Document:

Exhibit 10.1

STATE OF NORTH CAROLINA

COUNTY OF HARNETT

 

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT

 

This FIRST AMENDMENT
TO EMPLOYMENT AGREEMENT (“Amendment”) is entered into by and among SELECT BANK & TRUST COMPANY, a North
Carolina banking corporation (the “Bank”), SELECT BANCORP, INC., a North Carolina business corporation (the
“Company”) and MARK A. JEFFRIES (the “Employee”) effective as of January 23, 2019 (the “Effective
Date”).

 

WITNESSETH:

 

WHEREAS, the
Bank, the Company and the Employee previously entered into an Employment Agreement effective as of September 25, 2014 (the “Employment
Agreement”); and

 

WHEREAS, the
Bank, the Company and Employee desire to enter into this Amendment to provide Employee with security in the event of a change in
control of the Bank and to ensure the continued loyalty of Employee during any such change in control in order to maximize shareholder
value as well as the continued safe and sound operation of the Bank; and

 

WHEREAS, it
is in the best interests of the Bank, the Company and the Company’s shareholders to maintain an experienced and sound executive
management team to manage the Bank and to further the Company’s overall strategies to protect and enhance the value of the
shareholders’ investments; and

 

WHEREAS, Paragraph
10 of the Employment Agreement provides that the Employment Agreement may be amended in writing signed by each of the parties thereto;
and

 

WHEREAS, the
Bank, the Company and Employee desire to amend the Employment Agreement as set forth herein.

 

NOW, THEREFORE,
for and in consideration of the premises and mutual promises, covenants and conditions hereinafter set forth, and other good and
valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Bank, the Company and Employee hereby
agree as follows:

 

     

     

    

 

1.       Paragraph
8. Paragraph 8 of the Employment Agreement is hereby amended by deleting subparagraph 8(d) in its entirety and replacing
with new subparagraph 8(d) which shall now read as follows:

 

(d)       Upon
a Change in Control Termination, the Bank shall pay to Employee in a lump sum in cash on the earlier of (x) the first day
of the seventh month after the date of the Change in Control Termination Date or (y) the date of Employee’s death
an amount equal to two hundred ninety-nine percent (299%) of Employee’s base amount as defined in Section 280G(b)(3)(A) of
the Code.

 

2.       Remainder
of Employment Agreement. Except as expressly amended by this Amendment, the provisions of the Employment Agreement shall
remain in full force and effect, in their entirety, in accordance with their terms.

 

3.       Governing
Law; Venue. This Amendment shall be governed in all respects, whether as to validity, construction, capacity, performance
or otherwise, by the laws of North Carolina, except to the extent that federal law shall be deemed to apply. The parties agree
that any litigation arising out of or related to this Amendment will be brought exclusively in any state or federal court in Harnett
County, North Carolina. Each party (i) consents to the personal jurisdiction of said courts, (ii) waives any venue or inconvenient
forum defense to any proceeding maintained in such courts, and (iii) agrees not to bring any proceeding arising out of or relating
to this Amendment in any other court.

 

4.       Successors
and Assigns. This Amendment shall be binding upon and shall inure to the benefit of each of the parties hereto, and to
their respective heirs, representatives, successors and permitted assigns. The Employee may not assign any of his rights or delegate
any of his duties under this Amendment.

 

5.       Entire
Agreement. As amended by this Amendment, the Employment Agreement is the final, complete and exclusive agreement of the
parties with respect to the subject matter thereof and supersedes and merges all prior discussions between the parties. No modification
of or amendment to this Amendment, nor any waiver of any rights under this Amendment, will be effective unless in writing and signed
by each of the parties hereto.

 

6.       Defined
Terms; Captions.  Except as modified and amended by this Amendment, capitalized terms used but not otherwise defined in
this Amendment shall have the meanings ascribed to them by the Employment Agreement. The captions in this Amendment are for convenience
only and in no way define, bind or describe the scope or intent of this Amendment.

 

    	2

     

    

 

7.       Counterparts.
This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. A facsimile or electronic transmission of a signed counterpart of this Amendment
will be sufficient to bind the party or parties whose signature(s) appear thereon.

 

[Signature Page Follows]

 

    	3

     

    

 

IN WITNESS WHEREOF, the parties have
executed this Agreement under seal and in such form as to be binding as of the Effective Date.

 

	 	SELECT BANCORP, INC.	 
	 	 	 	 
	 	By:	/s/ William L. Hedgepeth II	(seal)
	 	Name:	William L. Hedgepeth, II	 
	 	Title:	President and Chief Executive Officer

 

	ATTEST:	 	 
	 	 	 
	/s/ Brenda B. Bonner	 	 
	Brenda B. Bonner, Secretary	 	 

 

	 	SELECT BANK & TRUST COMPANY	 
	 	 	 	 
	 	By:	/s/ William L. Hedgepeth II	(seal)
	 	Name:	William L. Hedgepeth, II	 
	 	Title:	President and Chief Executive Officer

 

	ATTEST:	 	 
	 	 	 
	/s/ Brenda B. Bonner	 	 
	Brenda B. Bonner, Secretary	 	 

 

	 	EMPLOYEE	 
	 	 	 
	 	/s/ Mark A. Jeffries	(seal)
	 	Mark A. Jeffries	 

 

[Signature Page to First Amendment to
Employment Agreement]Exhibit 10.2

 

STATE OF NORTH CAROLINA

COUNTY OF HARNETT

 

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT

 

This FIRST AMENDMENT
TO EMPLOYMENT AGREEMENT (“Amendment”) is entered into by and among SELECT BANK & TRUST COMPANY, a North
Carolina banking corporation (the “Bank”), SELECT BANCORP, INC., a North Carolina business corporation (the
“Company”) and W. KEITH BETTS (the “Employee”) effective as of January 22, 2019 (the “Effective
Date”).

