Crescent State Bank
Amended Salary Continuation Agreement
This Amended Salary Continuation Agreement (this “Agreement”) is entered into as of this 24 day of
October, 2007, by and between Crescent State Bank, a North Carolina-chartered commercial bank (the
“Bank”), and Bruce W. Elder, its Senior Vice President and Chief Financial Officer (the “Executive”).
Whereas , the Executive has contributed substantially to the Bank’s success and the Bank desires that
the Executive continue in its employ,
Whereas , to encourage the Executive to remain an employee, the Bank is willing to provide salary
continuation benefits to the Executive, payable from the Bank’s general assets,
Whereas , none of the conditions or events included in the definition of the term “golden parachute
payment” that is set forth in section 18(k)(4)(A)(ii) of the Federal Deposit Insurance Act [12 U.S.C. 1828(k)(4)
(A)(ii)] and in Federal Deposit Insurance Corporation Rule 359.1(f)(1)(ii) [12 CFR 359.1(f)(1)(ii)] exists or, to
the best knowledge of the Bank, is contemplated insofar as the Bank is concerned,
Whereas , the parties hereto intend that this Agreement shall be considered an unfunded arrangement
maintained primarily to provide supplemental retirement benefits for the Executive, and to be considered a non-
qualified benefit plan for purposes of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”). The Executive is fully advised of the Bank’s financial status, and
Whereas , the Bank and the Executive intend that this Agreement shall amend and restate in its entirety
the October 1, 2003 Salary Continuation Agreement between the Bank and the Executive, effective immediately.
Now Therefore , in consideration of these premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Executive and the Bank hereby agree as follows.
“ Accrual Balance ” means the liability that should