Document:

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                                  EXHIBIT 10.29

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                         CAROLINA FIRST BANCSHARES, INC.
                          1999 LONG-TERM INCENTIVE PLAN

                                    ARTICLE I
                                     PURPOSE

         1.1 GENERAL. The purpose of the Carolina First BancShares, Inc. 1999
Long-Term Incentive Plan (the "Plan") is to promote the success, and enhance the
value, of Carolina First BancShares, Inc. (the "Company"), by linking the
personal interests of its employees, officers and directors to those of Company
shareholders and by providing such persons with an incentive for outstanding
performance. The Plan is further intended to provide flexibility to the Company
in its ability to motivate, attract, and retain the services of employees,
officers and directors upon whose judgment, interest, and special effort the
successful conduct of the Company's operation is largely dependent. Accordingly,
the Plan permits the grant of incentive awards from time to time to selected
employees, officers and directors.

                                    ARTICLE 2
                                 EFFECTIVE DATE

         2.1 EFFECTIVE DATE. The Plan shall be effective as of the date upon
which it shall be approved by the shareholders of the Company.

                                    ARTICLE 3
                                   DEFINITIONS

         3.1 DEFINITIONS. When a word or phrase appears in this Plan with the
initial letter capitalized, and the word or phrase does not commence a sentence,
the word or phrase shall generally be given the meaning ascribed to it in this
Section or in Section 1.1 unless a clearly different meaning is required by the
context. The following words and phrases shall have the following meanings:

                  (a) "Award" means any Option or Stock Appreciation Right, or
         any other right or interest relating to Stock or cash, granted to a
         Participant under the Plan.

                  (b) "Award Agreement" means any written agreement, contract,
         or other instrument or document evidencing an Award.

                  (c) "Board" means the Board of Directors of the Company.

                  (d) "Change in Control" means and includes each of the
         following:

                           (1) The acquisition by any individual, entity or
                  group (within the meaning of Section 13(d)(3) or 14(d)(2) of
                  the 1934 Act) (a "Person") of beneficial ownership (within the
                  meaning of Rule 13d-3 promulgated under the 1934 Act) of 25%
                  or more of the combined voting power of the then outstanding
                  voting securities of the Company entitled to vote generally in
                  the election of directors (the "Outstanding Company Voting
                  Securities"); provided, however, that for purposes of this
                  subsection (1), the following acquisitions shall not
                  constitute a Change of Control: (i) any acquisition by a
                  Person who is on the Effective Date the beneficial owner of
                  25% or more of the Outstanding Company Voting Securities, (ii)
                  any acquisition directly from the Company, (iii) any
                  acquisition by the Company, (iv) any acquisition by any
                  employee benefit plan (or related trust) sponsored or
                  maintained by the Company or any corporation controlled by the
                  Company, or (v) any acquisition by any corporation pursuant to
                  a transaction which complies with clauses (i), (ii) and (iii)
                  of subsection (3) of this definition; or

                           (2) Individuals who, as of the Effective Date,
                  constitute the Board (the "Incumbent Board") cease for any
                  reason to constitute at least a majority of the Board;
                  provided,

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                  however, that any individual becoming a director subsequent to
                  the Effective Date whose election, or nomination for election
                  by the Company's shareholders, was approved by a vote of at
                  least a majority of the directors then comprising the
                  Incumbent Board shall be considered as though such individual
                  were a member of the Incumbent Board, but excluding, for this
                  purpose, any such individual whose initial assumption of
                  office occurs as a result of an actual or threatened election
                  contest with respect to the election or removal of directors
                  or other actual or threatened solicitation of proxies or
                  consents by or on behalf of a Person other than the Board; or

                           (3) Consummation of a reorganization, merger or
                  consolidation or sale or other disposition of all or
                  substantially all of the assets of the Company (a "Business
                  Combination"), in each case, unless, following such Business
                  Combination, (i) all or substantially all of the individuals
                  and entities who were the beneficial owners of the Outstanding
                  Company Voting Securities immediately prior to such Business
                  Combination beneficially own, directly or indirectly, more
                  than 50% of the combined voting power of the then outstanding
                  voting securities entitled to vote generally in the election
                  of directors of the corporation resulting from such Business
                  Combination (including, without limitation, a corporation
                  which as a result of such transaction owns the Company or all
                  or substantially all of the Company's assets either directly
                  or through one or more subsidiaries) in substantially the same
                  proportions as their ownership, immediately prior to such
                  Business Combination of the Outstanding Company Voting
                  Securities, and (ii) no Person (excluding any corporation
                  resulting from such Business Combination or any employee
                  benefit plan (or related trust) of the Company or such
                  corporation resulting from such Business Combination)
                  beneficially owns, directly or indirectly, 25% or more of the
                  combined voting power of the then outstanding voting
                  securities of such corporation except to the extent that such
                  ownership existed prior to the Business Combination, and (iii)
                  at least a majority of the members of the board of directors
                  of the corporation resulting from such Business Combination
                  were members of the Incumbent Board at the time of the
                  execution of the initial agreement, or of the action of the
                  Board, providing for such Business Combination; or

                           (4) Approval by the shareholders of the Company of a
                  complete liquidation or dissolution of the Company.

                  (e) "Code" means the Internal Revenue Code of 1986, as amended
         from time to time.

                  (f) "Committee" means the committee of the Board described in
         Article 4.

                  (g) "Company" means Carolina First BancShares, Inc., a North
         Carolina corporation.

                  (h) "Covered Employee" means a covered employee as defined in
         Code Section 162(m)(3).

