Document:

EXHIBIT 10.6

 Exhibit 10.6 
 FIRST AMENDMENT TO THE 
 FIDELITY BANKSHARES, INC. 
 2002 INCENTIVE STOCK BENEFIT PLAN 
 Pursuant to Section 15 of the Fidelity Bankshares, Inc. 2002 Incentive Stock Benefit Plan (the “2002 Plan”), the 2002 Plan is hereby amended, effective as of December 29, 2005, as follows: 
  

	 	1.	By adding the following sentence at the end of Section 7(a) of the 2002 Plan: 

 “No tendered shares of Common Stock shall be accepted for exchange unless the participant has held such shares for at least six months prior to the exchange.” 
  

	 	2.	By adding the following sentence after the second paragraph of Section 11 of the 2002 Plan: 

 “Notwithstanding anything in the Plan to the contrary, no provision of the Plan shall operate to require the cash settlement of a stock option under
any circumstance that is not within the sole discretion of the Company.” 
  

	 	3.	By adding the following new Section 12(c) to the 2002 Plan: 

  

	 	“(c)	Relinquishment of Rights. Notwithstanding anything in the Plan to the contrary, effective as of December 29, 2005, the Committee shall not grant any new Awards of
Limited Rights to any Key Employees or Directors. With respect to outstanding Awards of Limited Rights granted prior to December 29, 2005, the Board of Directors shall take such action as it determines to be necessary and appropriate to obtain
the consent of Participants to relinquish their rights to such outstanding Limited Rights prior to December 31, 2005. Outstanding Awards of Limited Rights that are relinquished by Participants pursuant to the foregoing shall be evidenced by a
written consent form executed by the affected Participant in accordance with Section 15 of the Plan, provided, however, that nothing in such consent form shall (i) affect the Participant’s other rights under his outstanding Options,
or (ii) restrict the ability of the Company in its sole discretion, or any third party to make a cash payment to the Participant in exchange for the termination or cancellation of the Participant’s Options. Limited Rights for which no
Participant consent form is received by the Company shall remain subject to the relevant terms and provisions of the Plan.” 

  

	 	4.	By substituting the following for Section 24(c)(1) of the 2002 Plan: 

  

	 	“(1)	provide that such Options shall be assumed, or equivalent options shall be substituted (“Substitute Options”) by the acquiring or succeeding 

	 	  	corporation (or an affiliate thereof), provided that: (A) any such Substitute Options exchanged for Incentive Stock Options shall meet the requirements of Section 424(a)
of the Code, and (B) the shares of stock issuable upon the exercise of such Substitute Options shall constitute securities registered in accordance with the Securities Act of 1933, as amended (“1933 Act”) or such securities shall be
exempt from such registration in accordance with Sections 3(a)(2) or 3(a)(5) of the 1933 Act, (collectively, “Registered Securities”), or in the alternative, and in the sole discretion of the Company, if the securities issuable upon the
exercise of such Substitute Options shall not constitute Registered Securities, then the Participant will receive upon consummation of the Change in Control a cash payment for each Option surrendered equal to the difference between the (1) Fair
Market Value of the consideration to be received for each share of Common Stock in the Change in Control times the number of shares of Common Stock subject to such surrendered Options, and (2) the aggregate exercise price of all such
surrendered Options, or” 

 IN WITNESS WHEREOF, Fidelity Bankshares, Inc. has caused this amendment to be adopted
by a duly authorized officer, this 29th day of December, 2005. 
  

			
	FIDELITY BANKSHARES, INC.
		
	By	 	 /s/ Vince A. Elhilow

		
	Its	 	 President and Chief Executive Officer

 SECOND AMENDMENT TO THE 
 FIDELITY BANKSHARES, INC. 
 2002 INCENTIVE STOCK BENEFIT PLAN 

Pursuant to Section 15 of the Fidelity Bankshares, Inc. 2002 Incentive Stock Benefit Plan (the “2002 Plan”), the 2002 Plan is hereby
amended, effective as of January 27, 2006, as follows: 
  

	 	1.	By adding the following sentences at the end of Section 13 of the 2002 Plan: 

 “Notwithstanding anything in the Plan to the contrary, effective as of January 27, 2006, the Committee shall not grant any new Reload Option rights with respect to shares covered by outstanding Stock Options
or with respect to Stock Options that may be granted by the Committee after January 27, 2006. With respect to outstanding rights to receive Reload Options granted prior to January 27, 2006, the Board of Directors shall take such action as
it determines to be necessary and appropriate to obtain the consent of Participants to relinquish their rights to such Reload Options. Rights to receive Reload Options that are relinquished by Participants pursuant to the foregoing shall be
evidenced by a written consent form executed by the affected Participant in accordance with Section 15 of the Plan, provided, however, that nothing in such consent form shall affect the Participant’s other rights under his outstanding
Options.” 
 IN WITNESS WHEREOF, Fidelity Bankshares, Inc. has caused this amendment to be adopted by a duly authorized officer,
this 27th day of January, 2006. 
  

			
	FIDELITY BANKSHARES, INC.
		
