Document:

Exhibit 10.1

 

Form of Amendment to Robert R. Hill, Jr. and John C. Pollok and
Joe E. Burns Supplemental Executive Retirement Agreements

 

AMENDMENT

TO THE

SOUTH CAROLINA BANK AND TRUST,
NATIONAL ASSOCIATION

AMENDED AND RESTATED SUPPLEMENTAL
EXECUTIVE

RETIREMENT AGREEMENT

DATED NOVEMBER 1, 2006

FOR

 

 

THIS AMENDMENT is adopted this 30th day
of December, 2008, by and between SCBT, N.A., formerly known as South Carolina
Bank and Trust, National Association, a national bank located in Orangeburg,
South Carolina (the “Bank”), and                                 
(the “Executive”).

 

The Bank and the Executive executed the Amended and
Restated Supplemental Executive Retirement Agreement effective as of November 1,
2006 (the “Agreement”).

 

Pursuant to Section 8.1 of the Agreement, the
undersigned hereby amend the Agreement for the purpose of amending Section 8.2
regarding termination of the Agreement. 
Therefore, the following changes shall be made:

 

Section 8.2 of the Agreement shall be deleted in its entirety and
replaced by the following:

 

8.2                                 Plan
Termination Generally.  The Bank may unilaterally terminate this
Agreement at any time.  The benefit shall
be the amount accrued by the Bank with respect to the Bank’s obligations
hereunder.  Except as
provided in Section 8.3, upon the termination of this Agreement, the Bank
shall distribute such benefits owed under this Agreement to the Executive in a
lump sum within thirty (30) days after such termination.

(italics added to highlight added language)

 

All other provisions of the Agreement shall remain
in full force and effect.

 

IN WITNESS OF THE ABOVE, the Bank and the Executive
hereby consent to this Amendment.

 

	
  Executive:

  	
   

  	
  SCBT,
  N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Title:  SecretaryExhibit 10.2

 

Form of Termination Letter for Supplemental Executive Retirement
Agreements for Robert R. Hill, Jr.

 and John C. Pollok and Joe. E.
Burns

 

[to be printed on SCBT, N.A. letterhead]

 

December 30, 2008

 

[insert
executive’s name]

c/o
SCBT, N.A.

520
Gervais Street

Columbia,
South Carolina  29201

 

	
  Re:

  	
  Termination
  of the South Carolina Bank and Trust, National Association 

  Amended and Restated Supplemental Executive Retirement Agreement

  

 

Dear Mr.               ,

 

This
letter is to serve as notice (as required by Section 9.13 of the
Agreement) of the termination of the South Carolina Bank and Trust, National
Association Amended and Restated Supplemental Executive Retirement Agreement
(the “Agreement”) pursuant to Section 8.2 of the Agreement.  Termination of the Agreement will be
effective as of December 31, 2008. 
The balance of any accrued benefits owed under the Agreement will be
distributed to you within thirty (30) days of termination.  Following the receipt of this notice of termination,
all provisions of the Agreement shall have no further force or effect.

 

	
   

  	
   

  
	
   

  	
  SCBT,
  N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:
  SecretaryExhibit 10.3

 

AMENDMENT

TO THE

SOUTH CAROLINA BANK AND TRUST,
NATIONAL ASSOCIATION

SUPPLEMENTAL EXECUTIVE RETIREMENT
AGREEMENT

DATED NOVEMBER 1, 2006

FOR

[EXECUTIVE’S NAME]

 

THIS AMENDMENT is adopted this 31st day
of December, 2008, by and between SCBT, N.A., formerly known as South Carolina
Bank and Trust, National Association, a national bank located in Orangeburg, South
Carolina (the “Bank”), and [Executive’s Name] (the “Executive”).

 

The Bank and the Executive executed the Supplemental
Executive Retirement Agreement effective as of November 1, 2006 (the “Agreement”).

 

Pursuant
to Section 8.1 of the Agreement, the undersigned hereby amend the
Agreement for the purpose of amending Sections 1.5 and 2.4 of the Agreement
regarding a change in control.  Therefore,
the following changes shall be made:

 

Section 1.5 of the Agreement shall be deleted in its entirety and
replaced by the following:

 

1.5                                 “Change in Control” means as defined
by Treasury Regulation § 1.409A-3(i)(5).

 

Section 2.4 of the Agreement shall be amended to delete the phrase
“followed by a Separation from Service” and state the following:

 

2.4                                 Change in Control Benefit.  Upon
a Change in Control, the Bank shall distribute to the Executive the benefit
described in this Section 2.4 in lieu of any other benefit under this
Article.

