Document:

<PAGE>   1

                                  EXHIBIT 10.33

<PAGE>   2

                         CAROLINA FIRST BANCSHARES, INC.
                           SECOND AMENDED AND RESTATED
                      DIRECTORS' DEFERRED COMPENSATION PLAN

                                    ARTICLE 1
                              ESTABLISHMENT OF PLAN

1.01     Background of Plan. Carolina First BancShares, Inc. hereby amends and
         restates the Carolina First BancShares, Inc. Amended and Restated
         Directors' Deferred Compensation Plan, effective as of January 1, 2000,
         and renames the plan the Carolina First BancShares, Inc. Second Amended
         and Restated Directors' Deferred Compensation Plan.

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

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

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

                                    ARTICLE 2
                                   DEFINITIONS

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

                  Accounts. The Certificate of Deposit Account, the Balanced
         Mutual Fund Account, the Growth Mutual Fund Account and the Stock
         Account, as defined below.

                  Advisory Director. A Director becomes an Advisory Director in
         the month following his or her 70th birthday. Advisory Directors may
         continue to attend meetings of the Board and shall receive the same
         Compensation as Directors, but may not vote.

                  Balanced Mutual Fund Account. The account established by the
         Company for each Participant for Compensation deferred pursuant to the
         Plan, the performance and value of which shall be measured by reference
         to the performance of one or more balanced mutual funds (investing in
         equities and fixed income instruments) designated from time to time by
         the Plan Administrator as being benchmark investments for the Balanced
         Mutual Fund Accounts. The maintenance of individual Balanced Mutual
         Fund Accounts is for bookkeeping purposes only.

                  Beneficiary. Any person or persons designated by a
         Participant, in accordance with procedures established by the Committee
         or Plan Administrator, to receive benefits hereunder in

<PAGE>   3

         the event of the Participant's death. If any Participant shall fail to
         designate a Beneficiary or shall designate a Beneficiary who shall fail
         to survive the Participant, the Beneficiary shall be the Participant's
         surviving spouse, or, if none, the Participant's surviving descendants
         (who shall take per stirpes) and if there are no surviving descendants,
         the Beneficiary shall be the Participant's estate.

                  Board. The Board of Directors of the Company.

                  Certificate of Deposit Account. The account established by the
         Company for each Participant for Compensation deferred pursuant to the
         Plan and which shall be credited with interest on the last day of each
         month (or such other day as determined by the Plan Administrator) based
         on the annual yield of six-month certificates of deposit of Lincoln
         Bank as of, and adjusted on, April 1 and October 1 of each calendar
         year. The maintenance of individual Certificate of Deposit Accounts is
         for bookkeeping purposes only.

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

                  Common Stock. The $2.50 par value common stock of the Company.

                  Common Stock Units. Phantom stock units having value based on
         shares of Common Stock, which may be credited to Participants' Stock
         Accounts pursuant to the Plan.

                  Company. Carolina First BancShares, Inc. and its corporate
         successors.

                  Compensation. The compensation that the Company pays a
         Director to serve as a Director, including without limitation, annual
         retainer and amounts paid for attendance meetings of Directors.

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

                  Election Form. A form, substantially in the form attached
         hereto as Exhibit A, pursuant to which a Director elects to defer
         Compensation under the Plan.

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

                  Fair Market Value. The average of the bid and asked price of a
         share of Common Stock on the over-the-counter market on a given date,
         or if the Common Stock was not traded on such day, then on the next
         preceding trading date on which the Common Stock was traded.

                  Growth Mutual Fund Account. The account established by the
         Company for each Participant for Compensation deferred pursuant to the
         Plan, the performance and value of which shall be measured by reference
         to the performance of one or more growth mutual funds (investing in
         growth equities) designated from time to time by the Plan Administrator
         as being benchmark investments for the Growth Mutual Fund Accounts. The
         maintenance of individual Growth Mutual Fund Accounts is for
         bookkeeping purposes only.

<PAGE>   4

                Independent Agent. An "agent independent of the issuer" as
         defined in Rule 100 of Regulation M under the Securities Exchange Act
         of 1934, as amended. The Independent Agent shall be First Citizens
         Bank, Raleigh, North Carolina, or such other agent independent of the
         issuer as shall be designated from time to time by the Board.

                  Participant. Any Director who is participating in the Plan.

                  Plan. The Carolina First BancShares, Inc. Amended and Restated
         Directors' Deferred Compensation Plan as set forth in this document,
         together with any subsequent amendments hereto.

                  Plan Administrator. The Treasurer of the Company or such other
         individual(s) appointed by the Committee.

<PAGE>   5

                  Stock Account. The account established by the Company for each
         Participant for Compensation deferred pursuant to the Plan and which
         shall be credited with a money-market rate of return unless and until
         invested in Common Stock Units. Once invested in Common Stock Units,
         the performance and value of the Stock Account shall be measured by
         reference to the Fair Market Value of the Common Stock from time to
         time. The maintenance of individual Stock Accounts is for bookkeeping
         purposes only.

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

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

                  Transfer Date. The date upon which a transfer between or among
         Accounts is effected pursuant to a valid Transfer Form.

                  Transfer Form. A form, substantially in the form attached
         hereto as Exhibit B, pursuant to which a Participant elects to transfer
         amounts between his or her Accounts.

                  Trust. The trust referred to in Sections 1.02 and 1.03 of the
         Plan.

                                    ARTICLE 3
                                  PARTICIPATION

3.01     Election to Participate. Each Director is automatically eligible to
         participate in the Plan. A Director may participate in the Plan by
         delivering a properly completed and signed Election Form to the Plan
         Administrator on or before the Election Date. The Director's
         participation in the Plan will be effective as of the first day of the
         calendar year beginning after the Plan Administrator receives the
         Director's Election Form, or, in the case of a newly eligible
         Participant, on the first day of the calendar month beginning after the
         Plan Administrator receives such Director's Election Form. A
         Participant shall not be entitled to any benefit hereunder unless such
         Participant has properly completed an Election Form and deferred the
         receipt of his or her Compensation pursuant to the Plan.

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

3.03     Continuation of Election Form. Prior to the commencement of each
         calendar year, a Participant shall have the right, by executing and
         delivering to the Plan Administrator a new Election Form, to modify the
         dollar amount or percentage of his or her Compensation which are
         deferred under the Plan, and, if such Election Form is filed at least
         two years prior to the payment

<PAGE>   6

         commencement date, to change the form of payment (i.e., lump sum or
         installments) as provided in Section 4.05(b) below. If the Participant
         fails to deliver a new Election Form prior to the commencement of the
         new calendar year, the Participant's Election Form in effect during the
         previous calendar year shall continue in effect during the new calendar
         year.

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

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

                                    ARTICLE 4
                                  PLAN BENEFITS

4.01     Deferred Compensation. A Director may elect to defer all or part of the
         Compensation to which he or she is entitled in a calendar year. The
         amount deferred, if any, shall be in increments of $10, beginning with
         $100, up to 100% of the Director's Compensation. For bookkeeping
         purposes, the amount of the Compensation which the Director elects to
         defer pursuant to the Plan shall be transferred to and held in
         individual Accounts.

4.02     Time of Election of Deferral. A Director who wishes to defer
         Compensation for a calendar year must irrevocably elect to do so on or
         prior to the Election Date for such calendar year, by delivering a
         valid Election Form to the Plan Administrator. The Election Form shall
         indicate, among other required information: (1) the Compensation to be
         deferred; and (2) the portion of the deferral to be credited to the
         Participant's Certificate of Deposit Account, Balanced Mutual Fund
         Account, Growth Mutual Fund Account and Stock Account, respectively.
         Amounts to be deferred shall be credited to the Participant's
         Certificate of Deposit Account, Balanced Mutual Fund Account, Growth
         Mutual Fund Account and/or Stock Account, as applicable, as of the date
         such Compensation is otherwise payable.

