Document:

Exhibit
10.1

 

EXECUTIVE
SUPPLEMENTAL RETIREMENT

INCOME
AGREEMENT

FOR MICHAEL
SANCHEZ

 

FIRST
NATIONAL BANK OF NASSAU COUNTY

Fernandina
Beach, Florida

 

October 20,
2004

 

 

Financial
Institution Consulting Corporation

700
Colonial Road, Suite 102

Memphis,
Tennessee 38117

WATS:
1-800-873-0089

FAX: (901)
684-7414

(901)
684-7400

 

EXECUTIVE
SUPPLEMENTAL RETIREMENT

INCOME
AGREEMENT  FOR MICHAEL SANCHEZ

 

This Executive Supplemental Retirement Income
Agreement (the “Agreement”), effective as of the 20th day of
October, 2004, formalizes the understanding by and between FIRST NATIONAL BANK
OF NASSAU COUNTY (the “Bank”), a federally-chartered commercial bank having its
principal place of business in Florida, and MICHAEL SANCHEZ (hereinafter
referred to as “Executive”).

 

 

W I T N E S
S E T H :

 

WHEREAS, the Executive is employed by the Bank; and

 

WHEREAS, the Bank recognizes the valuable services
heretofore performed by the Executive and wishes to encourage his continued
employment; and

 

WHEREAS, the Executive wishes to be assured that he
will be entitled to a certain amount of additional compensation for some
definite period of time from and after retirement from active service with the
Bank  or other termination of employment
and wishes to provide his beneficiary with benefits from and after death; and

 

WHEREAS, the Bank and the Executive wish to provide
the terms and conditions upon which the Bank shall pay such additional
compensation to the Executive after retirement or other termination of
employment and/or death benefits to his beneficiary after death; and

 

WHEREAS, the Bank has adopted this Executive
Supplemental Retirement Income Agreement which controls all issues relating to
benefits as described herein;

 

NOW, THEREFORE, in consideration of the premises and of the mutual
promises herein contained, the Bank and the Executive agree as follows:

 

SECTION I

DEFINITIONS

 

When used herein, the following words and phrases
shall have the meanings below unless the context clearly indicates otherwise:

 

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1.1                                 “Accrued Benefit Account” shall be represented
by the bookkeeping entries required to record the Executive’s (i) Phantom
Contributions plus (ii) accrued interest, equal to the Interest Factor, earned
to-date on such amounts.  However,
neither the existence of such bookkeeping entries nor the Accrued Benefit
Account itself shall be deemed to create either a trust of any kind, or a
fiduciary relationship between the Bank and the Executive or any Beneficiary.

 

1.2                                 “Act” means the Employee Retirement Income
Security Act of 1974, as amended from time to time.

 

1.3                                 “Administrator” means the Bank.

 

1.4                                 “Bank” means FIRST NATIONAL BANK OF NASSAU
COUNTY and any successor thereto.

 

1.5                                 “Beneficiary” means the person or persons
(and their heirs) designated as Beneficiary in Exhibit B of this Agreement to
whom the deceased Executive’s benefits are payable.  If no Beneficiary is so designated, then the
Executive’s Spouse, if living, will be deemed the Beneficiary.  If the Executive’s Spouse is not living, then
the Children of the Executive will be deemed the Beneficiaries and will take on
a per stirpes basis.  If there are no
Children, then the Estate of the Executive will be deemed the Beneficiary.

 

1.6                                 “Benefit Age” means the Executive’s
sixty-fifth (65th) birthday.

 

1.7                                 “Benefit Eligibility Date” means the date on
which the Executive is entitled to receive any benefit(s) pursuant to
Section(s) III or V of this Agreement. 
It shall be the first day of the month following the month in which the
Executive attains his Benefit Age.

 

1.8                                 “Board of Directors” means the board of
directors of the Bank.

 

1.9                                 “Cause” means personal dishonesty, willful or
grossly negligent misconduct, willful or grossly negligent malfeasance, breach
of fiduciary duty involving personal profit, intentional failure to perform
stated duties, willful violation of any law, rule, regulation (other than
traffic violations or

 

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similar offenses), or final cease-and-desist order,
material breach of any provision of this Agreement, or gross negligence in
matters of material importance to the Bank.

 

1.10                           “Change
in Control” means each of the events set forth in any one of the following
paragraphs:

(a)                                  any
“Person” (as such term is used in Section 13(d) and 14(d) of the
Securities Exchange Act of 1934 (“Exchange Act”) as in effect as of the date of
this Plan) other than (i) the Holding Company, (ii) a trustee or other
fiduciary holding securities under an employee benefit plan of the Holding
Company, (iii) an underwriter temporarily holding securities pursuant to an
offering of such securities, or (iv) a corporation owned, directly or
indirectly, by the shareholders of the Holding Company in substantially the
same proportions as their ownership of shares of the Holding Company (any such
person is hereinafter referred to as “Person”), is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Holding Company representing more than 20% of
the combined voting power of the Holding Company’s then outstanding securities
(not including the securities beneficially owned by such Person any securities
acquired directly from the Holding Company);

 

(b)                                 there
is consummated a merger or consolidation of the Holding Company with or into
any other corporation, other than a merger or consolidation which would result
in the holders of the voting securities of the Holding Company outstanding
immediately prior thereto holding securities which represent, in combination
with the ownership of any trustee or other fiduciary holding securities under
an employee benefit plan of the Holding Company, immediately after such merger
or consolidation, more than 60% of the combines voting power of the voting
securities of either the Holding Company or the other entity which survives
such merger or consolidation or the parent of the entity which survives such
merger or consolidation;

 

(c)                                  the
shareholders of the Holding Company approve any plan or proposal for the
liquidation or dissolution of the Holding Company or an agreement for the sale
or disposition by the Holding Company of all or substantially all the Holding
Company’s assets; or

 

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(d)                                 during
any period of two consecutive years (not including any period prior to the date
of the Agreement) individuals who at the beginning of such period constitute
the Board of Directors and any new director (other than a director designated
by a person who has entered into an agreement with the Holding Company to
effect a transaction described in (a), (b), or (c) above) whose election by the
Board or nomination for election by the Holding Company’s shareholders was
approved by a vote of at least two-thirds (2/3) of the directors then still in
office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved, cease for any
reason to constitute a majority thereof.

 

(e)                                  a
notice of an application is filed with the Florida Board of Financial
Institutions or the Federal Reserve Board or any other bank or thrift
regulatory approval (or notice of disapproval) is granted by the Federal
Reserve, Florida Board of Financial Institutions, the OCC, the Federal Deposit
Insurance Corporation, or any other regulatory authority for permission to
acquire control of the Company or any of its banking subsidiaries; provided tht
if the application is filed in connection with a transaction which has been
approved by the Board, then the Change in Control shall not be deemed to occur
until consummation of the transaction.

 

For purposes of this
Plan, where a change in control of the Holding Company results from a series of
related transactions, the change in control of the Holding Company shall be
deemed to have occurred on the date of the consummation of the first such
transaction.

 

For purposes of
paragraph (a) above, the shareholders of another corporation (other than the
Bank or a corporation described in clause (iv) of paragraph (a)) shall be
deemed to constitute a Person.  Further,
it is understood by the parties that the sale, transfer, or other disposition
of a subsidiary of the Holding Company, other than First National Bank of
Nassau County or its successor, shall not constitute a change in control of the
giving rise to payments or benefits under this Plan.

 

1.11                           “Children” means all natural or adopted
children of the Executive and issue of any predeceased child or children.

 

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1.12                           “Code” means the Internal Revenue Code of
1986, as amended from time to time.

 

1.13                           “Contribution(s)” means those annual
contributions which the Bank is required to make to the Retirement Income Trust
Fund on behalf of the Executive in accordance with Subsection 2.1(a) and
in the amounts set forth in Exhibit A of the Agreement.

 

1.14                           (a) “Disability Benefit” means the benefit
payable to the Executive following a determination, in accordance with Subsection 6.1(a),
that he is no longer able, properly and satisfactorily, to perform his duties
at the Bank.

(b) “Disability Benefit-Supplemental” (if
applicable) means the benefit payable to the Executive’s Beneficiary upon the
Executive’s death in accordance with Subsection 6.1(b).

 

1.15                           “Effective Date” of this restated Agreement
shall be October 20, 2004.

 

1.16                           “Estate” means the estate of the Executive.

 

1.17                           “Interest Factor” means monthly compounding,
discounting or annuitizing, as applicable, at a rate set forth in
Exhibit A.

 

1.18                           “Payout Period” means the time frame during
which certain benefits payable hereunder shall be distributed.  Payments shall be made in monthly
installments commencing on the first day of the month following the occurrence
of the event which triggers distribution and continuing for one hundred eighty
(180) months.  Should the Executive make
a Timely Election to receive a lump sum benefit payment, the Executive’s Payout
Period shall be deemed to be one (1) month.

 

1.19                           “Phantom Contributions” means those annual
Contributions set forth in Exhibit A of the Agreement which the Bank is
required to record to the Accrued Benefit Account once the Executive has
exercised the withdrawal rights provided for in Subsection 2.2.

 

1.20                           “Plan Year” shall mean the twelve (12) month
period commencing January 1 and ending December 31.

 

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1.21                           “Retirement Income Trust Fund” means the
trust fund account established by the Executive and into which annual
Contributions will be made by the Bank on behalf of the Executive pursuant to
Subsection 2.1.  The contractual
rights of the Bank and the Executive with respect to the Retirement Income
Trust Fund shall be outlined in a separate writing to be known as the Michael
Sanchez Grantor Trust agreement.

 

1.22                           “Spouse” means the individual to whom the
Executive is legally married at the time of the Executive’s death, provided,
however, that the term ASpouse@ shall not refer to an individual to whom the
Executive is legally married at the time of death if the Executive and such
individual have entered into a formal separation agreement or initiated divorce
proceedings.

 

1.23                           “Supplemental Retirement Income Benefit”
means an annual amount (before taking into account federal and state
income taxes), payable in monthly installments throughout the Payout Period.
Such benefit is projected pursuant to the Agreement for the purpose of
determining the Contributions to be made to the Retirement Income Trust Fund
(or Phantom Contributions to be recorded in the Accrued Benefit Account).   The annual Contributions and Phantom
Contributions have been actuarially determined, using the assumptions set forth
in Exhibit A, in order to fund for the projected Supplemental Retirement Income
Benefit.  The Supplemental Retirement Income
Benefit for which Contributions (or Phantom Contributions) are being made (or
recorded) is set forth in Exhibit A.

 

1.24                           “Timely Election” means the Executive has
made an election to change the form of his benefit payment(s) by filing with
the Administrator a Notice of Election to Change Form of Payment (Exhibit C of
this Agreement).  In the case of benefits
payable from the Accrued Benefit Account, such election shall have been made at
least twelve (12) months prior to both (i) the event which triggers
distribution and (ii) the Executive’s Benefit Eligibility Date existing at the
time of such election.  In the case of
benefits payable from the Retirement Income Trust Fund, such election may be
made at any time.

 

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SECTION II

BENEFITS -
GENERALLY

 

2.1                                 (a) Retirement Income Trust Fund and
Accrued Benefit Account.  The
Executive shall establish the Michael Sanchez Grantor Trust into which the Bank
shall be required to make annual Contributions on the Executive’s behalf,
pursuant to Exhibit A and this Section II of the Agreement.  A trustee shall be selected by the Executive.
The trustee shall maintain an account, separate and distinct from the Executive’s
personal contributions, which account shall constitute the Retirement Income
Trust Fund. The trustee shall be charged with the responsibility of investing
all contributed funds.  Distributions
from the Retirement Income Trust Fund of the Michael Sanchez Grantor Trust may
be made by the trustee to the Executive, for purposes of payment of any income
or employment taxes due and owing on Contributions by the Bank to the
Retirement Income Trust Fund, if any, and on any taxable earnings associated
with such Contributions which the Executive shall be required to pay from year
to year, under applicable law, prior to actual receipt of any benefit payments
from the Retirement Income Trust Fund. 
If  the Executive exercises his
withdrawal rights pursuant to Subsection 2.2, the Bank’s obligation to
make Contributions to the Retirement Income Trust Fund shall cease and the Bank’s
obligation to record Phantom Contributions in the Accrued Benefit Account shall
immediately commence pursuant to Exhibit A and this Section II of the
Agreement.  To the extent this Agreement
is inconsistent with the Michael Sanchez Grantor Trust Agreement, the Michael
Sanchez Grantor Trust Agreement shall supersede this Agreement.

