BANK OF GRANITE SUMMARY OF AMENDMENTS TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Exhibit 10.1

BANK OF GRANITE

SUMMARY OF AMENDMENTS TO THE

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

     On December 17, 2007, the Board of Directors (the “Board”) of Bank of Granite Corporation (the “Company”) and its banking subsidiary, Bank of Granite (the “Bank”), acting upon the recommendation of the Compensation Committee of the Board, approved amendments to the Bank’s nonqualified Supplemental Executive Retirement Plan (the “Plan”), effective January 1, 2008 for officers who are employees of the Bank. As amended, the Plan will be structured as a defined benefit plan rather than a defined contribution plan. The formula for computing the annual benefit will be the lesser of 30% of the Final Salary, as previously defined by the Plan, or $150,000 for the Chief Executive Officer and Executive Vice Presidents, and the lesser of 25% of the Final Salary or $110