Document:

Offer of Employment to Carol B. Yochem

 Exhibit 10.4 
 August 3, 2005 
 Carol Yochem 
 1208 Nichol Lane

 Nashville, Tennessee 37205 
 Dear Carol: 
 I am pleased to extend to you an offer of employment for the position of Manager, Wealth Management. The position will be located in Raleigh, North Carolina and will
report directly to me. As discussed, a starting date is anticipated to be on or before September 19, 2005. Following are the specifics of this offer as discussed by phone: 
 Base Salary: 
 $38,333.34 per month ($460,000.00 annualized) 
 Corporate Title: 
 Executive Vice President, subject to approval by
the Board of Directors at the first meeting immediately following your effective date of employment 
 Guaranteed Bonus: 
 On your date of hire, the Bank will pay to you a guaranteed bonus in the amount of $135,000.00. Assuming your continued employment, the Bank will pay to you a bonus of
$135,000.00 on your one-year employment anniversary. These bonus payments made to you will be subject to all deductions and withholdings as required by law. All payments will be made within thirty days following the designated payment dates.

 Country Club Membership and Luncheon Club Membership: 
 The Bank will provide you with reasonable memberships and will adjust your base pay accordingly to cover monthly dues. 
 Employee Consultation,
Post-Retirement Non-Competition and Death Benefit Agreement: 
 Following your date of hire, the Bank will provide to you for execution an Employee
Consultation, Post-Retirement Non-Competition and Death Benefit Agreement that provides a monthly benefit payment, beginning with your retirement at age 65 or as otherwise agreed by you and the Bank, equal to 30% of the base salary stated in the
Agreement payable to you, or, on your death before payment to, your named beneficiary, over a maximum 10-year period. This benefit is subject to the approval by the Board of Directors at the first meeting immediately following your effective date of
employment. You have previously been provided a copy which is substantially as the Agreement will be; however, the Agreement will be subject to change to comply with the new Internal Revenue Service Deferred Compensation rules. 
 Severance Benefit: 
 If your position with the Bank is eliminated,
your employment with the Bank is terminated at any time by the Bank for any reason other than for “cause,” or a “termination event” (as defined below) occurs, the Bank will pay to you severance in an amount equal to: 

 

			
	 Employment Year
	  	Benefit Amount
	 Year 1
	  	Three times your annual base salary rate in effect on the date paid
	 Year 2
	  	Two times your annual base salary rate in effect on the date paid
	 Year 3 and thereafter
	  	One times your annual base salary rate in effect on the date paid

  
  

 This severance payment will be made as a lump sum and within thirty (30) days of the effective date of your
termination. Any severance payments made to you will be subject to all deductions and withholdings as required by law. 
 For purposes of this letter, the
Bank shall have “cause” to terminate your employment upon a determination by the Bank, in good faith, that you have violated in any material respect any of the terms of the Bank’s Code of Ethics or other policies and procedures,
failed in any material respect to perform or discharge the duties or responsibilities of your position, or engaged in conduct involving moral turpitude, willful misconduct, or conduct which is detrimental in any material respect to the standing,
reputation, or business prospects of the Bank or which likely will have a material adverse effect on the Bank’s business or reputation. 
 For purposes
of this letter, a “termination event” shall be deemed to have occurred if, without your express written consent (1) your base salary rate is reduced below the annual rate set forth in this letter, (2) your life insurance, medical
or hospitalization insurance, disability insurance or similar plans or benefits (including any retirement plan) provided to you by the Bank are reduced in their level, scope or coverage, or any such insurance, plans or benefits are eliminated
without being replaced with substantially similar plans or benefits, unless such reduction or elimination applies proportionately to all salaried employees of the Bank who participated in such plans or benefits, (3) you are transferred to a job
location which is more than 30 miles (by most direct highway route) from your principal work location, or (4) your employment is changed in any material respect such that you no longer serve in the position of Manager, Wealth Management or in a
position with similar duties. 
 Relocation: 
 The Bank
will gross up taxable relocation expenses paid directly to you or on your behalf to a third party. 
 Relocation Bonus: 
 The Bank will pay to you a net amount of $10,000.00 as a relocation bonus, payable on or soon after your first date of employment. 
 Movement of Household Goods: 
 We will provide packing and
moving of your household goods from Nashville, Tennessee to the Raleigh, North Carolina area. This benefit must be exercised and processed within one year of the start date in your new position. After your acceptance, your Relocation Coordinator,
Pamela Sutterfield, will contact you to coordinate the details. 
 Closing Costs: 
 Current Residence — We will provide the option for the Bank to purchase your home through Carolina Relocation Group (CRG), subject to the normal terms with CRG. Should you choose to sell your home
without CRG assistance, we will pay realtor fees (up to 6% of the sales price) on the sale of your home in Nashville. This benefit must be exercised and processed within one year of your start date in the new position. 
 New Residence — We will provide reimbursement of reasonable and customary closing costs associated with the purchase of your new home in the Raleigh
area. These costs include application fee, loan origination fee, attorney fee, title search, termite inspection, appraisal and credit report. Excluded are interest, discount points and escrow items such as insurance premiums and property tax. This
benefit must be exercised and processed within one year of start date in your new position. 
 House Hunting Trip: 
 We will provide two house hunting trips to include reasonable and customary expenses for lodging, transportation and meals for you and your family. 
 Temporary Housing: 
 We will provide up to ninety
(90) days of temporary housing in the Raleigh area. 
  