 

The annual Contributions (or Phantom Contributions)
required to be made by the Bank to the Retirement Income Trust Fund (or
recorded by the Bank in the Accrued Benefit Account) have been actuarially
determined and are set forth in Exhibit A which is attached hereto and
incorporated herein by reference. 
Contributions shall be made by the Bank to the Retirement Income Trust
Fund (i) within seventy-five (75) days of establishment of such trust, and (ii)
within the first thirty (30) days of the beginning of each subsequent Plan
Year, unless this Section expressly provides otherwise.  Phantom Contributions, if any, shall be recorded
in the Accrued Benefit Account within the first thirty (30) days of the
beginning of each applicable Plan Year, unless this Section expressly
provides otherwise.  Phantom
Contributions shall accrue interest at a rate equal to the Interest Factor, during
the Payout Period, until the balance of the Accrued Benefit Account has been
fully distributed.  Interest on any
Phantom Contribution shall not commence until such Payout Period commences.

 

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The Administrator shall review the schedule of
annual Contributions (or Phantom Contributions) provided for in Exhibit A (i)
within thirty (30) days prior to the close of each Plan Year and (ii) if the
Executive is employed by the Bank until attaining Benefit Age, on or
immediately before attainment of such Benefit Age.  Such review shall consist of an evaluation of
the accuracy of all assumptions used to establish the schedule of
Contributions (or Phantom Contributions). 
Provided that (i) the Executive has not exercised his withdrawal rights
pursuant to Subsection 2.2 and (ii) the investments contained in the
Retirement Income Trust Fund have been deemed reasonable by the Bank, the
Administrator shall prospectively amend or supplement the schedule of
Contributions provided for in Exhibit A should the Administrator determine
during any such review that an increase in or supplement to the schedule of
Contributions is necessary in order to adequately fund the Retirement Income
Trust Fund so as to provide an annual benefit (or to provide the lump sum
equivalent of such benefit, as applicable) equal to the Supplemental Retirement
Income Benefit, on an after-tax basis, commencing at Benefit Age and payable
for the duration of the Payout Period.

 

(b) Withdrawal Rights Not Exercised.

(1) Contributions Made Annually

If the Executive does not exercise any withdrawal
rights pursuant to Subsection 2.2, the annual Contributions to the
Retirement Income Trust Fund shall continue each year, unless this Subsection 2.1(b)
specifically states otherwise, until the earlier of (i) the last Plan Year that
Contributions are required pursuant to Exhibit A, or (ii) the Plan Year of the
Executive’s termination of employment; provided, however, that in no event
shall the total Contributions be less than an amount which is sufficient to
provide the Executive with after-tax benefits (assuming a constant tax rate
equal to the rate in effect as of the date of Executive’s termination)
beginning at his Benefit Age, equal in amount to that benefit which would have
been payable to the Executive if no secular trust had been implemented and the
benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS
106.

 

(2) Termination Following a Change in Control

If the Executive does not exercise his withdrawal
rights pursuant to Subsection 2.2 and a Change in Control occurs at the
Bank, followed within thirty-six (36) months by either (i) the Executive’s

 

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involuntary termination of employment, or (ii)
Executive’s voluntary termination of employment after: (A) a material change in
the Executive’s function, duties, or responsibilities, which change would cause
the Executive’s position to become one of lesser responsibility, importance, or
scope from the position the Executive held at the time of the Change in
Control, (B) a relocation of the Executive’s principal place of employment by
more than thirty (30) miles from its location prior to the Change in Control,
or (C) a material reduction in the benefits and perquisites to the Executive
from those being provided at the time of the Change in Control, the
Contribution set forth on Schedule A shall continue to be required of the
Bank.   The Bank shall be required to
make an immediate lump sum contribution to the Retirement Income Trust Fund
equal to (i) the full Contribution required for the Plan Year in which such
termination occurs, if not yet made, plus (ii) the present value (computed
using a discount rate equal to the Interest Factor) of all remaining
Contributions to the Retirement Income Trust Fund; provided, however, in no
event shall the Contribution be less than an amount which is sufficient to
provide the Executive with after-tax benefits (assuming a constant tax rate
equal to the rate in effect as of the date of Executive’s termination)
beginning at his Benefit Age, equal in amount to that benefit which would have
been payable to the Executive if no secular trust had been implemented and the
benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS
106.

 

(3) Termination For Cause

If the Executive does not exercise his withdrawal
rights pursuant to Subsection 2.2, and is terminated for Cause pursuant to
Subsection 5.2, no further Contribution(s) to the Retirement Income Trust
Fund shall be required of the Bank, and if not yet made, no Contribution shall
be required for the Plan Year in which such termination for Cause occurs.

 

(4) Involuntary Termination of Employment.

If the Executive does not exercise his withdrawal
rights pursuant to Subsection 2.2, and the Executive’s employment with the
Bank is involuntarily terminated for any reason, including a termination due to
disability of the Executive but excluding termination for Cause, or termination
following a Change in Control within thirty-six (36) months of such Change in
Control, within thirty (30) days of such involuntary termination of employment,
the Bank shall be required to make an immediate lump sum Contribution to the
Executive’s Retirement Income Trust Fund in an amount equal to the: (i) the
full Contribution required for the Plan Year in which such involuntary
termination occurs, if not yet made, 
plus (ii) the present value (computed using a discount rate equal to the

 

10

 

Interest Factor) of all remaining Contributions to
the Retirement Income Trust Fund; provided however, that, if necessary, an
amount shall be contributed to the Retirement Income Trust Fund which is
sufficient to provide the Executive with after tax benefits (assuming a
constant tax rate equal to the rate in effect as of the date of the Executive’s
termination) beginning at his Benefit Age, equal in amount to that benefit
which would have been payable to the Executive if no secular trust had been
implemented and the benefit obligation had been accrued under APB Opinion No.
12, as amended by FAS 106.

 

(5) Death During Employment.

If the Executive does not exercise any withdrawal
rights pursuant to Subsection 2.2, and dies while employed by the Bank,
and if, following the Executive’s death, the assets of the Retirement Income
Trust Fund are insufficient to provide the Supplemental Retirement Income
Benefit to which the Executive is entitled, the Bank shall be required to make
a Contribution to the Retirement Income Trust Fund that, when annuitized (using
the Interest Factor) is sufficient to provide a death benefit to the Executive’s
beneficiaries equal to the Supplemental Retirement Income Benefit reduced by
the annuitized value (using the Interest Factor) of any proceeds received under
any life insurance policies that may have been obtained on Executive’s life by
the Retirement Income Trust Fund; provided, however, that such Contribution
shall not be in excess of the sum of the remaining Contributions set forth in
Exhibit A.   Such final contribution
shall be payable in a lump sum to the Retirement Income Trust Fund within
thirty (30) days of the Executive’s death.

 

(6) Voluntary Termination of Employment

If the Executive does not exercise his withdrawal rights
pursuant to Subsection 2.2 and voluntarily terminates his employment for
any reason excluding disability or following a Change in Control within
thirty-six (36) months of such Change in Control, no further Contribution(s) to
the Retirement Income Trust Fund shall be required of the Bank and, if not yet
made, no Contribution shall be required for the Plan Year in which such
voluntary termination occurs; provided however, that, if necessary, an amount
shall be contributed to the Retirement Income Trust Fund which is sufficient to
provide the Executive with after tax benefits (assuming a constant tax rate
equal to the rate in effect as of the date of the Executive’s termination)
beginning at his Benefit Age, equal in amount to that benefit which would have
been payable to the Executive if no secular trust had been implemented and the
benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS
106.

 

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(c) Withdrawal Rights Exercised.

(1)  Phantom
Contributions Made Annually.

If the Executive exercises his withdrawal rights
pursuant to Subsection 2.2, no further Contributions to the Retirement
Income Trust Fund shall be required of the Bank.  Thereafter, Phantom Contributions shall be
recorded annually in the Executive’s Accrued Benefit Account within thirty (30)
days of the beginning of each Plan Year, commencing with the first Plan Year
following the Plan Year in which the Executive exercises his withdrawal
rights.  Such Phantom Contributions shall
continue to be recorded annually, unless this Subsection 2.1(c)
specifically states otherwise, until the earlier of (i) the last Plan Year that
Phantom Contributions are required pursuant to Exhibit A, or (ii) the Plan Year
of the Executive’s termination of employment.

 

(2) Termination Following a Change in Control

If the Executive exercises his withdrawal rights
pursuant to Subsection 2.2, Phantom Contributions shall commence in the
Plan Year following the Plan Year in which the Executive first exercises his
withdrawal rights.  If a Change in
Control occurs at the Bank, and within thirty-six (36) months of such Change in
Control, the Executive’s employment is either (i) involuntarily terminated, or
(ii) voluntarily terminated by the Executive after: (A) a material change in
the Executive’s function, duties, or responsibilities, which change would cause
the Executive’s position to become one of lesser responsibility, importance, or
scope from the position the Executive held at the time of the Change in
Control, (B) a relocation of the Executive’s principal place of employment by
more than thirty (30) miles from its location prior to the Change in Control,
or (C) a material reduction in the benefits and perquisites to the Executive
from those being provided at the time of the Change in Control, the Phantom
Contribution set forth below shall be required of the Bank. The Bank shall be
required to record a lump sum Phantom Contribution in the Accrued Benefit
Account within ten (10) days of the Executive’s termination of employment.  The amount of such final Phantom Contribution
shall be actuarially determined based on the Phantom Contribution required, at
such time, in order to provide a benefit via this Agreement equivalent to the
Supplemental Retirement Income Benefit, on an after-tax basis, commencing on
the Executive’s Benefit Eligibility Date and continuing for the duration of the
Payout Period.  (Such actuarial
determination shall reflect the fact that amounts shall be payable from both
the Accrued Benefit Account as well as the Retirement Income Trust Fund and
shall also reflect

 

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the amount and timing of any withdrawal(s) made by
the Executive from the Retirement Income Trust Fund pursuant to Subsection 2.2.)

 

(3) Termination For Cause

If the Executive is terminated for Cause pursuant to
Subsection 5.2, the entire balance of the Executive’s Accrued Benefit
Account at the time of such termination, which shall include any Phantom
Contributions which have been recorded plus interest accrued on such Phantom
Contributions, shall be forfeited.

 

(4) Involuntary Termination of Employment.

If the Executive exercises his withdrawal rights
pursuant to Subsection 2.2, and the Executive’s employment with the Bank is
involuntarily terminated for any reason including termination due to disability
of the Executive, but excluding termination for Cause, or termination following
a Change in Control, within thirty (30) days of such involuntary termination of
employment, the Bank shall be required to record a final Phantom Contribution
in an amount equal to: (i) the full Phantom Contribution required for the Plan
Year in which such involuntary termination occurs, if not yet made, plus (ii)
the present value (computed using a discount rate equal to the Interest Factor)
of all remaining Phantom Contributions.

 

(5) Death During Employment.

If the Executive exercises his withdrawal rights
pursuant to Subsection 2.2, and dies while employed by the Bank, Phantom
Contributions included on Exhibit A shall be required of the Bank.  Such Phantom Contributions shall commence in
the Plan Year following the Plan Year in which the Executive exercises his
withdrawal rights and shall continue through the Plan Year in which the
Executive dies.  The Bank shall also be
required to record a final Phantom Contribution within thirty (30) days of the
Executive’s death.  The amount of such
final Phantom Contribution shall be actuarially determined based on the Phantom
Contribution required at such time (if any), in order to provide a benefit via
this Agreement equivalent to the Supplemental Retirement Income Benefit
commencing within thirty (30) days of the date the Administrator receives
notice of the Executive’s death and continuing for the duration of the Payout
Period.  (Such actuarial determination
shall reflect

 

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the fact that amounts shall be payable from the
Accrued Benefit Account as well as the Retirement Income Trust Fund, shall be
reduced by the annuitized value (using the Interest Factor) of any proceeds
received under any life insurance policies that may have been obtained on the
Executives’ life by the Retirement Income Trust Fund, and shall also reflect
the amount and timing of any withdrawal(s) made by the Executive pursuant to
Subsection 2.2.)

