Document:

Fourth Amendment to Loan and Security Agreement

 Exhibit 10.1 
 FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT 
 THIS FOURTH AMENDMENT TO LOAN AND SECURITY
AGREEMENT (the “Amendment”) is dated as of December 31, 2007 and is by and between MEDALLION FINANCIAL CORP., a Delaware corporation having an address of 437 Madison Avenue, New York, New York 10022 (the “Borrower”), and
STERLING NATIONAL BANK, a national banking association having an address of 650 Fifth Avenue, New York, New York 10019 (the “Bank”). 
 RECITALS 
 A. The Borrower and the Bank entered into a Loan and Security Agreement dated April 26, 2004 (the
“Original Loan Agreement”), pursuant to which the Bank has agreed to extend certain credit and make certain loans to the Borrower. 
 B. Pursuant to a First Amendment to Loan and Security Agreement dated July 28, 2005 (the “First Amendment”), the Borrower and the Bank amended the Original Loan Agreement by, among other things, extending the Revolving Credit
Termination Date (as defined therein) to June 30, 2006. 
 C. Pursuant to a letter agreement dated June 15, 2006 (the “First
Letter Extension”), the Borrower and the Bank further amended the Original Loan Agreement by, among other things, extending the Revolving Credit Termination Date (as defined therein) to August 31, 2006. 
 D. Pursuant to a Second Amendment to Loan and Security Agreement dated August 14, 2006 (the “Second Amendment”), the Borrower and the Bank
further amended the Original Loan Agreement by, among other things, extending the Revolving Credit Termination Date (as defined therein) to June 30, 2007. 
 E. Pursuant to a letter agreement dated June 27, 2007 (the “Second Letter Extension”), the Borrower and the Bank further amended the Original Loan Agreement by extending the Revolving Credit Termination
Date (as defined therein) to July 31, 2007. 
 F. Pursuant to a Third Amendment to Loan and Security Agreement dated July 31, 2007
(the “Third Amendment”) (the Original Loan Agreement, as amended by the First Amendment, the First Letter Extension, the Second Amendment, the Second Letter Extension and the Third Amendment, is collectively referred to herein as the
“Loan Agreement”), the Borrower and the Bank further amended the Original Loan Agreement by, among other things, extending the Revolving Credit Termination Date (as defined therein) to June 30, 2008. 
 G. The Borrower has requested, and the Bank has agreed to make, certain amendments to the Loan Agreement, all as more fully described herein. 

 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT 
 1. Defined Terms. Except as otherwise indicated herein, all words and terms defined in the Loan Agreement shall have the same meanings when used
herein. 
 2. Merger of Medallion Business Credit, LLC into Borrower. 
 (a) The Borrower represents to the Bank that, effective as of December 31, 2007, Medallion Business Credit, LLC, which was a subsidiary of the
Borrower and a Pledgor under the Security Agreement, has merged with and into the Borrower, with the Borrower being the surviving entity. Attached hereto as Exhibit A are true, correct and complete copies of the documents effecting such
merger, as filed with the Secretary of State of the State of Delaware. 
 (b) The Borrower hereby acknowledges and agrees that all assets of
Medallion Business Credit, LLC that were previously pledged to the Bank as security for the Obligations, including without limitation all Underlying Loans previously held by Medallion Business Credit, LLC and pledged to the Bank, are now by
operation of law the assets of the Borrower, and that such assets continue to be, and hereby are, mortgaged, pledged, hypothecated, transferred and granted to the Bank as security for the Obligations pursuant to Section 3.1 of the Loan
Agreement to the same extent, and with the same effect, as if such assets were owned and held by the Borrower since the date of the Original Loan Agreement. 
 3. Change in Definition of Underlying Loans. The definition of the term “Underlying Loans” set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety as
follows: 
 “Underlying Loans” shall mean all loans, credits, lines of credit and other credit facilities now or hereafter owned and
held by the Borrower or a Pledgor which are listed or identified from time to time on the then most recent Borrowing Base Certificate delivered by the Borrower to the Bank. 
 4. Substitute or Additional Collateral. Section 3.2(a) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 (a)   (i) The Borrower shall have the right, from time to time at its election but subject to the terms of
this Section 3.2 and the other provisions of this Agreement, to add one or more Eligible Underlying Loans to the Collateral pledged to the Bank hereunder and/or to remove one or more Eligible Underlying Loans from the Collateral pledged to the
Bank hereunder. 
 (ii) In connection with the addition of any new Eligible Underlying Loan to the Collateral pledged to the
Bank 