4.03     Accounts.

         (a)      Certificate of Deposit Account. Amounts in a Participant's
                  Certificate of Deposit Account will be credited with interest
                  on the last day of each month (or such other day as determined
                  by the Plan Administrator) based on the annual yield of
                  six-month certificates of deposit of Lincoln Bank as of, and
                  adjusted on, April 1 and October 1 of each calendar year.

         (b)      Balanced Mutual Fund Account. Amounts in a Participant's
                  Balanced Mutual Fund Account will be credited or debited, as
                  the case may be, by reference to the performance of one or
                  more balanced mutual funds (investing in equities and fixed
                  income instruments) designated from time to time by the Plan
                  Administrator as being benchmark investments for the Balanced
                  Mutual Fund Accounts.

         (c)      Growth Mutual Fund Account. Amounts in a Participant's Growth
                  Mutual Fund Account will be credited or debited, as the case
                  may be, by reference to the performance of one or more growth
                  mutual funds (investing in growth equities) designated from
                  time to time by the Plan Administrator as being benchmark
                  investments for the Growth Mutual Fund Accounts.

         (d)      Stock Account. Amounts in a Participant's Stock Account
                  initially will be credited with interest on the last day of
                  each month (or such other day as determined by the Plan
                  Administrator) based on the rate earned in a money-market
                  account at Lincoln Bank. If,

<PAGE>   7

                  when, and to the extent that, the trustee of the Trust is able
                  to purchase shares of Common Stock for the Trust (which
                  purchases shall be made through an Independent Agent in
                  accordance with Regulation M, Section 102(c), under the
                  Securities Exchange Act of 1934, as amended, or any successor
                  provision), the amounts in Participants' Stock Accounts shall
                  be converted, on a prorata basis, to Common Stock Units. Such
                  Common Stock Units are recorded as units of Common Stock, and
                  fractions thereof, with one Common Stock Unit equating to a
                  single share of Common Stock. Thus, the value of one Common
                  Stock Unit shall be the Fair Market Value of a single share of
                  Common Stock on the date such Common Stock Units are credited
                  to the Stock Account. The use of Common Stock Units is merely
                  a bookkeeping convenience; the Common Stock Units are not
                  actual shares of Common Stock. The actual shares of Common
                  Stock purchased by the trustee of the Trust are owned by the
                  Company, under grantor trust rules, and are subject to the
                  claims of creditors of the Company. There can be no assurance
                  that the trustee of the Trust will be able to purchase shares
                  of Common Stock or that amounts deferred into a Participant's
                  Stock Account will ever be credited with Common Stock Units.
                  As described below in Section 4.05, a Participant may elect to
                  have some or all of the value of his or her Stock Account (to
                  the extent credited with Common Stock Units) distributed in
                  actual shares of Common Stock. The maximum number of Common
                  Stock Units that may be allocated by deferral of Compensation
                  to Stock Accounts under the Plan is 100,000.

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

4.04     Investment in the Stock Account and Transfers Among Accounts.

         (a)      Election Into the Stock Account. If a Participant elects to
                  defer Compensation into his or her Stock Account, his or her
                  Stock Account shall be credited, as of the date described in
                  Section 4.02, with a money-market rate of return unless and
                  until converted to Common Stock Units, as described above in
                  Section 4.03(d). If and when appropriate, a Participant's
                  Stock Account will be credited with that number of Common
                  Stock Units, and fractions thereof, obtained by dividing the
                  dollar amount to be converted to Common Stock Units by the
                  Fair Market Value of the Common Stock as of such date.

         (b)      Transfers Among Accounts. Except as provided in the remainder
                  of this paragraph (b), a Participant may, by delivering a
                  valid Transfer Form to the Plan Administrator, direct that all
                  or any portion, designated as a whole dollar amount or as a
                  number of whole Common Stock Units, of the existing balance of
                  one of his or her Accounts be transferred to one or more of
                  his or her other Accounts. However, a Participant may not
                  effect "opposite way" transfers between his or her Accounts
                  more often than once in any six-month period.

         (c)      Transfer Into the Stock Account. If a Participant elects
                  pursuant to Section 4.04(b) to transfer an amount from one or
                  more of his or her other Accounts to his or her Stock Account,
                  then effective as of the election's Transfer Date, (i) his or
                  her Account or Accounts from which funds are being transferred
                  shall be reduced by the amount elected to be transferred, and
                  (ii) his or her Stock Account shall be credited with a
                  money-market rate of return unless and until credited with
                  Common Stock Units, as described above in Section 4.03(d). If
                  and when appropriate, a Participant's Stock Account will be
                  credited with that number of Common Stock Units, and fractions
                  thereof, obtained by dividing the dollar amount to be
                  converted to Common Stock Units by the Fair Market Value of
                  the Common Stock as of such date.

         (d)      Transfer Out of the Stock Account. If a Participant elects
                  pursuant to Section 4.04(b) to

<PAGE>   8

                  transfer an amount from his or her Stock Account to one or
                  more of his or her other Accounts, then effective as of the
                  election's Transfer Date, (i) his or her Account or Accounts
                  to which funds are being transferred shall be credited with a
                  dollar amount equal to the cash balance, if any, in the Stock
                  Account plus the amount obtained by multiplying the number of
                  Common Stock Units to be transferred into such Account by the
                  Fair Market Value of the Common Stock on the election's
                  Transfer Date; and (ii) his or her Stock Account shall be
                  reduced by the cash and number of Common Stock Units elected
                  to be transferred.

         (e)      Dividend Equivalents. Effective as of the payment date for
                  each cash dividend on the Common Stock, the Stock Account of
                  each Participant whose Stock Account was credited with Common
                  Stock Units on the record date for such dividend shall be
                  credited with an amount equal to the cash dividend that would
                  have been paid on such shares of Common Stock if issued in his
                  or her name. Such amount shall be credited with a money-market
                  rate of interest unless and until converted to Common Stock
                  Units as provided in Section 4.03(d).

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

         (g)      Allocation of Dividends. To the extent required for
                  bookkeeping purposes, the allocation of additional Common
                  Stock Units attributable to cash dividends or stock dividends
                  will be made to the Stock Sub-Account holding existing Common
                  Stock Units to which the cash dividend or stock dividend
                  relates. For example, a Participant's 1997 Stock Sub-Account
                  will be credited with dividends attributable to Common Stock
                  Units held in the 1997 Stock Sub-Account. A Participant's 1998
                  Stock Sub-Account will be credited with dividends attributable
                  to Common Stock Units held in the 1998 Stock Sub-Account, and
                  so on.

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

         (i)      Distributions. Amounts credited to the Stock Account (in cash
                  or Common Stock Units) may only be distributed out of the
                  Stock Account by transfer to one or more other Accounts or
                  withdrawal from the Stock Account. Withdrawals from the Stock
                  Account shall be made either in cash or shares of Common
                  Stock, as indicated by the Participant; provided, however,
                  that shares of Common Stock may be elected only to the extent
                  that the Stock Account is credited with Common Stock Units.
                  Any such withdrawal will be delayed, if necessary, until the
                  expiration of six months after the last transfer of funds into
                  the Stock Account from another Account or the last day amounts
                  credited to the Stock Account are converted to Common Stock
                  Units. Any fractional Common Stock Units shall be paid in
                  cash. For purposes of transfers to the other Accounts or
                  distributions from the Stock Fund payable in cash, the number
                  of Common Stock Units to be transferred or distributed from a
                  Participant's Stock Account shall be valued by multiplying the
                  number of such Common Stock Units by the Fair Market Value of
                  the Common Stock as of the date such distribution is to occur.