                  (i) "Disability" shall mean any illness or other physical or
         mental condition of a Participant that renders the Participant
         incapable of performing his customary and usual duties for the Company,
         or any medically determinable illness or other physical or mental
         condition resulting from a bodily injury, disease or mental disorder
         which, in the judgment of the Committee, is permanent and continuous in
         nature. The Committee may require such medical or other evidence as it
         deems necessary to judge the nature and permanency of the Participant's
         condition.

                  (j) "Effective Date" has the meaning assigned such term in
         Section 2.1.

                  (k) "Fair Market Value", on any date, means (i) if the Stock
         is listed on a securities exchange or is traded over the Nasdaq
         National Market, the closing sales price on such exchange or over such
         system on such date or, in the absence of reported sales on such date,
         the closing

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         sales price on the immediately preceding date on which sales were
         reported, or (ii) if the Stock is not listed on a securities exchange
         or traded over the Nasdaq National Market, the mean between the bid and
         offered prices as quoted by Nasdaq for such date, provided that if it
         is determined that the fair market value is not properly reflected by
         such Nasdaq quotations, Fair Market Value will be determined by such
         other method as the Committee determines in good faith to be
         reasonable.

                  (l) "Incentive Stock Option" means an Option that is intended
         to meet the requirements of Section 422 of the Code or any successor
         provision thereto.

                  (m) "Non-Qualified Stock Option" means an Option that is not
         an Incentive Stock Option.

                  (n) "Option" means a right granted to a Participant under
         Article 7 of the Plan to purchase Stock at a specified price during
         specified time periods. An Option may be either an Incentive Stock
         Option or a Non-Qualified Stock Option.

                  (o) "Parent" means a corporation which owns or beneficially
         owns a majority of the outstanding voting stock or voting power of the
         Company. For Incentive Stock Options, the term shall have the same
         meaning as set forth in Code Section 424(e).

                  (p) "Participant" means a person who, as an employee, officer
         or director of the Company or any Subsidiary, has been granted an Award
         under the Plan.

                  (q) "Plan" means the Carolina First BancShares, Inc.1999 Long-
         Term Incentive Plan, as amended from time to time.

                  (r) "Stock" means the $2.50 par value common stock of the
         Company and such other securities of the Company as may be substituted
         for Stock pursuant to Article 14.

                  (s) "Stock Appreciation Right" or "SAR" means a right granted
         to a Participant under Article 8 to receive a payment equal to the
         difference between the Fair Market Value of a share of Stock as of the
         date of exercise of the SAR over the grant price of the SAR, all as
         determined pursuant to Article 8.

                  (t) "Subsidiary" means any corporation, limited liability
         company, partnership or other entity of which a majority of the
         outstanding voting stock or voting power is beneficially owned directly
         or indirectly by the Company. For Incentive Stock Options, the term
         shall have the meaning set forth in Code Section 424(f).

                  (u) "1933 Act" means the Securities Act of 1933, as amended
         from time to time.

                  (v) "1934 Act" means the Securities Exchange Act of 1934, as
         amended from time to time.

                                    ARTICLE 4
                                 ADMINISTRATION

         4.1 COMMITTEE. The Plan shall be administered by the Compensation and
Benefits Committee of the Board or, at the discretion of the Board from time to
time, by the Board. The Committee shall consist of two or more members of the
Board. It is intended that the directors appointed to serve on the Committee
shall be "non-employee directors" (within the meaning of Rule 16b-3 promulgated
under the 1934 Act) and "outside directors" (within the meaning of Code Section
162(m) and the regulations thereunder) to the extent that Rule 16b-3 and, if
necessary for relief from the limitation under Code Section 162(m) and such
relief is sought by the Company, Code Section 162(m), respectively, are
applicable. However, the mere fact that a Committee member shall fail to qualify
under either of the foregoing requirements shall not invalidate any Award made
by the Committee which Award is otherwise

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validly made under the Plan. The members of the Committee shall be appointed by,
and may be changed at any time and from time to time in the discretion of, the
Board. During any time that the Board is acting as administrator of the Plan, it
shall have all the powers of the Committee hereunder, and any reference herein
to the Committee (other than in this Section 4.1) shall include the Board.

         4.2 ACTION BY THE COMMITTEE. For purposes of administering the Plan,
the following rules of procedure shall govern the Committee. A majority of the
Committee shall constitute a quorum. The acts of a majority of the members
present at any meeting at which a quorum is present, and acts approved
unanimously in writing by the members of the Committee in lieu of a meeting,
shall be deemed the acts of the Committee. Each member of the Committee is
entitled to, in good faith, rely or act upon any report or other information
furnished to that member by any officer or other employee of the Company or any
Parent or Subsidiary, the Company's independent certified public accountants, or
any executive compensation consultant or other professional retained by the
Company to assist in the administration of the Plan.

         4.3 AUTHORITY OF COMMITTEE. The Committee has the exclusive power,
authority and discretion to:

                  (a) Designate Participants;

                  (b) Determine the type or types of Awards to be granted to
         each Participant;

                  (c) Determine the number of Awards to be granted and the
         number of shares of Stock to which an Award will relate;

                  (d) Determine the terms and conditions of any Award granted
         under the Plan, including but not limited to, the exercise price, grant
         price, or purchase price, any restrictions or limitations on the Award,
         any schedule for lapse of forfeiture restrictions or restrictions on
         the exercisability of an Award, and accelerations or waivers thereof,
         based in each case on such considerations as the Committee in its sole
         discretion determines;

                  (e) Accelerate the vesting or lapse of restrictions of any
         outstanding Award, based in each case on such considerations as the
         Committee in its sole discretion determines;

                  (f) Determine whether, to what extent, and under what
         circumstances an Award may be settled in, or the exercise price of an
         Award may be paid in, cash, Stock, other Awards, or other property, or
         an Award may be canceled, forfeited, or surrendered;

                  (g) Prescribe the form of each Award Agreement, which need not
         be identical for each Participant;

                  (h) Decide all other matters that must be determined in
         connection with an Award;

                  (i) Establish, adopt or revise any rules and regulations as it
         may deem necessary or advisable to administer the Plan;

                  (j) Make all other decisions and determinations that may be
         required under the Plan or as the Committee deems necessary or
         advisable to administer the Plan; and

                  (k) Amend the Plan or any Award Agreement as provided herein.