  

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hereunder, the Borrower shall give the Bank at least three (3) Business Days’ prior written notice of the Borrower’s intention to add such new
Eligible Underlying Loan to the Collateral, which notice shall be accompanied by such documents, instruments and other materials as shall be reasonably required by the Bank in order to enable the Bank to assess and evaluate the value and adequacy of
such new Eligible Underlying Loan. The Bank shall be deemed to have approved such addition if the Bank has not objected to same within three (3) Business Days after the Borrower has provided all of the materials required by this clause (A).
Upon the Bank’s approval or deemed approval of each such Eligible Underlying Loan, the same shall automatically (without the need for any further documentation) constitute part of the Collateral for all purposes under this Agreement.

 (iii) No Eligible Underlying Loan shall be removed from the Collateral pledged to the Bank hereunder unless all of the
following conditions are satisfied: 
 (A) No Default or Event of Default then exists hereunder, and no Default of Event of
Default will result from such removal. 
 (B) Immediately after such removal, the aggregate principal amount of all Advances
outstanding under this Agreement will not exceed the lesser of (1) the Maximum Amount or (2) the Borrowing Base (as the Borrowing Base is reduced as a result of the removal of the applicable Eligible Underlying Loan). 
 (C) The Borrower shall have given the Bank at least three (3) Business Days’ prior written notice of the Borrower’s
intention to remove such Eligible Underlying Loan(s), which notice shall be accompanied by a Borrowing Base Certificate effective as of the date of such notice and prepared and calculated as if the Eligible Underlying Loans to be removed had already
been removed. The Bank shall be deemed to have approved such removal if the Bank has not objected to same within three (3) Business Days after the Borrower has provided all of the materials required by this clause (C). 
 5. Amendments to Other Loan Documents. Each of the other Loan Documents is hereby amended to the extent necessary to reflect the amendments to the
terms of the Loan Agreement effected by this Amendment. Without limiting the generality of the foregoing, each of the other Loan Documents shall secure the Revolving Credit Note (as defined below) to the same extent, and with the same effect, as it
secured the Prior Note (as defined below). The Borrower shall take or cause to be taken such actions, and shall execute, deliver, file and/or record or cause to be executed, delivered, filed and/or recorded such documents and other instruments, as
the Bank shall deem to be necessary or advisable in order to confirm, implement or perfect the amendments to the other Loan Documents effected by this Paragraph. 
  

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 6. No Defenses. The Borrower acknowledges that, as of the date hereof, the aggregate outstanding
principal balance under the Revolving Credit Loan is $14,000,000. The Borrower acknowledges and agrees that, as of the date hereof, it has no offsets, counterclaims or defenses of any nature whatsoever to its Obligations to the Bank under the Loan
Agreement or any of the other Loan Documents, and hereby expressly waives and releases any and all claims against the Bank which exist on the date hereof with respect thereto. 
 7. Substitute Note. Concurrently herewith, the Borrower is executing and delivering to the Bank a Substitute Revolving Credit Note in the maximum
principal amount of $20,000,000 (the “Revolving Credit Note”) in substitution for, but not in repayment of, the Substitute Revolving Credit Note dated July 31, 2007 in the maximum principal amount of $20,000,000 previously issued by
the Borrower to the Bank (the “Prior Note”). The execution and delivery by the Borrower of the Revolving Credit Note pursuant to the provisions hereof shall not constitute a refinancing, repayment, accord and satisfaction or novation of
the Prior Note or the indebtedness evidenced thereby. 
 8. Amendments to Guaranty Agreement and Security Agreement. In order to
induce the Bank to enter into this Amendment and to amend the Loan Agreement as provided herein, Medallion Funding Corp. and the Bank are executing a First Amendment to Guaranty Agreement and a First Amendment to Security Agreement to reflect the
provisions of this Amendment. 
 9. Representations and Warranties. In order to induce the Bank to enter into this Amendment and to
amend the Loan Agreement as provided herein, the Borrower hereby represents and warrants to the Bank that: 
 (a) All of the representations
and warranties of the Borrower set forth in the Loan Agreement are true, complete and correct in all material respects on and as of the date hereof with the same force and effect as if made on and as of the date hereof and as if set forth at length
herein. 
 (b) After giving effect to this Amendment, no Event of Default presently exists and is continuing on and as of the date hereof.