<PAGE>   9

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

4.05     Form of Payment.

         (a)      Payment of Benefits. Payment of Plan benefits shall commence
                  on the first regular business day of the first month following
                  the earliest to occur of (i) the Participant's Termination of
                  Service, or (ii) the Participant's reaching age 70 or becoming
                  an Advisory Director. Any Director who has begun receiving a
                  payment of Plan benefits may not participate further in the
                  Plan.

         (b)      Optional Forms of Payment. Distributions from Participant
                  Accounts (either in cash or in Common Stock) may be paid to
                  the Participant either in a lump sum or in a number of
                  approximately equal monthly, quarterly or annual installments
                  designated by the Participant. Such installments may be for up
                  to ten years. The method of payment (e.g., in lump sum or
                  installments) elected on the Participant's initial Election
                  Form will apply to all amounts (including future deferrals)
                  held in the Participant's Accounts; unless the Participant
                  elects a different method of payment (e.g., lump sum or
                  installments) for all amounts (including prior and future
                  deferrals) held in the Participant's Accounts by filing a
                  subsequent Election Form with the Plan Administrator at least
                  two years prior to the payment commencement date. If a
                  Participant elects to receive a distribution of his or her
                  Accounts in cash installments, the Plan Administrator may
                  purchase an annuity from an insurance company which annuity
                  will pay the Participant the desired periodic installments. If
                  the Plan Administrator purchases an annuity contract, the
                  Director will have no further rights to receive payments from
                  the Company or the Plan with respect to the amounts subject to
                  the annuity. If the Plan Administrator does not purchase an
                  annuity contract, the value of the Accounts remaining unpaid
                  shall continue to receive allocations of return as provided in
                  Section 4.03 and Section 4.04. If the Participant fails to
                  designate a payment method in the Participant's initial
                  Election Form or any subsequent Election Form filed with the
                  Plan Administrator at least two years prior to the payment
                  commencement date, the Participant's Account shall be
                  distributed in a lump sum.

         (c)      Stock Payment. If a Participant so designates as provided in
                  Section 4.04(i), distributions from the Stock Account may be
                  distributed to the Participant in the form of Common Stock
                  rather than cash. The shares of Common Stock distributable to
                  Participants under the Plan must be previously issued and
                  repurchased shares and may not be original issue shares.

         (d)      Uniform Elections. A Participant's election of payment form
                  shall apply uniformly to each year's Compensation deferred
                  under the Plan.

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

4.06     Financial Hardship. The Plan Administrator may, in its sole discretion,
         accelerate the making of payment to a Participant of an amount
         reasonably necessary to handle a severe financial hardship of a sudden
         and unexpected nature due to causes not within the control of the
         Participant. Such payment may be made even if the Participant has not
         incurred a Termination of Service. All

<PAGE>   10

         financial hardship distributions shall be made in cash in a lump sum.
         Such payments will be made on a first-in, first-out basis so that the
         oldest Compensation deferred under the Plan shall be deemed distributed
         first in a financial hardship. Any such financial hardship distribution
         from a Participant's Stock Account will be delayed, if necessary, until
         the expiration of six months after the last transfer of funds into the
         Stock Account from another Account.

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

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

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

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

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

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

<PAGE>   11

                                    ARTICLE 5
                                 FUNDING OF PLAN

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

                                    ARTICLE 6
                           ADMINISTRATION OF THE PLAN

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

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

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

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

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

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

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

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

                                    ARTICLE 7
                            AMENDMENT AND TERMINATION

7.01     Amendment and Termination. The Committee reserves the right to modify,
         alter, amend, or terminate the Plan, at any time and from time to time,
         without notice, to any extent deemed

<PAGE>   12

         advisable; provided, however, that no such amendment or termination
         shall (without the written consent of the Participant, if living, and
         if not, the Participant's Beneficiary) adversely affect any benefit
         under the Plan which has accrued with respect to the Participant or
         Beneficiary as of the date of such amendment or termination regardless
         of whether such benefit is in pay status.

                                    ARTICLE 8
                                  MISCELLANEOUS

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

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

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

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

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

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

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

         IN WITNESS WHEREOF, the Company has caused this Second Amended and
Restated Plan to be duly executed and its seal to be hereunto affixed on the
date indicated below.

                                       CAROLINA FIRST BANCSHARES, INC.

                                       By:
                                          --------------------------------------

                                       Title:
                                             -----------------------------------

                                       Date:
                                            ------------------------------------
[CORPORATE SEAL]

Attest:

----------------------------<PAGE>   1

                                                               Exhibit 4.4

                          FIRST SUPPLEMENTAL INDENTURE

            FIRST SUPPLEMENTAL INDENTURE, dated as of June 30, 2000 (this
"Supplemental Indenture"), among RA Brands, L.L.C., as a Subsidiary Guarantor
("Brands"), Remington Arms Company, Inc. (formerly named RACI Acquisition
Corporation, the "Company"), RACI Holding, Inc., as a Guarantor ("Holding") and
U.S. Bank National Association, as Trustee (the "Trustee"), to the Indenture
referred to below.

                              W I T N E S S E T H:

           WHEREAS, the Company, Holding and the Trustee are parties to an
Indenture, dated as of November 30, 1993 (as amended, supplemented, waived or
otherwise modified, the "Indenture"), under which the Company's 9 1/2% Senior
Subordinated Notes Due 2003 (the "Notes") are issued and outstanding;

           WHEREAS, Brands is a Subsidiary of the Company, and intends to enter
into a guarantee of the Company's indebtedness under its Credit Agreement;

           WHEREAS, Section 1013 of the Indenture provides that any Subsidiary
which becomes liable with respect to any Indebtedness of the Company will
execute and deliver to the Trustee a supplemental indenture providing for a
guarantee of payment of the Securities by such Subsidiary, all as more
particularly described in such Section;

           WHEREAS, Brands desires to enter into this Supplemental Indenture in
consideration of, among other things, the contribution to it of certain assets
by the Company; and

           WHEREAS, pursuant to Section 901 of the Indenture, the parties hereto
are authorized to execute and deliver this Supplemental Indenture to amend the
Indenture, without the consent of any Holder;

           NOW, THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt of which is hereby acknowledged, Brands,
the Company, Holding and the Trustee mutually covenant and agree for the benefit
of the Holders of the Notes as follows:

                                       1
<PAGE>   2

                                   ARTICLE ONE

                                   DEFINITIONS

        1.1. Defined Terms. Terms used in this Supplemental Indenture that are
defined herein are used as so defined. Capitalized terms used herein without
definition shall have the meaning ascribed to them in the Indenture. The words
"herein," "hereof" and "hereby" and other words of similar import used in this
Supplemental Indenture refer to this Supplemental Indenture as a whole and not
to any particular section hereof.

                                   ARTICLE TWO

                                    GUARANTEE

        2.1. Guarantee. For value received, Brands, in accordance with this
Article Two, hereby absolutely, unconditionally and irrevocably guarantees to
the Trustee and the Holders, as if Brands were the principal debtor and not
merely a surety, the punctual payment and performance when due of all Indenture
Obligations (which for purposes of this Guarantee shall also be deemed to
include all commissions, fees, charges, costs and other expenses (including
reasonable legal fees and disbursements of one counsel) arising out of or
incurred by the Trustee or the Holders in connection with the enforcement of
this Guarantee).