 Temporary Storage: 
 We will provide up to ninety (90) days of temporary household storage. 
 Limitations on Severance Payments: Tax Law/Regulatory Limitations

 Although at present the Bank believes the severance payments proposed in this letter comply with all applicable authority, the Bank cannot make any
severance payment which it reasonably determines would violate any applicable law, rule, regulation, order, or policy statement issued by any authority having jurisdiction over the Bank at the time of payment. Any severance payments provided for in
this letter must be reduced to such an amount; or, if necessary, eliminated altogether, so that they do not cause one of the results described herein. 
 You
will be eligible to participate in Medical, Vision, Dental, Life Insurance, Accidental Death and Dismemberment Insurance, Long Term Disability and Short Term Disability benefits on the first of the month following a full calendar month of
employment. You will also be eligible to participate in the Capital Accumulation Plan [401(k) plan] on the first of the month following your first full calendar month of employment. Eligibility to receive employer matching contributions in this plan
will begin after twelve (12) months of employment in which you work at least 1,000 hours during the course of the twelve-month period. You will also become a participant in the Defined Benefit Plan. Your participation in the Plan will begin on
January 1 of the first year in which you work at least 1,000 hours. This Plan fully vests after completing five years employment in which you work at least 1,000 hours in each of those years. 
 You will be eligible for the Paid Time Off (PTO) program effective the first of the month following a full month of employment. During 2005, you will accrue sixteen
(16) hours per month. You may take any or all of the 2005 forecasted account of hours at any time during 2005 after the effective date as a participant. Assuming a start date of September 19, 2005, your 2005 PTO account would be 48 hours.

 If you voluntarily leave First Citizens Bank within 24 months of your start date, you will be responsible for refunding to First Citizens Bank, on a pro
rata basis, the relocation expenses paid directly to you (but not the relocation bonus). The refundable amount must be reimbursed on or before your last day of employment. 
 Please be aware that on your first date of employment, you will be required to execute a Dual Employment Agreement between First Citizens Bank and First Citizens Investor Services, Inc. This Agreement will allow you
to perform such duties for First Citizens Bank as may be assigned, and to perform such duties for First Citizens Investor Services as customarily are performed by one holding the position of a registered representative in a retail securities
brokerage firm. 
 This offer is contingent upon our receipt of satisfactory references, background check, including fingerprinting, and a negative drug
test. You will need to contact Strategic Staffing at (919)716-7177 within 24 hours of your acceptance to schedule your pre-employment activities. 
 If you
have questions regarding this offer, you may contact Lou Davis at (919)716-2541 or me at (919)716-7215. Please indicate your acceptance of our offer by signing and dating this offer letter, and return it to me in the self addressed stamped envelope
provided by August 5, 2005. A copy of this offer letter is provided for your records. 
 I look forward to hearing from you, Carol. 
  
 Sincerely, 
 James B. Hyler, Jr. 
 Vice Chairman 
 First Citizens
Bank 
 cc: Lou J. Davis 
  

 Acceptance Acknowledgement: 
 I have read and hereby accept the terms of this offer of employment. 
  

