409A Amendment to the East Carolina Bank Director Supplemental Retirement Plan Director Agreement for

Exhibit 10.31

409A Amendment

to the

East Carolina Bank

Director Supplemental Retirement Plan Director Agreement for

East Carolina Bank (“Bank”) and                  (“Director”) originally entered into the East Carolina Bank Director Supplemental Retirement Plan Director Agreement (“Agreement”) on October 21, 2005, which was subsequently amended on October 16, 2006. Pursuant to Subparagraph V (C) of the Agreement, the Bank and the Director hereby adopt this 409A Amendment, effective June 17, 2005.

RECITALS

This Amendment is intended to bring the Agreement into compliance with the requirements of Internal Revenue Code Section 409A. Accordingly, the intent of the parties hereto is that the Agreement shall be operated and interpreted consistent with the requirements of Section 409A. In addition, the Amendment to the Director Supplemental Retirement Plan Agreement Dated October 21, 2005 , entered into on October 16, 2006, is hereby revoked in its entirety. Therefore, the following changes shall be made:

Change in Control:

“Change in Control” shall mean a change in ownership or control of the Bank as defined in Treasury Regulation §1.409A-3(i)(5) or any subsequently applicable Treasury Regulation.

Separation from Service:

Notwithstanding anything to the contrary in this Agreement, to the extent that any benefit under this Agreement is payable upon a “Termination of Employment,” “Termination of Service,” or other event involving the Director’s cessation of services, such payment(s) shall not be made unless such event constitutes a “Separation from Service” as defined in Treasury Regulations Section 1.409A-1(h).

Retirement Benefits:

Subject to Subparagraph II (D) hereinafter, a Director who remains on the Board until Normal Retirement Age (Subparagraph I [J]) shall be entitled to receive the balance in the Pre-Retirement Account in one hundred eighty (180) equal monthly installments commencing thirty (30) days following the Director’s retirement. In addition to these payments and commencing subsequent thereto, the Index Retirement Benefit (as defined in Subparagraph I [F]) for each Plan Year subsequent to the year that the Director begins receiving the Index Retirement Benefits hereunder, and including the remaining portion of the Plan Year following the year that the Director begins receiving the Index Retirement Benefits hereunder, shall be paid in equal monthly installments to the Director until the Director’s death.