 

WITNESSETH:

 

WHEREAS, the
Bank, the Company and the Employee previously entered into an Employment Agreement effective as of January 11, 2017 (the “Employment
Agreement”); and

 

WHEREAS, the
Bank, the Company and Employee desire to enter into this Amendment to provide Employee with security in the event of a change in
control of the Bank and to ensure the continued loyalty of Employee during any such change in control in order to maximize shareholder
value as well as the continued safe and sound operation of the Bank; and

 

WHEREAS, it
is in the best interests of the Bank, the Company and the Company’s shareholders to maintain an experienced and sound executive
management team to manage the Bank and to further the Company’s overall strategies to protect and enhance the value of the
shareholders’ investments; and

 

WHEREAS, Paragraph
10 of the Employment Agreement provides that the Employment Agreement may be amended in writing signed by each of the parties thereto;
and

 

WHEREAS, the
Bank, the Company and Employee desire to amend the Employment Agreement as set forth herein.

 

NOW, THEREFORE,
for and in consideration of the premises and mutual promises, covenants and conditions hereinafter set forth, and other good and
valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Bank, the Company and Employee hereby
agree as follows:

 

     

     

    

 

1.       Paragraph
8. Paragraph 8 of the Employment Agreement is hereby amended by deleting subparagraph 8(d) in its entirety and replacing
with new subparagraph 8(d) which shall now read as follows:

 

(d)       Upon
a Change in Control Termination, the Bank shall pay to Employee in a lump sum in cash on the earlier of (x) the first day
of the seventh month after the date of the Change in Control Termination Date or (y) the date of Employee’s death
an amount equal to two hundred ninety-nine percent (299%) of Employee’s base amount as defined in Section 280G(b)(3)(A) of
the Code.

 

2.       Remainder
of Employment Agreement. Except as expressly amended by this Amendment, the provisions of the Employment Agreement shall
remain in full force and effect, in their entirety, in accordance with their terms.

 

3.       Governing
Law; Venue. This Amendment shall be governed in all respects, whether as to validity, construction, capacity, performance
or otherwise, by the laws of North Carolina, except to the extent that federal law shall be deemed to apply. The parties agree
that any litigation arising out of or related to this Amendment will be brought exclusively in any state or federal court in Harnett
County, North Carolina. Each party (i) consents to the personal jurisdiction of said courts, (ii) waives any venue or inconvenient
forum defense to any proceeding maintained in such courts, and (iii) agrees not to bring any proceeding arising out of or relating
to this Amendment in any other court.

 

4.       Successors
and Assigns. This Amendment shall be binding upon and shall inure to the benefit of each of the parties hereto, and to
their respective heirs, representatives, successors and permitted assigns. The Employee may not assign any of his rights or delegate
any of his duties under this Amendment.

 

5.       Entire
Agreement. As amended by this Amendment, the Employment Agreement is the final, complete and exclusive agreement of the
parties with respect to the subject matter thereof and supersedes and merges all prior discussions between the parties. No modification
of or amendment to this Amendment, nor any waiver of any rights under this Amendment, will be effective unless in writing and signed
by each of the parties hereto.

 

6.       Defined
Terms; Captions.  Except as modified and amended by this Amendment, capitalized terms used but not otherwise defined in
this Amendment shall have the meanings ascribed to them by the Employment Agreement. The captions in this Amendment are for convenience
only and in no way define, bind or describe the scope or intent of this Amendment.

 

    	2

     

    

 

7.       Counterparts.
This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. A facsimile or electronic transmission of a signed counterpart of this Amendment
will be sufficient to bind the party or parties whose signature(s) appear thereon.

 

[Signature Page Follows]

 

    	3

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement under seal and in such form as to be binding as of the Effective Date.

 

	 	SELECT BANCORP, INC.	 
	 	 	 	 
	 	By:	/s/ William L. Hedgepeth II	(seal)
	 	Name:	William L. Hedgepeth, II	 
	 	Title:	President and Chief Executive Officer

 

	ATTEST:	 	 
	 	 	 
	/s/ Brenda B. Bonner	 	 
	Brenda B. Bonner, Secretary	 	 

 

	 	SELECT BANK & TRUST COMPANY	 
	 	 	 	 
	 	By:	/s/ William L. Hedgepeth II	(seal)
	 	Name:	William L. Hedgepeth, II	 
	 	Title:	President and Chief Executive Officer

 

	ATTEST:	 	 
	 	 	 
	/s/ Brenda B. Bonner	 	 
	Brenda B. Bonner, Secretary	 	 

 

	 	EMPLOYEE	 
	 	 	 
	 	/s/ W. Keith Betts	(seal)
	 	W. Keith Betts	 

 

[Signature Page to First Amendment to Employment Agreement]

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