EXHIBIT 10.2
STATE OF SOUTH CAROLINA
COUNTY OF RICHLAND
FIRST AMENDMENT OF EMPLOYEE DEATH
BENEFIT AND POST-RETIREMENT
NONCOMPETITION AND CONSULTATION
AGREEMENT
THIS FIRST AMENDMENT OF EMPLOYEE
DEATH BENEFIT AND POST-RETIREMENT NONCOMPETITION AND CONSULTATION
AGREEMENT (“First
Amendment”), made and entered into and effective as of the
24th day of July, 2002, by and between FIRST-CITIZENS BANK AND
TRUST COMPANY OF SOUTH CAROLINA , a South Carolina banking
corporation with its principal place of business in Columbia,
Richland County, South Carolina (hereinafter referred to as
“Employer”); and Jim B. Apple (hereinafter referred to
as “Employee”);
W I T N E S S E T
H:
WHEREAS, in recognition of
Employee’s contribution to the growth, management and
development of Employer, and in order to limit Employee’s
availability to other employers or entities in competition with
Employer following Employee’s retirement from employment with
Employer, Employer and Employee previously entered into an Employee
Death Benefit and Post-Retirement Noncompetition and Consultation
Agreement, dated as of the 31 st day of December, 1998, which is
incorporated herein by reference (hereinafter referred to as the
“Agreement”); and
WHEREAS, Employer now desires to
increase the benefits payable to Employee as set forth in the
Agreement by amending the Agreement pursuant to Paragraph 12
thereof, effective as of the date of this First
Amendment.
NOW, THEREFORE, for and in
consideration of the mutual promises and undertakings herein set
forth, the parties hereto do agree as follows:
1. Paragraph 2 of the Agreement
hereby is deleted in its entirety and the following replacement
Paragraph 2 is inserted in lieu thereof:
“2. DEATH BENEFITS . In
the event Employee dies while employed by Employer prior to
Employee’s Retirement Date, Employer will pay the sum of
ninety thousand three and 00/100 Dollars ($90,003.00) per year,
payable in monthly installments of seven thousand five hundred and
25/100 Dollars ($7,500.25) for a period of ten (10) years, to such
individual or individuals as Employee shall have designated in
writing filed with Employer or, in the absence of such designation,
to the Estate of Employee. The first payment shall be made not
later than two (2) months following Employee’s death.
Payments hereunder shall be payable each month without deductions
and the recipient shall be solely responsible for the payment of
all income and other taxes and assessments applicable on said
payments.”
2. The first paragraph of Paragraph
3 of the Agreement hereby is deleted in its entirety and the
following replacement first paragraph of Paragraph 3 is
inserted