					
			
	/S/    CAROL YOCHEM	  		  	  
	 Carol Yochem
	  		  	DateEmployee Agreement with Carol B. Yochem

 Exhibit 10.5 
 EMPLOYEE CONSULTATION, POST-RETIREMENT, NON-COMPETITION AND 
 DEATH BENEFIT AGREEMENT

 THIS EMPLOYEE CONSULTATION, POST-RETIREMENT NON-COMPETITION AND DEATH BENEFIT AGREEMENT (“Agreement”) is made and
entered into effective as of the 14th day of September, 2005 (“Effective Date”), by and between FIRST-CITIZENS BANK & TRUST COMPANY, a North Carolina banking corporation with its principal office in Raleigh, North Carolina
(“Employer”) and CAROL B. YOCHEM (“Employee”); 
 W I T N E S S E T H 
 WHEREAS, Employee is an employee of Employer who has provided guidance, leadership and direction in the growth, management and development of
Employer and has learned trade secrets, confidential procedures and information, and technical and sensitive plans of Employer; and, 
 WHEREAS, Employer desires to limit Employee’s availability to other employers or entities which are in competition with Employer following Employee’s retirement from employment with Employer; and, 
 WHEREAS, Employer has offered to Employee a non-competition arrangement and a consultation arrangement together with a death benefit arrangement
for Employee’s designated beneficiary or estate, as applicable, and the parties hereto have reached an agreement concerning those arrangements and other matters contained herein and desire to set forth the terms and conditions thereof.

 NOW, THEREFORE, for and in consideration of the mutual promises and undertakings herein set forth, Employee and Employer hereby
agree as follows: 
 1. Consultation Payments. Following Employee’s “Retirement” (as defined below) from
Employee’s employment with Employer on the Retirement Date (as defined below), Employer shall pay to Employee the sum of TWO THOUSAND EIGHT HUNDRED SEVENTY-FIVE and 00/100 Dollars ($2,875.00) per month, beginning six months and one week
after Employee’s Retirement for a period of ten (10) years following Employee’s Retirement or until Employee’s death, whichever first occurs (“Consultation Payments”). Such 

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

 If Employee should die during the ten-year period during which Consultation Payments are being made under this Paragraph 1, then
those payments shall terminate and future payments, if any, shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in accordance with the provisions of Paragraph 3 of this Agreement. 
  

 2 

 As used in this Agreement, the term “Retirement” shall mean a termination of Employee’s
employment with Employer which is treated as a “retirement” under the terms of Employer’s defined benefit pension plan, and which occurs no later than the last day of the calendar month in which Employee attains the age of sixty-five
(65) (the “Retirement Date”), or such other termination of Employee’s employment as Employer and Employee shall agree in writing to treat as “Retirement" for purposes of this Agreement. Employer and Employee hereby
acknowledge that compulsory retirement is not enforceable except as provided by law. Employer and Employee further agree that no provision herein shall be construed as requiring Employee’s retirement except as may now or hereafter be permitted
by law. 
 2. Non-competition Payments. Following Employee’s Retirement from his employment with Employer on the
Retirement Date, Employer shall pay to Employee the sum of EIGHT THOUSAND SIX HUNDRED TWENTY-FIVE and 00/100 Dollars ($8,625.00) per month, beginning six months and one week after Employee’s Retirement for a period of ten (10) years
following Employee’s Retirement or until Employee’s death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee’s agreement in this Paragraph 2 (Employee’s “Covenant Not To
Compete”). Payments hereunder (“Non-competition Payments”) shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income or other taxes or assessments, if any, applicable on
those payments. 
 For and in consideration of monthly Non-competition Payments to Employee, Employee agrees not to become an officer or
employee of, provide any consultation to, nor participate in any manner with, any other entity of any type or description involved in any major element of business which Employer is performing at the time of Employee’s Retirement, nor will
Employee perform or seek to perform any consultation or other type of work or service with any other firm, person or entity, directly or indirectly, in any such business which competes with Employer, whether done directly or indirectly, in
ownership, consultation, employment or otherwise. Employee agrees not to reveal to outside sources, without the consent of Employer, any matters, the revealing of which could, in any manner, adversely affect or disclose Employer’s business or
any part thereof, unless required by law to do so. This Covenant Not To Compete by Employee is limited to the geographic area consisting of each county or like jurisdictional entity in which either Employer or any banking or investment entity owned
directly or indirectly by the 

  