 

(6) Voluntary Termination of Employment

If the Executive exercises his withdrawal rights
pursuant to Subsection 2.2 and thereafter voluntarily terminates his
employment for any reason excluding death, disability, or following a Change in
Control, no further Phantom Contributions to the Accrued Benefit Account shall
be required of the Bank and, if not yet made, no Phantom Contribution shall be
required for the Plan Year in which such voluntary termination occurs.

 

2.2                                 Withdrawals From Retirement Income Trust
Fund.

Exercise of withdrawal rights by the Executive
pursuant to the Michael Sanchez Grantor Trust agreement shall terminate the
Bank’s obligation to make any further Contributions to the Retirement Income
Trust Fund, and the Bank’s obligation to record Phantom Contributions pursuant
to Subsection 2.1(c) shall commence. For purposes of this Subsection 2.2,
Aexercise of withdrawal rights@ shall mean those withdrawal rights to which
the Executive is entitled under Article III of the Michael Sanchez Grantor
Trust agreement and shall exclude any distributions made by the trustee of the
Retirement Income Trust Fund to the Executive for purposes of payment of income
taxes in accordance with Subsection 2.1 of this Agreement and the tax
reimbursement formula contained in the trust document, or other trust expenses
properly payable from the Michael Sanchez Grantor Trust pursuant to the
provisions of the trust document.

 

2.3                                 Benefits Payable From Retirement Income Trust
Fund

Notwithstanding anything else to the contrary in
this Agreement, in the event that the trustee of the Retirement Income Trust
Fund purchases a life insurance policy with the Contributions to and, if
applicable, earnings of the Trust, and such life insurance policy is intended
to continue in force beyond the Payout Period for the disability or retirement
benefits payable from the Retirement Income

 

14

 

Trust Fund pursuant to this Agreement, then the
trustee shall have discretion to determine the portion of the cash value of
such policy available for purposes of annuitizing the Retirement Income Trust
Fund (it being understood that for purposes of this Section 2.3, Aannuitizing@ does not mean surrender of such policy and
annuitizing of the cash value received upon such surrender) to provide the
disability or retirement benefits payable under this Agreement, after taking
into consideration the amounts reasonably believed to be required in order to maintain
the cash value of such policy to continue such policy in effect until the death
of the Executive and payment of death benefits thereunder.

 

SECTION III

RETIREMENT
BENEFIT

 

3.1                                 (a)  Normal
form of payment.

If (i) the Executive is employed with the Bank until
reaching his Benefit Age, and (ii) the Executive has not made a Timely Election
to receive a lump sum benefit, this Subsection 3.1(a) shall be controlling
with respect to retirement benefits.

 

The Retirement Income Trust Fund, measured as of the
Executive’s Benefit Age, shall be annuitized (using the Interest Factor) into
monthly installments and shall be payable for the Payout Period.  Such benefit payments shall commence on the
Executive’s Benefit Eligibility Date. 
Should Retirement Income Trust Fund assets actually earn a rate of
return, following the date such balance is annuitized, which is less than the
rate of return used to annuitize the Retirement Income Trust Fund, no
additional contributions to the Retirement Income Trust Fund shall be required
by the Bank in order to fund the final benefit payment(s) and make up for any
shortage attributable to the less-than-expected rate of return.  Should Retirement Income Trust Fund assets
actually earn a rate of return, following the date such balance is annuitized,
which is greater than the rate of return used to annuitize the Retirement
Income Trust Fund, the final benefit payment to the Executive (or his
Beneficiary) shall distribute the excess amounts attributable to the
greater-than-expected rate of return. 
The Executive may at anytime during the Payout Period request to receive
the unpaid balance of his Retirement Income Trust Fund in a lump sum
payment.  If such a lump sum payment is
requested by the Executive, payment of the balance of the Retirement Income
Trust Fund in such lump sum form shall be made only if the

 

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Executive gives notice to both the Administrator and
trustee in writing.  Such lump sum
payment shall be payable within thirty (30) days of such notice.  In the event the Executive dies at any time
after attaining his Benefit Age, but prior to commencement or completion of all
monthly payments due and owing hereunder, (i) the trustee of the Retirement
Income Trust Fund shall pay to the Executive’s Beneficiary the monthly
installments (or a continuation of such monthly installments if they have
already commenced) for the balance of months remaining in the Payout Period, or
(ii) the Executive’s Beneficiary may request to receive the unpaid balance of
the Executive’s Retirement Income Trust Fund in a lump sum payment.  If a lump sum payment is requested by the
Beneficiary, payment of the balance of the Retirement Income Trust Fund in such
lump sum form shall be made only if the Executive’s Beneficiary notifies both
the Administrator and trustee in writing of such election within ninety (90)
days of the Executive’s death.  Such lump
sum payment shall be payable within thirty (30) days of such notice.

 

The Executive’s Accrued Benefit Account (if
applicable), measured as of the Executive’s Benefit Age, shall be annuitized
(using the Interest Factor) into monthly installments and shall be payable for
the Payout Period.  Such benefit payments
shall commence on the Executive’s Benefit Eligibility Date.  In the event the Executive dies at any time
after attaining his Benefit Age, but prior to commencement or completion of all
the payments due and owing hereunder, (i) the Bank  shall pay to the Executive’s Beneficiary the
same monthly installments (or a continuation of such monthly installments if
they have already commenced) for the balance of months remaining in the Payout
Period, or (ii) the Executive’s Beneficiary may request to receive the
remainder of any unpaid benefit payments in a lump sum payment.  If a lump sum payment is requested by the
Beneficiary, the amount of such lump sum payment shall be equal to the unpaid
balance of the Executive’s Accrued Benefit Account.  Payment in such lump sum form shall be made
only if the Executive’s Beneficiary (i) obtains Board of Director approval, and
(ii) notifies the Administrator in writing of such election within ninety (90)
days of the Executive’s death.  Such lump
sum payment, if approved by the Board of Directors, shall be made within thirty
(30) days of such Board of Director approval.

 

16

 

(b) Alternative payout option.

If (i) the Executive is employed with the Bank until
reaching his Benefit Age, and (ii) the Executive has made a Timely Election to
receive a lump sum benefit, this Subsection 3.1(b) shall be controlling
with respect to retirement benefits.

 

The balance of the Retirement Income Trust Fund,
measured as of the Executive’s Benefit Age, shall be paid to the Executive in a
lump sum on his Benefit Eligibility Date. 
In the event the Executive dies after becoming eligible for such payment
(upon attainment of his Benefit Age), but before the actual payment is made,
his Beneficiary shall be entitled to receive the lump sum benefit in accordance
with this Subsection 3.1(b) within thirty (30) days of the date the
Administrator receives notice of the Executive’s death.

 

The balance of the Executive’s Accrued Benefit
Account (if applicable), measured as of the Executive’s Benefit Age, shall be
paid to the Executive in a lump sum on his Benefit Eligibility Date.  In the event the Executive dies after
becoming eligible for such payment (upon attainment of his Benefit Age), but
before the actual payment is made, his Beneficiary shall be entitled to receive
the lump sum benefit in accordance with this Subsection 3.1(b) within
thirty (30) days of the date the Administrator receives notice of the Executive’s
death.

 

SECTION IV

PRE-RETIREMENT
DEATH BENEFIT

 

4.1                                 (a)  Normal
form of payment.

If (i) the Executive dies while employed by the
Bank, and (ii) the Executive has not made a Timely Election to receive a lump
sum benefit, this Subsection 4.1(a) shall be controlling with respect to
pre-retirement death benefits.

 

The balance of the Executive’s Retirement Income
Trust Fund, measured as of the later of (i) the Executive’s death, or (ii) the
date any final lump sum Contribution is made pursuant to Subsection 2.1(b),
shall be annuitized (using the Interest Factor) into monthly installments and
shall be payable

 

17

 

for the Payout Period.  Such benefits shall commence within thirty
(30) days of the date the Administrator receives notice of the Executive’s
death.  Should Retirement Income Trust
Fund assets actually earn a rate of return, following the date such balance is
annuitized, which is less than the rate of return used to annuitize the
Retirement Income Trust Fund, no additional contributions to the Retirement
Income Trust Fund shall be required by the Bank in order to fund the final
benefit payment(s) and make up for any shortage attributable to the
less-than-expected rate of return. 
Should Retirement Income Trust Fund assets actually earn a rate of
return, following the date such balance is annuitized, which is greater than
the rate of return used to annuitize the Retirement Income Trust Fund, the
final benefit payment to the Executive’s Beneficiary shall distribute the
excess amounts attributable to the greater-than-expected rate of return.  The Executive’s Beneficiary may request to
receive the unpaid balance of the Executive’s Retirement Income Trust Fund in a
lump sum payment.  If a lump sum payment
is requested by the Beneficiary, payment of the balance of the Retirement
Income Trust Fund in such lump sum form shall be made only if the Executive’s
Beneficiary notifies both the Administrator and trustee in writing of such
election within ninety (90) days of the Executive’s death.  Such lump sum payment shall be made within
thirty (30) days of such notice.

 

The Executive’s Accrued Benefit Account (if
applicable), measured as of the later of (i) the Executive’s death or (ii)
the date any final lump sum Phantom Contribution is recorded in the Accrued
Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using
the Interest Factor) into monthly installments and shall be payable to the
Executive’s Beneficiary for the Payout Period. 
Such benefit payments shall commence within thirty (30) days of the date
the Administrator receives notice of the Executive’s death, or if later, within
thirty (30) days after any final lump sum Phantom Contribution is recorded in
the Accrued Benefit Account in accordance with Subsection 2.1(c).  The Executive’s Beneficiary may request to
receive the remainder of any unpaid monthly benefit payments due from the
Accrued Benefit Account in a lump sum payment. 
If a lump sum payment is requested by the Beneficiary, the amount of
such lump sum payment shall be equal to the balance of the Executive’s Accrued
Benefit Account.  Payment in such lump
sum form shall be made only if the Executive’s Beneficiary (i) obtains Board of
Director approval, and (ii) notifies the Administrator in writing of such
election within ninety (90) days of the Executive’s death.  Such lump sum payment, if

 

18

 

approved by the Board of Directors, shall be payable
within thirty (30) days of such Board of Director approval.

 

(b) Alternative payout option.

If (i) the Executive dies while employed by the
Bank, and (ii) the Executive has made a Timely Election to receive a lump sum
benefit, this Subsection 4.1(b) shall be controlling with respect to
pre-retirement death benefits.

 

The balance of the Executive’s Retirement Income
Trust Fund, measured as of the later of (i) the Executive’s death, or (ii) the
date any final lump sum Contribution is made pursuant to Subsection 2.1(b),
shall be paid to the Executive’s Beneficiary in a lump sum within thirty (30)
days of the date the Administrator receives notice of the Executive’s death.

 

The balance of the Executive’s Accrued Benefit
Account (if applicable), measured as of the later of (i) the Executive’s death,
or (ii) the date any final Phantom Contribution is recorded pursuant to Subsection 2.1(c),
shall be paid to the Executive’s Beneficiary in a lump sum within thirty (30)
days of the date the Administrator receives notice of the Executive’s death.

 

SECTION V

BENEFIT(S)
IN THE EVENT OF TERMINATION OF SERVICE

PRIOR TO
BENEFIT AGE

 

5.1                                 Voluntary or Involuntary Termination of
Service Other Than for Cause.  In the event the Executive’s service with the
Bank  is voluntarily or involuntarily
terminated prior to Benefit Age, for any reason including a Change in Control,
but excluding (i) any disability related termination for which the Board of
Directors has approved early payment of benefits pursuant to Subsection 6.1,
(ii) the Executive’s pre-retirement death, which shall be covered in Section IV,
or (iii) termination for Cause, which shall be covered in Subsection 5.2,
the Executive (or his Beneficiary) shall be entitled to receive benefits in
accordance with this Subsection 5.1. 
Payments of benefits pursuant to this Subsection 5.1 shall be made
in accordance with Subsection 5.1 (a) or 5.1 (b) below, as applicable.

 

19

 

(a) Normal form of
payment.

(1)
Executive Lives Until Benefit Age

If (i) after such
termination, the Executive lives until attaining his Benefit Age, and (ii) the
Executive has not made a Timely Election to receive a lump sum benefit, this
Subsection 5.1(a)(1) shall be controlling with respect to retirement benefits.