        2.2. Continuing Guarantee; No Right of Set-Off; Independent Obligation.

        (a) This Guarantee shall be a continuing guarantee of the payment and
performance of all Indenture Obligations and shall remain in full force and
effect until the payment in full of all of the Indenture Obligations and shall
apply to and secure any ultimate balance due or remaining unpaid to the Trustee
or the Holders; and this Guarantee shall not be considered as wholly or
partially satisfied by the payment or liquidation at any time or from time to
time of any sum of money for the time being due or remaining unpaid to the
Trustee or the Holders. Brands covenants and agrees to comply with all
obligations, covenants, agreements and provisions applicable to it in the
Indenture including those set forth in Article Eight of the Indenture. Without
limiting the generality of the foregoing, Brands' liability shall extend to all
amounts which constitute part of the Indenture Obligations and would be owed by
the Company under this Indenture and the Securities but for the fact that they
are unenforceable, reduced, limited, impaired, suspended or not

                                       2
<PAGE>   3

allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving the Company.

        (b) Brands hereby guarantees that the Indenture Obligations will be paid
to the Trustee without set-off or counterclaim or other reduction whatsoever
(whether for taxes, withholding or otherwise) in lawful currency of the United
States of America.

        (c) Brands guarantees that the Indenture Obligations shall be paid
strictly in accordance with their terms regardless of any law, regulation or
order now or hereafter in effect in any jurisdiction affecting any of such terms
or the rights of the holders of the Securities.

        (d) Brands' liability to pay or perform or cause the performance of the
Indenture Obligations under this Guarantee shall arise forthwith after demand
for payment or performance by the Trustee has been given to Brands in the manner
prescribed in Section 106 of the Indenture.

        (e) Except as provided herein, the provisions of this Article Two cover
all agreements between the parties hereto relative to this Guarantee and none of
the parties shall be bound by any representation, warranty or promise made by
any Person relative thereto which is not embodied herein; and it is specifically
acknowledged and agreed that this Guarantee has been delivered by Brands free of
any conditions whatsoever and that no representations, warranties or promises
have been made to Brands affecting its liabilities hereunder, and that the
Trustee shall not be bound by any representations, warranties or promises now or
at any time hereafter made by the Company to Brands.

        2.3. Guarantee Absolute. The obligations of Brands hereunder are
independent of the obligations of the Company under the Securities and the
Indenture and a separate action or actions may be brought and prosecuted against
Brands whether or not an action or proceeding is brought against the Company and
whether or not the Company is joined in any such action or proceeding. The
liability of Brands hereunder is irrevocable, absolute and unconditional and (to
the extent permitted by law) the liability and obligations of Brands hereunder
shall not be released, discharged, mitigated, waived, impaired or affected in
whole or in part by:

        (a) any defect or lack of validity or enforceability in respect of any
indebtedness or other obligation of the Company or any other Person under the
Indenture or the Securities, or any agreement or instrument relating to any of
the foregoing;

                                       3
<PAGE>   4

        (b) any grants of time, renewals, extensions, indulgences, releases,
discharges or modifications which the Trustee or the Holders may extend to, or
make with, the Company, Brands or any other Person, or any change in the time,
manner or place of payment of, or in any other term of, all or any of the
Indenture Obligations, or any other amendment or waiver of, or any consent to or
departure from, this Indenture or the Securities, including any increase or
decrease in the Indenture Obligations;

        (c) the taking of security from the Company, Brands or any other Person,
and the release, discharge or alteration of, or other dealing with, such
security;

        (d) the occurrence of any change in the laws, rules, regulations or
ordinances of any jurisdiction by any present or future action of any
governmental authority or court amending, varying, reducing or otherwise
affecting, or purporting to amend, vary, reduce or otherwise affect, any of the
Indenture Obligations and the obligations of Brands hereunder;

        (e) the abstention from taking security from the Company, Brands or any
other Person or from perfecting, continuing to keep perfected or taking
advantage of any security;

        (f) any loss, diminution of value or lack of enforceability of any
security received from the Company, Brands or any other Person, and including
any other guarantees received by the Trustee;

        (g) any other dealings with the Company, Brands or any other Person, or
with any security;

        (h) The Trustee's or the Holders' acceptance of compositions from the
Company or Brands;

        (i) the application by the Holders or the Trustee of all monies at any
time and from time to time received from the Company, Brands or any other Person
on account of any indebtedness and liabilities owing by the Company or Brands to
the Trustee or the Holders, in such manner as the Trustee or the Holders deems
best and the changing of such application in whole or in part and at any time or
from time to time, or any manner of application of collateral, or proceeds
thereof, to all or any of the Indenture Obligations, or the manner of sale of
any Collateral;

                                       4
<PAGE>   5

        (j) the release or discharge of the Company or Brands or of any other
guarantor of the Securities or of any Person liable directly as surety or
otherwise by operation of law or otherwise for the Securities, other than an
express release in writing given by the Trustee, on behalf of the Holders, of
the liability and obligations of Brands under the Indenture;

        (k) any change in the name, business, capital structure or governing
instrument of the Company or Brands or any refinancing or restructuring of any
of the Indenture Obligations;

        (l) the sale of the Company's or Brands' business or any part thereof;

        (m) any merger or consolidation, arrangement or reorganization of the
Company, Brands, any Person resulting from the merger or consolidation of the
Company or Brands with any other Person or any other successor to such Person or
merged or consolidated Person or any other change in the corporate existence,
structure or ownership of the Company or Brands;

        (n) the insolvency, bankruptcy, liquidation, winding-up, dissolution,
receivership or distribution of the assets of the Company or its assets or any
resulting discharge of any obligations of the company (whether voluntary or
involuntary) or of Brands or the loss of corporate existence;

        (o) any arrangement or plan of reorganization affecting the Company or
Brands;

        (p) any other circumstance (including any statute of limitations) that
might otherwise constitute a defense available to, or discharge of, the Company
or Brands; or

        (q) any modification, compromise, settlement or release by the Trustee,
or by operation of law or otherwise, of the Indenture Obligations or the
liability of the Company or any other obligor under the Securities, or of any
collateral, in whole or in part, and any refusal of payment by the Trustee, in
whole or in part, from any other obligor or other guarantor in connection with
any of the Indenture Obligations, whether or not with notice to, or further
assent by, or any reservation of rights against, Brands.

        2.4. Right to Demand Full Performance. In the event of any demand for
payment or performance by the Trustee from Brands hereunder, the Trustee or the
Holders shall have

                                       5
<PAGE>   6

the right to demand its full claim and to receive all dividends or other
payments in respect thereof until the Indenture Obligations have been paid in
full, and Brands shall continue to be liable hereunder for any balance which may
be owing to the Trustee or the Holders by the Company under the Indenture and
the Securities. The retention by the Trustee or the Holders of any security,
prior to the realization by the Trustee or the Holders of its rights to such
security upon foreclosure thereon, shall not, as between the Trustee and Brands,
be considered as a purchase of such security, or as payment, satisfaction or
reduction of the Indenture Obligations due to the Trustee or the Holders by the
Company or any part thereof.

        2.5. Waivers. (a) Brands hereby expressly waives (to the extent
permitted by law) notice of the acceptance of this Guarantee and notice of the
existence, renewal, extension or the non-performance, non-payment, or
non-observance on the part of the Company of any of the terms, covenants,
conditions and provisions of the Indenture or the Securities or any other notice
whatsoever to or upon the Company or Brands with respect to the Indenture
Obligations. Brands hereby acknowledges communication to it of the terms of this
Indenture and the Securities and all of the provisions therein contained and
consents to and approves the same. Brands hereby expressly waives (to the extent
permitted by law) diligence, presentment, protest and demand for payment.