         4.4. DECISIONS BINDING. The Committee's interpretation of the Plan, any
Awards granted under the Plan, any Award Agreement and all decisions and
determinations by the Committee with respect to the Plan are final, binding, and
conclusive on all parties.

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                                    ARTICLE 5
                           SHARES SUBJECT TO THE PLAN

         5.1. NUMBER OF SHARES. Subject to adjustment as provided in Section
10.1, the aggregate number of shares of Stock reserved and available for Awards
or which may be used to provide a basis of measurement for or to determine the
value of an Award (such as with a Stock Appreciation Right) shall be 500,000.

         5.2. LAPSED AWARDS. To the extent that an Award is canceled,
terminates, expires or lapses for any reason, any shares of Stock subject to the
Award will again be available for the grant of an Award under the Plan and
shares subject to SARs or other Awards settled in cash will be available for the
grant of an Award under the Plan.

         5.3. STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may
consist, in whole or in part, of authorized and unissued Stock, treasury Stock
or Stock purchased on the open market.

         5.4. LIMITATION ON AWARDS. Notwithstanding any provision in the Plan to
the contrary (but subject to adjustment as provided in Section 10.1), the
maximum number of shares of Stock with respect to one or more Options and/or
SARs that may be granted during any one calendar year under the Plan to any one
Participant shall be 100,000.

                                    ARTICLE 6
                                   ELIGIBILITY

         6.1. GENERAL. Awards may be granted only to individuals who are
employees, officers or directors of the Company or a Parent or Subsidiary.

                                    ARTICLE 7
                                  STOCK OPTIONS

         7.1. GENERAL. The Committee is authorized to grant Options to
Participants on the following terms and conditions:

                  (a) EXERCISE PRICE. The exercise price per share of Stock
         under an Option shall be determined by the Committee, provided that the
         exercise price for any Option shall not be less than the Fair Market
         Value as of the date of the grant.

                  (b) TIME AND CONDITIONS OF EXERCISE. The Committee shall
         determine the time or times at which an Option may be exercised in
         whole or in part. The Committee also shall determine the performance or
         other conditions, if any, that must be satisfied before all or part of
         an Option may be exercised. The Committee may waive any exercise
         provisions at any time in whole or in part based upon factors as the
         Committee may determine in its sole discretion so that the Option
         becomes exerciseable at an earlier date.

                  (c) PAYMENT. The Committee shall determine the methods by
         which the exercise price of an Option may be paid, the form of payment,
         including, without limitation, cash, shares of Stock, or other property
         (including "cashless exercise" arrangements), and the methods by which
         shares of Stock shall be delivered or deemed to be delivered to
         Participants; provided that if shares of Stock surrendered in payment
         of the exercise price were themselves acquired otherwise than on the
         open market, such shares shall have been held by the Participant for at
         least six months.

                  (d) EVIDENCE OF GRANT. All Options shall be evidenced by a
         written Award Agreement between the Company and the Participant. The
         Award Agreement shall include such provisions, not inconsistent with
         the Plan, as may be specified by the Committee.

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                  (e) ADDITIONAL OPTIONS UPON EXERCISE. The Committee may, in
         its sole discretion, provide in an Award Agreement, or in an amendment
         thereto, for the automatic grant of a new Option to any Participant who
         delivers shares of Stock as full or partial payment of the exercise
         price of the original Option. Any new Option granted in such a case (i)
         shall be for the same number of shares of Stock as the Participant
         delivered in exercising the original Option, (ii) shall have an
         exercise price of 100% of the Fair Market Value of the surrendered
         shares of Stock on the date of exercise of the original Option (the
         grant date for the new Option), and (iii) shall have a term equal to
         the unexpired term of the original Option.

         7.2. INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options
granted under the Plan must comply with the following additional rules:

                  (a) EXERCISE PRICE. The exercise price per share of Stock
         shall be set by the Committee, provided that the exercise price for any
         Incentive Stock Option shall not be less than the Fair Market Value as
         of the date of the grant.

                  (b) EXERCISE. In no event may any Incentive Stock Option be
         exercisable for more than ten years from the date of its grant.

                  (c) LAPSE OF OPTION. An Incentive Stock Option shall lapse
         under the earliest of the following circumstances; provided, however,
         that the Committee may, prior to the lapse of the Incentive Stock
         Option under the circumstances described in paragraphs (3), (4) and (5)
         below, provide in writing that the Option will extend until a later
         date, but if Option is exercised after the dates specified in
         paragraphs (3), (4) and (5) below, it will automatically become a
         Non-Qualified Stock Option:

                           (1) The Incentive Stock Option shall lapse as of the
                  option expiration date set forth in the Award Agreement.

                           (2) The Incentive Stock Option shall lapse ten years
                  after it is granted, unless an earlier time is set in the
                  Award Agreement.

                           (3) If the Participant terminates employment for any
                  reason other than as provided in paragraph (4) or (5) below,
                  the Incentive Stock Option shall lapse, unless it is
                  previously exercised, three months after the Participant's
                  termination of employment; provided, however, that if the
                  Participant's employment is terminated by the Company for
                  cause or by the Participant without the consent of the
                  Company, the Incentive Stock Option shall (to the extent not
                  previously exercised) lapse immediately.