 

The Retirement Income Trust
Fund, measured as of the Executive’s Benefit Age, shall be annuitized (using
the Interest Factor) into monthly installments and shall be payable for the
Payout Period.  Such payments shall
commence on the Executive’s Benefit Eligibility Date.  Should Retirement Income Trust Fund assets
actually earn a rate of return, following the date such balance is annuitized,
which is less than the rate of return used to annuitize the Retirement Income
Trust Fund, no additional contributions to the Retirement Income Trust Fund
shall be required by the Bank in order to fund the final benefit payment(s) and
make up for any shortage attributable to the less-than-expected rate of return.  Should Retirement Income Trust Fund assets
actually earn a rate of return, following the date such balance is annuitized,
which is greater than the rate of return used to annuitize the Retirement
Income Trust Fund, the final benefit payment to the Executive (or his
Beneficiary) shall distribute the excess amounts attributable to the
greater-than-expected rate of return. 
The Executive may at anytime during the Payout Period request to receive
the unpaid balance of his Retirement Income Trust Fund in a lump sum
payment.  If such a lump sum payment is
requested by the Executive, payment of the balance of the Retirement Income
Trust Fund in such lump sum form shall be made only if the Executive gives
notice to both the Administrator and trustee in writing.  Such lump sum payment shall be payable within
thirty (30) days of such notice. In the event the Executive dies at any time
after attaining his Benefit Age, but prior to commencement or completion of all
monthly payments due and owing hereunder, (i) the trustee of the Retirement
Income Trust Fund shall pay to the Executive’s Beneficiary the monthly
installments (or a continuation of the monthly installments if they have
already commenced) for the balance of months remaining in the Payout Period, or
(ii) the Executive’s Beneficiary may request to receive the unpaid balance of
the Executive’s Retirement Income Trust Fund in a lump sum payment.  If a lump sum payment is requested by the
Beneficiary, payment of the balance of the Retirement Income Trust Fund in such
lump sum form shall be made only if the

 

20

 

Executive’s Beneficiary
notifies both the Administrator and trustee in writing of such election within
ninety (90) days of the Executive’s death. 
Such lump sum payment shall be made within thirty (30) days of such
notice.

 

The Executive’s Accrued
Benefit Account (if applicable), measured as of the Executive’s Benefit Age,
shall be annuitized (using the Interest Factor) into monthly installments and
shall be payable for the Payout Period. 
Such benefit payments shall commence on the Executive’s Benefit
Eligibility Date.  In the event the
Executive dies at any time after attaining his Benefit Age, but prior to
commencement or completion of all the payments due and owing hereunder, (i) the
Bank  shall pay to the Executive’s
Beneficiary the same monthly installments (or a continuation of such monthly
installments if they have already commenced) for the balance of months
remaining in the Payout Period, or (ii) the Executive’s Beneficiary may request
to receive the remainder of any unpaid benefit payments in a lump sum
payment.  If a lump sum payment is
requested by the Beneficiary, the amount of such lump sum payment shall be
equal to the unpaid balance of the Executive’s Accrued Benefit Account.  Payment in such lump sum form shall be made
only if the Executive’s Beneficiary (i) obtains Board of Director approval, and
(ii) notifies the Administrator in writing of such election within ninety (90)
days of the Executive’s death.  Such lump
sum payment, if approved by the Board of Directors, shall be made within thirty
(30) days of such Board of Director approval.

 

(2) Executive Dies Prior
to Benefit Age

 

If (i) after such
termination, the Executive dies prior to attaining his Benefit Age, and (ii)
the Executive has not made a Timely Election to receive a lump sum benefit,
this Subsection 5.1(a)(2) shall be controlling with respect to retirement
benefits.

 

The Retirement Income Trust
Fund, measured as of the date of the Executive’s death, shall be annuitized
(using the Interest Factor) into monthly installments and shall be payable for
the Payout Period.  Such payments shall
commence within thirty (30) days of the date the Administrator receives notice
of the Executive’s death.  Should
Retirement Income Trust Fund assets actually earn a rate of return, following
the date such balance is annuitized, which is less than the rate of return used
to annuitize the Retirement Income Trust Fund, no additional contributions to
the Retirement Income

 

21

 

Trust Fund shall be required
by the Bank in order to fund the final benefit payment(s) and make up for any
shortage attributable to the less-than-expected rate of return.  Should Retirement Income Trust Fund assets
actually earn a rate of return, following the date such balance is annuitized,
which is greater than the rate of return used to annuitize the Retirement
Income Trust Fund, the final benefit payment to the Executive’s Beneficiary
shall distribute the excess amounts attributable to the greater-than-expected
rate of return.  The Executive’s
Beneficiary may request to receive the unpaid balance of the Executive’s
Retirement Income Trust Fund in the form of a lump sum payment.  If a lump sum payment is requested by the
Beneficiary, payment of the balance of the Retirement Income Trust Fund in such
lump sum form shall be made only if the Executive’s Beneficiary notifies both
the Administrator and trustee in writing of such election within ninety (90)
days of the Executive’s death.  Such lump
sum payment shall be made within thirty (30) days of such notice.

 

The Executive’s Accrued
Benefit Account (if applicable), measured as of the date of the Executive’s
death, shall be annuitized (using the Interest Factor) into monthly
installments and shall be payable for the Payout Period.  Such payments shall commence within thirty
(30) days of the date the Administrator receives notice of the Executive’s
death.  The Executive’s Beneficiary may request
to receive the unpaid balance of the Executive’s Accrued Benefit Account in the
form of a lump sum payment.  If a lump
sum payment is requested by the Beneficiary, payment of the balance of the
Accrued Benefit Account in such lump sum form shall be made only if the
Executive’s Beneficiary (i) obtains Board of Director approval, and (ii)
notifies the Administrator in writing of such election within ninety (90) days
of the Executive’s death.  Such lump sum
payment, if approved by the Board of Directors, shall be made within thirty
(30) days of such Board of Director approval.

 

(b) Alternative Payout
Option.

(1) Executive Lives Until
Benefit Age

If (i) after such
termination, the Executive lives until attaining his Benefit Age, and (ii) the
Executive has made a Timely Election to receive a lump sum benefit, this
Subsection 5.1(b)(1) shall be controlling with respect to retirement benefits.

 

22

 

The balance of the
Retirement Income Trust Fund, measured as of the Executive’s Benefit Age, shall
be paid to the Executive in a lump sum on his Benefit Eligibility Date.  In the event the Executive dies after
becoming eligible for such payment (upon attainment of his Benefit Age), but
before the actual payment is made, his Beneficiary shall be entitled to receive
the lump sum benefit in accordance with this Subsection 5.1(b)(1) within thirty
(30) days of the date the Administrator receives notice of the Executive’s
death.

 

The balance of the Executive’s
Accrued Benefit Account (if applicable), measured as of the Executive’s Benefit
Age, shall be paid to the Executive in a lump sum on his Benefit Eligibility
Date.  In the event the Executive dies
after becoming eligible for such payment (upon attainment of his Benefit Age),
but before the actual payment is made, his Beneficiary shall be entitled to
receive the lump sum benefit in accordance with this Subsection 5.1(b)(1)
within thirty (30) days of the date the Administrator receives notice of the
Executive’s death.

 

(2) Executive Dies Prior
to Benefit Age

If (i) after such
termination, the Executive dies prior to attaining his Benefit Age, and (ii)
the Executive has made a Timely Election to receive a lump sum benefit, this
Subsection 5.1(b)(2) shall be controlling with respect to pre-retirement death
benefits.

 

The balance of the
Retirement Income Trust Fund, measured as of the date of the Executive’s death,
shall be paid to the Executive’s Beneficiary within thirty (30) days of the
date the Administrator receives notice of the Executive’s death.

 

The balance of the Executive’s
Accrued Benefit Account (if applicable), measured as of the date of the
Executive’s death, shall be paid to the Executive’s Beneficiary within thirty
(30) days of the date the Administrator receives notice of the Executive’s
death.

 

5.2                                 Termination For Cause.

If the Executive is
terminated for Cause, all benefits under this Agreement, other than those which
can be paid from previous Contributions to the Retirement Income Trust Fund
(and earnings on such

 

23

 

Contributions), shall be
forfeited.  Furthermore, no further
Contributions (or Phantom Contributions, as applicable) shall be required of
the Bank for the year in which such termination for Cause occurs (if not yet
made).  The Executive shall be entitled
to receive a benefit in accordance with this Subsection 5.2.

 

The balance of the Executive’s
Retirement Income Trust Fund shall be paid to the Executive in a lump sum on
his Benefit Eligibility Date.  In the
event the Executive dies prior to his Benefit Eligibility Date, his Beneficiary
shall be entitled to receive the balance of the Executive’s Retirement Income
Trust Fund in a lump sum within thirty (30) days of the date the Administrator
receives notice of the Executive’s death.

 

SECTION VI

OTHER BENEFITS

 

6.1                                 (a) Disability Benefit.

If the Executive’s service
is terminated prior to Benefit Age due to a disability which meets the criteria
set forth below, the Executive may request to receive the Disability Benefit in
lieu of the retirement benefit(s) available pursuant to Section 5.1 (which is
(are) not available prior to the Executive’s Benefit Eligibility Date).

 

In any instance in which:
(i) it is determined by a duly licensed, independent physician selected by the
Bank, that the Executive is no longer able, properly and satisfactorily, to
perform his regular duties as an officer, because of ill health, accident,
disability or general inability due to age, (ii) the Executive requests payment
under this Subsection in lieu of Subsection 5.1, and (iii) Board of Director
approval is obtained to allow payment under this Subsection, in lieu of
Subsection 5.1, the Executive shall be entitled to the following lump sum
benefit(s). The lump sum benefit(s) to which the Executive is entitled shall
include:  (i) the balance of the
Retirement Income Trust Fund, plus (ii) the balance of the Accrued Benefit
Account (if applicable).  The benefit(s)
shall be paid within thirty (30) days following the date of the Executive’s
request for such benefit is approved by the Board of Directors.  In the event the Executive dies after
becoming eligible for such payment(s) but before the actual payment(s) is

 

24

 

(are) made, his Beneficiary
shall be entitled to receive the benefit(s) provided for in this Subsection
6.1(a) within thirty (30) days of the date the Administrator receives notice of
the Executive’s death.

 

(b) Disability Benefit -
Supplemental.

Furthermore, if Board of
Director approval is obtained within thirty (30) days of the Executive’s death,
the Bank shall make a direct, lump sum payment to the Executive’s Beneficiary
in an amount equal to the sum of all remaining Contributions (or Phantom
Contributions) set forth in Exhibit A, but not required pursuant to Subsection
2.1(b) (or 2.1(c)) due to the Executive’s disability-related termination. Such
lump sum payment, if approved by the Board of Directors, shall be payable to
the Executive’s Beneficiary within thirty (30) days of such Board of Director
approval.

 

6.2                                 Additional Death Benefit - Burial Expense.  In
addition to the above-described benefits, upon the Executive’s death, the
Executive’s Beneficiary shall be entitled to receive a one-time lump sum death
benefit in the amount of Ten Thousand ($10,000.00) Dollars.  This benefit shall be provided specifically
for the purpose of providing payment for burial and/or funeral expenses of the
Executive.  Such death benefit shall be
payable within thirty (30) days of the Executive’s death.  The Executive’s Beneficiary shall not be
entitled to such benefit under this Plan (i) if the Executive is terminated for
Cause prior to death or (ii) the Executive’s Beneficiary receives a
supplemental $10,000 death benefit under any other non-qualified deferred
compensation plan sponsored by the Bank.

 

SECTION VII

BENEFICIARY DESIGNATION

 

The Executive shall make an
initial designation of primary and secondary Beneficiaries upon execution of
this Agreement and shall have the right to change such designation, at any
subsequent time, by submitting to (i) the Administrator, and (ii) the
trustee of the Retirement Income Trust Fund, in substantially the form attached
as Exhibit B to this Agreement, a written designation of primary and secondary
Beneficiaries.  Any Beneficiary
designation made subsequent to execution of this Agreement shall become
effective only when receipt thereof is acknowledged in writing by the
Administrator.