 

All other provisions of the Agreement shall remain
in full force and effect.

 

IN WITNESS OF THE ABOVE, the Bank and the Executive hereby consent to this Amendment.

 

[EXECUTIONS APPEAR ON FOLLOWING PAGE]

 

1

 

	
  Executive:

  	
   

  	
  SCBT, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
  [Executive’s Name]

  	
   

  	
  Title: Chief Executive Officer

  

 

2Exhibit 10.4

 

SCBT FINANCIAL CORPORATION

2004 STOCK INCENTIVE PLAN

 

AMENDMENT NO. 1

ADOPTED BY THE BOARD OF DIRECTORS

December 18, 2008

 

First, the Board  amended the
definition of “Fair Market Value” found in Article I by deleting it in its
entirety and replacing it with the following:

 

Fair Market Value per share of Common Stock on any relevant date shall
be determined by the Committee in compliance with Section 409A of the Code
or in the case of an Incentive Stock Option, in compliance with
Section 422 of the Code, in accordance with the following provisions:

 

(i)      If the Common
Stock is at the time neither listed on any Stock Exchange nor traded on The
Nasdaq National Market, then the Fair Market Value shall be determined by the
Committee after taking into account such factors as the Committee shall deem
appropriate.

 

(ii)     If the Common
Stock is at the time traded on The Nasdaq National  Market, then the Fair Market
Value shall be the closing sales price per share of Common Stock on the date in
question (or, if there is no closing sales price on such day, on the next
preceding business day on which there is a closing sales price), as such price
is reported by the National Association of Securities Dealers on The Nasdaq
National Market.

 

(iii)  If the
Common Stock is at the time listed on any Stock Exchange, then the Fair Market
Value shall be the closing sales price per share of Common Stock on the date in
question (or, if there is no closing sales price on such day, on the next
preceding business day on which there is a closing sales price) on the Stock
Exchange determined by the Committee to be the primary market for the Common
Stock, as such price is officially quoted in the composite tape of transactions
on such exchange.

 

Second, the Board amended Article IX by deleting it
in its entirety and replacing it with the following:

 

ADJUSTMENT UPON CHANGE IN
COMMON STOCK

 

In the event of a corporate
transaction involving the Company (including, without limitation, any stock
dividend, stock split, extraordinary cash dividend, recapitalization,
reorganization, merger, statutory share exchange, consolidation, split-up,
spin-off, or other combination or exchange of shares), the Committee may make
such adjustments as are necessary to preserve the benefits or potential benefits
of Grants and Awards under the Plan. Action by the Committee may

 

 

include: (i) adjustment of the number and kind of shares which may
be delivered under the Plan; (ii) adjustment of the number and kind of
shares subject to outstanding Grants and Awards; (iii) adjustment of the
Exercise Price of outstanding Options and SARs; and (iv) any other
adjustments that the Committee determines to be equitable; provided, however,
that, with respect to incentive stock options, such adjustment shall be made in
accordance with Section 424(h) of the Code unless the Committee
determines otherwise, and with respect to Grants and Awards other than
incentive stock options, such adjustment shall be made in accordance with Section 409A
of the Code. Any determination made under this Article IX by the Committee
shall be final and conclusive.

 

Third, the Board adopted, and made an integral part of
the Plan, Article XI, Section 11.9 to read as follows:

 

11.9         Amendment to Meet the
Requirements of Code Section 409A. 
It is intended that this Plan and any Grants or Awards made or issued
under this Plan comply with or meet an exemption from Section 409A of the
Code, so that the income inclusion provisions of Code Section 409A(a)(1) do
not apply to a Participant. Participant acknowledges that the Board and/or
Committee shall have the sole discretion and authority to amend the Plan and
any Grants or Awards hereunder including, but not limited to, increasing the
Exercise Price and/or changing the exercise period, payment periods, or
restrictions of any Option in the event that the Fair Market Value of the Common
Stock is subsequently determined to be greater than the Exercise Price
initially established at the time of grant or award, to the extent necessary to
cause the Plan or such Grants or Awards to comply with the provisions of Code Section 409A.
Such amendment may be retroactive to the extent permitted by Section 409A
of the Code, and shall not require the consent of the Participant.

 

IN
WITNESS WHEREOF, the Company has caused this Amendment to the Plan to be
executed as of December 30, 2008 in accordance with the authority provided
by the Board of Directors.

 

 

	
   

  	
  SCBT
  FINANCIAL CORPORATION         (SEAL)

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Renee R. Brooks

  
	
   

  	
   

  	
  Title: Secretary

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