Document:

AMENDMENT TO EMPLOYEE DEATH BENEFIT AGREEMENT

 EXHIBIT 10.8 
  
 STATE OF SOUTH CAROLINA 
 COUNTY OF
RICHLAND 
  
 FIRST AMENDMENT OF EMPLOYEE DEATH

 BENEFIT AND POST-RETIREMENT 
 NONCOMPETITION AND CONSULTATION AGREEMENT 
  
 THIS FIRST AMENDMENT OF EMPLOYEE DEATH BENEFIT AND POST-RETIREMENT NONCOMPETITION AND CONSULTATION AGREEMENT (“First Amendment”), made and entered into and effective as of the 24th day of July, 2002, by and between
FIRST-CITIZENS BANK AND TRUST COMPANY OF SOUTH CAROLINA, a South Carolina banking corporation with its principal place of business in Columbia, Richland County, South Carolina (hereinafter referred to as “Employer”); and Craig L.
Nix (hereinafter referred to as “Employee”); 
  
 W I T N E S S E T H: 
  
 WHEREAS, in recognition of Employee’s contribution to the growth, management and development of Employer, and in order to limit Employee’s availability to other employers or entities in competition with
Employer following Employee’s retirement from employment with Employer, Employer and Employee previously entered into an Employee Death Benefit and Post-Retirement Noncompetition and Consultation Agreement, dated as of the 1st day of June, 2000, which is incorporated herein by reference (hereinafter referred to as the “Agreement”); and

  
 WHEREAS, Employer now desires to increase the benefits payable
to Employee as set forth in the Agreement by amending the Agreement pursuant to Paragraph 12 thereof, effective as of the date of this First Amendment. 
  
 NOW, THEREFORE, for and in consideration of the mutual promises and undertakings herein set forth, the parties hereto do agree as follows: 
  
 1. Paragraph 2 of the Agreement hereby is deleted in its entirety and the
following replacement Paragraph 2 is inserted in lieu thereof: 
  
 “2. DEATH BENEFITS. In the event Employee dies while employed by Employer prior to Employee’s Retirement Date, Employer will pay the sum of forty thousand seven hundred eight five and 00/100 Dollars ($40,785.00) per year,
payable in monthly installments of three thousand three hundred ninety eight and 75/100 Dollars ($3,398.75) for a period of ten (10) years, to such individual or individuals as Employee shall have designated in writing filed with Employer or, in the
absence of such designation, to the Estate of Employee. The first payment shall be made not later than two (2) months following Employee’s death. Payments hereunder shall be payable each month without deductions and the recipient shall be
solely responsible for the payment of all income and other taxes and assessments applicable on said payments.” 
  
 2. The first paragraph of Paragraph 3 of the Agreement hereby is deleted in its entirety and the following replacement first paragraph of Paragraph 3 is
inserted in lieu thereof: 
  
 “3. CONSULTATION
PAYMENTS. In the event Employee retires from employment on Employee’s Retirement Date, Employee shall be paid by Employer the sum of eight hundred forty nine and 68/100 Dollars ($849.68) per month, beginning not later than two (2) months
after Employee’s Retirement Date, for a period of ten (10) years 

  

 
following Employee’s Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of
Employee’s Consultation Services, as provided herein; such sum to be payable to Employee whether or not Employee’s Consultation Services have been utilized by Employer. Consultation Payments hereunder shall be payable each month without
deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation.”

  
 3. The first paragraph of Paragraph 4 of the Agreement hereby
is deleted in its entirety and the following replacement first paragraph of Paragraph 4 is inserted in lieu thereof: 
  
 “4. NONCOMPETITION PAYMENTS. In the event Employee retires from employment on Employee’s Retirement Date, Employee shall be paid by
Employer the sum of two thousand five hundred forty nine and 06/100 Dollars ($2,549.06) per month, beginning not later than two (2) months after Employee’s Retirement Date, for a period of ten (10) years following Employee’s Retirement
Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee’s Covenant Not To Compete as provided herein. Noncompetition Payments hereunder shall be payable each month without deductions
and Employee agrees to be solely responsible for the payment of all income or other taxes or assessments, if any, applicable on said payments.” 
  