	By	 	 /s/ Elizabeth Cook

	Its	 	SecretaryEXHIBIT 10.7

 Exhibit 10.7 
 FIDELITY FEDERAL BANK & TRUST 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 Effective October 1, 1989 
 Restated
December 1, 2005 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	PAGE
	 ARTICLE I—PURPOSE; EFFECTIVE DATE
	  	1
		
	 ARTICLE II—DEFINITIONS
	  	1
			
	 2.1
	 	Accrued Benefit	  	1
	 2.2
	 	Actuarial Equivalent	  	1
	 2.3
	 	Beneficiary	  	1
	 2.4
	 	Board	  	1
	 2.5
	 	Change in Control shall mean any of the following:	  	2
	 2.6
	 	Committee	  	2
	 2.7
	 	Compensation	  	2
	 2.8
	 	Company	  	3
	 2.9
	 	Deferred Retirement Date	  	3
	 2.10
	 	Disability	  	3
	 2.11
	 	Early Retirement Date	  	3
	 2.12
	 	Employer	  	3
	 2.13
	 	Final Monthly Compensation	  	3
	 2.14
	 	Final Average Compensation	  	3
	 2.15
	 	Normal Retirement Date	  	4
	 2.16
	 	Participant	  	4
	 2.17
	 	Participation Agreement	  	4
	 2.18
	 	Proposed Regulations	  	4
	 2.19
	 	Qualified Retirement Plan	  	4
	 2.20
	 	Retirement	  	4
	 2.21
	 	Separation from Service	  	5
	 2.22
	 	Specified Employee	  	5
	 2.23
	 	Spouse	  	6
	 2.24
	 	Supplemental Retirement Benefit	  	6
	 2.25
	 	Target Retirement Percentage	  	6
	 2.26
	 	Years of Credited Service	  	6
		
	 ARTICLE III—PARTICIPATION AND VESTING
	  	6
			
	 3.1
	 	Eligibility and Participation	  	6
	 3.2
	 	Change in Employment Status	  	6
	 3.3
	 	Vesting	  	7
	 3.4
	 	Suicide	  	7
		
	 ARTICLE IV—PRERETIREMENT SURVIVOR BENEFIT
	  	7
			
	 4.1
	 	Preretirement Survivor Benefit	  	7
	 4.2
	 	Payment of Benefits	  	7
		
	 ARTICLE V—SUPPLEMENTAL RETIREMENT BENEFITS
	  	7

  

 (i) 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	PAGE
	 5.1
	 	Target Retirement Percentage	  	7
	 5.2
	 	Normal Retirement Benefit	  	8
	 5.3
	 	Deferred Retirement Benefit	  	8
	 5.4
	 	Early Retirement Benefit	  	8
	 5.5
	 	Early Termination Retirement Benefit	  	9
	 5.6
	 	Change in Control Benefit	  	9
	 5.7
	 	Disability Retirement Benefit	  	10
	 5.8
	 	Inflation Index	  	10
	 5.9
	 	Payment of Benefits	  	10
	 5.10
	 	Withholding; Payroll Taxes	  	12
	 5.11
	 	Payment to Guardian	  	12
		
	 ARTICLE VI—BENEFICIARY DESIGNATION
	  	12
			
	 6.1
	 	Beneficiary Designation	  	12
	 6.2
	 	Amendments	  	12
	 6.3
	 	No Participant Beneficiary Designation	  	13
	 6.4
	 	Effect of Payment	  	13
		
	 ARTICLE VII—ADMINISTRATION
	  	13
			
	 7.1
	 	Committee; Duties	  	13
	 7.2
	 	Agents	  	13
	 7.3
	 	Binding Effect of Decisions	  	13
	 7.4
	 	Indemnity of Committee	  	14
		
	 ARTICLE VIII—CLAIMS PROCEDURE
	  	14
			
	 8.1
	 	Claim	  	14
	 8.2
	 	Denial of Claim	  	14
	 8.3
	 	Review of Claim	  	14
	 8.4
	 	Final Decision	  	14
		
	 ARTICLE IX—TERMINATION, SUSPENSION OR AMENDMENT
	  	14
			
	 9.1
	 	Termination, Suspension or Amendment of Plan	  	14
		
	 ARTICLE X—MISCELLANEOUS
	  	16
			
	 10.1
	 	Unfunded Plan	  	16
	 10.2
	 	Unsecured General Creditor	  	16
	 10.3
	 	Trust Fund	  	16
	 10.4
	 	Nonassignability	  	16
	 10.5
	 	Not a Contract of Employment	  	16
	 10.6
	 	Protective Provisions	  	17
	 10.7
	 	Terms	  	17
	 10.8
	 	Captions	  	17

  

 (ii) 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	PAGE
	 10.9
	 	Governing Law	  	17
	 10.10
	 	Validity	  	17
	 10.11
	 	Notice	  	17
	 10.12
	 	Successors	  	17
	 10.13
	 	Compliance with Section 409A of the Code	  	18

  

 (iii) 

 FIDELITY FEDERAL BANK & TRUST 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 EFFECTIVE OCTOBER 1, 1989 
 RESTATED DECEMBER 1, 2005 
 ARTICLE
I—PURPOSE; EFFECTIVE DATE 
 The purpose of this Supplemental Executive Retirement Plan (hereinafter referred to as the
“Plan”) is to provide supplemental retirement and death benefits for certain key employees of Fidelity Federal Bank & Trust (hereinafter referred to as “Fidelity Federal”). It is intended that the Plan will aid in
retaining and attracting employees of exceptional ability by providing them with these benefits. This Plan was initially effective as of October 1, 1989. The Plan was restated July 1, 2004 and was most recently restated into this document,
effective December 1, 2005 in order to bring the entire Accrued Benefit under the Plan into compliance with new Section 409A of the Internal Revenue Code. 
 ARTICLE II—DEFINITIONS 
 For the purposes of this Plan, the following terms shall have the meanings
indicated, unless the context clearly indicates otherwise: 
 2.1 Accrued Benefit 
 “Accrued Benefit” means the present value of the Participant’s benefits under the Plan. 
 2.2 Actuarial Equivalent 
 “Actuarial Equivalent”
means equivalence in value between two (2) or more forms of payment based on a determination by an actuary chosen by Fidelity Federal, using sound actuarial assumptions at the time of such determination. However, if a participant elects a lump
sum under the Qualified Retirement Plan, for purposes of Article V of this Plan, the lump sum shall be converted to a monthly, ten (10) year certain and life annuity using the lowest discount rate provided in the Qualified Retirement Plan for
the determination of actuarial equivalence. 
 2.3 Beneficiary 
 “Beneficiary” means the person, persons or entity entitled under Article VI to receive any Plan benefits payable after a Participant’s death. 
 2.4 Board 
 “Board” means the Board of Directors of
Fidelity Federal. 
  