                           (4) If the Participant terminates employment by
                  reason of his Disability, the Incentive Stock Option shall
                  lapse, unless it is previously exercised, one year after the
                  Participant's termination of employment.

                           (5) If the Participant dies while employed, or during
                  the three-month period described in paragraph (3) or during
                  the one-year period described in paragraph (4) and before the
                  Option otherwise lapses, the Option shall lapse one year after
                  the Participant's death. Upon the Participant's death, any
                  exercisable Incentive Stock Options may be exercised by the
                  Participant's beneficiary, determined in accordance with
                  Section 9.6.

                  Unless the exercisability of the Incentive Stock Option is
         accelerated as provided in Article 13, if a Participant exercises an
         Option after termination of employment, the Option may be exercised
         only with respect to the shares that were otherwise vested on the
         Participant's termination of employment.

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                  (d) INDIVIDUAL DOLLAR LIMITATION. The aggregate Fair Market
         Value (determined as of the time an Award is made) of all shares of
         Stock with respect to which Incentive Stock Options are first
         exercisable by a Participant in any calendar year may not exceed
         $100,000.00.

                  (e) TEN PERCENT OWNERS. No Incentive Stock Option shall be
         granted to any individual who, at the date of grant, owns stock
         possessing more than ten percent of the total combined voting power of
         all classes of stock of the Company or any Parent or Subsidiary unless
         the exercise price per share of such Option is at least 110% of the
         Fair Market Value per share of Stock at the date of grant and the
         Option expires no later than five years after the date of grant.

                  (f) EXPIRATION OF INCENTIVE STOCK OPTIONS. No Award of an
         Incentive Stock Option may be made pursuant to the Plan after the day
         immediately prior to the tenth anniversary of the Effective Date.

                  (g) RIGHT TO EXERCISE. During a Participant's lifetime, an
         Incentive Stock Option may be exercised only by the Participant or, in
         the case of the Participant's Disability, by the Participant's guardian
         or legal representative.

                  (h) DIRECTORS. The Committee may not grant an Incentive Stock
         Option to a non-employee director. The Committee may grant an Incentive
         Stock Option to a director who is also an employee of the Company or
         Parent or Subsidiary but only in that individual's position as an
         employee and not as a director.

                                    ARTICLE 8
                            STOCK APPRECIATION RIGHTS

         8.1. GRANT OF SARs. The Committee is authorized to grant SARs to
Participants on the following terms and conditions:

                  (a) RIGHT TO PAYMENT. Upon the exercise of a Stock
         Appreciation Right, the Participant to whom it is granted has the right
         to receive the excess, if any, of:

                           (1) The Fair Market Value of one share of Stock on
                  the date of exercise; over

                           (2) The grant price of the Stock Appreciation Right
                  as determined by the Committee, which shall not be less than
                  the Fair Market Value of one share of Stock on the date of
                  grant.

                  (b) OTHER TERMS. All awards of Stock Appreciation Rights shall
         be evidenced by an Award Agreement. The terms, methods of exercise,
         methods of settlement, form of consideration payable in settlement, and
         any other terms and conditions of any Stock Appreciation Right shall be
         determined by the Committee at the time of the grant of the Award and
         shall be reflected in the Award Agreement.

                                    ARTICLE 9
                         PROVISIONS APPLICABLE TO AWARDS

         9.1. STAND-ALONE, TANDEM, AND SUBSTITUTE AWARDS. Awards granted under
the Plan may, in the discretion of the Committee, be granted either alone or in
addition to, in tandem with, or in substitution for, any other Award granted
under the Plan. If an Award is granted in substitution for another Award, the
Committee may require the surrender of such other Award in consideration of the
grant of the new Award. Awards granted in addition to or in tandem with other
Awards may be granted either at the same time as or at a different time from the
grant of such other Awards.

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         9.2. EXCHANGE PROVISIONS. The Committee may at any time offer to
exchange or buy out any previously granted Award for a payment in cash, Stock,
or another Award (subject to Section 10.1), based on the terms and conditions
the Committee determines and communicates to the Participant at the time the
offer is made, and after taking into account the tax, securities and accounting
effects of such an exchange.

         9.3. TERM OF AWARD. The term of each Award shall be for the period as
determined by the Committee, provided that in no event shall the term of any
Incentive Stock Option or a Stock Appreciation Right granted in tandem with the
Incentive Stock Option exceed a period of ten years from the date of its grant
(or, if Section 7.2(e) applies, five years from the date of its grant).

         9.4. FORM OF PAYMENT FOR AWARDS. Subject to the terms of the Plan and
any applicable law or Award Agreement, payments or transfers to be made by the
Company or a Parent or Subsidiary on the grant or exercise of an Award may be
made in such form as the Committee determines at or after the time of grant,
including without limitation, cash, Stock, other Awards, or other property, or
any combination, and may be made in a single payment or transfer, in
installments, or on a deferred basis, in each case determined in accordance with
rules adopted by, and at the discretion of, the Committee.