 3 

 
parent of Employer shall maintain a banking or other business office at the time of Employee’s Retirement, shall exist for and during the term of all
payments to be made under this Paragraph 2, whether made directly by Employer or as otherwise provided herein, and shall not prevent Employee from purchasing or acquiring, as an investor only, a financial interest of less than 5% in a business or
other entity which is in competition with Employer. 
 Employee acknowledges that the remedy at law for breach of Employee’s Covenant
Not To Compete will be inadequate and that Employer shall be entitled to injunctive relief as to any violation thereof; however, nothing herein shall be construed as prohibiting Employer from pursuing any other remedies available to it, in addition
to injunctive relief, whether at law or in equity, including the recovery of damages. In the event Employee shall breach any condition of Employee’s Covenant Not To Compete, then Employee’s right to any of the payments becoming due under
Paragraphs 1 and 2 of this Agreement after the date of such breach shall be forever forfeited and the right of Employee’s designated beneficiary(ies) or Employee’s estate to any payments under this Agreement shall likewise be forever
forfeited. This forfeiture is in addition to and not in lieu of any of the above-described remedies of Employer and shall be in addition to any injunctive or other relief as described herein. Employee further acknowledges that any breach of
Employee’s Covenant Not To Compete shall be deemed a material breach of this Agreement. 
 Notwithstanding the foregoing, if Employer
determines that the Non-Competition Payments are compensation for other than payments for Non-competition, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments,
if any, under the applicable tax law, the said payments shall be subject to the required withholdings. 
 If Employee should die during the
ten-year period during which Non-competition Payments are being made under this Paragraph 2, then those payments shall terminate and future payments, if any, shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in
accordance with the provisions of Paragraph 3 of this Agreement. 
 3. Continuation of Payments. Following
Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 above, the sum of ELEVEN THOUSAND FIVE HUNDRED and 00/100 Dollars ($11,500.00) per month shall be paid to such individual or individuals as Employee shall
have designated in writing as his 

  

 4 

 
beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first
calendar month following the date of Employee’s death and continuing thereafter until the expiration of said original ten-year period. Once the Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as
otherwise provided herein, the maximum payment period under this Agreement shall be ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income
and other taxes and assessments, if any, applicable on those payments. 
 Notwithstanding the foregoing, if Employer determines that the
Consultation Payments and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax
law, said payment shall be subject to the required withholdings. 
 4. Death Benefits. In the event Employee dies while
employed by Employer prior to Employee’s Retirement Date or dies within six months and one week after Employee’s Retirement Date, Employer will pay the sum of ELEVEN THOUSAND FIVE HUNDRED and 00/100 Dollars ($11,500.00) per month for
a period of ten (10) years, to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as
applicable. The first payment shall be made not later than two months following Employee’s death. Payments under this Paragraph 4 shall be payable each month without deductions and the recipient shall be solely responsible for the payment
of all income and other taxes and assessments, if any, applicable on those payments. 
 Notwithstanding the foregoing, if Employer determines
that the Consultation Payments and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the
applicable law, said payments shall be subject to the required withholdings. 
 5. Forfeiture of Benefits. This Agreement
is subject to termination by Employer at any time and without stated cause. In the event Employer shall terminate this Agreement, Employee shall forfeit all rights to receive any payment provided for herein. 

  

 5 

 
Likewise, in the event Employee’s employment is terminated, either voluntarily or involuntarily, for reasons other than his death or Retirement,
Employee shall forfeit all rights to receive any payment provided for herein. Employee acknowledges and agrees that any benefit provided for herein is merely a contractual benefit and that nothing contained herein shall be construed as conferring
upon Employee any vested benefits or any vested rights to receive any payment provided for herein and that any and all payments provided for herein shall be subject to a substantial risk of forfeiture until such time as said payments are actually
made by Employer. 
 6. Claims Procedure. Any claim for benefits under this Agreement shall be made in writing to Employer. If
any claim for benefits under this Agreement is wholly or partially denied, notice of the decision shall be furnished to the claimant within a reasonable period of time, not to exceed 90 days after receipt of the claim by Employer, unless special
circumstances require an extension of time for processing the claim. If such an extension of time is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 90-day period. In no event
shall such extension exceed the period of 90 days from the end of such initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date on which the administrator expects to render a decision.

 Employer shall provide every claimant who is denied a claim for benefits written notice setting forth, in a manner calculated to be
understood by the claimant, the following: (i) specific reasons for the denial; (ii) specific reference to pertinent provisions upon which the denial is based; (iii) a description of any additional material or information necessary
for the claimant to perfect the claim and an explanation of why such material or information is necessary; and (iv) an explanation of the Agreement’s claims review procedure as set forth below. 
 The claimant may appeal the denial of his claim to Employer for a full and fair review. A claimant (or his duly authorized representative) may request a
review by filing a written application for review with Employer or its designee (the “Reviewer”) at any time within 60 days after receipt by the claimant of written notice of the denial of his claim. The claimant or his duly authorized
representative may request, upon written application to Employer, to review pertinent documents, and submit issues and comments in writing. 
  