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 2.5 Change in Control shall mean any of the following: 
 (a) “Change in Control” shall mean (i) a change in the ownership of the Company, (ii) a change in the effective
control of the Company, or (iii) a change in the ownership of a substantial portion of the assets of the Company, as described below. 
 (b) A change in the ownership of a corporation occurs on the date that any one person, or more than one person acting as a group (as defined in Proposed Treasury Regulations section 1.409A-3(g)(5)(v)(B)), acquires
ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of such corporation. 
 (c) A change in the effective control of the Company occurs on the date that either (i) any one person, or more than one person
acting as a group (as defined in Proposed Treasury Regulations section 1.409A-3(g)(5)(vi)(B)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the
Company possessing 35 percent or more of the total voting power of the stock of such Company, or (ii) a majority of the members of the Company’s board of directors is replaced during any 12-month period by directors whose appointment or
election is not endorsed by a majority of the members of the Company’s board of directors prior to the date of the appointment or election, provided that this subsection “(ii)” is inapplicable where a majority shareholder of the
Company is another corporation. 
 (d) A change in a substantial portion of the Company’s assets occurs on the date that
any one person or more than one person acting as a group (as defined in Proposed Treasury Regulations section 1.409A-3(g)(5)(vii)(C)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such
person or persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of (i) all of the assets of the Company, or (ii) the value of the assets being
disposed of, either of which is determined without regard to any liabilities associated with such assets. For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Proposed
Regulations section 1.409A-3(g)(5), except to the extent that such Proposed Regulations are superseded by subsequent guidance. 
 2.6 Committee 

“Committee” means the Committee appointed to administer the Plan pursuant to Article VII. 
 2.7 Compensation 
 “Compensation” means the salary
and bonuses paid to a Participant before reduction for amounts deferred under the Fidelity Federal Long-Term Deferred Compensation Plan, the 2005 Fidelity Federal Long-Term Deferred Compensation Plan or any salary reduction contributions under IRC
Section 401(k) or any other salary deferral program. Compensation does not include expense reimbursements, any special bonuses related to disability or life insurance, any form of noncash compensation or benefits, Employer contributions to the
Retirement Plan for Employees of Fidelity Federal Bank & Trust, Employer discretionary contributions to the Fidelity Federal 

  

 2 

 
Long-Term Deferred Compensation Plan, the 2005 Fidelity Federal Long-Term Deferred Compensation Plan, group life insurance premiums, or any other payments or
benefits other than normal compensation. 
 2.8 Company 
 “Company” means Fidelity Bankshares, Inc. 
 2.9 Deferred Retirement Date 
 “Deferred Retirement Date” means the first day of the month coincident with or next following the Participant’s Separation from Service
(with respect to amounts accrued after December 31, 2004) if such date occurs after the Participant’s Normal Retirement Date. 
 2.10 Disability

 “Disability” means a physical or mental condition that, in the opinion of the Committee, permanently prevents a Participant from
satisfactorily performing the Participant’s usual duties for Employer. The Committee’s decision as to Disability will be based upon medical reports and/or evidence satisfactory to the Committee. In no event shall a Disability be deemed to
occur or to continue after a Participant’s Normal Retirement Date. 
 2.11 Early Retirement Date 
 “Early Retirement Date” means the date on which the Participant has a Separation from Service if it occurs after the first day of the month
coincidental with or next following a Participant’s attainment of age fifty-five (55) and completion of fifteen (15) Years of Credited Service, but prior to his Normal Retirement Date. 
 2.12 Employer 
 “Employer” means Fidelity Federal
Bank & Trust, a federally chartered savings bank, or any successor to the business thereof, and any affiliated or subsidiary corporations designated by the Board. 
 2.13 Final Monthly Compensation 
 “Final Monthly Compensation” means the Participant’s
Compensation during the final twelve (12) consecutive complete calendar months of employment with the Employer prior to the event that triggers distribution, divided by twelve (12), provided, however, that if Executive has received 2 or more
bonuses in that 12 month period, only the higher bonus shall be taken into consideration. 
 2.14 Final Average Compensation 
 “Final Average Compensation” means the sum of the Participant’s Compensation during the consecutive sixty (60) months of
employment with the Employer prior to the event that triggers distribution, divided by 60. Compensation earned after the Participant’s Normal Retirement Date shall be included only if it increases Final Average Compensation. If a Participant
has not been employed by the Employer for sixty (60) full calendar months, “Final 
  