 (c) Since the date of the Borrower’s most recent financial statements delivered to the Bank, the Borrower has not experienced a
material adverse effect in its business, operations or financial condition. 
 (d) The Borrower has full power and authority to execute,
deliver and perform any action or step which may be necessary to carry out the terms of this Amendment and this Amendment has been duly executed and delivered by the Borrower and is the legal, valid and binding obligation of the Borrower enforceable
in accordance with its terms, subject to any applicable bankruptcy, insolvency, general equity principles or other similar laws affecting the enforcement of creditors’ rights generally. 
  

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 (e) The execution, delivery and performance of this Amendment will not (i) violate any provision of
any existing law, statute, rule, regulation or ordinance, (ii) conflict with, result in a breach of, or constitute a default under (A) the certificate of incorporation or by-laws of the Borrower, (B) any order, judgment, award or
decree of any court, governmental authority, bureau or agency, or (C) any mortgage, indenture, lease, contract or other material agreement or undertaking to which the Borrower is a party or by which the Borrower or any of its properties or
assets may be bound, or (iii) result in the creation or imposition of any lien or other encumbrance upon or with respect to any property or asset now owned or hereafter acquired by the Borrower, other than liens in favor of the Bank, except, in
the case of clauses (ii) and (iii) above, for any deviation from the foregoing which would not reasonably be expected to have a Material Adverse Effect. 
 (f) No consent, license, permit, approval or authorization of, exemption by, notice to, report to, or registration, filing or declaration with any person is required in connection with the execution, delivery and
performance by the Borrower of this Amendment or the validity thereof or the transactions contemplated thereby, other than (i) filing or recordation of financing statements and like documents in connection with the Liens granted in favor of the
Bank, (ii) those consents, if they were not obtained or made, which would not reasonably be expected to have a Material Adverse Effect and (iii) filings which the Borrower may be obligated to make with the Securities and Exchange
Commission. 
 10. Bank Costs. The Borrower shall reimburse the Bank on demand for all costs, including reasonable legal fees and
expenses and recording fees, incurred by the Bank in connection with this Amendment and the transactions referenced herein. If payment of such costs is not made within ten (10) days of the Bank’s demand therefor, the Bank may, and the
Borrower irrevocably authorizes the Bank to, charge the Borrower’s account with the Bank or make an Advance under the Revolving Credit Loan in order to satisfy such obligation of the Borrower. 
 11. Counterparts. This Amendment may be signed in several counterparts, each of which shall be an original and all of which shall constitute one
and the same instrument. 
 12. No Change. Except as expressly set forth herein, all of the terms and provisions of the Loan Agreement
shall continue in full force and effect. 
 13. Governing Law. This Amendment shall be governed by and construed in accordance with
the laws of the State of New York. 
 [Signatures on next page] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by
their proper and duly authorized officers as of the date set forth on the first page hereof. 
  

			
	MEDALLION FINANCIAL CORP.
		
	By:	 	 /s/ Brian S. O’Leary

	Name:	 	Brian S. O’Leary
	Title:	 	Chief Operating Officer
	
	STERLING NATIONAL BANK
		
	By:	 	 /s/ Richard F. Assaf

	Name:	 	Richard F. Assaf
	Title:	 	Vice President

  

 6CapitalBank Director Deferred Fee Agreement for Wayne Q. Justesen

 EXHIBIT 10.52 
 CAPITALBANK 
 DIRECTOR DEFERRED FEE AGREEMENT 
 THIS AGREEMENT is made this 12th day of August, 2003, by and between CAPITALBANK, a state-chartered commercial bank, located in Greenwood, South Carolina
(the “Company”), and WAYNE Q. JUSTESEN (the “Director”). 
 INTRODUCTION 
 To encourage the Director to remain a member of the Company’s Board of Directors, the Company is willing to provide to the Director a deferred fee
opportunity. The Company will pay the Director’s benefits from the Company’s general assets. 
 AGREEMENT 
 The Director and the Company agree as follows: 
 Article 1 
 Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
  

	 	1.1	“Change of Control” means the first to occur of the following: 

  

	 	   a.	Any person or entity, or any two or more persons or entities acting as a group as defined in Section 13(d)(3) of the Federal Securities and Exchange Act of 1934, shall acquire
ownership of fifty(50%) percent or more of the outstanding voting stock of the Company; or 

  

	 	   b.	The acquisition of , or sale of, all or substantially all of the assets of the Company, except to an Affiliate as defined hereinbelow; or 

  

	 	   c.	The merger of the Company into another entity that is not an Affiliate as defined hereinbelow, and the Company is not the survivor of such merger. For purposes hereof, an
“Affiliate” is any entity controlling, controlled by, or under common control with the Company. For this purpose, “control” means legal or beneficial ownership of fifty (50%) percent or more of the equity or voting interests
in an entity. 