 

25

 

SECTION VIII

NON-COMPETITION

 

8.1                                 Non-Competition During Employment.

In consideration of the
agreements of the Bank contained herein and of the payments to be made by the
Bank pursuant hereto, the Executive hereby agrees that, for as long as he
remains employed by the Bank, he will devote substantially all of his time,
skill, diligence and attention to the business of the Bank, and will not
actively engage, either directly or indirectly, in any business or other
activity which is, or may be deemed to be, in any way competitive with or
adverse to the best interests of the business of the Bank, unless the Executive
has the prior express written consent of the Bank.

 

8.2                                 Breach of Non-Competition Clause.

In the event of any material
breach by the Executive of the agreements and covenants described in Subsection
8.1 occurs all further Contributions to the Retirement Income Trust Fund (or
Phantom Contributions recorded in the Accrued Benefit Account) shall
immediately cease, and all benefits under this Agreement, other than those which
can be paid from previous Contributions to the Retirement Income Trust Fund
(and earnings on such Contributions), shall be forfeited.  The Executive (or his Beneficiary) shall be
entitled to receive a benefit from the Retirement Income Trust Fund in accordance
with this Subsection 8.2.

 

The balance of the Executive’s
Retirement Income Trust Fund shall be paid to the Executive in a lump sum on
his Benefit Eligibility Date.  In the
event the Executive dies prior to his Benefit Eligibility Date, his Beneficiary
shall be entitled to receive the balance of the Executive’s Retirement Income
Trust Fund in a lump sum within thirty (30) days of the date the Administrator
receives notice of the Executive’s death.

 

8.3                                 Non-Competition Following Employment.

Executive further
understands and agrees that, following Executive’s termination of employment,  other than following a Change in Control, and
continuing for a period of twelve (12) months thereafter, the Executive shall
not, without the prior written consent of the Bank, engage in the

 

26

 

financial institutions’
business as a director, officer, employee or consultant for, or acquiring or
maintaining more than a 1% passive investment in, any business or enterprise which
competes with the principal business of the Bank or any of its subsidiaries which
has one or more offices or branches located within a thirty-five (35) mile
radius of the principal business location of the Bank’s corporate offices.  In the event of the Executive’s breach of the
covenants and agreements contained herein, the Bank’s obligation, if any, to
make payments to the Executive from the Accrued Benefit Account shall cease and
the Executive’s right to amounts credited to the Accrued Benefit Account shall
be forfeited.

 

SECTION IX

EXECUTIVE’S RIGHT TO ASSETS

 

The rights of the Executive,
any Beneficiary, or any other person claiming through the Executive under this
Agreement, shall be solely those of an unsecured general creditor of the Bank.
The Executive, the Beneficiary, or any other person claiming through the
Executive, shall only have the right to receive from the Bank  those payments or amounts so specified under
this Agreement.  The Executive agrees
that he, his Beneficiary, or any other person claiming through him shall have
no rights or interests whatsoever in any asset of the Bank, including any
insurance policies or contracts which the Bank may possess or obtain to
informally fund this Agreement.  Any
asset used or acquired by the Bank in connection with the liabilities it has
assumed under this Agreement shall not be deemed to be held under any trust for
the benefit of the Executive or his Beneficiaries, unless such asset is
contained in the rabbi trust described in Section XII of this Agreement.  Any such asset shall be and remain a general,
unpledged asset of the Bank in the event of the Bank’s insolvency.

 

SECTION X

RESTRICTIONS UPON FUNDING

 

The Bank shall have no
obligation to set aside, earmark or entrust any fund or money with which to pay
its obligations under this Agreement, other than those Contributions required
to be made to the Retirement Income Trust Fund. 
The Executive, his Beneficiaries or any successor in interest to him
shall be and remain simply a general unsecured creditor of the Bank in the same
manner as any other creditor having a general

 

27

 

claim
for matured and unpaid compensation.  The
Bank  reserves the absolute right in its
sole discretion to either purchase assets to meet its obligations undertaken by
this  Agreement or to refrain from the
same and to determine the extent, nature, and method of such asset
purchases.  Should the Bank decide to
purchase assets such as life insurance, mutual funds, disability policies or
annuities, the Bank reserves the absolute right, in its sole discretion, to
replace such assets from time to time or to terminate its investment in such
assets at any time, in whole or in part. 
At no time shall the Executive be deemed to have any lien, right, title
or interest in or to any specific investment or to any assets of the Bank.  If the Bank elects to invest in a life
insurance, disability or annuity policy upon the life of the Executive, then
the Executive shall assist the Bank by freely submitting to a physical
examination and by supplying such additional information necessary to obtain
such insurance or annuities.

 

SECTION XI

ACT PROVISIONS

 

11.1                           Named Fiduciary and Administrator.  The
Bank, as Administrator, shall be the Named Fiduciary of this Agreement.  As Administrator, the Bank shall be
responsible for the management, control and administration of the Agreement as
established herein.  The Administrator
may delegate to others certain aspects of the management and operational
responsibilities of the Agreement, including the employment of advisors and the
delegation of ministerial duties to qualified individuals.

 

11.2                           Claims Procedure and Arbitration.  In
the event that benefits under this Agreement are not paid to the Executive (or
to his Beneficiary in the case of the Executive’s death) and such claimants
feel they are entitled to receive such benefits, then a written claim must be
made to the Administrator within sixty (60) days from the date payments are
refused.  The Administrator shall review
the written claim and, if the claim is denied, in whole or in part, it shall
provide in writing, within ninety (90) days of receipt of such claim, its
specific reasons for such denial, reference to the provisions of this Agreement
upon which the denial is based, and any additional material or information
necessary to perfect the claim.  Such
writing by the Administrator shall further indicate the additional steps which
must be undertaken by claimants if an additional review of the claim denial is
desired.

 

28

 

If claimants desire a second
review, they shall notify the Administrator in writing within sixty (60) days
of the first claim denial.  Claimants may
review this Agreement or any documents relating thereto and submit any issues
and comments, in writing, they may feel appropriate.  In its sole discretion, the Administrator
shall then review the second claim and provide a written decision within sixty
(60) days of receipt of such claim.  This
decision shall state the specific reasons for the decision and shall include
reference to specific provisions of this Agreement upon which the decision is
based.

 

If claimants continue to
dispute the benefit denial based upon completed performance of this Plan and
the Joinder Agreement or the meaning and effect of the terms and conditions
thereof, then claimants may submit the dispute to mediation in the state of
Florida, administered by the American Arbitration Association (“AAA”) (or a mediator selected by the parties)
in accordance with the AAA’s Commercial Mediation Rules.  If mediation is not successful in resolving
the dispute, it shall be settled by arbitration administered by the AAA under
its Commercial Arbitration Rules, and judgment on the award rendered by the
arbitrator(s) may be entered in any court having jurisdiction thereof.

 

SECTION XII

MISCELLANEOUS

 

12.1                           No Effect on Employment Rights. 
Nothing contained herein will confer upon the Executive the right to be
retained in the service of the Bank nor limit the right of the Bank  to discharge or otherwise deal with the
Executive without regard to the existence of the Agreement.

 

12.2                           State Law.  The Agreement is established
under, and will be construed according to, the laws of the state of Florida, to
the extent such laws are not preempted by the Act and valid regulations
published thereunder.

 

12.3                           Severability.  In
the event that any of the provisions of this Agreement or portion thereof, are
held to be inoperative or invalid by any court of competent jurisdiction, then:
(1) insofar as is reasonable, effect will be given to the intent manifested in
the provisions held invalid or inoperative, and (2) the validity and
enforceability of the remaining provisions will not be affected thereby.

 

29

 

12.4                           Incapacity of Recipient.  In
the event the Executive is declared incompetent and a conservator or other
person legally charged with the care of his person or Estate is appointed, any
benefits under the Agreement to which such Executive is entitled shall be paid
to such conservator or other person legally charged with the care of his person
or Estate.

 

12.5                           Unclaimed Benefit.  The
Executive shall keep the Bank informed of his current address and the current
address of his Beneficiaries.  The Bank shall
not be obligated to search for the whereabouts of any person.  If the location of the Executive is not made
known to the Bank as of the date upon which any payment of any benefits from
the Accrued Benefit Account may first be made, the Bank shall delay payment of
the Executive’s benefit payment(s) until the location of the Executive is made
known to the Bank; however, the Bank shall only be obligated to hold such
benefit payment(s) for the Executive until the expiration of thirty-six (36)
months.  Upon expiration of the
thirty-six (36) month period, the Bank may discharge its obligation by payment
to the Executive’s Beneficiary.  If the
location of the Executive’s Beneficiary is not made known to the Bank by the
end of an additional two (2) month period following expiration of the
thirty-six (36) month period, the Bank may discharge its obligation by payment
to the Executive’s Estate.  If there is
no Estate in existence at such time or if such fact cannot be determined by the
Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights
to the balance, if any, of the Executive’s Accrued Benefit Account provided for
such Executive and/or Beneficiary under this Agreement.

 

12.6                           Limitations on Liability. 
Notwithstanding any of the preceding provisions of the Agreement, no
individual acting as an employee or agent of the Bank, or as a member of the
Board of Directors shall be personally liable to the Executive or any other
person for any claim, loss, liability or expense incurred in connection with
the Agreement.

 

12.7                           Gender.  Whenever in this Agreement
words are used in the masculine or neuter gender, they shall be read and
construed as in the masculine, feminine or neuter gender, whenever they should
so apply.

 

12.8                           Effect on Other Corporate Benefit Agreements. 
Nothing contained in this Agreement shall affect the right of the
Executive to participate in or be covered by any qualified or non-qualified
pension, profit

 

30

 

sharing, group, bonus or
other supplemental compensation or fringe benefit agreement constituting a part
of the Bank’s existing or future compensation structure.

 

12.9                           Suicide.  Notwithstanding anything to
the contrary in this Agreement, if the Executive’s death results from suicide,
whether sane or insane, within twenty-four (24) months after execution of this
Agreement, all further Contributions to the Retirement Income Trust Fund (or
Phantom Contributions recorded in the Accrued Benefit Account) shall thereupon
cease, and no Contribution (or Phantom Contribution) shall be made by the
Bank  to the Retirement Income Trust Fund
(or recorded in the Accrued Benefit Account) 
in the year such death resulting from suicide occurs (if not yet made).  All benefits other than those available from
previous Contributions to the Retirement Income Trust Fund under this Agreement
shall be forfeited, and this Agreement shall become null and void.  The balance of the Retirement Income Trust
Fund, measured as of the Executive’s date of death, shall be paid to the
Beneficiary within thirty (30) days of the date the Administrator receives
notice of the Executive’s death.

 

12.10                     Inurement.  This Agreement shall be
binding upon and shall inure to the benefit of the Bank, its successors and
assigns, and the Executive, his successors, heirs, executors, administrators,
and Beneficiaries.

 

12.11                     Headings.  Headings and sub-headings in
this Agreement are inserted for reference and convenience only and shall not be
deemed a part of this Agreement.

 

12.12                     Source of Payments.  All
payments provided in this Agreement shall be timely paid in cash or check from
the general funds of the Bank or the assets of the rabbi trust, to the extent
made from the Accrued Benefit Account.

 

31

 

SECTION XIII

AMENDMENT/PLAN TERMINATION

 

13.1                           Amendment or Plan Termination.  The
Bank intends this Agreement to be permanent, but reserves the right to amend or
terminate the Agreement when, in the sole opinion of the Bank, such amendment
or termination is advisable.  However,
any termination of the Agreement which is done in anticipation of or pursuant
to a “Change in Control”, as defined in Subsection 1.10, shall be deemed to
trigger Subsection 2.1(b)(2) (or 2.1(c)(2), as applicable) of the Agreement
notwithstanding the Executive’s continued employment, and benefit(s) shall be
paid from the Retirement Income Trust Fund (and Accrued Benefit Account, if
applicable) in accordance with Subsection 13.2 below and with Subsections
2.1(b)(2) (or 2.1(c)(2), as applicable). Any amendment or termination of the
Agreement by the Bank shall be made pursuant to a resolution of the Board of
Directors of the Bank and shall be effective as of the date of such resolution.
 No amendment or termination of the
Agreement by the Bank shall directly or indirectly deprive the Executive of all
or any portion of the Executive’s Retirement Income Trust Fund (and Accrued
Benefit Account, if applicable) as of the effective date of the resolution
amending or terminating the Agreement.