        (b) Without prejudice to any of the rights or recourses which the
Trustee or the Holders may have against the Company, Brands hereby expressly
waives (to the extent permitted by law) any right to require the Trustee or the
Holders to:

                (i) initiate or exhaust any rights, remedies or recourse against
        the Company, Brands or any other Person;

                (ii) value, realize upon, or dispose of any security of the
        Company or any other Person held by the Trustee or the Holders; or

                (iii) initiate or exhaust any other remedy which the Trustee or
        the Holders may have in law or equity;

before requiring or becoming entitled to demand payment from Brands under this
Guarantee.

        2.6. Brands Remains Obligated In Event The Company Is No Longer
Obligated to Discharge Indenture Obligations. It is the express intention of the
Trustee and Brands that if for any reason the Company has no legal existence, is
or becomes under no legal

                                       6
<PAGE>   7

obligation to discharge the Indenture Obligations owing to the Trustee or the
Holders by the Company or if any of the Indenture Obligations owing by the
Company to the Trustee or the Holders becomes irrecoverable from the Company by
operation of law or for any reason whatsoever, this Guarantee and the covenants,
agreements and obligations of Brands contained in this Article Two shall
nevertheless be binding upon Brands, as principal debtor, until such time as all
such Indenture Obligations have been paid in full to the Trustee and all
Indenture Obligations owing to the Trustee or the Holders by the Company have
been discharged, or such earlier time as Section 402 of the Indenture shall
apply to the Securities and Brands shall be responsible for the payment thereof
to the Trustee or the Holders upon demand.

        2.7. Waiver of Rights. Brands agrees (to the extent permitted by law)
that it hereby waives and will not in any manner whatsoever claim or take the
benefit or advantage of, any rights of reimbursement, exoneration, contribution,
indemnity or subrogation (whether contractual, under Section 509 of Title Eleven
of the United States Code, under common law or otherwise) or any similar rights
or "claims" (as such term is defined under Title Eleven of the United States
Code), against the Company or any Subsidiary arising from the existence of, or
performance by, Brands under this Guarantee.

        2.8. Guarantee Is In Addition to other Security. This Guarantee shall be
in addition to and not in substitution for any other guarantees or other
security which the Trustee may now or hereafter hold in respect of the Indenture
Obligations owing to the Trustee or the Holders by the Company and (except as
may be required by law) the Trustee shall be under no obligation to marshal in
favor of Brands any other guarantees or other security or any moneys or other
assets which the Trustee may he entitled to receive or upon which the Trustee or
the Holders may have a claim.

        2.9. Release of Security Interests. Without limiting the generality of
the foregoing and except as otherwise provided in the Indenture, Brands hereby
consents and agrees, to the fullest extent permitted by applicable law, that the
rights of the Trustee hereunder, and the liability of Brands hereunder, shall
not be affected by any and all releases for any purpose of any collateral, if
any, from the Liens and security interests created by any collateral document
and that this Guarantee shall continue to be effective or be reinstated, as the
case may be, if at any time any payment of any of the Indenture obligations is
rescinded or must otherwise be returned by the Trustee upon the insolvency,
bankruptcy or reorganization of the Company or otherwise, all as though such
payment had not been made.

                                       7
<PAGE>   8

        2.10. No Bar to Further Actions. Except as provided by law, no action or
proceeding brought or instituted under this Article and this Guarantee and no
recovery or judgment in pursuance thereof shall be a bar or defense to any
further action or proceeding which may be brought under this Guarantee by reason
of any further default or defaults under this Guarantee or in the payment of any
of the Indenture Obligations owing by the Company.

        2.11. Failure to Exercise Rights Shall Not operate As a Waiver; No
Suspension of Remedies. No failure to exercise and no delay in exercising, on
the part of the Trustee or the Holders, any right, power, privilege or remedy
under this Guarantee shall operate as a waiver thereof, nor shall any single or
partial exercise of any rights, power, privilege or remedy preclude any other or
further exercise thereof, or the exercise of any other rights, powers,
privileges or remedies. The rights and remedies herein provided for are
cumulative and not exclusive of any rights or remedies provided in law or
equity.

        Nothing contained in this Article shall limit the right of the Trustee
or the Holders to take any action to accelerate the maturity of the Securities
pursuant to Article Five of the Indenture or to pursue any rights or remedies
hereunder or under applicable law and subject to the rights, if any, under this
Guarantee of the holders, from time to time, of Senior Indebtedness to receive
the cash, property or securities receivable upon the exercise of such rights or
remedies.

        2.12. Trustee's Duties; Notice to Trustee. Any provision in this
Guarantee or in the Indenture allowing the Trustee to request any information,
or to take any action authorized by or on behalf of Brands, shall be permissive
and shall not be obligatory on the Trustee except as the Holders may direct in
accordance with the provisions of the Indenture or where the failure of the
Trustee to request any such information or to take any such action arises from
the Trustee's negligence, bad faith or willful misconduct.

        (a) The Trustee shall not be required to inquire into the existence,
powers or capacities of the Company, Brands or the officers, directors or agents
acting or purporting to act on their respective behalfs.

        (b) Notwithstanding the provisions of this Article Two or any provision
of the Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts which would prohibit the making of any payment to or by
the Trustee under the Guarantee in respect of the Securities, unless and until
the Trustee shall have received written notice thereof from Brands, and, prior
to the receipt of any such written notice, the Trustee, subject to the
provisions of section 601 of the Indenture, shall be entitled in all respects to

                                       8
<PAGE>   9

assume that no such facts exist; provided, however, that if a Responsible
Officer of the Trustee shall not have received any such notice from Brands at
least two Business Days prior to the date upon which by the terms hereof any
money may become payable for any purpose (including, without limitation, the
payment of the principal of, or premium, if any, or interest on, any Security),
then, anything herein contained to the contrary notwithstanding, the Trustee
shall have full power and authority to receive such money and to apply the same
to the purpose for which such money was received and shall not be affected by
any such notice to the contrary which may be received by it less than two
Business Days prior to such date; nor shall the Trustee be charged with
knowledge of the curing of any such default or the elimination of the act or
condition preventing any such payment unless and until the Responsible officer
of the Trustee shall have received an Officers' Certificate to such effect.

        (c) In the case that at any time any Paying Agent other than the Trustee
shall have been appointed by the Company and be then acting hereunder, the term
"Trustee" as used in this Guarantee shall in such case (unless the context
otherwise requires) be construed as extending to and including such Paying Agent
within its meaning as fully for all intents and purposes as if such Paying Agent
were named in this Guarantee in addition to or in place of the Trustee;
provided, however, that this Article shall not apply to the Company or any
Affiliate of the Company if the Company or such Affiliate acts as Paying Agent.

        2.13. Successors and Assigns. All terms, agreements and conditions of
this Guarantee shall extend to and by binding upon Brands and its successors and
permitted assigns and shall enure to the benefit of and may be enforced by the
Trustee and its successors and assigns; provided, however, that Brands may not
assign any of its rights or obligations hereunder other than in accordance with
Article Eight of the Indenture.