  

	 	1.2	“Code” means the Internal Revenue Code of 1986, as amended. 

	 	1.3	“Crediting Rate 1” means the lesser of 10% or the Wall Street Journal prime rate on the first business day of the Plan Year 

  

	 	1.4	“Deferral Account” means the Company’s accounting of the Director’s accumulated Deferrals plus accrued interest. 

  

	 	1.5	“Deferrals” means the amount of the Director’s Fees, which the Director elects to defer according to this Agreement. 

  

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

  

	 	1.7	“Effective Date” means August 1, 2003. 

  

	 	1.8	“Election Form” means the Form attached as Exhibit 1. 

  

	 	1.9	“Fees” means the total fees payable to the Director during a Plan Year for board meetings and committee meetings. 

  

	 	 1.10
	 “Normal Retirement Age” means the later of the Director’s 60th birthday or the last day of the fifth Plan Year. 

  

	 	1.11	“Normal Retirement Date” means the later of the Normal Retirement Age or Termination of Service. 

  

	 	 1.12
	 “Plan Year” means the twelve month period beginning on August 1st and ending on the following July 31st. 

 

	 	1.13	“Termination of Service” means that the Director ceases to be a member of the Company’s Board of Directors for any reason, voluntary or involuntary, other than
by reason of a leave of absence approved by the Company. 

 Article 2 
 Deferral Election 
 2.1 Initial
Election. The Director shall make an initial deferral election under this Agreement by filing with the Company a signed Election Form within 30 days after the Effective Date of this Agreement. The Election Form shall set forth the amount of Fees
to be deferred and shall be effective to defer only Fees earned after the date the Election Form is received by the Company. The minimum deferral permitted by the Director under this Agreement is 25% of the 

  

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Director’s Fees. 
 2.2 Election
Changes 
 2.2.1 Generally. Upon the Company’s approval, the Director may modify the amount of Fees to
be deferred annually by filing a new Election Form with the Company prior to the beginning of the calendar in which the Fees are to be deferred. The modified deferral election shall not be effective until the calendar year following the year in
which the subsequent Election Form is received and approved by the Company. 
 2.2.2 Hardship. If an unforeseeable
financial emergency arising from the death of a family member, divorce, sickness, injury, catastrophe or similar event outside the control of the Director occurs, the Director, by written instructions to the Company, may reduce future deferrals
under this Agreement. 
 Article 3 
 Deferral Account 
 3.1 Establishing and Crediting. The Company shall establish a Deferral Account on its books for
the Director and shall credit to the Deferral Account the following amounts: 
 3.1.1 Deferrals. The Fees deferred by
the Director as of the time the Fees would have otherwise been paid to the Director. 
 3.1.2 Interest. At the end of
each Plan Year under this Agreement and immediately prior to the payment of any benefits, but only until commencement of the benefit payments under this Agreement, unless otherwise stated, interest is to be credited on the account balance at an
annual rate equal to Crediting Rate 1, compounded monthly. 
 3.2 Statement of Accounts. The Company shall provide to the Director,
within 120 days after the end of each Plan Year, a statement setting forth the Deferral Account balance. 
 3.3 Accounting Device
Only. The Deferral Account is solely a device for measuring amounts to be paid under this Agreement. The Deferral Account is not a trust fund of any kind. The Director is a general unsecured creditor of the Company for the payment of benefits.
The benefits represent the mere Company promise to pay such benefits. The Director’s rights are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the
Director’s creditors. 
 Article 4 
 Benefits During Lifetime 
 4.1 Normal Retirement Benefit. Upon the Normal Retirement Date, the
Company shall pay 

  