 3 

 Average Compensation” shall mean the sum of Participant’s compensation during the full months employed by
Employer (annualized to 12 months for any partial year) and then divided by the number of years (including the annualized year) Participant was employed by Employer. 
 2.15 Normal Retirement Date 
 “Normal Retirement Date” means the first day of the month coincident
with or next following the Participant’s attainment of age sixty-five (65) or age sixty (60) with thirty (30) Years of Credited Service. In the event of a Change in Control, Normal Retirement Date means the first day of the month
coincident with or next following either the Participant’s attainment of age sixty-five (65) or age sixty (60) with thirty (30) Years of Credited Service from the Participant’s original hire date. If following a Change in
Control, the Participant’s employment terminates prior to the Participant’s Normal Retirement Date, the Years of Credited Service determination shall be made as if the Participant was never terminated. Notwithstanding anything herein to
the contrary, three amendments that credit additional Years of Credited Service to certain Participants or that established a different Normal Retirement Date for certain Participants, preceded the date of this restated Plan, and are incorporated
herein by reference and attached hereto as Exhibits. 
 2.16 Participant 
 “Participant” means any individual who is participating or has participated in this Plan as provided in Article III. 
 2.17 Participation Agreement 
 “Participation Agreement” means the agreement filed by a Participant which acknowledges
assent to the terms of the Plan. 
 2.18 Proposed Regulations 
 “Proposed Regulations” means the regulations proposed under Code Section 409A, IRS Notice 2005-1 and any subsequent guidance. 
 2.19 Qualified Retirement Plan 
 “Qualified Retirement Plan” means the Retirement Plan for
Employees of Fidelity Federal Bank & Trust or any successor defined benefit retirement income plan or plans maintained by the Employer which qualifies under Section 401(a) of the Internal Revenue Code. For purposes of determining
benefits and actuarial equivalencies under the Qualified Retirement Plan, the actuarial principles and assumptions which have consistently applied to such plan(s) shall continue to be applied. 
 2.20 Retirement 
 “Retirement” means a
Participant’s Separation from Service with the Employer at the Participant’s Early Retirement Date, Normal Retirement Date, or Deferred Retirement Date. 
  

 4 

 2.21 Separation from Service 
 “Separation from Service” means the Participant’s death, retirement or termination of employment with the Employer. No Separation from Service shall be deemed to occur due to military leave, sick leave
or other bona fide leave of absence if the period of such leave does not exceed six months or, if longer, so long as the Participant’s right to reemployment is provided by law or contract. If the leave exceeds six months and the
Participant’s right to reemployment is not provided by law or by contract, then the Participant shall be have a Separation from Service on the first date immediately following such six-month period. 
 The Participant shall not be treated as having a Separation from Service if the Participant provides more than insignificant services for the Employer
following the Participant’s actual or purported termination of employment with the Employer. Services shall be treated as not being insignificant if such services are performed at an annual rate that is at least equal to 20% of the services
rendered by the Participant for the Employer, on average, during the immediately preceding three full calendar years of employment (or if employed less than three years, such shorter period of employment) and the annual base compensation for such
services is at least equal to 20% of the average base compensation earned during the final three full calendar years of employment (or if employed less than three years, such shorter period of employment). 
 Where the Participant continues to provide services to a previous employer in a capacity other than as an employee, a Separation from Service will not be
deemed to have occurred if the Participant is providing services at an annual rate that is 50% or more of the services rendered, on average, during the immediate preceding three full calendar years of employment (or if employed less than three
years, such lesser period) and the annual base compensation for such services is 50% or more of the annual base compensation earned during the final three full calendar years of employment (or if less, such lesser period). 
 2.22 Specified Employee 
 “Specified Employee”
means a key employee within the meaning of Code Section 416(i) without regard to paragraph 5 thereof. Where a new corporation or entity (“new corporation”) is established as part of a corporate division governed by Code section 335
from a corporation that is publicly traded on an established securities market or otherwise (“old corporation”), any employee of the new corporation who was a key employee of the old corporation immediately prior to the spin off is a key
employee of the new corporation until the end of the 12-month period beginning on the first day of the fourth month following the old corporation’s last identification date preceding the spinoff transaction. Where two corporations (pre-merger
corporations) are merged or become part of the same controlled group of corporations so as to be treated as a single service recipient under Proposed Treasury regulations section 1.409A-1(g), any employee of the merged corporation who was a key
employee of either the pre-merger corporations immediately before the merger is a key employee of the merged corporation until the first day of the fourth month after the identification date of the merged corporation next following the merger.

  

 5 

 2.23 Spouse 
 “Spouse” means a Participant’s wife or husband who is lawfully married to the Participant at the time of the Participant’s death. 
 2.24 Supplemental Retirement Benefit 
 “Supplemental Retirement Benefit” means the benefit determined under Article V of
this Plan. 
 2.25 Target Retirement Percentage 
 “Target Retirement Percentage” means the percentage of Final Average Compensation which will be used as a target from which other forms of retirement benefits are subtracted, as provided in Article V, to arrive at the amount of
the Supplemental Retirement Benefit actually payable to a Participant. 
 2.26 Years of Credited Service 
 “Years of Credited Service” means the number of years of credited vesting service determined under the provisions of the Employer’s
Qualified Retirement Plan. Notwithstanding anything herein to the contrary, three amendments that credit additional Years of Credited Service to certain Participants or that established a different Normal Retirement Date for certain Participants,
preceded the date of this restated Plan, and are incorporated herein by reference and attached hereto as Exhibits. 
 ARTICLE
III—PARTICIPATION AND VESTING 
 3.1 Eligibility and Participation 
 (a) Eligibility. Eligibility to participate in the Plan shall be limited to those employees of the Employer who are
designated by the Board. 
 (b) Participation. An Employee’s participation in the Plan shall be effective
upon notification of the employee of eligibility to participate, completion of a Participation Agreement by the Participant and acceptance of the Participation Agreement by the Committee. Participation in the Plan shall continue until such time as
the Participant terminates employment with the Employer, and as long thereafter as the Participant is eligible to receive benefits under this Plan. 
 3.2
Change in Employment Status 
 Discontinued Eligibility. If the Board, prior to a Change in Control, determines that a
Participant’s employment performance is no longer at a level which deserves reward through participation in this Plan, but does not terminate the Participant’s employment with the Employer, participation herein and eligibility to receive
benefits hereunder shall be limited to the Participant’s vested interest in such benefits as of the date designated by the Board. 
  