        2.14. Release of Guarantee. (a) Concurrently with the payment in full of
all of the Indenture Obligations, then Brands shall be released from and
relieved of its obligations under this Guarantee. Upon the delivery by the
Company to the Trustee of an Officers' Certificate and, if reasonably requested
by the Trustee, an Opinion of Counsel to the effect that the transaction giving
rise to the release of this Guarantee was made by the Company in accordance with
the provisions of this Indenture and the Securities, the Trustee shall execute
any documents reasonably required in order to evidence the release of Brands
from its obligations under this Guarantee. If any of the Indenture Obligations
are revived and reinstated after the termination of this Guarantee, then all of
the obligations of Brands under this Guarantee shall be revived and reinstated
as if this Guarantee had not been

                                       9
<PAGE>   10

terminated until such time as the Indenture Obligations are paid in full, and
Brands shall enter into an amendment to this Guarantee, reasonably satisfactory
to the Trustee, evidencing such revival and reinstatement.

        (b) This Guarantee shall be automatically and unconditionally released
and discharged upon (i) any sale, exchange or transfer, to any Person not an
Affiliate of the Company, of all of the Capital Stock held by the Company or any
Subsidiary in, or all or substantially all the assets of, such Subsidiary, which
is in compliance with this Indenture or (ii) the release by the holders of the
Indebtedness of the Company described in Section 1013(a) of the Indenture of
their guarantee by such Subsidiary (including any deemed release upon payment in
full of all obligations under such Indebtedness), which release occurs at a time
when (A) no other Indebtedness of the Company remains guaranteed by such
subsidiary (other than pursuant to Permitted Guarantees), as the case may be, or
(B) the holders of all such other Indebtedness which is guaranteed by such
Subsidiary (other than pursuant to Permitted Guarantees) also release their
guarantee by such Subsidiary (including any deemed release upon payment in full
of all obligations under such Indebtedness).

        2.15. Execution of Guarantee. To evidence the Guarantee, Brands hereby
agrees to execute a guarantee substantially in the form set forth in Section
205, to be endorsed on each Security authenticated and delivered by the Trustee
and that the Indenture shall be executed on behalf of Brands by its Chairman of
the Board, its President or one of its Vice Presidents, under its corporate seal
reproduced thereon attested by its Secretary or one of its Assistant
Secretaries. The signature of any of these officers on the Securities may be
manual or facsimile.

        If an officer whose signature is on this Indenture no longer holds that
office at the time the Trustee authenticates a Security on which the Guarantee
is so endorsed, such Guarantee shall be valid nevertheless.

        2.16. Guarantee Subordinate to Senior Guarantor Indebtedness. Brands
covenants and agrees, and each Holder of a Security, by his acceptance thereof,
likewise covenants and agrees, that, to the extent and in the manner hereinafter
set forth in this Article, the Guarantee is hereby expressly made subordinate
and subject in right of payment as provided in this Section to the prior payment
in full of all Senior Guarantor Indebtedness in cash or Cash Equivalents or in
any other form acceptable to the requisite holders of Senior Guarantor
Indebtedness; provided, however, that the Indebtedness represented by this
Guarantee in all respects shall rank equally with, or prior to, all existing and
future

                                       10
<PAGE>   11

Indebtedness of Brands that is expressly subordinated in right of payment to
Senior Guarantor Indebtedness.

        This Article Two shall constitute a continuing offer to all Persons who,
in reliance upon such provisions, become holders of, or continue to hold, Senior
Guarantor Indebtedness; and such provisions are made for the benefit of the
holders of Senior Guarantor Indebtedness; and such holders are made obligees
hereunder and they or each of them may enforce such provisions.

        2.17. Payment Over of Proceeds Upon Dissolution of Brands, etc. In the
event of (1) any insolvency or bankruptcy case or proceeding, or any
receivership, liquidation, reorganization or other similar case or proceeding in
connection therewith, relative to Brands or to its creditors, as such, or to its
assets, or (2) any liquidation, dissolution or other winding up of Brands,
whether voluntary or involuntary and whether or not involving insolvency or
bankruptcy, or (3) any assignment for the benefit of creditors or any other
marshaling of assets or liabilities of Brands, then and in any such event:

        (a) the holders of Senior Guarantor Indebtedness shall be entitled to
receive payment in full in cash or Cash Equivalents or in any other form
acceptable to the requisite holders of Senior Guarantor Indebtedness, or
provision acceptable to the requisite holders of Senior Guarantor Indebtedness
made for such payment, of all amounts due on or in respect of all Senior
Guarantor Indebtedness, before the Holders of the Securities are entitled to
receive any payment or distribution of any kind or character (excluding
Permitted Guarantor Junior Securities) on account of the principal of, or
premium, if any, or interest on the Securities or on account of the purchase,
redemption, defeasance or other acquisition of or in respect of the Securities
(including any payment or other distribution which may be received from the
holders of Subordinated Indebtedness as a result of any payment on such
Subordinated Indebtedness); and

        (b) any payment or distribution of assets of Brands of any kind or
character, whether in cash, property or securities (excluding Permitted
Guarantor Junior Securities), by set-off or otherwise, to which the Holders or
the Trustee would be entitled but for the provisions of this Article shall be
paid by the liquidating trustee or agent or other Person making such payment or
distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee
or otherwise, directly to the holders of Senior Guarantor Indebtedness or their
representative or representatives or to the trustee or trustees under any
indenture under which any instruments evidencing any of such Senior Guarantor
Indebtedness may have been issued, ratably according to the aggregate amounts
remaining unpaid on account

                                       11
<PAGE>   12

of the Senior Guarantor Indebtedness held or represented by each, to the extent
necessary to make payment in full in cash or Cash Equivalents or in any other
form acceptable to the requisite holders of Senior Guarantor Indebtedness, of
all Senior Guarantor Indebtedness remaining unpaid, after giving effect to any
concurrent payment or distribution to the holders of such Senior Guarantor
Indebtedness; and

        (c) in the event that, notwithstanding the foregoing provisions of this
Section, the Trustee or the Holder of any Security shall have received any
payment or distribution of assets of Brands of any kind or character, whether in
cash, property or securities, in respect of principal of, or premium, if any,
and interest on the Securities or on account of the purchase, redemption,
defeasance or other acquisition of or in respect of the Securities before all
Senior Guarantor Indebtedness is paid in full, then and in such event such
payment or distribution (excluding Permitted Guarantor Junior Securities)
(including any payment or other distribution which may be received from the
holders of Indebtedness expressly subordinated in right of payment to the
Guarantee as a result of any payment on such subordinated Indebtedness) shall be
paid over or delivered forthwith to the trustee in bankruptcy, receiver,
liquidating trustee, custodian, assignee, agent or other person making payment
or distribution of assets of Brands for application to the payment of all Senior
Guarantor Indebtedness remaining unpaid, to the extent necessary to pay all
Senior Guarantor Indebtedness in full in cash or Cash Equivalents or in any
other form acceptable to the requisite holders of Senior Guarantor Indebtedness
after giving effect to any concurrent payment or distribution to or for the
holders of Senior Guarantor Indebtedness and until so paid shall be held in
trust for the benefit of the holders of Senior Guarantor Indebtedness.

        The consolidation of Brands with, or the merger of Brands with or into,
another Person or the liquidation or dissolution of Brands following the sale,
assignment, conveyance, transfer, lease or other disposal of all or
substantially all of its properties or assets to another Person upon the terms
and conditions set forth in Article Eight of the Indenture shall not be deemed a
dissolution, winding up, liquidation, reorganization, assignment for the benefit
of creditors or marshaling of assets and liabilities of Brands for the purposes
of this Section if the Person formed by such consolidation or the surviving
entity of such merger or the Person which acquires by sale, assignment,
conveyance, transfer, lease or other disposal of all or substantially all of
Brands' properties or assets, as the case may be, shall, as a part of such
consolidation, merger, sale, assignment, conveyance, transfer, lease or other
disposal, comply with the conditions set forth in Article Eight of the
Indenture.