 4. Paragraph 5 of the Agreement hereby is deleted in its entirety and the following replacement Paragraph 5 is inserted in lieu thereof: 
  
 “5. CONTINUATION OF PAYMENTS. Upon Employee’s death during
said ten (10) year period of payments hereunder, the sum of three thousand, three hundred, ninety eight and 75/100 Dollars ($3,398.75) per month shall be paid to Employee’s designated beneficiary or Employee’s Estate, as applicable,
beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of said ten (10) year period. Once the Consultation and/or Noncompetition Payments are begun, whether paid by Employer or
as otherwise provided herein, the maximum payment period under this Agreement is ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for all income and other taxes and
assessments applicable on said payments.” 
  
 5. All of the
remaining terms and conditions of the Agreement which are not expressly amended by this First Amendment shall remain in full force and effect. 
  

 IN TESTIMONY WHEREOF, Employer has caused this First Amendment to be executed in its corporate name by
its Chairman of the Board, attested by its Secretary/Assistant Secretary and its corporate seal to be affixed hereto, all within the authority duly given by its Board of Directors, and Employee has hereunto set his hand and adopted as his seal the
typewritten word “SEAL” appearing beside his name, as of the day and year first above written. 
  

			
	 FIRST-CITIZENS BANK AND TRUST
 COMPANY OF SOUTH CAROLINA

		
	By:	 	/S/    JIM B. APPLE        
	 	 	

	 	 	 Jim B. Apple
 Chairman of the Board

  

	
	Attest:
	
	/S/    KIMBERLY A. ROBBINS        
	

	Secretary/Assistant Secretary

  

	
	
	        /S/    CRAIG L.
NIX            (SEAL)
	

	[EMPLOYEE NAME]Amendment No. 1 effective January 1, 2002

 EXHIBIT 10.2.1 
  
 AMENDMENT NO. 1 
  
 TO THE CATHAY BANK 
  
 EMPLOYEE STOCK OWNERSHIP PLAN 
  
 Cathay Bancorp, Inc. (the “Company”) hereby amends the above-named plan (the “Plan”), effective as of January 1, 2002, as follows:

  
 Preamble 
  
 1. Adoption and Effective Date of This Amendment. This Amendment to the Plan is adopted to reflect certain provisions of the Economic
Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”). This Amendment is intended as good faith compliance with the requirements of EGTRRA and is to be construed in accordance with EGTRRA and guidance issued thereunder. Except as
otherwise provided, this Amendment shall be effective as of the first day of the first Plan Year beginning after December 31, 2001. 
  
 2. Supersession of Inconsistent Provisions. This Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the
provisions of this Amendment. 
  
 Section 1. Limitations on Contributions

  
 1. Effective Date. This Section shall be effective for limitation
years beginning after December 31, 2001. 
  
 2. Maximum Annual Addition.
The annual addition that may be contributed or allocated to a Participant’s account under the Plan for any limitation year shall not exceed the lesser of: 
  

(a) $40,000, as adjusted for increases in the cost-of-living under Section 415(d) of the Code, or 
  
 (b) 100% of the Participant’s compensation, within the meaning of Section 415(c)(3) of the Code, for the limitation year. 

 
 The compensation limit referred to in (b) shall not apply to any contribution for medical
benefits after separation from service (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an annual addition. 

 Section 2. Increase in Compensation Limit 
  
 The annual Compensation of each Participant taken into account in determining allocations for any Plan Year beginning after December 31,
2001, shall not exceed $200,000, as adjusted for cost-of-living increases in accordance with Section 401(a)(17)(B) of the Code. Annual Compensation means Compensation during the Plan Year or such other consecutive 12-month period over which
Compensation is otherwise determined under the Plan (the determination period). The cost-of-living adjustment in effect for a calendar year applies to annual Compensation for the determination period that begins with or within such calendar year.