 6 

 3.3 Vesting 
 Each Participant shall be one hundred percent (100%) vested in benefits under this Plan after completing five (5) Years of Credited Service. The preceding notwithstanding, each Participant shall be one hundred percent
(100%) vested in benefits under this Plan upon death, Disability, Normal Retirement Date or upon Change in Control. 
 3.4 Suicide 
 The provisions of Article IV notwithstanding, no benefit shall be paid to a Beneficiary if the Participant’s death occurs as a result of suicide
during the twenty-four (24) successive calendar months beginning with the calendar month following the commencement of an employee’s participation in this Plan. 
 ARTICLE IV—PRERETIREMENT SURVIVOR BENEFIT 
 4.1 Preretirement Survivor Benefit 
 If a Participant dies while employed by the Employer, the Employer shall pay a supplemental survivor benefit to the Participant’s Beneficiary(ies).
The amount of this benefit shall be equal to the actuarially equivalent lump sum value of the accrued Supplemental Retirement Benefit as determined under 5.2, 5.3, 5.4 or 5.5, whichever Section is applicable, at the date of death. 
 4.2 Payment of Benefits 
 (a) Form and
Commencement of Benefit Payments. The supplemental survivor benefits payable under this Article shall be paid in the form of one hundred twenty (120) equal monthly installments, with interest. The interest rate used in determining the
monthly payments shall be the same interest rate used in determining the lump sum equivalent in 4.1 above. Payments shall commence the first day of the second month following the death of the Participant and shall continue the first day of each
month thereafter for the duration of the payment period. 
 (b) Commutation of Benefits. In accordance with the
Proposed Regulations under Code Section 409A, a Participant may elect no later than December 31, 2006, to have the supplemental survivor benefit payable to the Participant’s Beneficiary upon the Participant’s death paid in the
form of a lump sum rather than 120 monthly installment payments. In such case, the lump sum payment shall be the actuarial equivalent of the benefit payable under Section 4.2(a) above. 
 ARTICLE V—SUPPLEMENTAL RETIREMENT BENEFITS 
 5.1 Target Retirement Percentage 
 The Target Retirement Percentage shall equal eighty percent (80%) multiplied by a fraction, the numerator of which is the Participant’s Years of
Credited Service and the denominator of which is the Years of Credited Service the Participant will accrue by his Normal 
  

 7 

 Retirement Date, assuming he remains employed by the Employer until such date. In the event of a Change in Control, the
denominator in the preceding factor shall be equal to the Participant’s actual years of service at the time of the event which triggers a distribution. The adjusted Target Retirement Percentage shall be rounded to four (4) decimal places
and may never exceed eighty percent (80%) unless the Participant retires on a Deferred Retirement Date. For a Participant retiring on a Deferred Retirement Date, the target shall equal eighty percent (80%) plus two percent (2%) for
each full year by which the Participant’s retirement is subsequent to the Participant’s Normal Retirement Date (for these purposes, “full years” shall be determined by rounding up or down to the nearest full year). In no event
shall the Target Retirement Percentage ever exceed one hundred percent (100%). 
 5.2 Normal Retirement Benefit 
 If a Participant retires on the Normal Retirement Date, the Employer shall pay to the Participant a Supplemental Retirement Benefit equal to the Target
Retirement Percentage multiplied by the Participant’s Final Average Compensation, less 
 (a) Fifty percent (50%) of
the Participant’s primary Social Security benefit determined at the Participant’s Normal Retirement Date based on the then current law, assuming no future compensation and using an additional five percent (5%) per year reduction
(prorated for partial years) if retirement occurs before age sixty-two (62), and 
 (b) The monthly ten (10) year certain
life annuity which is the actuarial equivalent on the Normal Retirement Date of all benefits accrued under the Qualified Retirement Plan, including any benefit previously distributed from the Qualified Retirement Plan. 
 5.3 Deferred Retirement Benefit 
 If a Participant retires at
a Deferred Retirement Date, the Employer shall pay to the Participant a Supplemental Retirement Benefit equal to the Target Retirement Percentage multiplied by the Participant’s Final Average Compensation, less 
 (a) Fifty percent (50%) of the Participant’s primary Social Security benefit determined at the Deferred Retirement Date, and

 (b) The monthly ten (10) year certain life annuity that is the actuarial equivalent on the Deferred Retirement Date of
all benefits accrued under the Qualified Retirement Plan, including any benefit previously distributed from the Qualified Retirement Plan. 
 5.4 Early
Retirement Benefit 
 If a Participant retires at an Early Retirement Date, the Employer shall pay to the Participant a Supplemental
Retirement Benefit equal to the Target Retirement Percentage multiplied by the Participant’s Final Average Compensation, less 
 (a) Fifty percent (50%) of the Participant’s primary Social Security benefit determined at the Participant’s Normal Retirement Date based on the then current law, assuming no future compensation and using an additional five
percent (5%) per year reduction (prorated for partial years) if the Normal Retirement Date is before age sixty-two (62), and 
  

 8 

 (b) The monthly ten (10) year certain life annuity at age sixty-five (65) that
is the actuarial equivalent on the Normal Retirement Date of all benefits accrued under the Qualified Retirement Plan, including any benefit previously distributed from the Qualified Retirement Plan. 
 The above benefit shall be reduced by five percent (5%) for each full calendar year by which the commencement of payment under this section precedes
the Participant’s Normal Retirement Date. The percentages shall be prorated for partial years. 
 5.5 Early Termination Retirement Benefit 