                                       12
<PAGE>   13

        2.18. Default on Senior Guarantor Indebtedness.

        (a) Upon the maturity of any Senior Guarantor Indebtedness by lapse of
time, acceleration or otherwise, all principal thereof and interest thereon and
other amounts due in connection therewith shall first be paid in full in cash or
Cash Equivalents or in any other form acceptable to the requisite holders of
such Senior Guarantor Indebtedness, or such payment acceptable to the holders of
Senior Guarantor Indebtedness duly provided for, before any payment is made by
Brands or any Person acting on behalf of Brands in respect of the Guarantee.

        (b) No payment (excluding payments in the form of Permitted Guarantor
Junior Securities) shall be made by Brands in respect of the Guarantee during
the period in which Section 2.17 shall be applicable, during any suspension of
payments in effect under Section 1203(a) of the Indenture or during any Payment
Blockage Period in effect under Section 1203(b) of the Indenture.

        (c) In the event that, notwithstanding the foregoing, Brands shall make
any payment to the Trustee or the Holder of any Security pursuant to this
Guarantee prohibited by the foregoing provisions of this Article, then and in
such event such payment shall be paid over and delivered forthwith to the
representatives of Senior Guarantor Indebtedness or as a court of competent
jurisdiction shall direct and until so paid shall be held in trust for the
benefit of the holders of Senior Guarantor Indebtedness.

        2.19. Payment Permitted by Brands if No Default. Nothing contained in
this Article, in the Indenture or in any of the Securities shall prevent Brands,
at any time except during the pendency of any case, proceeding, dissolution,
liquidation or other winding up, assignment for the benefit of creditors or
other marshaling of assets and liabilities of Brands referred to in Section 2.17
of this Article or under the conditions described in Section 2.18 of this
Article, from making payments at any time of principal of, premium, if any, or
interest on the Securities in respect of the Guarantee.

        2.20. Subrogation to Rights of Holders of Senior Guarantor Indebtedness.
Subject to the payment in full of all Senior Guarantor Indebtedness in cash or
Cash Equivalents or in any other form acceptable to the requisite holders of
Senior Guarantor Indebtedness, the Holders of the Securities shall be subrogated
to the rights of the holders of such Senior Guarantor Indebtedness to receive
payments and distributions of cash, property and securities applicable to Senior
Guarantor Indebtedness until the principal of, premium, if any, and interest on
the Securities shall be paid in full. For purposes of such subrogation,

                                       13
<PAGE>   14

no payments or distributions to the holders of Senior Guarantor Indebtedness of
any cash, property or securities to which the Holders of the Securities or the
Trustee would be entitled except for the provisions of this Article, and no
payments over pursuant to the provisions of this Article to the holders of
Senior Guarantor Indebtedness by Holders of the Securities or the Trustee,
shall, as among Brands, its creditors other than holders of Senior Guarantor
Indebtedness, and the Holders of the Securities, be deemed to be a payment or
distribution by Brands to or on account of the Senior Guarantor Indebtedness.

         2.21. Provisions Solely to Define Relative Rights. The provisions of
Sections 2.16 through 2.29 of this Guarantee are intended solely for the purpose
of defining the relative rights of the holders of the Guarantee on the one hand
and the holders of Senior Guarantor Indebtedness on the other hand. Nothing
contained in this Guarantee or elsewhere in the Indenture or in the Securities
is intended to or shall (a) impair, as among Brands, its creditors other than
holders of Senior Guarantor Indebtedness and the Holders of the Securities, the
obligation of Brands, which is absolute and unconditional, to pay to the holders
of the Guarantee the principal of, or premium, if any, and interest on, the
Securities as and when the same shall become due and payable in accordance with
their terms; or (b) affect the relative rights against Brands of the Holders of
the Securities and creditors of Brands other than the holders of Senior
Guarantor Indebtedness; or (c) prevent the Trustee or the Holder of any Security
from exercising all remedies otherwise permitted by applicable law upon default
under the Indenture, subject to the rights, if any, under this Article of the
holders of Senior Guarantor Indebtedness (1) in any case, proceeding,
dissolution, liquidation or other winding up, assignment for the benefit of
creditors or other marshaling of assets and liabilities of Brands referred to in
Section 2.17, to receive, pursuant to and in accordance with such Section, cash,
property and securities otherwise payable or deliverable to the Trustee or such
Holder, or (2) under the conditions specified in Section 2.18, to prevent any
payment prohibited by such Section or enforce their rights pursuant to Section
2.18(c).

        2.22. Trustee to Effectuate Subordination. Each holder of the Guarantee
by his acceptance thereof authorizes and directs the Trustee on his behalf to
take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article and appoints the Trustee his
attorney-in-fact for any and all such purposes, including, in the event of any
dissolution, winding-up, liquidation or reorganization of Brands whether in
bankruptcy, insolvency, receivership proceedings, or otherwise, the timely
filing of a claim for the unpaid balance of the indebtedness of Brands owing to
such holder in the form required in such proceedings and the causing of such
claim to be approved. If the Trustee does not file a proper claim at least 30
days before the expiration of the time to file such

                                       14
<PAGE>   15

claim, then the holders of Senior Guarantor Indebtedness and their agents,
trustees or other representative are authorized to do so and on behalf of the
holders.

        2.23. No Waiver of Subordination Provisions.

        (a) No right of any present or future holder of any Senior Guarantor
Indebtedness to enforce subordination as herein provided shall at any time in
any way be prejudiced or impaired by any act or failure to act on the part of
Brands or by any act or failure to act by any such holder, or by any
non-compliance by Brands with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof any such holder may have or be
otherwise charged with.

        (b) Without limiting the generality of Subsection (a) of this Section,
the holders of Senior Guarantor Indebtedness may, at any time and from time to
time, without the consent of or notice to the Trustee or the Holders of the
Securities, without incurring responsibility to the Holders of the Securities
and without impairing or releasing the subordination provided in this Section or
the obligations hereunder of the holders of the Guarantee to the holders of
Senior Guarantor Indebtedness, do any one or more of the following: (1) change
the manner, place or terms of payment or extend the time of payment of, or renew
or alter, Senior Guarantor Indebtedness or any instrument evidencing the same or
any agreement under which Senior Guarantor Indebtedness is outstanding; (2)
sell, exchange, release or otherwise deal with any property pledged, mortgaged
or otherwise securing Senior Guarantor Indebtedness; (3) release any Person
liable in any manner for the collection or payment of Senior Guarantor
Indebtedness; and (4) exercise or refrain from exercising any rights against
Brands and any other Person; provided, however, that in no event shall any such
actions limit the right of the Holders of the Securities to take any action to
accelerate the maturity of the Securities in accordance with provisions
described under "Events of Default" and as set forth pursuant to Article Five in
the Indenture or to pursue any rights or remedies hereunder or under applicable
laws if the taking of such action does not otherwise violate the terms of this
Article.