 

Notwithstanding the above,
if the Executive does not exercise any withdrawal rights pursuant to Subsection
2.2, and if at any time after the final Contribution is made to the Retirement
Income Trust Fund the Executive elects to terminate the Retirement Income Trust
Fund and receive a distribution of the assets of the Retirement Income Trust
Fund, then upon such distribution this Agreement shall terminate.

 

13.2                           Executive’s Right to Payment Following Plan
Termination.  In the event of a termination of the
Agreement, the Executive shall be entitled to the balance, if any, of his
Retirement Income Trust Fund (and Accrued Benefit Account, if applicable).  However, if such termination is done in
anticipation of or pursuant to a “Change in Control,” such balance(s) shall
include the final Contribution (or final Phantom Contribution) made (or
recorded) pursuant to Subsection 2.1(b)(2) (or 2.1(c)(2)).  Payment of the balance(s) of the Executive’s
Retirement Income Trust Fund (and Accrued Benefit Account, if applicable) shall
not be dependent upon his continuation of employment with the Bank following
the

 

32

 

termination date of the
Agreement.  Payment of the balance(s) of
the Executive’s Retirement Income Trust Fund (and Accrued Benefit Account, if
applicable) shall be made in a lump sum within thirty (30) days of the date of
termination of the Agreement.

 

SECTION XIV

EXECUTION

 

14.1                           This Agreement and the Michael Sanchez
Grantor Trust Agreement set forth the entire understanding of the parties
hereto with respect to the transactions contemplated hereby, and any previous
agreements or understandings between the parties hereto regarding the subject
matter hereof are merged into and superseded by this Agreement and the Michael
Sanchez Grantor Trust Agreement.

 

14.2                           This Agreement shall be executed in
triplicate, each copy of which, when so executed and delivered, shall be an
original, but all three copies shall together constitute one and the same
instrument.

 

33

 

IN WITNESS WHEREOF, the Bank
and the Executive have caused this Agreement to be executed on the day and date
first above written.

 

 

	
  WITNESS:

  	
  FIRST NATIONAL BANK OF NASSAU
  COUNTY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  WITNESS:

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
						

 

 

Exhibit A

 

CONDITIONS, ASSUMPTIONS,

AND

SCHEDULE OF CONTRIBUTIONS AND PHANTOM CONTRIBUTIONS

 

1.                                       Interest Factor - for purposes of:

 

a.                                       the Accrued Benefit Account  - shall be six percent (6%) per annum,
compounded monthly.

 

b.                                      the Retirement Income Trust Fund - for
purposes of annuitizing the balance of the Retirement Income Trust Fund over
the Payout Period, the trustee of the Michael Sanchez Grantor Trust shall exercise
discretion in selecting the appropriate rate given the nature of the
investments contained in the Retirement Income Trust Fund and the expected
return associated with the investments. 
For these purposes, if the trustee of the Retirement Income Trust Fund
has purchased a life insurance policy, the trustee shall have the discretion to
determine the portion of the cash value of such policy available for purposes
of annuitizing the Retirement Income Trust Fund, in accordance with Section 2.3
of the Agreement.

 

2.                                       The amount of the annual Contributions (or
Phantom Contributions) to the Retirement Income Trust Fund (or Accrued Benefit
Account) has been based on the annual incremental accounting accruals which
would be required of the Bank through the earlier of the Executive’s death or
Benefit Age, (i) pursuant to APB Opinion No. 12, as amended by FAS 106 and (ii)
assuming a discount rate equal to Six percent (6%) per annum, in order to
provide the unfunded, non-qualified Supplemental Retirement Income Benefit.

 

3.                                       Supplemental Retirement Income Benefit means
an actuarially determined annual amount equal to Seventy-Five Thousand Dollars
($75,000) at age 65 if paid entirely from the Accrued Benefit Account or
Forty-Eight Thousand Dollars ($48,000) at age 65 if paid from the Retirement
Income Trust Fund.

 

The Supplemental Retirement
Income Benefit:

 

•                                          the definition of Supplemental Retirement
Income Benefit has been incorporated into the Agreement for the sole purpose of
actuarially establishing the amount of annual Contributions (or Phantom
Contributions) to the Retirement Income Trust Fund (or Accrued Benefit
Account).  The amount of any actual
retirement, pre-retirement or disability benefit payable pursuant to the
Agreement will be a function of (i) the amount and timing of Contributions
(or  Phantom Contributions) to the
Retirement Income Trust Fund (or Accrued Benefit Account) and (ii) the actual
investment experience of such Contributions (or the monthly compounding rate of
Phantom Contributions).

 

 

4.                                       Schedule of Annual Gross
Contributions/Phantom Contributions

 

	
  Plan
  Year

  	
   

  	
  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2004

  	
   

  	
  34,597

  	
   

  
	
  2005

  	
   

  	
  39,599

  	
   

  
	
  2006

  	
   

  	
  45,143

  	
   

  
	
  2007

  	
   

  	
  51,282

  	
   

  
	
  2008

  	
   

  	
  58,073

  	
   

  
	
  2009

  	
   

  	
  65,577

  	
   

  
	
  2010

  	
   

  	
  73,863

  	
   

  
	
  2011

  	
   

  	
  83,005

  	
   

  
	
  2012

  	
   

  	
  93,082

  	
   

  
	
  2013

  	
   

  	
  104,182

  	
   

  
	
  2014

  	
   

  	
  75,070

  	
   

  

 

 

Exhibit B

 

EXECUTIVE SUPPLEMENTAL RETIREMENT

INCOME AGREEMENT

BENEFICIARY DESIGNATION

 

The Executive, under the
terms of the Executive Supplemental Retirement Income Agreement executed by the
Bank, dated the 20th  day of October,
2004, hereby designates the following Beneficiary(ies) to receive any
guaranteed payments or death benefits under such Agreement, following his
death:

	
   

  	
   

  
	
  PRIMARY BENEFICIARY:

  	
   

  
	
   

  	
   

  
	
  SECONDARY BENEFICIARY:

  	
   

  
	
   

  	
   

  

 

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

 

Such Beneficiary Designation
is revocable.

 

	
  DATE:                                            ,
  20    

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  WITNESS

  	
  EXECUTIVE

  
				

 

 

Exhibit C

 

EXECUTIVE 
SUPPLEMENTAL RETIREMENT INCOME AGREEMENT

NOTICE OF ELECTION TO CHANGE FORM OF PAYMENT

 

TO:         Bank

 

Attention:

 

I hereby give notice of my
election to change the form of payment of my Supplemental Retirement Income
Benefit, as specified below.  I understand that such notice,  in order to be effective, must be submitted in
accordance with the time requirements described in my  Executive Supplemental Retirement Income
Agreement.

 

o                                    I hereby elect to change the form of payment
of my benefits from monthly installments throughout my Payout Period to a lump
sum benefit payment.

 

o                                    I hereby elect to change the form of payment
of my benefits from a lump sum benefit payment to monthly installments
throughout my Payout Period.  Such
election hereby revokes my previous notice of election to receive a lump sum
form of benefit payments.

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Executive

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Acknowledged By:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:Exhibit 10.2

 

PHANTOM

STOCK APPRECIATION RIGHTS

PLAN

 

FIRST CAPITAL HOLDING CORPORATION

Fernandina Beach, Florida

 

October 20, 2004

 

 

Financial Institution Consulting Corporation

700 Colonial Road, Suite 102

Memphis, Tennessee 38117

WATS: 1-800-873-0089

FAX: (901) 684-7414

(901) 684-7400

 

 

PHANTOM STOCK APPRECIATION RIGHTS PROGRAM

 

This Phantom
Stock Appreciation Rights Plan (the “Plan”), effective as of the 20th
day of October, 2004, formalizes the understanding by and between FIRST CAPITAL
BANK HOLDING CORPORATION (the “Holding Company”), a Florida corporation , FIRST
NATIONAL BANK OF NASSAU COUNTY (the “Bank”), a federally-chartered commercial bank,
and certain officers, hereinafter referred to as “Participant(s)”, who shall be
selected and approved by the Bank to participate in this Plan by execution of a
Phantom Stock Appreciation Rights Agreement (“Agreement”) in a form provided by
the Bank and attached as Exhibit A hereto.

 

W I T N E S S E T H :

 

WHEREAS, the
Participants are employed by the Bank; and

 

WHEREAS, the Bank
recognizes the valuable services heretofore performed for it by such
Participants and wishes to encourage continued service; and

 

WHEREAS, the
Participants wish to be assured that they will be entitled to a certain amount
of additional compensation for some definite period of time or after termination
of employment and wish to provide their beneficiaries with benefits from and
after death; and

 

WHEREAS, the Bank
and the Participants wish to provide the terms and conditions upon which the
Bank shall pay such additional compensation to the Participants at a specified
time or after a termination of service and/or death benefits to their
beneficiaries after death; and

 

WHEREAS, the Bank
and the Participants intend this Plan to be considered an unfunded arrangement,
maintained primarily to provide supplemental income for such Participants,
members of a select group of management or highly compensated employees of the
Bank, for tax purposes and for purposes of the Employee Retirement Income Security
Act of 1974, as amended; and

 

2

 

WHEREAS, the Bank
has adopted this Phantom Stock Appreciation Rights Plan which controls all
issues relating to the award of Phantom Stock Appreciation Rights as described
herein.

 

NOW, THEREFORE, in
consideration of the premises and of the mutual promises herein contained, the
Bank and the Participants agree as follows:

 

SECTION I

DEFINITIONS

 

When used
herein, the following words and phrases shall have the meanings below unless
the context clearly indicates otherwise:

 

1.1                                 “Accrued
Benefit” means that portion of the Supplemental Benefit which is required to be
expensed and accrued under generally accepted accounting principles
(GAAP).  For purposes of determining a Participant’s
Accrued Benefit, the excess of the Fair Market Value of a specified number of
shares of Phantom Stock on the date the Phantom Stock Appreciation Right is
exercised over the Fair Market Value of a share of Phantom Stock on the date
the Phantom Stock Appreciation Right was granted as set forth in the Agreement shall
be expensed and accrued over the period from the grant of the Phantom Stock Appreciation
Right until the end of the Measurement Period.

 

1.2                                 “Act”
means the Employee Retirement Income Security Act of 1974, as amended from time
to time.

 

1.3                                 “Administrator”
means the Committee.

 

1.4                                 “Agreement”
shall mean the Phantom Stock Appreciation Rights Agreement entered into between
the Bank and the Participant in connection with the grant of an Award to the
Participant.

 

3

 

1.5                                 “Award”
means the grant of Phantom Stock Appreciation Rights hereunder.

 

1.6                                 “Bank”
means FIRST NATIONAL BANK OF NASSAU COUNTY and any successor thereto.

 

1.7                                 “Beneficiary”
means the person or persons (and their heirs) designated as Beneficiary in the
Participant’s Agreement to whom the deceased Participant’s benefits are
payable.  If no Beneficiary is so
designated, then the Participant’s Spouse, if living, will be deemed the Beneficiary.  If the Participant’s Spouse is not living,
then the Children of the Participant will be deemed the Beneficiaries and will
take on a per stirpes basis.  If there
are no living Children, then the Estate of the Participant will be deemed the
Beneficiary.

 

1.8                                 “Benefit
Eligibility Date” shall be the date on which a Participant is entitled to
receive the maximum Supplemental Benefit available under the Plan.  It shall be the 1st day of the month
following the expiration of the Participant’s Measurement Period as designated
in his or her Agreement.

 

1.9           “Board” shall mean the Board of Directors of the Bank.

 

1.10                           “Cause”
means, in connection with a Participant’s termination of service, theft or
embezzlement from the Bank, conviction of the Participant of a crime of moral
turpitude, stealing of trade secrets or intellectual property owned by the
Bank, any act by the Participant in competition with the Bank, issuance of an
order for removal of the Participant by the Bank’s regulator, or any other act,
activity or conduct of a Participant which in the opinion of the Board is
adverse to the best interests of the Bank.

