Exhibit 10.5.3
FORM OF
FIRST AMENDMENT
TO THE
LOWCOUNTRY NATIONAL BANK
EXECUTIVE DEFERRED COMPENSATION AGREEMENT
EFFECTIVE __________, 20__
THIS AMENDMENT is adopted this __
_ day of ____________________ , 20__, by and between
LOWCOUNTRY NATIONAL BANK, a national-chartered commercial bank,
located in Beaufort, South Carolina (the "Company"), and
______________ (the "Executive").
The Company and the Executive executed
the EXECUTIVE DEFERRED COMPENSATION AGREEMENT effective __________,
20__ (the "Agreement").
The undersigned hereby amend, in part,
said Agreement for the purpose of defining Prime Rate and updating
the definition of Return on Equity and the Change of Control
Benefit. Therefore, the following changes shall be
made:
Article 1.13 of the Agreement shall be
deleted in its entirety and replaced by Article 1.13
below.
1.13 "Return on Equity" means the
Company's after tax net income for the quarter divided by the
Company's equity at the beginning of the quarter, based on the
Company's financial statement prepared in accordance with General
Accepted Accounting Principles.
Article 1.14 of the Agreement shall be
deleted in its entirety and replaced by Article 1.14
below.
1.14 "Prime Rate" means the
Wall Street Journal prime rate on the first business day
following Termination of Employment.
Article 4.1.2