        2.24. Notice to Trustee by Brands.

        (a) Brands shall give prompt written notice to the Trustee of any fact
known to Brands which would prohibit the making of any payment to or by the
Trustee in respect of the Guarantee. Notwithstanding the provisions of this
Article or any provision of the Indenture, the Trustee shall not be charged with
knowledge of the existence of any facts which would prohibit the making of any
payment to or by the Trustee in respect of the

                                       15
<PAGE>   16

Guarantee, unless and until the Trustee shall have received written notice
thereof from Brands or a holder of Senior Guarantor Indebtedness or from any
representative, trustee, fiduciary or agent therefor; and, prior to the receipt
of any such written notice, the Trustee shall be entitled in all respects to
assume that no such facts exist; provided, however, that if the Trustee shall
not have received the notice provided for in this Section at least two Business
Days prior to the date upon which by the terms hereof any money may become
payable for any purpose (including, without limitation, the payment of the
principal of, or premium, if any, or interest on any Security), then, anything
herein contained to the contrary notwithstanding but without limiting the rights
and remedies of the holders of Senior Guarantor Indebtedness or any trustee,
fiduciary or agent thereof, the Trustee shall have full power and authority to
receive such money and to apply the same to the purpose for which such money was
received and shall not be affected by any notice to the contrary which may be
received by it less than two Business Days prior to such date; nor shall the
Trustee be charged with knowledge of the curing of any such default or the
elimination of the act or condition preventing any such payment unless and until
the Trustee shall have received an Officers' Certificate to such effect.

        (b) The Trustee shall be entitled to rely on the delivery to it of a
written notice to the Trustee and Brands by a Person representing himself to be
a representative of a holder or a holder of Senior Guarantor Indebtedness (or a
trustee, fiduciary or agent therefor) to establish that such notice has been
given by a representative of a holder or a holder of Senior Guarantor
Indebtedness (or a trustee, fiduciary or agent therefor); provided, however,
that failure to give such notice to the Company shall not affect in any way the
ability of the Trustee to rely on such notice. In the event that the Trustee
determines in good faith that further evidence is required with respect to the
right of any Person as a holder of Senior Guarantor Indebtedness to participate
in any payment or distribution pursuant to this Article, the Trustee may request
such Person to furnish evidence to the reasonable satisfaction of the Trustee as
to the amount of Senior Guarantor Indebtedness held by such Person, the extent
to which such Person is entitled to participate in such payment or distribution
and any other facts pertinent to the rights of such Person under this Article,
and if such evidence is not furnished, the Trustee may defer any payment to such
Person pending judicial determination as to the right of such Person to receive
such payment.

        2.25. Reliance on Judicial Order or Certificate of Liquidating Agent.
Upon any payment or distribution of assets of Brands referred to in this
Article, the Trustee and the Holders of the Securities shall be entitled to rely
upon any order or decree entered by any court of competent jurisdiction in which
such insolvency, bankruptcy, receivership,

                                       16
<PAGE>   17

liquidation, reorganization, dissolution, winding up or similar case or
proceeding is pending, or a certificate of the trustee in bankruptcy, receiver,
liquidating trustee, custodian, assignee for the benefit of creditors, agent or
other person making such payment or distribution, delivered to the Trustee or to
the Holders of Securities, for the purpose of ascertaining the Persons entitled
to participate in such payment or distribution, the holders of Senior Guarantor
Indebtedness and other indebtedness of Brands, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Section, provided that the foregoing shall apply
only if such court has been fully apprised of the provisions of this Article.

        2.26. Rights of Trustee as a Holder of Senior Guarantor Indebtedness;
Preservation of Trustee's Rights. The Trustee in its individual capacity shall
be entitled to all the rights set forth in this Article with respect to any
Senior Guarantor Indebtedness which may at any time be held by it, to the same
extent as any other holder of Senior Guarantor Indebtedness, and nothing in the
Indenture shall deprive the Trustee of any of its rights as such holder. Nothing
in this Article shall apply to claims of, or payments to, the Trustee under or
pursuant to the provisions in the Indenture regarding compensation and
indemnification of the Trustee.

        2.27. Section Applicable to Paying Agents. In case at any time any
Paying Agent other than the Trustee shall have been appointed by the Company and
be then acting under the Indenture, the term "Trustee" as used in this Section
shall in such case (unless the context otherwise requires) be construed as
extending to and including such Paying Agent within its meaning as fully for all
intents and purposes as if such Paying Agent were named in this Section in
addition to or in place of the Trustee; provided, however, that Section 2.26 of
this Guarantee shall not apply to Brands or any Affiliate of Brands if it or
such Affiliate acts as Paying Agent.

        2.28. No Suspension of Remedies. Nothing contained in this Article shall
limit the right of the Trustee or the Holders of Securities to take any action
to accelerate the maturity of the Securities pursuant to the provisions
described under Article Five of the Indenture and as set forth in the Indenture
or to pursue any rights or remedies thereunder or under applicable law, subject
to the rights, if any, under this Section of the holders, from time to time, of
Senior Guarantor Indebtedness to receive the cash, property or securities
receivable upon the exercise of such rights or remedies.

        2.29. Trustee's Relation to Senior Guarantor Indebtedness. With respect
to the holders of Senior Guarantor Indebtedness, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as are
specifically set forth in this Article, and

                                       17
<PAGE>   18

no implied covenants or obligations with respect to the holders of Senior
Guarantor Indebtedness shall be read into this Article against the Trustee. The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Guarantor Indebtedness and the Trustee shall not be liable to any holder of
Senior Guarantor Indebtedness if it shall mistakenly in the absence of gross
negligence or willful misconduct pay over or deliver to Holders, Brands or any
other Person moneys or assets to which any holder of Senior Guarantor
Indebtedness shall be entitled by virtue of this Article or otherwise.

                                  ARTICLE THREE

                                  MISCELLANEOUS

        3.1. Parties. Except as otherwise specified herein, nothing in this
Supplemental Indenture is intended or shall be construed to give any Person,
other than the Holders and the Trustee, any legal or equitable right, remedy or
claim under or in respect of Brands' Guarantee or any provision contained
herein.

        3.2. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO ANY PRINCIPLES OF CONFLICT OF LAWS TO THE EXTENT THAT THE
APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. THE
TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR
ACCEPTANCE OF THE NOTES) THE HOLDERS, AGREE TO SUBMIT TO THE JURISDICTION OF ANY
UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE
CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
INDENTURE OR THE NOTES.

        3.3. Ratification of Indenture; Supplemental Indenture Is Part of
Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof
shall remain in full force and effect. This Supplemental Indenture shall form a
part of the Indenture for all purposes, and every Holder of Notes heretofore or
hereafter authenticated and delivered shall be bound hereby. The Trustee makes
no representation or warranty as to the validity or sufficiency of this
Supplemental Indenture.

                                       18
<PAGE>   19

        3.4. Counterparts. The parties hereto may sign one or more copies of
this Supplemental Indenture in counterparts, all of which together shall
constitute one and the same agreement.

        3.5. Headings. The section headings herein are for convenience of
reference only and shall not be deemed to alter or affect the meaning or
interpretation of any provisions hereof.

                                       19
<PAGE>   20

                  IN WITNESS WHEREOF, the parties hereto have caused this
Supplemental Indenture to be duly executed as of the date first above written.

                             RA BRANDS, L.L.C., as a Subsidiary Guarantor

                             By:/s/Mark A. Little
                                ----------------------------------------------
                                Name: Mark A. Little
                                Title: Vice President

                             REMINGTON ARMS COMPANY, INC., as Issuer

                             By:/s/Mark A. Little
                                ----------------------------------------------
                                Name: Mark A. Little
                                Title: Executive Vice President, CFO and CAO

                             RACI HOLDING, INC., as a Guarantor

                             By:/s/Mark A. Little
                                ----------------------------------------------
                                Name: Mark A. Little
                                Title: Executive Vice President, CFO and CAO

                             U.S. BANK NATIONAL ASSOCIATION,
                                   as Trustee

                             By:/s/Harry H. Hall
                                ----------------------------------------------
                                Name: Harry H. Hall
                                Title: Vice President

                                       20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]