If a vested Participant terminates employment prior to Retirement, the Employer shall pay to the Participant a Supplemental Retirement Benefit equal to
the Target Retirement Percentage multiplied by the Participant’s Final Average Compensation, less 
 (a) Fifty percent
(50%) of the Participant’s primary Social Security benefit projected to be paid at age sixty-five (65) based on the then current law and assuming no future increases in compensation, and 
 (b) The monthly ten (10) year certain life annuity that is the actuarial equivalent at age sixty-five (65) of all benefits
accrued under the Qualified Retirement Plan, including any benefit previously distributed from the Qualified Retirement Plan. 
 5.6 Change in Control
Benefit 
 (a) If a a Change in Control occurs, the Participant’s benefit shall be based on Final Monthly Compensation instead of Final
Average Compensation and shall be calculated as follows: 
 (1) If the Participant is eligible for Normal Retirement, the
Participant’s benefit shall be calculated pursuant to Section 5.2, except that Final Monthly Compensation shall be used instead of Final Average Compensation. Such Participant’s benefit shall commence within ninety (90) days
after the Change in Control, irrespective of whether the Participant’s employment is terminated. 
 (2) If the
Participant is eligible for Early Retirement at the time of the Change in Control, the Participant’s benefit shall be calculated pursuant to Section 5.4, with the adjustments to the Target Retirement Percentage and Normal Retirement Date,
as required. Such benefit shall commence within ninety (90) days after the Change in Control unless the Participant has elected prior to December 31, 2005, to have the Participant’s benefit commence upon Retirement. 
 (3) If the Participant is not eligible for Early Retirement at the time of the Change in Control, whether or not such Participant’s
employment is terminated following the Change in Control, such Participant’s benefit shall be calculated pursuant to Section 5.2 at the Participant’s Normal Retirement Date, based on the adjustments to the Target Retirement Percentage
required as a result of a Change of Control. Such benefit shall commence within thirty (30) days of the Participant’s Normal Retirement Date, unless the Participant is a Specified Employee at the Participant’s Normal Retirement Date,
and then such benefit shall commence on the first day of the seventh month following Separation form Service. 
  

 9 

 5.7 Disability Retirement Benefit 
 If a person terminates employment prior to Retirement as a result of Disability, the Employer shall pay to the Participant a Supplemental Retirement Benefit commencing at age sixty-five (65). The benefits shall be
equal to the amount the Participant would have received at such time under the Normal Retirement provisions of this Article assuming the Participant would not be eligible for Normal Retirement until age sixty-five (65). For purposes of this
calculation, Years of Credited Service shall continue to accrue during the period of Disability and the Participant’s Final Average Compensation shall be based only on the amounts earned during the twelve (12) months prior to Disability if
this provides the Participant with a greater benefit. 
 5.8 Inflation Index 
 The Supplemental Executive Retirement Benefit shall be increased for inflation on the January 1 coinciding with or following the anniversary of the commencement of benefits, and each January 1 thereafter.
This increase shall be the lesser of: 
 (a) The percentage change in the national consumer price index (CPI-U) for the twelve
(12) month period preceding October of the prior year (determined by comparing the prior two (2) years’ September indexes). This percentage change shall be calculated and rounded to four (4) decimal places (XX.XX%) and shall
never be less than zero (0), or 
 (b) Six percent (6%). 
 5.9 Payment of Benefits 
 (a) Form of Benefit Payments. The Supplemental
Retirement Benefit shall be paid in the basic form provided below, unless the Participant requests an alternative form at the time of initial enrollment or prior to December 31, 2006. Any alternative form shall be the Actuarial Equivalent of
the basic form of benefit payments. The basic and alternative forms of payment are as follows: 
 (1) Basic Form of Benefit
Payments. Monthly single life annuity with a ten (10) year certain for the Participant’s life. 
 (2) Alternative Forms of Benefit Payment. 
 (i) A joint and survivor annuity with payment
continued to the survivor in the same amount as the amount paid to the Participant. 
 (ii) A joint and survivor annuity with
payment continued to the survivor at one-half (1/2) of the amount paid to the Participant. 
 (iii) Any other form that
is the Actuarial Equivalent of the basic form of benefit payments. Notwithstanding anything herein to the contrary, a Participant may change the form of annuity payment from one type of life 
  

 10 

 annuity to another type of life annuity before any annuity payment has been made. Such a change is not
considered a change in the time and form of a payment, provided that the annuities are actuarially equivalent applying reasonable actuarial assumptions in accordance with Section 1.409A-2(b)(2)(ii) of the Proposed Regulations. 
 (b) Commencement of Benefit Payments. The Supplemental Retirement Benefits payable to a Participant under the Normal,
Deferred, or Early Retirement provisions of this Article shall commence within ninety (90) days of the Participant’s termination of employment, provided, however, if the Participant is a Specified Employee at the time of termination of
employment, commencement shall occur no earlier than the first day of the seventh month following Separation from Service. The Supplemental Retirement Benefits payable to a Participant under the Early Termination or Disability provisions of this
Article shall commence within thirty (30) days of the Participant attaining age sixty-five (65). 
 (c) Transition
Period Changes. 
  

	 	a.	Notwithstanding the above, Participants may change their payment elections hereunder through December 31, 2006, in accordance with Section XI(C) of the Preamble to the 2005
Proposed Regulations issued under Code section 409A; provided, however, that in 2006 a Participant cannot change payment elections with respect to payments that the Participant would otherwise receive in 2006 or cause payments to be made in 2006.
Any transition period changes shall be made on such forms as are provided by the Committee and shall be filed by the Committee during the applicable transition period. 

  

	 	b.	Commutation of Benefits. In accordance with the Proposed Regulations under Code Section 409A, a Participant may elect no later than December 31, 2006, (or by
December 31, 2005, with respect to benefits to be paid commencing in 2006) to change the Participant’s election with respect to the form of payment, or to have a partial payment in one form and the remainder in another form (e,g., 40% in a
lump sum and 60% paid in a single life annuity). In such case, the aggregate of the two forms of payment shall be the actuarial equivalent of the basic form of benefit payable under Section 5.9(a)(1) above. 

