaries as
                  at and for its fiscal year ended December 31, 2000,
                  accompanied by the opinion of Deloitte & Touche, and quarterly
                  consolidated financial statements as at and for the period
                  ended March 31, 2001."

<PAGE>   7

                  (ii) Deleting "June 30, 2000" in the last sentence thereof and
         substituting therefor "March 31, 2001".

         (k) Amendment to Exhibit 6.03. Exhibit 6.03 of the Credit Agreement is
hereby amended by deleting such Exhibit 6.03 and substituting therefor Exhibit
6.03 hereto.

         (l) Amendment to Section 6.14. Section 6.14 of the Credit Agreement is
hereby amended by deleting "June 2000" therein and substituting therefor "June
2001".

         (m)      Amendment to Article VII. Article VII of the Credit Agreement
is hereby amended by deleting Section 7.01 thereof and substituting therefor the
following:

                  "SECTION 7.01. [Intentionally Omitted]"

         (n)      Amendment to Section 8.01. Section 8.01 of the Credit
Agreement is hereby amended by deleting clause (b) thereof and substituting
therefor the following:

                           "(b) an Interest Coverage Ratio for any four
                  consecutive fiscal quarter (commencing with such period ending
                  on June 30, 2001) period of not less than 2.0 to 1.0."

         (o)      Amendment to Section 9.01(d). Section 9.01(d) is hereby
amended by deleting subclause (z) of clause (i) thereof and substituting
therefor the following:

                           "(z)     securing Debt reflected in the consolidated
                  financial statements of the Company referred to in Section
                  6.02 or"

         (p) Amendment to Exhibit 9.01(d). Exhibit 9.01(d) of the Credit
Agreement is hereby amended by deleting such Exhibit 9.01(d) and substituting
therefor Exhibit 9.01(d) hereto.

         (q) Amendment to Section 9.07. Section 9.07 of the Credit Agreement is
hereby amended by deleting clause (i) from paragraph (a) thereof and by deleting
"clause (g)" from paragraph (b) thereof and substituting therefor "clause (f)".

         (r)      Amendment to Article XII. Article XII of the Credit Agreement
is hereby amended by adding as Section 12.07 the following:

                  "SECTION 12.07. Other Agents. None of the Banks identified on
                  the facing page or signature pages or elsewhere herein as
                  "syndication agent" or "documentation agent" shall have any
                  right, power, obligation, liability, responsibility or duty
                  under this Agreement other than those applicable to all Banks
                  as such. Without limiting the foregoing, none of the Banks so
                  identified shall have or be deemed to have any

<PAGE>   8

                  fiduciary relationship with any Banks. Each Bank acknowledges
                  that it has not relied, and will not rely, on any of the Banks
                  so identified in deciding to enter into this Agreement or in
                  taking or not taking action hereunder."

         (s) Amendment to Exhibit 13.02. Exhibit 13.02 of the Credit Agreement
is hereby amended by deleting such Exhibit 13.02 and substituting therefor
Exhibit 13.02 hereto.

         (t)      Amendment to Section 13.04. Section 13.04 of the Credit
Agreement is hereby amended by:

                  (i)      Deleting "CSI" therein and substituting therefor
         "JPMorgan".

                  (ii)     Deleting "June 23, 2000" therein and substituting
         therefor "June 21, 2001".

         (u)      Amendment to Section 13.07(c). Section 13.07(c) of the Credit
Agreement is hereby amended by:

                  (i)      Deleting the text in the first set of parentheses
         thereof and substituting therefor the following:

                  "(except in the case of assignments to Banks and Bank
                  Affiliates)".

                  (ii) Deleting the words "(which consent shall not be
         unreasonably withheld) and" therein and substituting therefor the
         following:

                  "(which consent shall not be unreasonably withheld or delayed)
                  and written acknowledgment of".

                  (iii) Deleting the text in parentheses in clause(i) of the
         first proviso thereof and substituting therefor for the following:

                  "(except in the case of assignments to Banks or Bank
                  Affiliates, assignment of the assigning Bank's entire
                  remaining commitment or unless otherwise agreed by the
                  Company)".

         (v) All references in the Credit Agreement to "270 Park Avenue, New
York, New York 10017" shall be changed to "One Chase Manhattan Plaza, New York,
New York 10081".