         9.5. LIMITS ON TRANSFER. No right or interest of a Participant in any
unexercised or restricted Award may be pledged, encumbered, or hypothecated to
or in favor of any party other than the Company or a Parent or Subsidiary, or
shall be subject to any lien, obligation, or liability of such Participant to
any other party other than the Company or a Parent or Subsidiary. No unexercised
or restricted Award shall be assignable or transferable by a Participant other
than by will or the laws of descent and distribution or, except in the case of
an Incentive Stock Option, pursuant to a domestic relations order that would
satisfy Section 414(p)(1)(A) of the Code if such Section applied to an Award
under the Plan; provided, however, that the Committee may (but need not) permit
other transfers where the Committee concludes that such transferability (i) does
not result in accelerated taxation, (ii) does not cause any Option intended to
be an Incentive Stock Option to fail to be described in Code Section 422(b), and
(iii) is otherwise appropriate and desirable, taking into account any factors
deemed relevant, including without limitation, any state or federal tax or
securities laws or regulations applicable to transferable Awards.

         9.6 BENEFICIARIES. Notwithstanding Section 9.5, a Participant may, in
the manner determined by the Committee, designate a beneficiary to exercise the
rights of the Participant and to receive any distribution with respect to any
Award upon the Participant's death. A beneficiary, legal guardian, legal
representative, or other person claiming any rights under the Plan is subject to
all terms and conditions of the Plan and any Award Agreement applicable to the
Participant, except to the extent the Plan and Award Agreement otherwise
provide, and to any additional restrictions deemed necessary or appropriate by
the Committee. If no beneficiary has been designated or survives the
Participant, payment shall be made to the Participant's estate. Subject to the
foregoing, a beneficiary designation may be changed or revoked by a Participant
at any time provided the change or revocation is filed with the Committee.

         9.7. STOCK CERTIFICATES. All Stock certificates delivered under the
Plan are subject to any stop-transfer orders and other restrictions as the
Committee deems necessary or advisable to comply with federal or state
securities laws, rules and regulations and the rules of any national securities
exchange or automated quotation system on which the Stock is listed, quoted, or
traded. The Committee may place legends on any Stock certificate to reference
restrictions applicable to the Stock.

         9.8. ACCELERATION UPON A CHANGE IN CONTROL. Except as otherwise
provided in the Award Agreement, upon the occurrence of a Change in Control, all
outstanding Options and Stock Appreciation Rights shall become fully exercisable
and all restrictions on outstanding Awards shall lapse; provided, however that
such acceleration will not occur if, in the opinion of the Company's
accountants, such acceleration would preclude the use of "pooling of interest"
accounting treatment for a Change in Control transaction that (a) would
otherwise qualify for such accounting treatment, and (b) is contingent upon
qualifying for such accounting treatment. To the extent that this provision
causes Incentive Stock

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Options to exceed the dollar limitation set forth in Section 7.2(d), the excess
Options shall be deemed to be Non-Qualified Stock Options.

         9.9. ACCELERATION UPON CERTAIN EVENTS NOT CONSTITUTING A CHANGE IN
CONTROL. In the event of the occurrence of any circumstance, transaction or
event not constituting a Change in Control (as defined in Section 3.1) but which
the Board of Directors deems to be, or to be reasonably likely to lead to, an
effective change in control of the Company of a nature that would be required to
be reported in response to Item 6(e) of Schedule 14A of the 1934 Act, the
Committee may in its sole discretion declare all outstanding Options and Stock
Appreciation Rights to be fully exercisable, and/or all restrictions on all
outstanding Awards to have lapsed, in each case, as of such date as the
Committee may, in its sole discretion, declare, which may be on or before the
consummation of such transaction or event. To the extent that this provision
causes Incentive Stock Options to exceed the dollar limitation set forth in
Section 7.2(d), the excess Options shall be deemed to be Non-Qualified Stock
Options.

         9.10. ACCELERATION FOR ANY OTHER REASON. Regardless of whether an event
has occurred as described in Section 9.8 or 9.9 above, the Committee may in its
sole discretion at any time determine that all or a portion of a Participant's
Options and Stock Appreciation Rights shall become fully or partially
exercisable, and/or that all or a part of the restrictions on all or a portion
of the outstanding Awards shall lapse, in each case, as of such date as the
Committee may, in its sole discretion, declare. The Committee may discriminate
among Participants and among Awards granted to a Participant in exercising its
discretion pursuant to this Section 9.10.

         9.11 EFFECT OF ACCELERATION. If an Award is accelerated under Section
9.8 or 9.9, the Committee may, in its sole discretion, provide (i) that the
Award will expire after a designated period of time after such acceleration to
the extent not then exercised, (ii) that the Award will be settled in cash
rather than Stock, (iii) that the Award will be assumed by another party to the
transaction giving rise to the acceleration or otherwise be equitably converted
in connection with such transaction, or (iv) any combination of the foregoing.
The Committee's determination need not be uniform and may be different for
different Participants, whether or not such Participants are similarly situated.

         9.12. PERFORMANCE GOALS. The Committee may determine that any Award
granted pursuant to this Plan to a Participant (including, but not limited to,
Participants who are Covered Employees) shall be determined solely on the basis
of (a) the achievement by the Company or a Parent or Subsidiary of a specified
target return, or target growth in return, on equity or assets, (b) the
Company's, Parent's or Subsidiary's stock price, (c) the achievement by an
individual or a business unit of the Company, Parent or Subsidiary of a
specified target, or target growth in, revenues, net income or earnings per
share, (d) the achievement of objectively determinable goals with respect to
service or product delivery, service or product quality, customer satisfaction,
meeting budgets and/or retention of employees, or (e) any combination of the
goals set forth in (a) through (d) above. If an Award is made on such basis, the
Committee shall establish goals prior to the beginning of the period for which
such performance goal relates (or such later date as may be permitted under Code
Section 162(m) or the regulations thereunder) and the Committee may for any
reason reduce (but not increase) any Award, notwithstanding the achievement of a
specified goal. Any payment of an Award granted with performance goals shall be
conditioned on the written certification of the Committee in each case that the
performance goals and any other material conditions were satisfied.