 

1.11                           “Change in Control” means
each of the events set forth in any one of the following paragraphs:

 

4

 

(a)                                  any “Person” (as such
term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934
(“Exchange Act”) as in effect as of the date of this Plan) other than (i) the Holding
Company, (ii) a trustee or other fiduciary holding securities under an employee
benefit plan of the Holding Company, (iii) an underwriter temporarily holding
securities pursuant to an offering of such securities, or (iv) a corporation
owned, directly or indirectly, by the shareholders of the Holding Company in
substantially the same proportions as their ownership of shares of the Holding
Company (any such person is hereinafter referred to as “Person”), is or becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Holding Company representing more
than 20% of the combined voting power of the Holding Company’s then outstanding
securities (not including the securities beneficially owned by such Person any
securities acquired directly from the Holding Company);

 

(b)                                 there is consummated a
merger or consolidation of the Holding Company with or into any other
corporation, other than a merger or consolidation which would result in the
holders of the voting securities of the Holding Company outstanding immediately
prior thereto holding securities which represent, in combination with the
ownership of any trustee or other fiduciary holding securities under an
employee benefit plan of the Holding Company, immediately after such merger or
consolidation, more than 60% of the combines voting power of the voting
securities of either the Holding Company or the other entity which survives
such merger or consolidation or the parent of the entity which survives such
merger or consolidation;

 

(c)                                  the shareholders of
the Holding Company approve any plan or proposal for the liquidation or
dissolution of the Holding Company or an agreement for the sale or disposition
by the Holding Company of all or substantially all the Holding Company’s
assets; or

 

5

 

(d)                                 during any period of
two consecutive years (not including any period prior to the date of the
Agreement) individuals who at the beginning of such period constitute the Board
of Directors and any new director (other than a director designated by a person
who has entered into an agreement with the Holding Company to effect a
transaction described in (a), (b), or (c) above) whose election by the Board or
nomination for election by the Holding Company’s shareholders was approved by a
vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to
constitute a majority thereof.

 

(e)                                  a notice of an
application is filed with the Florida Board of Financial Institutions or the
Federal Reserve Board or any other bank or thrift regulatory approval (or
notice of disapproval) is granted by the Federal Reserve, Florida Board of
Financial Institutions, the OCC, the Federal Deposit Insurance Corporation, or
any other regulatory authority for permission to acquire control of the Company
or any of its banking subsidiaries; provided tht if the application is filed in
connection with a transaction which has been approved by the Board, then the Change
in Control shall not be deemed to occur until consummation of the transaction.

 

For purposes of this Plan, where a change in
control of the Holding Company results from a series of related transactions,
the change in control of the Holding Company shall be deemed to have occurred
on the date of the consummation of the first such transaction.

 

For purposes of paragraph (a) above, the
shareholders of another corporation (other than the Bank or a corporation
described in clause (iv) of paragraph (a)) shall be deemed to constitute a
Person.  Further, it is understood by the
parties that the sale, transfer, or other disposition of a subsidiary of the Holding
Company, other than First National Bank of Nassau County or its successor,
shall not constitute a change in control of the giving rise to payments or
benefits under this Plan.

 

6

 

1.12                           “Children”
means the Participant’s children, or the issue of any deceased Children, then
living at the time payments are due the Children under this Plan.  The term “Children” shall include both
natural and adopted Children.

 

1.13                           “Committee”
means the Committee appointed by the Board to administer the Plan.  The Committee shall consist of (i) two or
more non-employee directors of the Bank or (ii) the entire Board.

 

1.14                           “Effective
Date” of this Plan shall be October 20, 2004.

 

1.15                           “Estate” means the estate of
the Participant.

 

1.16                           “Executive”
means a senior executive officer of the Bank who is selected to participate in
the Plan by the Board of Directors of the Bank.

 

1.17                           “Fair
Market Value” means with respect to Phantom Stock Appreciation Rights, the fair
market value of a share of Phantom Stock, as determined annually by an
Independent Appraiser.  The Fair Market
Value of a share of Phantom Stock on the date of grant shall be set forth in
the Agreement entered into between the Bank and the Participant.  On each Valuation Date during the Measurement
Period, the Independent Appraiser shall determine the Fair Market Value of a
share of Phantom Stock.

 

1.18                           “Holding
Company” means FIRST CAPITAL BANK HOLDING CORPORATION.

 

1.19                           “Independent
Appraiser” means the independent third party appraiser designated by the Committee
to value the shares of Phantom Stock.

 

7

 

1.20                           “Interest
Factor” means monthly compounding or discounting, as applicable, at six percent
(6%) per annum.

 

1.21                           “Measurement
Period” shall mean the period commencing on the date of grant of the Phantom
Stock Appreciation Rights over which the award is valued.  The Measurement Period for each grant shall be
set forth in the Participant’s Agreement.

 

1.22                           “Participant”
means an individual who has been granted an Award under this Plan and who has
executed an Agreement with respect to such Award.

 

1.23                           “Payout
Period” means the time frame during which certain benefits payable hereunder
shall be distributed.  Unless otherwise
indicated herein, payments shall be made in equal monthly installments
commencing within thirty (30) days following the occurrence of the event which
triggers distribution and continuing for the payout period specified in the
participant’s Agreement.  If an election
is made by the Participant to receive benefit payments in a lump sum, the
Payout Period shall be one (1) month.

 

1.24                           “Phantom
Stock” shall mean a hypothetical share of stock of the Holding Company corresponding
in value at any particular time to that proportionate interest in the Fair
Market Value of the Holding Company of one hypothetical share of stock, as
determined by an Independent Appraiser.

 

1.25                           “Phantom
Stock Appreciation Right” shall mean the right of the Participant to receive
the Accrued Benefit equivalent to the increase in value of Phantom Stock over
the Measurement Period.

 

1.26                           “Plan
Year” shall mean the calendar year.

 

1.27                           “Spouse”
means the individual to whom the Participant is legally married at the time of
the Participant’s death.

 

8

 

1.28                           “Supplemental
Benefit” means an annual amount (before taking into account federal and
state income taxes), equal to the annuitized value (using the Interest Factor)
of the Accrued Benefit payable in monthly installments throughout the Payout
Period.

 

1.29                           “Valuation
Date” means for purposes of the first Plan Year, June 30th,
2004.  The Valuation Date shall be
December 31st of every subsequent Plan Year.

 

SECTION II

ELIGIBILITY AND PARTICIPATION

 

2.1                                 Eligibility
and Participation 

 

(a)           Eligibility – Eligibility to
participate in the Plan shall be limited to those employees of the Bank who are
designated by the Board of Directors and who are members of a select group of management
and highly compensated employees within the meaning of Department of Labor
Regulation Section 2520.104-23.

 

(a)           Participation
- An Executive’s participation in the Plan shall be effective upon completion
of an Agreement by the Executive and acceptance of the Agreement by the
Committee.  Participation in the Plan
shall continue until such time as the Executive terminates employment with the
Bank, and as long thereafter as the Executive is eligible to receive benefits
under this Plan.

 

SECTION III

PHANTOM STOCK APPRECIATION RIGHTS AWARDS

 

3.1                                 Grant
of Awards.  The Participants who are
designated to participate in the Plan shall receive from the Committee grants
of Awards of Phantom Stock Appreciation Rights. 
The number of Awards shall be set forth on Exhibit B attached
hereto.  No director, officer, or other
employee of the Bank shall have any right to be granted an Award under this
Plan, as all

 

9

 

Awards granted
hereunder are granted in the sole and absolute discretion of the Committee as
provided herein.

 

3.2                                 Subsequent
Grants.  If specifically authorized
by the Board, the Committee may grant additional awards hereunder to persons
previously receiving awards hereunder or to newly elected or appointed
directors or officers of the Bank on terms established by the Board.

 

3.3                                 Phantom
Stock Agreements.  All Awards shall
be evidenced by an Agreement between the Participant, the Bank, and the Holding
Company.  Such Agreement shall state the
number of Phantom Stock Appreciation Rights awarded to the Participant, shall
be signed by a designated officer or director of the Bank and the Holding
Company and shall incorporate by reference the terms of the Plan.

 

3.4                                 Conversion
of Phantom Stock Appreciation Rights to Supplemental Benefit.  On the last day of the Measurement Period,
the Fair Market Value of the Phantom Stock shall be finally determined.  At the Benefit Eligibility Date, the
Participant’s Accrued Benefit shall be annuitized (using the Interest Factor)
and paid in the form of the Supplemental Benefit over the Payout Period.

 

SECTION IV

BENEFITS

 

4.1                                 Supplemental
Benefit.  If the Participant is in
service with the Bank until reaching the end of his or her Measurement Period,
the Participant shall be entitled to the Supplemental Benefit.  Such benefit shall commence on the
Participant’s Benefit Eligibility Date and shall be payable in monthly
installments throughout the Payout Period. 
In the event the Participant dies at any time after his or her
Supplemental Benefit becomes payable, but prior to completion of all such payments
due and owing hereunder, the Bank shall pay to the Participant’s Beneficiary
the monthly installments or, a continuation of the monthly installments, for
the remainder of the Payout Period.  The
Participant’s Beneficiary may

 

10

 

request in
writing that, within sixty (60) days of the Participant’s death, the amount
payable be paid in a lump sum.  The Board
of Directors, acting in its sole discretion within sixty (60) days of receiving
such request, may approve such request and if approved the lump sum payment
will be made within thirty (30) days of such approval.

 

4.2                                 Death
Prior to end of Measurement Period. 
If the Participant dies prior to the end of his or her Measurement but
while employed at the Bank, the Participant’s Beneficiary shall be entitled to his
vested Accrued Benefit.  The annuitized
value (using the Interest Factor) of the Participant’s vested Accrued Benefit
shall commence within thirty (30) days of the Participant’s death and shall be
payable in monthly installments throughout the Payout Period.  The Participant’s Beneficiary may request in
writing that, within sixty (60) days of the Participant’s death, the amount
payable be paid in a lump sum.  The Board
of Directors, acting in its sole discretion within sixty (60) days of receiving
such request, may approve such request and if approved the lump sum payment
will be made within thirty (30) days of such approval.

 

For these
purposes, during the first five Plan Years of the Plan the Participant shall
vest in his Accrued Benefit as follows: 
one-third (1/3) after thirty-six (36) months; one-third (1/3) after
forty-eight (48) months; and one-third (1/3) after sixty (60)months,  such that the Participant is fully vested in
his Accrued Benefit after five (5) Plan Years as a participant in this Plan.

 

4.3                                 Voluntary
or Involuntary Termination Other Than for Cause.  If the Participant’s employment with the Bank
is voluntarily or involuntarily terminated prior to the end of his or her Measurement
Period, for any reason including Disability and following a Change in Control,
but excluding termination for Cause or the Participant’s death, the Participant
shall be entitled to his or her vested Accrued Benefit rather than the
Supplemental Benefit.  Such benefit will
be paid out over the Payout Period beginning immediately or, in the Board’s
sole discretion, in a lump sum within thirty (30) days of termination of
service.

 

11

 

For these
purposes, during the first five Plan Years of the Plan the Participant shall
vest in his Accrued Benefit as follows: 
one-third (1/3) after thirty-six (36) months; one-third (1/3) after
forty-eight (48) months; and one-third (1/3) after sixty (60)months,  such that the Participant is fully vested in
his Accrued Benefit after five (5) Plan Years as a participant in this Plan.

 

4.5                                 Termination
for Cause.  If the Participant is
terminated for Cause, all benefits under this Plan shall be forfeited and this
Plan shall become null and void.

 

4.6                                 Additional
Death Benefit - Burial Expense.  In
addition to the above-described benefits, upon the Participant’s death, the
Participant’s Beneficiary shall be entitled to receive a one-time lump sum
death benefit in the amount of Ten Thousand ($10,000.00) Dollars.  This benefit shall be provided specifically
for the purpose of providing payment for burial and/or funeral expenses of the
Participant.  Such death benefit shall be
payable within thirty (30) days of the Participant’s death.  The Participant’s Beneficiary shall not be
entitled to such benefit under this Plan if the Participant is terminated for
Cause prior to death.

 

4.8                                 Non-Competition
During and After Service with the Bank.

 

(a)                                  In
consideration of the agreements of the Bank contained herein and of the
payments to be made by the Bank pursuant hereto, each Participant shall agree
that, so long as he or she remains in the service of the Bank, he or she will
not actively engage, either directly or indirectly, in any business or other activity
which is or may be deemed to be in any way competitive with or adverse to the
best interests of the business of the Bank unless the Participant’s
participation therein has been consented to, in writing, by the Board of
Directors.