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to the Director the benefit described in this Section 4.1 in lieu of any other benefit under this Agreement. 
 4.1.1 Amount of Benefit. The benefit under this Section 4.1 is the Deferral Account balance at the Director’s Normal
Retirement Date. 
 4.1.2 Payment of Benefit. The Company shall pay the benefit to the Director in one hundred twenty
equal monthly installments commencing with the month following the Director’s Normal Retirement Date. The Company shall credit interest at an annual rate of four percent (4.0%), compounded monthly, on the remaining account balance during any
applicable installment period. 
 4.2 Early Retirement Benefit. Upon Termination of Service prior to the Normal Retirement Age for
reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement. 
 4.2.1 Amount of Benefit. The benefit under this Section 4.2 is the Deferral Account balance at the Director’s
Termination of Service plus interest, as defined in Section 4.2.2, from the Director’s Termination of Service to the Normal Retirement Age. 
 4.2.2 Payment of Benefit. The Company shall pay the benefit to the Director in one hundred twenty equal monthly installments commencing with the month following the Director’s Normal Retirement Age. The
Company shall credit interest at an annual rate of four percent (4.0%), compounded monthly,] on the remaining account balance from Termination of Service through any applicable installment period. 
 4.3 Disability Benefit. If the Director terminates service as a Director due to Disability prior to Normal Retirement Age, the Company shall pay
to the Director the benefit described in this Section 4.3 in lieu of any other benefit under this Agreement. 
 4.3.1
Amount of Benefit. The benefit under this Section 4.3 is the Deferral Account balance at the Director’s Termination of Service. 
 4.3.2 Payment of Benefit. The Company shall pay the benefit to the Director in one hundred twenty equal monthly installments commencing with the month following the Director’s Termination of Service. The
Company shall credit interest at an annual rate of four percent (4.0%), compounded monthly, on the remaining account balance during any applicable installment period. 
 4.4 Change of Control Benefit. Upon a Change of Control, the Company shall pay to the Director the benefit described in this Section 4.4 in lieu of any other benefit under this Agreement. 
 4.4.1 Amount of Benefit. The benefit under this Section 4.4 shall be the Deferral Account balance at the Director’s
Termination of Service. 
  

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 4.4.2 Payment of Benefit. The Company shall pay the benefit to the Director in a
lump sum within 60 days after the Director’s Termination of Service. 
 4.5 Hardship Distribution. Upon the Board of
Director’s determination (following petition by the Director) that the Director has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Director all or a portion of the Deferral
Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship. 
 Article 5 
 Death Benefits 
 5.1 Death During Active Service. If the Director dies while in the active service of the Company, the Company shall pay to the Director’s beneficiary the benefit described in this Section 5.1 in lieu
of any other benefit under this Agreement. 
 5.1.1 Amount of Benefit. The benefit under this Section 5.1 is the
Deferral Account balance at the Director’s death. 
 5.1.2 Payment of Benefit. The Company shall pay the benefit
to the beneficiary in a lump sum within 60 days following the Director’s death. 
 Article 6 
 Beneficiaries 
 6.1 Beneficiary
Designations. The Director shall designate a beneficiary by filing a written designation with the Company. The Director may revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if
signed by the Director and acknowledged by the Company during the Director’s lifetime. The Director’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director or if the Director names a
spouse as beneficiary and the marriage is subsequently dissolved. If the Director dies without a valid beneficiary designation, all payments shall be made to the Director’s estate. 
 6.2 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the
disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Company may require proof of incompetence,
minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit. 
 Article 7 
 General Limitations 

  

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 7.1 Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the
Company shall not pay any benefit under this Agreement that is in excess of the Director’s Deferrals (i.e. the interest earned on the Deferral Account) if the Company terminates the Director’s service for: 
 (a) Gross negligence or gross neglect of duties to the Company; 
 (b) Commission of a felony or of a gross misdemeanor involving moral turpitude in connection with the Director’s service to the
Company; or 
 (c) Fraud, disloyalty, dishonesty or willful violation of any law or significant Company policy committed in
connection with the Director’s service and resulting in an adverse effect on the Company. 
 The Director’s Deferrals shall be paid to the Director
in a manner to be determined by the Company. No interest shall be credited on the Deferrals during any applicable installment period. 
 Article 8 
 Claims and Review Procedures 
 8.1 Claims Procedure. An Director or beneficiary (“claimant”) who has not received benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as
follows: 
 8.1.1 Initiation – Written Claim. The claimant initiates a claim by submitting to the Company a
written claim for the benefits. 
 8.1.2 Timing of Company Response. The Company shall respond to such claimant
within 90 days after receiving the claim. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional 90 days by notifying the claimant in
writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 
 8.1.3 Notice of Decision. If the Company denies part or all of the claim, the Company shall notify the claimant in writing
of such denial. The Company shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 8.1.3.1 The specific reasons for the denial, 
 8.1.3.2 A reference to the specific provisions
of the Agreement on which the denial is based, 
  