 6 

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

  

 7 

 
Employee’s designee by Employer. This Agreement shall not be construed as a contract of employment nor does it restrict the right of Employer to
discharge Employee at will or the right of Employee to terminate said Employee’s employment at will. 
 Employer may, in its sole
discretion, purchase an insurance policy on the life of Employee to fund or assist in the funding of this Agreement. Employee agrees to promptly supply to Employer and its selected or prospective insurance carrier, upon request, any and all
information requested, in order to enable the insurance carrier to evaluate the risks involved in providing the insurance requested by Employer. Any and all rights to any and all benefits under such insurance policy on the life of Employee shall be
solely the property of Employer and all proceeds of such policy shall be payable by the insurer solely to Employer, as owner of such policy. Employee specifically waives any rights in any insurance policy on Employee’s life owned by Employer
pursuant to this Agreement. Such policy shall not serve in any way as security to Employee for Employer’s performance under this Agreement. The rights accruing to Employee or any designee hereunder shall be solely those of an unsecured creditor
of Employer and shall be subordinate to the rights of the depositors of Employer. 
 Employer may, in its sole discretion, discharge its
liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) or Employee’s estate at any time by the purchase of an annuity from a reputable insurance or similar company authorized to do, and doing, business in
North Carolina and the assignment of the rights under said annuity to the benefit of Employee, Employee’s designated beneficiary(ies) or Employee’s estate. If this option is exercised by Employer, all rights accruing to Employee,
Employee’s designated beneficiary(ies) or Employee’s estate hereunder shall be governed solely by the annuity contract and any election made under said annuity contract; and Employer shall be fully discharged from any further liabilities
to Employee, Employee’s designated beneficiary(ies) or Employee’s estate under this Agreement. 
 Employer may, in its sole
discretion, discharge its liabilities under this Agreement to Employee, Employee’s designated beneficiary(ies) or Employee’s estate at any time by determining the present value of the payments due hereunder, said amount to be determined by
the use of the U.S. Government bond rate for the nearest year applicable to the time of the payments due hereunder for the present value computation, and once determined, by payment of 

  

 8 

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

  

 9 

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

 10 

 17. Invalid Provision. The invalidity or unenforceability of any particular provision of
this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision were not contained herein. 
 18. Governing Law. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of North
Carolina. 
 19. Entire Agreement. This Agreement contains the entire agreement and understanding of the parties with respect
to the subject matter hereof and supersedes and replaces any and all prior agreements and understandings, whether oral or written, with respect to the subject matter hereof. 
 IN TESTIMONY WHEREOF, Employer has caused this Agreement to be executed in its corporate name by its Executive Vice President, and attested by its
Secretary/Assistant Secretary, all by the authority of its Board of Directors duly given, and Employee has hereunto set his hand and adopted as his seal the typewritten word “SEAL” appearing beside his name, as of the day and year first
above written. 
 This the ______ day of October 2005. 
  

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

																					
	ATTEST:	 		 		 		 		 		 		 		 	
										
	/S/    LEE HARDEMAN	 		 		 		 		 		 		 		 		 	
	Assistant Secretary	 		 		 		 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	
											
		 		 		 		 		 		 		 		 		 	/S/    CAROL B. YOCHEM	 	(SEAL)
		 		 		 		 		 		 		 		 	Carol B. Yochem	 	

  

 11 

 DESIGNATION OF BENEFICIARY 
 Pursuant to the terms of the Employee Consultation, Post-Retirement Non-Competition and Death Benefit Agreement, dated as of September 14, 2005,
between me and FIRST-CITIZENS BANK & TRUST COMPANY, I hereby designate the following beneficiary(ies) to receive any payments which may be due under such Agreement after my death. 
 Primary Beneficiary(ies): (If more than one is listed, it is assumed that Employee intends for all Primary Beneficiaries to share in payments as
co-beneficiaries in the percentages listed, or equally if no percentages are listed, rather than as alternative or contingent beneficiaries or in any order of listing or otherwise.) 
  

				
		  	            	%
	 	  	 	 
		
		  	            	%
	 	  	 	 
		
		  	            	%
	 	  	 	 

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

				
		  	            	%
	 	  	 	 
		
		  	            	%
	 	  	 	 
		
		  	            	%
	 	  	 	 

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

 

									
	Date:	 	  	 		 	  	 	  
		 		 		 	Carol B. Yochem
				
	  	 		 		 	
	Witness	 		 		 	
				
		 		 		 	Acknowledged by:
				
		 		 		 	  
					
		 		 		 	Title:	 	  
					
		 		 		 	Date:	 	, 20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}]]