 (d) Distribution of De Minimus Benefits. Notwithstanding anything herein to the cotrary, if the value of the Participant’s
Accrued Benefit (when added together with all of his benefits under all nonqualified deferred compensation plans maintained by the Employer) is $10,000 or less at the time of the distribution event, payment shall be made in a lump sum, even if the
Participant had specified a different form of payment, and such payment shall be made before the later of (i) December 31 of the year in which the Participant terminates service with the Employer or (ii) the 15th day of the third month following the Participant’s termination of service with the Employer. 
 (e) Other Changes in Benefit Elections. In the event a Participant desires to modify the time or form (e.g., from annuity to
lump sum or vice versa) of distribution of the Participant’s 
  

 11 

 Supplemental Retirement Benefit, the Participant may do so by filing a written election with the
Committee, provided that: 
  

	 	(1)	the subsequent election shall not be effective for at least 12 months after the date on which the subsequent election is made; 

  

	 	(2)	except for payments upon the Executive’s death, Disability or upon an Unforeseeable Emergency, the first of a stream of payments for which the subsequent election is made shall
be deferred for a period of not less than five (5) years from the date on which such payment would otherwise have been made; 

  

	 	(3)	for payments scheduled to be made on a specified date, the subsequent election must be made at least 12 months before the date of the first scheduled payment.

 5.10 Withholding; Payroll Taxes 
 The Employer shall withhold from payments made hereunder any taxes required to be withheld from a Participant’s wages for the federal or any state or local government. However, a Beneficiary may elect not to have withholding for
federal income tax purposes pursuant to Section 3405(a)(2) of the Internal Revenue Code, or any successor provision. 
 5.11 Payment to Guardian

 If a Plan benefit is payable to a minor or a person declared incompetent or to a person incapable of handling the disposition of his
property, the Committee may direct payment of such Plan benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or person. The Committee may require proof of incompetency, minority, incapacity
or guardianship as it may deem appropriate prior to distribution of the Plan benefit. Such distribution shall completely discharge the Committee and the Employer from all liability with respect to such benefit. 
 ARTICLE VI—BENEFICIARY DESIGNATION 
 6.1 Beneficiary
Designation 
 Each Participant shall have the right, at any time, to designate any person or persons as his Beneficiary or Beneficiaries
(both primary as well as secondary) to whom benefits under this Plan shall be paid in the event of his death prior to complete distribution to Participant of the benefits due under the Plan. Each Beneficiary designation shall be in a written form
prescribed by the Committee, and will be effective only when filed with the Committee during the Participant’s lifetime. 
 6.2 Amendments 

Any Beneficiary designation may be changed by a Participant without the consent of any designated Beneficiary by the filing of a new Beneficiary
designation with the Committee. The filing of a new Beneficiary designation form will cancel all Beneficiary designations previously filed. If a Participant’s Compensation is community property, any Beneficiary Designation shall be valid or
effective only as permitted under applicable law. 
  

 12 

 6.3 No Participant Beneficiary Designation 
 In the absence of an effective Beneficiary Designation, or if all designated Beneficiaries predecease the Participant or die prior to complete distribution of the Participant’s benefits, then the
Participant’s designated Beneficiary shall be deemed to be the person or persons surviving him in the first of the following classes in which there is a survivor, share and share alike; 
 (a) The Particpant’ surviving Spouse; 
 (b) The Participant’s children, except that if any of the children predecease the Participant but leave issue surviving, then such issue shall take by right of representation the share their parent would have
taken if living; 
 (c) The Participant’s estate. 
 6.4 Effect of Payment 
 The payment to the deemed Beneficiary shall completely discharge Employer’s
obligations under this Plan. 
 ARTICLE VII—ADMINISTRATION 
 7.1 Committee; Duties 
 This plan shall be administered by the Committee which shall consist of not less than
three (3) persons appointed by the Board. The Committee shall have the authority to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all questions
including interpretations of this Plan, as may arise in connection with the Plan. A majority vote of the Committee members shall control any decision. Members of the Committee may be Participants under this Plan. 
 7.2 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 Employer. 
 7.3 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 application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 
  

 13 

 7.4 Indemnity of Committee 
 The Employer 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. 
 ARTICLE VIII—CLAIMS PROCEDURE 
 8.1 Claim 
 Any person claiming a benefit, requesting an
interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Committee which shall respond in writing within thirty (30) days. 
 8.2 Denial of Claim 
 If the claim or request is denied, the
written notice of denial shall state: 
 (a) The reason for denial, with specific reference to the Plan provisions on which
the denial is based. 
 (b) A description of any additional material or information required and an explanation of why it is
necessary. 
 (c) An explanation of the Plan’s claim review procedure. 
 8.3 Review of Claim 
 Any person whose claim or request is
denied or who has not received a response within thirty (30) days may request review by notice given in writing to the Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant
a hearing. On review, the claimant may have representation, examine pertinent documents, and submit issues and comments in writing. 
 8.4 Final Decision

 The decision on review shall normally be made within sixty (60) days. If an extension of time is required for a hearing or other
special circumstances, the claimant shall be notified and the time limit shall be one hundred twenty (120) days. The decision shall be in writing and shall state the reason and the relevant plan provisions. All decisions on review shall be
final and bind all parties concerned. 
 ARTICLE IX—TERMINATION, SUSPENSION OR AMENDMENT 
 9.1 Termination, Suspension or Amendment of Plan 
 (a) The Board may, in its sole discretion, terminate or suspend this Plan at any time or from time to time, in whole or in part. The Board may amend this Plan at any time or from time to time. However, no such termination suspension or
amendment shall adversely affect the benefits of Participants which have accrued prior to such action or the benefits of any Beneficiary of a Participant who has previously died. 
  