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 8.1.3.3 A description of any additional information or material necessary for the
claimant to perfect the claim and an explanation of why it is needed, 
 8.1.3.4 An explanation of the Agreement’s review
procedures and the time limits applicable to such procedures, and 
 8.1.3.5 A statement of the claimant’s right to bring
a civil action under ERISA Section 502(a) following an adverse benefit determination on review. 
 8.2 Review Procedure.
If the Company denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Company of the denial, as follows: 
 8.2.1 Initiation – Written Request. To initiate the review, the claimant, within 60 days after receiving the
Company’s notice of denial, must file with the Company a written request for review. 
 8.2.2 Additional
Submissions – Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information relating to the claim. The Company shall also provide the claimant, upon request and
free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 
 8.2.3 Considerations on Review. In considering the review, the Company shall take into account all materials and information
the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 8.2.4 Timing of Company Response. The Company shall respond in writing to such claimant within 60 days after receiving the request for review. If the Company determines that special circumstances require
additional time for processing the claim, the Company can extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of
extension must set forth the special circumstances and the date by which the Company expects to render its decision. 
 8.2.5
Notice of Decision. The Company shall notify the claimant in writing of its decision on review. The Company shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

 8.2.5.1 The specific reasons for the denial, 
 8.2.5.2 A reference to the specific provisions of the Agreement on which the denial is based, 
  

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 8.2.5.3 A statement that the claimant is entitled to receive, upon request and free of
charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits, and 
 8.2.5.4 A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 
 Article 9 
 Amendments and
Termination 
 This Agreement may be amended or terminated only by a written agreement signed by the Company and the Director.

 Notwithstanding the previous paragraph in this Article 9, the Company may amend or terminate this Agreement at any time if, pursuant to
legislative, judicial or regulatory action, continuation of the Agreement would (i) cause benefits to be taxable to the Director prior to actual receipt, or (ii) result in significant financial penalties or other significantly detrimental
ramifications to the Company (other than the financial impact of paying the benefits). In no event shall this Agreement be terminated under this section without payment to the Director of the Deferral Account balance attributable to the
Director’s Deferrals and interest credited on such amounts. 
 Article 10 
 Miscellaneous 
 10.1 Binding Effect. This Agreement shall bind the
Director and the Company, and their beneficiaries, survivors, executors, administrators and transferees. 
 10.2 No Guarantee of
Service. This Agreement is not a contract for services. It does not give the Director the right to remain in the service of the Company, nor does it interfere with the shareholders’ rights to replace the Director. It also does not require
the Director to remain in the service of the Company nor interfere with the Director’s right to terminate services at any time. 
 10.3
Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner. 
 10.4 Tax Withholding. The Company shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 
 10.5 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of South Carolina, except to the extent preempted by the laws of the United States of America. 

 

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 10.6 Unfunded Arrangement. The Director and the Director’s beneficiary are general unsecured
creditors of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Director’s life is a general asset of the Company to which the Director and the Director’s beneficiary have no preferred or secured claim.

 10.7 Reorganization. The Company shall not merge or consolidate into or with another company, or reorganize, or sell substantially
all of its assets to another company, firm, or person unless such succeeding or continuing company, firm, or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term
“Company” as used in this Agreement shall be deemed to refer to the successor or survivor company. 
 10.8 Entire Agreement.
This Agreement constitutes the entire agreement between the Company and the Director as to the subject matter hereof. No rights are granted to the Director by virtue of this Agreement other than those specifically set forth herein. 

10.9 Administration. The Company shall have powers which are necessary to administer this Agreement, including but not limited to: 

(a) Interpreting the provisions of the Agreement; 
 (b) Establishing and revising the method of accounting for the Agreement; 
 (c) Maintaining a record of benefit payments; and 
 (d) Establishing rules and prescribing any forms necessary or desirable to administer the Agreement. 
 10.10 Named Fiduciary. The Company shall be the named fiduciary and plan administrator under the Agreement. The named fiduciary may delegate to
others certain aspects of the management and operation responsibilities of the plan including the Service of advisors and the delegation of ministerial duties to qualified individuals. 
 IN WITNESS WHEREOF, the Director and a duly authorized Company officer have signed 

  

 9 

 
this Agreement. 
  

					
	Director	 	Company
		
		 	CAPITALBANK
			
	 /s/ Wayne Q. Justesen
	 	By	 	 /s/ R. Wesley Brewer

	WAYNE Q. JUSTESEN	 	Title	 	CFO

  

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