  
 Section 3. Modification of Top-Heavy Rules 
  
 1. Effective Date. This Section shall apply for purposes of determining whether the
Plan is a top-heavy plan under Section 416(g) of the Code for Plan Years beginning after December 31, 2001, and whether the Plan satisfies the minimum benefits requirements of Section 416(c) of the Code for such years. This Section amends Article
VIII of the Plan. 
  
 2. Determination of Top-Heavy Status. 
  
 2.1 Key Employee. Key Employee means any Employee or former Employee
(including any deceased Employee) who at any time during the Plan Year that includes the determination date was an officer of the Company having annual compensation greater than $130,000 (as adjusted under Section 416(i)(1) of the Code for Plan
Years beginning after December 31, 2002), a 5% owner of the Company, or a 1% owner of the Company having annual compensation of more than $150,000. For this purpose, annual compensation means compensation within the meaning of Section 415(c)(3) of
the Code. The determination of who is a Key Employee will be made in accordance with Section 416(i)(1) of the Code and the applicable Regulations and other guidance of general applicability issued thereunder. 
  
 2.2 Determination of Present Values and Amounts. This Section 2.2
shall apply for purposes of determining the present values of accrued benefits and the amounts of account balances of Employees as of the determination date. 
  

2.2.1 Distributions During Year Ending on the Determination Date. The present values of accrued benefits and the amounts of account balances of
an Employee as of the determination date shall be increased by the distributions made with respect to the Employee under the Plan and any plan aggregated with the Plan under Section 416(g)(2) of the Code during the one-year period ending on the
determination date. The preceding sentence shall also apply to distributions under a terminated 
  

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 plan which, had it not been terminated, would have been aggregated with the Plan under Section
416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other than separation from service, death, or disability, this provision shall be applied by substituting “five-year period” for “one-year period.”

  
 2.2.2 Employees not Performing Services During Year Ending
on the Determination Date. The accrued benefits and accounts of any individual who has not performed services for the Company during the one-year period ending on the determination date shall not be taken into account. 
  
 3. Minimum Benefits. 
  
 3.1 Matching Contributions. Company matching contributions shall be taken into account for purposes of satisfying the
minimum contribution requirements of Section 416(c)(2) of the Code and the Plan. The preceding sentence shall apply with respect to matching contributions under the Plan or, if the Plan provides that the minimum contribution requirement shall be met
in another plan, such other plan. Company matching contributions that are used to satisfy the minimum contribution requirements shall be treated as matching contributions for purposes of the actual contribution percentage test and other requirements
of Section 401(m) of the Code. 
  
 Section 4. Direct Rollovers of Plan
Distributions 
  
 1. Effective Date. This Section shall apply to
distributions made after December 31, 2001. 
  
 2. Modification of Definition
of Eligible Retirement Plan. For purposes of the direct rollover provisions in Section 6.6 of the Plan, an Eligible Retirement Plan shall also mean an annuity contract described in Section 403(b) of the Code and an eligible plan under Section
457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from
this Plan. The definition of Eligible Retirement Plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as defined in Section
414(p) of the Code. 
  
 * * * * * 
  

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 The Company has caused this Amendment No. 1 to be signed on the date indicated below, to be effective as
indicated above. 
  

					
	 	 	 “Company”

		
	 Dated: December 12, 2002
	 	 CATHAY BANCORP, INC.

			
	 	 	 By:
	 	 /s/    DUNSON K. CHENG        

	 	 	 	 	Dunson K. Cheng
	 	 	 	 	President
		
	 Dated: December 12, 2002
	 	 CATHAY BANK

			
	 	 	 By:
	 	 /s/    DUNSON K. CHENG        

	 	 	 	 	Dunson K. Cheng
	 	 	 	 	President

  

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