         SECTION 2. Representations and Warranties. The Company hereby
represents and warrants to the Administrative Agent and the Banks that:

         (a) This 2001 Amendment and Restatement has been duly authorized,
executed and delivered by it and constitutes its legal, valid and binding
obligations enforceable in accordance with its terms.

         (b)      As of the date hereof, and after giving effect to this 2001
Amendment and Restatement, no Default or Event of Default has occurred

<PAGE>   9

and is continuing and the representations and warranties contained in the
Credit Agreement, as amended and restated by this 2001 Amendment and
Restatement, are true and correct in all material respects as if made on the
date hereof.

         SECTION 3. Effectiveness. The effectiveness of this 2001 Amendment and
Restatement is subject to the satisfaction on the date hereof of the following
conditions:

         (a) the Administrative Agent shall have received executed counterparts
of this 2001 Amendment and Restatement which, when taken together, bear the
signatures of each of the parties hereto;

         (b) the Administrative Agent shall have received on behalf of the Banks
from Counsel for the Company its opinion dated the date hereof, substantially in
the form attached to the Credit Agreement as Exhibit 7.01(b);

         (c) the Administrative Agent shall have received on behalf of the Banks
an Officer's Certificate dated the date hereof, substantially in the form
attached to the Credit Agreement as Exhibit 7.01(c);

         (d) the Administrative Agent shall have received all fees and other
amounts due and payable to the Administrative Agent and to the Banks on or prior
to the date hereof, including (i) such fees and amounts due and payable pursuant
to the terms and conditions set forth in the Agent's Fee Letter and (ii) to the
extent invoiced, reimbursement or payment of all reasonable out-of-pocket
expenses required to be reimbursed or paid by the Company hereunder; and

         (e) on the date hereof, the Company shall have repaid, or shall repay
from the initial Loans hereunder, in full the principal of all Loans outstanding
and other amounts accrued and not yet paid under the Credit Agreement, and the
Company shall have effectively terminated all the Commitments then outstanding
in accordance with the Credit Agreement and replaced them with the Commitments
as set forth in Schedule 2.01(a) hereto.

         Following the satisfaction on the date hereof of the conditions set
forth above, the Administrative Agent shall inform the Company in writing that
this 2001 Amendment and Restatement has become effective.

         SECTION 4. Counterparts. This 2001 Amendment and Restatement may be
signed in any number of counterparts, each of which shall constitute an original
but all of which when taken together shall constitute but one contract. Delivery
of an executed counterpart of a signature page by facsimile transmission shall
be effective as delivery of a manually executed counterpart of this 2001
Amendment and Restatement.

<PAGE>   10

         SECTION 5. APPLICABLE LAW. This 2001 Amendment and Restatement shall be
deemed to be an agreement executed by the Company, the Administrative Agent, the
Documentation Agent, the Syndication Agent and the Banks under the laws of the
State of New York and of the United States and for all purposes shall be
construed in accordance with, and governed by, the laws of said State and of the
United States.

         SECTION 6. Credit Agreement. As used in the Credit Agreement and the
Exhibits thereto, (a) the terms "Agreement", "herein", "hereinafter",
"hereunder", "hereto", and words of similar import shall mean, from and after
the date hereof, the Credit Agreement as amended and restated by this 2001
Amendment and Restatement and (b) all references to "the date of this
Agreement", "the date hereof" or like language shall be deemed to be references
to the date of this 2001 Amendment and Restatement.

         SECTION 7. Expenses. The Company shall pay, in accordance with the
provisions of Section 13.01 of the Credit Agreement, all reasonable
out-of-pocket expenses incurred by the Administrative Agent and the Banks in
connection with the preparation, negotiation, execution, delivery and
enforcement of this 2001 Amendment and Restatement, including, but not limited
to, the reasonable fees and disbursements of Cravath, Swaine & Moore. The
agreement set forth in this Section 7 shall survive the termination of this 2001
Amendment and Restatement.

<PAGE>   11

         IN WITNESS WHEREOF, the parties hereto have caused this 2001 Amendment
and Restatement to be duly executed by their duly authorized officers, all as of
the date and year first above written.

                                    COX RADIO, INC.,

                                             by /s/ Richard Jacobson
                                                --------------------------------
                                                Name: Richard Jacobson
                                                Title:VIce President, Treasurer

[LENDERS]

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