 

(b)           The Participant
expressly agrees that, as consideration for the covenants of the Bank contained
herein and as a condition to the performance by the Bank of its obligations
hereunder, from and after any voluntary or involuntary termination of
employment, other than a termination of employment in connection with a Change
in Control

 

12

 

pursuant to
Subsection 4.5, and continuing throughout the entire Payout Period, as provided
herein, he or she will not, without the prior written consent of the Bank,
become associated with, in the capacity of an employee, officer, principal,
agent, trustee, or director or in any other capacity whatsoever, any enterprise
conducted in the trading area of the business of the Bank which enterprise is,
or may be deemed to be, competitive with any business carried on by the Bank as
of the date of the termination of the Participant’s service or employment.

 

(c)                                  In
the event of a termination of the Participant’s employment or service related
to a Change in Control pursuant to Subsection 4.4, paragraph (b) of this
Subsection 4.10 shall cease to be a condition to the performance by the Bank of
its obligations under this Plan.

 

SECTION V

BENEFICIARY DESIGNATION

 

The
Participant shall make an initial designation of primary and secondary
Beneficiaries upon execution of his or her Agreement and shall have the right
to change such designation, at any subsequent time, by submitting to the
Administrator in substantially the form attached as Exhibit C to this Plan, a
written designation of primary and secondary Beneficiaries.  Any Beneficiary designation made subsequent
to execution of the Agreement shall become effective only when receipt thereof
is acknowledged in writing by the Administrator.

 

SECTION VI

PARTICIPANT’S RIGHT TO ASSETS

 

The rights of
the Participant, any Beneficiary, or any other person claiming through the
Participant under this Plan, shall be solely those of an unsecured general
creditor of the Bank.  The Participant,
the Beneficiary, or any other person claiming through the Participant, shall
only have the

 

13

 

right to receive from the Bank
those payments so specified under this Plan. 
The Participant agrees that he or she, his or her Beneficiary, or any
other person claiming through him or her shall have no rights or interests
whatsoever in any asset of the Bank, including any insurance policies or
contracts which the Bank may possess or obtain to informally fund this Plan.  Any asset used or acquired by the Bank in
connection with the liabilities it has assumed under this Plan, unless
expressly provided herein, shall not be deemed to be held under any trust for
the benefit of the Participant or his or her Beneficiaries, nor shall any asset
be considered security for the performance of the obligations of the Bank.  Any such asset shall be and remain a general,
unpledged, and unrestricted asset of the Bank.

 

SECTION VII

RESTRICTIONS UPON FUNDING

 

The Bank shall
have no obligation to set aside, earmark or entrust any fund or money with
which to pay its obligations under this Plan. 
The Participant, his or her Beneficiaries or any successor in interest
to him or her shall be and remain simply a general unsecured creditor of the
Bank in the same manner as any other creditor having a general claim for
matured and unpaid compensation.  The
Bank reserves the absolute right in its sole discretion to either purchase
assets to meet its obligations undertaken by this Plan or to refrain from the
same and to determine the extent, nature, and method of such asset
purchases.  Should the Bank decide to
purchase assets such as life insurance, mutual funds, disability policies or
annuities, the Bank reserves the absolute right, in its sole discretion, to
terminate such assets at any time, in whole or in part.  At no time shall the Participant be deemed to
have any lien, right, title or interest in or to any specific investment or to
any assets of the Bank.  If the Bank
elects to invest in a life insurance, disability or annuity policy upon the
life of the Participant, then the Participant shall assist the Bank by freely
submitting to a physical examination and by supplying such additional
information necessary to obtain such insurance or annuities.

 

14

 

SECTION VIII

ALIENABILITY AND ASSIGNMENT PROHIBITION

 

Neither the
Participant nor any Beneficiary under this Plan shall have any power or right
to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or
otherwise encumber in advance any of the benefits payable hereunder, nor shall
any of said benefits be subject to seizure for the payment of any debts,
judgments, alimony or separate maintenance owed by the Participant or his or
her Beneficiary, nor be transferable by operation of law in the event of
bankruptcy, insolvency or otherwise.  In
the event the Participant or any Beneficiary attempts assignment,
communication, hypothecation, transfer or disposal of the benefits hereunder,
the Bank’s liabilities shall forthwith cease and terminate.

 

SECTION IX

ADMINISTRATION

 

9.1                                 Named
Fiduciary and Administrator.  The
Bank shall name a Committee of the Board of Directors as the Named Fiduciary
and Administrator of this Plan.  The
Committee shall consist of not less than three persons.  The Committee shall have the authority to
make, amend, interpret and enforce all appropriate rules and regulations for
the administration of this Plan, as may arise in connection with the Plans.  A majority vote of the Committee members
shall control any decision.

 

9.2                                 Agents.  The Committee may, from time to time, employ
other agents and delegate to them such administrative duties as it sees fit,
and may from time to time consult with counsel who may be counsel to the Bank.

 

9.3                                 Binding
Effect of Decisions.  The decision or
action of the Committee in respect of any question arising out of or in
connection with the administration, interpretation and

 

15

 

application of
the Plans and the rules and regulations promulgated hereunder shall be final
and conclusive and binding upon all persons having any interest in the Plans.

 

9.4                                 Indemnity
of Committee.  The Bank shall
indemnify and hold harmless the members of the Committee against any and all
claims, loss, damage, expense or liability arising from any action or failure
to act with respect to this Plan, except in the case of gross negligence or
willful misconduct.

 

SECTION X

CLAIMS PROCEDURE AND ARBITRATION

 

10.1                           Claims
Procedure.  In the event that benefits
under this Plan are not paid to the Participant (or to his or her Beneficiary
in the case of the Participant’s death) and such claimants feel they are
entitled to receive such benefits, then a written claim must be made to the
Committee within sixty (60) days from the date payments are refused.  The Bank and its Board of Directors shall
review the written claim and, if the claim is denied, in whole or in part, they
shall provide in writing, within ninety (90) days of receipt of such claim,
their specific reasons for such denial, reference to the provisions of this
Plan or the Agreement upon which the denial is based, and any additional
material or information necessary to perfect the claim.  Such writing by the Bank and its Board of
Directors shall further indicate the additional steps which must be undertaken
by claimants if an additional review of the claim denial is desired.

 

If claimants
desire a second review, they shall notify the Committee in writing within sixty
(60) days of the first claim denial. 
Claimants may review this Plan, the Agreement or any documents relating
thereto and submit any issues and comments, in writing, they may feel
appropriate.  In its sole discretion, the
Committee shall then review the second claim and provide a written decision
within sixty (60) days of receipt of such claim.  This decision shall

 

16

 

state the
specific reasons for the decision and shall include reference to specific
provisions of this Plan or the Agreement upon which the decision is based.

 

10.2                           Arbitration.  If claimants continue to dispute the benefit
denial based upon completed performance of this Plan and the  Agreement or the meaning and effect of the
terms and conditions thereof, then claimants may submit the dispute to
mediation in the state of Florida, administered by the American Arbitration Association
(“AAA”)
(or a mediator selected by the parties) in accordance with the AAA’s Commercial
Mediation Rules.  If mediation is not
successful in resolving the dispute, it shall be settled by arbitration
administered by the AAA under its Commercial Arbitration Rules, and judgment on
the award rendered by the arbitrator(s) may be entered in any court having
jurisdiction thereof.

 

SECTION XI

MISCELLANEOUS

 

11.1                           Incapacity
of Recipient.  In the event the
Participant is declared incompetent and a conservator or other person legally
charged with the care of his or her person or Estate is appointed, any benefits
under the Plans to which such Participant is entitled shall be paid to such
conservator or other person legally charged with the care of his or her person
or Estate.

 

11.2                           Unclaimed
Benefit.  The Participant shall keep
the Bank informed of his or her current address and the current address of his
or her Beneficiaries.  The Bank shall not
be obligated to search for the whereabouts of any person.  If the location of the Participant is not
made known to the Bank as of the date upon which any payment of any benefits
may first be made, the Bank shall delay payment of the Participant’s benefit
payment(s) until the location of the Participant is made known to the Bank;
however, the Bank shall only be obligated to hold such benefit payment(s) for
the Participant until the expiration of thirty-six (36) months.  Upon expiration of the thirty-six (36) month
period, the Bank may discharge its obligation by payment to the Participant’s
Beneficiary.  If the location of the
Participant’s Beneficiary is not

 

17

 

made known to
the Bank by the end of an additional two (2) month period following expiration
of the thirty-six (36) month period, the Bank may discharge its obligation by
payment to the Participant’s Estate.  If
there is no Estate in existence at such time or if such fact cannot be
determined by the Bank, the Participant and his or her Beneficiary(ies) shall
thereupon forfeit any rights to the balance, if any, of any benefits provided
for such Participant and/or Beneficiary under this Plan.

 

11.3                           Limitations
on Liability.  Notwithstanding any of
the preceding provisions of the Plans, no individual acting as an employee or
agent of the Bank, or as a member of the Board of Directors shall be personally
liable to the Participant or any other person for any claim, loss, liability or
expense incurred in connection with the Plans.

 

11.4                           Gender.  Whenever in this Plan words are used in the
masculine or neuter gender, they shall be read and construed as in the
masculine, feminine or neuter gender, whenever they should so apply.

 

11.5                           Effect
on Other Corporate Benefit Plans. 
Nothing contained in this Plan shall affect the right of the Participant
to participate in or be covered by any qualified or non-qualified pension,
profit sharing, group, bonus or other supplemental compensation or fringe
benefit Plan constituting a part of the Bank’s existing or future compensation
structure.

 

11.6                           Suicide.  Notwithstanding anything to the contrary in
this Plan, the benefits otherwise provided herein shall not be payable and this
Plan shall become null and void if the Participant’s death results from
suicide, whether sane or insane, within twenty-four (24) months after the
execution of his or her Agreement.

 

11.7                           Inurement.  This Plan shall be binding upon and shall
inure to the benefit of the Bank, its successors and assigns, and the
Participant, his or her successors, heirs, executors, administrators, and
Beneficiaries.

 

18

 

11.8                           Tax
Withholding.  The Bank may withhold
from any benefits payable under this Plan all federal, state, city, or other
taxes as shall be required pursuant to any law or governmental regulation then
in effect.

 

11.9                           Headings.  Headings and sub-headings in this Plan are
inserted for reference and convenience only and shall not be deemed a part of
this Plan.

 

11.10                     No
Effect on Employment or Director Rights. 
Nothing contained herein will confer upon a Participant the right to be
in the employ or service of the Bank nor limit the right of the Bank to
discharge or otherwise deal with the Participant without regard to the
existence of the Plans.

 

11.11                     State
Law.  The Plans are established
under, and will be construed according to, the laws of the State of Florida, to
the extent such laws are not preempted by the Act and valid regulations
published thereunder.

 

11.12                     Severability.  In the event that any of the provisions of
this Plan or portion thereof, are held to be inoperative or invalid by any
court of competent jurisdiction, then: (1) insofar as is reasonable, effect
will be given to the intent manifested in the provisions held invalid or
inoperative, and (2) the validity and enforceability of the remaining
provisions will not be affected thereby.

 

SECTION XII

AMENDMENT/REVOCATION

 

This Plan
shall not be amended, modified or revoked at any time, in whole or part,
without the mutual written consent of the Participant and the Bank, and such
mutual consent shall be required even if the Participant is no longer employed
by the Bank.

 

19

 

SECTION XIII

EXECUTION

 

13.1                           This
Plan sets forth the entire understanding of the parties hereto with respect to
the transactions contemplated hereby, and any previous Plans or understandings
between the parties hereto regarding the subject matter hereof are merged into
and superseded by this Plan.

 

13.2                           This
Plan shall be executed in triplicate, each copy of which, when so executed and
delivered, shall be an original, but all three copies shall together constitute
one and the same instrument.

 

 

[Remainder of page left intentionally blank]

 

20

 

IN WITNESS
WHEREOF, the Bank has caused this Plan to be executed on this 20th day
of October, 2004.

 

 

	
  WITNESS

  	
  FIRST CAPITAL HOLDING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
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  WITNESS

  	
  FIRST
  NATIONAL BANK OF NASSAU COUNTY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
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  Title:

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