 14 

 (b) The Board may completely terminate the Plan. Subject to the requirements of Code
Section 409A, in the event of complete termination, the Plan shall cease to operate and the Employer shall pay out to each Participant his or her Accrued Benefit as if that Participant had terminated service as of the effective date of the
complete termination. Such complete termination of the Plan shall occur only under the following circumstances and conditions. 
 (1) The Board may terminate the Plan within 12 months of a corporate dissolution taxed under Code section 331, or with approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the
Plan are included in each Participant’s gross income in the latest of (i) the calendar year in which the Plan terminates; (ii) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or
(iii) the first calendar year in which the payment is administratively practicable. 
 (2) The Board may terminate the
Plan within the 30 days preceding a Change in Control (but not following a Change in Control), provided that the Plan shall only be treated as terminated if all substantially similar arrangements sponsored by the Employer are terminated so that the
Participants and all participants under substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of the termination of the arrangements, provided,
however that any termination prior to a Change in Control under this sub-paragraph will be deemed to be a termination coincident or following a Change in Control for purposes of the calculation and payment of benefits under Section 5.6 hereof.

 (3) The Board may terminate the Plan provided that (i) all arrangements sponsored by the Employer that would be
aggregated with this Plan under Proposed Treasury regulations section 1.409A-1(c) if any Participant covered by this Plan was also covered by any of those other arrangements are also terminated; (ii) no payments other than payments that would
be payable under the terms of the arrangement if the termination had not occurred are made within 12 months of the termination of the arrangement; (iii) all payments are made within 24 months of the termination of the arrangements; and
(iv) the Employer does not adopt a new arrangement that would be aggregated with any terminated arrangement under Proposed Treasury regulations section 1.409A-1(c) if the same Participant participated in both arrangements, at any time within
five years following the date of termination of the arrangement. 
 (4) The Board may terminate the Plan pursuant to such
other terms and conditions as the Internal Revenue Service may permit from time to time. 
  

 15 

 ARTICLE X—MISCELLANEOUS 
 10.1 Unfunded Plan 
 This Plan is intended to be an unfunded plan maintained primarily to provide deferred
compensation benefits for a select group of management or highly compensated employees. 
 10.2 Unsecured General Creditor 
 Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interest or claims in any property or assets
of Employer, nor shall they be beneficiaries of, or have any rights, claims or interests in any life insurance policies, annuity contracts or the proceeds therefrom owned or which may be acquired by Employer. Such policies or other assets of
Employer shall not be held under any trust for the benefit of Participants, their Beneficiaries, heirs, successors or assigns, or held in any way as collateral security for the fulfilling of the obligations of Employer under this Plan. Any and all
of Employer’s assets shall be, and remain, the general, unpledged, unrestricted assets of Employer. Employer’s obligation under the Plan shall be that of an unfunded and unsecured promise of Employer to pay money in the future. 

10.3 Trust Fund 
 The Employer shall be responsible for
the payment of all benefits provided under the Plan. At its discretion, the Employer may establish one (1) or more trusts, with such trustees as the Board may approve, for the purpose of providing for the payment of such benefits. Such trust or
trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Employer’s creditors. To the extent any benefits provided under the Plan are actually paid from any such trust, the Employer shall have no further
obligation with respect thereto, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the Employer. 
 10.4
Nonassignability 
 Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate,
mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and
nontransferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be
transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency. 
 10.5 Not a Contract of
Employment 
 The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between the Employer and the
Participant (or his Beneficiary) shall have no rights against the Employer except as may otherwise by specifically provided herein. Moreover, nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of the
Employer or to interfere with the right of the Employer to discipline or discharge him at any time. 
  

 16 

 10.6 Protective Provisions 
 A Participant will cooperate with the Employer by furnishing any and all information requested by the Employer, in order to facilitate the payment of benefits hereunder, and by taking such physical examinations as the
Employer may deem necessary and taking such other action as may be requested by the Employer. 
 10.7 Terms 
 Whenever any words are used herein in the masculine, they shall be construed as though they were used in the feminine in all cases where they would so
apply; and wherever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply. 
 10.8 Captions 
 The captions of the articles, sections and
paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions. 
 10.9 Governing Law

 The provisions of this Plan shall be construed and interpreted according to the laws of the State of Florida. 
 10.10 Validity 
 In case any provision of this Plan shall be
held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein. 
 10.11 Notice 
 Any notice or filing required or permitted to
be given to the Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail to any member of the Committee or the Secretary of the Employer. Such notice shall be deemed given as of the date
of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. 
 10.12 Successors

 The provisions of this Plan shall bind and inure to the benefit of Fidelity Federal and its successors and assigns. The term successors as
used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of Fidelity Federal, and successors of any such
corporation or other business entity. 
  

 17 

 10.13 Compliance with Section 409A of the Code 
 The Plan is intended to be a non-qualified deferred compensation plan described in Section 409A of the Code. The Plan shall be operated, administered
and construed to give effect to such intent. To the extent that a provision of the Plan fails to comply with Code Section 409A and a construction consistent with Code Section 409A is not possible, such provision shall be void ab initio. In
addition, the Plan shall be subject to amendment, with or without advance notice to Participants and other interested parties, and on a prospective or retroactive basis, including but not limited to amendment in a manner that adversely affects the
rights of Participants and other interested parties, to the extent necessary to effect such compliance. 
 IN WITNESS WHEREOF, and pursuant
to resolution of the Board of Directors of Fidelity Federal, as adopted and approved on September 17, 1989 and as amended and restated on July 1, 2004 and December 1, 2005 such corporation has caused this instrument to be executed by
its duly authorized officers effective as of December 1, 2005. 
  

			
	FIDELITY FEDERAL BANK & TRUST
		
	By:	 	 /s/ Vince A. Elhilow

		 	Vince A. Elhilow
		 	President and Chief Executive Officer
		
	By:	 	 /s/ Elizabeth Cook

		 	Elizabeth Cook, Secretary
		
	Dated:	 	  

  

 18

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