         9.13. TERMINATION OF EMPLOYMENT. Whether military, government or other
service or other leave of absence shall constitute a termination of employment
shall be determined in each case by the Committee at its discretion, and any
determination by the Committee shall be final and conclusive. A termination of
employment shall not occur in a circumstance in which a Participant transfers
from the Company to one of its Parents or Subsidiaries, transfers from a Parent
or Subsidiary to the Company, or transfers from one Parent or Subsidiary to
another Parent or Subsidiary.

<PAGE>   11

                                   ARTICLE 10
                          CHANGES IN CAPITAL STRUCTURE

         10.1. GENERAL. In the event a stock dividend is declared upon the
Stock, the authorization limits under Section 5.1 and 5.4 shall be increased
proportionately, and the shares of Stock then subject to each Award shall be
increased proportionately without any change in the aggregate purchase price
therefor. In the event the Stock shall be changed into or exchanged for a
different number or class of shares of stock or securities of the Company or of
another corporation, whether through reorganization, recapitalization,
reclassification, share exchange, stock split-up, combination of shares, merger
or consolidation, the authorization limits under Section 5.1 and 5.4 shall be
adjusted proportionately, and there shall be substituted for each such share of
Stock then subject to each Award the number and class of shares into which each
outstanding share of Stock shall be so exchanged, all without any change in the
aggregate purchase price for the shares then subject to each Award, or, subject
to Section 11.2, there shall be made such other equitable adjustment as the
Committee shall approve.

                                   ARTICLE 11
                     AMENDMENT, MODIFICATION AND TERMINATION

         11.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board or the
Committee may, at any time and from time to time, amend, modify or terminate the
Plan without shareholder approval; provided, however, that the Board or
Committee may condition any amendment or modification on the approval of
shareholders of the Company if such approval is necessary or deemed advisable
with respect to tax, securities or other applicable laws, policies or
regulations.

         11.2 AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the
Committee may amend, modify or terminate any outstanding Award without approval
of the Participant; provided, however, that, subject to the terms of the
applicable Award Agreement, such amendment, modification or termination shall
not, without the Participant's consent, reduce or diminish the value of such
Award determined as if the Award had been exercised, vested, cashed in or
otherwise settled on the date of such amendment or termination, and provided
further that, except as otherwise permitted in the Plan, the exercise price of
any Option may not be reduced and the original term of any Option may not be
extended. No termination, amendment, or modification of the Plan shall adversely
affect any Award previously granted under the Plan, without the written consent
of the Participant.

                                   ARTICLE 12
                               GENERAL PROVISIONS

         12.1. NO RIGHTS TO AWARDS. No Participant or eligible participant shall
have any claim to be granted any Award under the Plan, and neither the Company
nor the Committee is obligated to treat Participants or eligible participants
uniformly.

         12.2. NO SHAREHOLDER RIGHTS. No Award gives the Participant any of the
rights of a shareholder of the Company unless and until shares of Stock are in
fact issued to such person in connection with such Award.

         12.3. WITHHOLDING. The Company or any Parent or Subsidiary shall have
the authority and the right to deduct or withhold, or require a Participant to
remit to the Company, an amount sufficient to satisfy federal, state, and local
taxes (including the Participant's FICA obligation) required by law to be
withheld with respect to any taxable event arising as a result of the Plan. With
respect to withholding required upon any taxable event under the Plan, the
Committee may, at the time the Award is granted or thereafter, require that any
such withholding requirement be satisfied, in whole or in part, by withholding
shares of Stock having a Fair Market Value on the date of withholding equal to
the amount required to be withheld for tax purposes, all in accordance with such
procedures as the Committee establishes.

<PAGE>   12

         12.4. NO RIGHT TO CONTINUED SERVICE. Nothing in the Plan or any Award
Agreement shall interfere with or limit in any way the right of the Company or
any Parent or Subsidiary to terminate any Participant's employment or status as
an officer or director at any time, nor confer upon any Participant any right to
continue as an employee, officer or director of the Company or any Parent or
Subsidiary.

         12.5. UNFUNDED STATUS OF AWARDS. The Plan is intended to be an
"unfunded" plan for incentive and deferred compensation. With respect to any
payments not yet made to a Participant pursuant to an Award, nothing contained
in the Plan or any Award Agreement shall give the Participant any rights that
are greater than those of a general creditor of the Company or any Parent or
Subsidiary.

         12.6. INDEMNIFICATION. To the extent allowable under applicable law,
each member of the Committee shall be indemnified and held harmless by the
Company from any loss, cost, liability, or expense that may be imposed upon or
reasonably incurred by such member in connection with or resulting from any
claim, action, suit, or proceeding to which such member may be a party or in
which he may be involved by reason of any action or failure to act under the
Plan and against and from any and all amounts paid by such member in
satisfaction of judgment in such action, suit, or proceeding against him
provided he gives the Company an opportunity, at its own expense, to handle and
defend the same before he undertakes to handle and defend it on his own behalf.
The foregoing right of indemnification shall not be exclusive of any other
rights of indemnification to which such persons may be entitled under the
Company's Certificate of Incorporation or Bylaws, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold them
harmless.

         12.7. RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall
be taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or benefit plan of the Company
or any Parent or Subsidiary unless provided otherwise in such other plan.

         12.8. EXPENSES. The expenses of administering the Plan shall be borne
by the Company and its Parents or Subsidiaries.

         12.9. TITLES AND HEADINGS. The titles and headings of the Sections in
the Plan are for convenience of reference only, and in the event of any
conflict, the text of the Plan, rather than such titles or headings, shall
control.

         12.10. GENDER AND NUMBER. Except where otherwise indicated by the
context, any masculine term used herein also shall include the feminine, the
plural shall include the singular, and the singular shall include the plural.

         12.11. FRACTIONAL SHARES. No fractional shares of Stock shall be
issued, and the Committee shall determine, in its discretion, whether cash shall
be given in lieu of fractional shares or whether such fractional shares shall be
eliminated by rounding up.

         12.12. GOVERNMENT AND OTHER REGULATIONS. The obligation of the Company
to make payment of Awards in Stock or otherwise shall be subject to all
applicable laws, rules, and regulations, and to such approvals by government
agencies as may be required. The Company shall be under no obligation to
register under the 1933 Act, or any state securities act, any of the shares of
Stock paid under the Plan. The shares paid under the Plan may in certain
circumstances be exempt from registration under the 1933 Act, and the Company
may restrict the transfer of such shares in such manner as it deems advisable to
ensure the availability of any such exemption.

         12.13. GOVERNING LAW. To the extent not governed by federal law, the
Plan and all Award Agreements shall be construed in accordance with and governed
by the laws of the State of North Carolina.

<PAGE>   13

         12.14 ADDITIONAL PROVISIONS. Each Award Agreement may contain such
other terms and conditions as the Committee may determine; provided that such
other terms and conditions are not inconsistent with the provisions of this
Plan.<PAGE>   1

                                  EXHIBIT 10.30

<PAGE>   2

                         CABARRUS BANK OF NORTH CAROLINA
                      DEFERRED COMPENSATION AGREEMENT WITH
                                 RONALD D. SMITH

         THIS PLAN AND AGREEMENT, Executed this 18 day of February, 1993, by and
between CABARRUS BANK OF NORTH CAROLINA, a North Carolina banking corporation
(hereinafter referred to as the "Company"), and RONALD D. SMITH, a citizen and
resident of Cabarrus County, North Carolina (hereinafter referred to as the
"Employee"):

                              W I T N E S S E T H:

         WHEREAS, the Company believes it is in the best interest of the Company
and the Employee to maintain a plan for the purpose of providing certain
benefits for the Employee;

         NOW, THEREFORE, it is mutually agreed as follows:

                                    ARTICLE I

                                   EMPLOYMENT

         The Company may employ the Employee at such rate of compensation and on
such terms as may be agreed to by the parties. Nothing in this Agreement shall
be construed to grant any employment rights to the Employee.

                                   ARTICLE II

                                    BENEFITS

         The Company shall be obligated to provide benefits to the Employee as
follows:

         A. Upon retirement from the Company at age 65, or retirement from the
Company at some later date, the Employee shall receive a monthly income of
$2,500.00 for 120 consecutive months beginning on the first business day of the
calendar month next succeeding the Employee's retirement date. Should the
Company allow retirement prior to the Employee reaching the age of 65 years,
then the payments described above shall begin upon the Employee reaching the age
of 65 years; however, the Company may allow payments to begin at the actual
retirement date in its sole discretion.

         In the event the Employee dies after the monthly payments begin but
prior to receiving all 120 monthly payments then his beneficiary(s) shall be
entitled to receive all remaining payments.

         B. If the Employee shall die before the aforesaid retirement date while
in the employ of the Company, the Company agrees to make the said monthly
payments set forth in sub-paragraph A. above to the beneficiary(s) of the
Employee as per Article IV of this agreement.

         C. Upon permanent disability before retirement at age 65 while in the
employ of the Company, the Employee shall receive no benefits under this
Deferred Compensation Plan until the age of 65 at which time the monthly
payments set forth in sub-paragraph A above shall begin. If the Employee shall
die after becoming permanently disabled while in the employ of the Company but
before the age of 65 then the monthly payments set forth in sub-paragraph A
above shall begin at the Employee's death and shall be made to his
beneficiary(s) as per Article IV of this Agreement. The "permanent disability"
of the Employee shall be determined by the Company's Board of Directors.

         D. Should the employee leave the employ of the Company after August 31,
2002, for any reason then the Employee shall receive a monthly income for 120
months as set forth below. Said payments shall begin and shall be paid pursuant
to the applicable schedule and procedures set forth in sub-paragraphs A,

<PAGE>   3

B and C above. For purposes of applying sub-paragraph A. it shall be
conclusively presumed that the Employee will retire at age 65.

         Date Employment Ends                          Monthly Payment
         After August 31, 2002                               $1,250.00
         After August 31, 2003                               $1,500.00
         After August 31, 2004                               $1,750.00
         After August 31, 2005                               $2,000.00
         After August 31, 2006                               $2,250.00
         After August 31, 2007                               $2,500.00

                                   ARTICLE III

                               SOURCE OF PAYMENTS

         Nothing herein shall require the Company to purchase any life insurance
contract or any other property to secure its obligation under this Agreement, or
if the Company should purchase such contract or other property, to exercise any
option, election or right under such contract or other property, or if the
Company wishes to exercise any option, election or right under such contract or
other property, to exercise such option, election or right in any particular
manner. The Company's obligation hereunder is totally unsecured.

         The Employee, beneficiary and any other person or persons having or
claiming a right to payments hereunder or to any interest in this Agreement
shall rely solely on the unsecured promise of the Company set forth herein, and
nothing in this Agreement shall be construed to give the Employee, beneficiary
or any other person or persons any rights, title, interest or claim in or to any
specific asset, fund, reserve, account or property of any kind whatsoever owned
by the Company or in which it might have any right, title or interest now or in
the future, but Employee shall have the right to enforce his claim against the
Company in the same manner as any unsecured creditor.

                                   ARTICLE IV

                                   BENEFICIARY

         The death beneficiary of the Employee shall be the person, persons,
trust or charitable entity, living or in existence at the time for any
distribution hereunder, which the Employee shall have most recently designated
as highest in priority on a form, provided for that purpose by the Company,
signed by the Employee, filed with the Company, and attached to the Company's
original copy of this document as "Exhibit A". The death or non-existence of any
such beneficiary either before or after receipt of any distribution hereunder,
shall terminate the entire interest of such beneficiary in and to the then
undistributed portion of such Employee's account and such undistributed portion
shall thereafter be distributed to or for the benefit of the beneficiary or
beneficiaries designated as next highest in priority by such Employee. If no
such beneficiary be thus designated, or if all of the thus designated
beneficiaries do not survive or are no longer in existence at any time prior to
the complete distribution of such account, such account, or the then
undistributed balance thereof, shall be named in the Employee's last will and
testament, except as to the extent to which the specific bequests of such
document are paid by the Employee's other resources; or if there is no such
document then in existence, under the laws of descent and distribution, to those
persons who would be entitled to the Employee's personal property, and in the
proportions to which they would be so entitled, had such Employee died, at the
time for such distribution, intestate and a resident of the State of North
Carolina.

                                    ARTICLE V

                                  MISCELLANEOUS

<PAGE>   4

         This Agreement shall be subject to, and governed by, the laws of the
State of North Carolina. Any disputes arising under this Agreement shall be
settled exclusively by binding arbitration pursuant to the applicable rules of
the American Arbitration Association.

         In the event any parts of this Agreement are found to be void, the
remaining provisions of this Agreement shall nevertheless be binding with the
same effect as though the void parts were deleted.

         Whenever in this Agreement, words, including pronouns, are used in the
masculine, they shall be read and construed in the feminine or neuter whenever
they will so apply, and whenever in this Agreement, words, including pronouns,
are used in the singular or plural, they shall be read and construed in the
plural or singular, respectively, wherever they would so apply.

         This Agreement shall be binding upon the parties hereto, their heirs,
executors, administrators, successors and assigns.

         This Agreement may be amended or revoked at any time or times, in whole
or in part, by the mutual written consent of the Employee and the Company.

                                   ARTICLE VI

                                    FIDUCIARY

          The Company is hereby designated as the named fiduciary hereunder, and
shall be responsible for the management and control of the operation and
administration of this plan including any and all decisions pertaining to the
granting or denial of benefit claims and any and all decisions pertaining to the
review of denials of benefit claims.

                                   ARTICLE VII

                     FUNDING POLICY AND CLAIMS FOR BENEFITS

         The Company shall establish a funding policy and method for this Plan,
and shall at least annually review such funding policy and method to make any
necessary adjustments thereto in order to ensure that such funding policy and
method at all times shall remain consistent with the objectives of this Plan and
the requirements of law.

         Claims for benefits under this Plan shall be made in writing to the
Company. If such claim for benefits is wholly or partially denied, the Company
shall, within a reasonable period of time, but no later than 90 days after
receipt of the claim, notify the claimant of the denial of the claim. Such
notice of denial (i) shall be in writing, (ii) shall be written in a manner
calculated to be understood by the claimant, and (iii) shall contain (a) the
specific reason or reasons for the denial of the claim, (b) a specific reference
to the pertinent plan provisions upon which the denial is based, (c) a
description of any additional material or information necessary for the claimant
to perfect the claim, along with an explanation of why such material or
information is necessary, and (d) an explanation of the plan's claim review
procedure.

         Within 120 days of the receipt by the claimant of the written notice of
denial of the claim, or such later time as shall be deemed reasonable taking
into account the nature of the benefit subject to the claim and any other
attendant circumstances, the claimant may file a written request with the
Company that it conduct a full and fair review of the denial of the claimant's
claim for benefits, including the conducting of a hearing, if deemed necessary
by the Company. In connection with the claimant's appeal of the denial of his
benefit, the claimant may review pertinent documents and may submit issues and
comments in writing.

         The Company shall deliver to the claimant a written decision on the
claim promptly, but not later than 60 days, after the receipt of the claimant's
request for review, except that if there are special circumstances (such as the
need to hold a hearing) which require an extension of time for processing, the

<PAGE>   5

aforesaid sixty (60) day period shall be extended to 120 days. Such decision
shall be (a) written in a manner calculated to be understood by the claimant,
(b) include specific reasons for the decision, and (c) contain specific
references to the pertinent plan provisions upon which the decision is based.

                                  ARTICLE VIII

                                 ADMINISTRATION

         The Secretary of the Company shall maintain a copy of this Agreement
and any amendments thereto.

         IN WITNESS WHEREOF, the parties hereto have hereunto set their hands
the day and year first above written.

                                           CABARRUS BANK OF NORTH CAROLINA

                                           By/s/ James E. Burt, III
                                           -------------------------
                                                 James E. Burt, III
                                                 President

                                           EMPLOYEE

                                           /s/ Ronald D. Smith (Seal)
                                           --------------------------
                                                Ronald D. Smith

                                    EXHIBIT A

                         LINCOLN BANK OF NORTH CAROLINA
                         DEFERRED COMPENSATION AGREEMENT
                                 WITH RON SMITH

         I, Ronald D. Smith, hereby list my beneficiaries under this Plan
according to priority pursuant to Article VI of this Plan:

         1st Priority:     Kathryn P. Smith
         *2nd Priority:    Bradley K. Smith
         *3rd Priority:    Christopher M. Smith
         4th Priority:     ______________________________________
         5th Priority:     ______________________________________

* 2nd and 3rd Priorities are Equal Beneficiaries

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