South Street Financial Corp Sample Contracts

South Street Financial Corp – Insurer: Mass Mutual Life Insurance Company New York Life Insurance Company Policy Number: 0053xxx 56603xxx Bank: Home Savings Bank of Albemarle, SSB Insured: R. Ronald Swanner Relationship of Insured to Bank: Director Trust: Rabbi Trust for the Executive Supplemental Retirement Plan Agreement, Director Supplemental Retirement Plan Agreement, and the Endorsement Method Split Dollar Plan Agreement (March 29th, 2004)

The respective rights and duties of the Bank and the Insured in the above-referenced policy shall be pursuant to the terms set forth below:

South Street Financial Corp – DIRECTOR SUPPLEMENTAL RETIREMENT PLAN AGREEMENT (March 29th, 2004)

THIS AGREEMENT, made and entered into this 27th day of June, 2003, by and between Home Savings Bank of Albemarle, SSB, a Bank organized and existing under the laws of the State of North Carolina, (hereinafter referred to as the “Bank”), and R. Ronald Swanner, a Director of the Bank, (hereinafter referred to as the “Director”).

South Street Financial Corp – DIRECTOR DEFERRAL PLAN AGREEMENT (March 29th, 2004)

THIS AGREEMENT, made and entered into this 27th day of June, 2003, by and between Home Savings Bank of Albemarle, SSB, a Bank organized and existing under the laws of the State of North Carolina, (hereinafter referred to as the “Bank”), and R. Ronald Swanner, a Director of the Bank, (hereinafter referred to as the “Director”).

South Street Financial Corp – Insurer: Mass Mutual Life Insurance Company New York Life Insurance Company Policy Number: 0053xxx 56603xxx Bank: Home Savings Bank of Albemarle, SSB Insured: R. Ronald Swanner Relationship of Insured to Bank: Executive Trust: Rabbi Trust for the Executive Supplemental Retirement Plan Agreement, Director Supplemental Retirement Plan Agreement, and the Endorsement Method Split Dollar Plan Agreement (March 29th, 2004)

The respective rights and duties of the Bank and the Insured in the above-referenced policy shall be pursuant to the terms set forth below:

South Street Financial Corp – EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN AGREEMENT (March 29th, 2004)

THIS AGREEMENT is made and entered into this 27th day of June, 2003, by and between the Home Savings Bank of Albemarle, SSB, a bank organized and existing under the laws of the State of North Carolina (hereinafter referred to as the “Bank”), and R. Ronald Swanner, an Executive of the Bank (hereinafter referred to as the “Executive”).

South Street Financial Corp – AGREEMENT (May 15th, 2003)

EXHIBIT 10(xii) LIFE INSURANCE ENDORSEMENT METHOD SPLIT DOLLAR PLAN AGREEMENT Insurer: Mass Mutual Life Insurance Company New York Life Insurance Company Policy Number: __________ Bank: Home Savings Bank of Albemarle, SSB Insured: R. Ronald Swanner Relationship of Insured to Bank: Director Trust: Rabbi Trust for the Executive Supplemental Retirement Plan Agreement, Director Supplemental Retirement Plan Agreement, and the Endorsement Method Split Dollar Plan Agreement The respective rights and dutie

South Street Financial Corp – EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN (May 15th, 2003)

EXHIBIT (10)(xiii) EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN AGREEMENT THIS AGREEMENT is made and entered into this ____ day of ______________, 2003, by and between the Home Savings Bank of Albemarle, SSB, a bank organized and existing under the laws of the State of North Carolina (hereinafter referred to as the "Bank"), and R. Ronald Swanner, an Executive of the Bank (hereinafter referred to as the "Executive"). WHEREAS, the Executive is now in the employ of the Bank and has for many years faithfully served the Bank. It is the consensus of the Board of Directors (hereinafter referred to as the "Board") that the Executive's services have been of exceptional merit, in excess of the compensation paid and an invaluable contribution to the profits and position of the Bank in its field of activity. The Board further believes that the Executive's experience, knowledge of corporate affai

South Street Financial Corp – DIRECTOR SUPPLEMENTAL RETIREMENT PLAN (May 15th, 2003)

EXHIBIT (10)(x) DIRECTOR SUPPLEMENTAL RETIREMENT PLAN AGREEMENT THIS AGREEMENT, made and entered into this ____ day of ______________, 2003, by and between Home Savings Bank of Albemarle, SSB, a Bank organized and existing under the laws of the State of North Carolina, (hereinafter referred to as the "Bank"), and R Ronald Swanner, a Director of the Bank, (hereinafter referred to as the "Director"). WHEREAS, the Director has been in the service of the Bank for several years and has now and for years faithfully served the Bank. It is the consensus of the Board of Directors of the Bank (hereinafter referred to as the "Board") that the Director's services have been of exceptional merit, in excess of the compensation paid and an invaluable contribution to the profits and position of the Bank in its field of activity. The Board further believes that the Director's experience, know

South Street Financial Corp – AGREEMENT (May 15th, 2003)

EXHIBIT (10)(xv) LIFE INSURANCE ENDORSEMENT METHOD SPLIT DOLLAR PLAN AGREEMENT Insurer: Mass Mutual Life Insurance Company New York Life Insurance Company Policy Number: __________ Bank: Home Savings Bank of Albemarle, SSB Insured: Kimberly M. Allen Relationship of Insured to Bank: Executive (Group Term Carve Out) Trust: Rabbi Trust for the Executive Supplemental Retirement Plan Agreement, Director Suppleemntal Retirement Plan Agreement, and the Endorsement Method Split Dollar Plan Agreement The res

South Street Financial Corp – AGREEMENT (May 15th, 2003)

EXHIBIT (10)(xi) DIRECTOR DEFERRAL PLAN AGREEMENT THIS AGREEMENT, made and entered into this ____ day of ______________, 2003, by and between Home Savings Bank of Albemarle, SSB, a Bank organized and existing under the laws of the State of North Carolina, (hereinafter referred to as the "Bank"), and R. Ronald Swanner, a Director of the Bank, (hereinafter referred to as the "Director"). WHEREAS, the Director has been in the service of the Bank for several years and has now and for years faithfully served the Bank. It is the consensus of the Board of Directors of the Bank (hereinafter referred to as the "Board") that the Director's services have been of exceptional merit, in excess of the compensation paid and an invaluable contribution to the profits and position of the Bank in its field of activity. The Board further believes that the Director's experience, knowledge o

South Street Financial Corp – AGREEMENT (May 15th, 2003)

EXHIBIT (10)(xiv) LIFE INSURANCE ENDORSEMENT METHOD SPLIT DOLLAR PLAN AGREEMENT Insurer: Mass Mutual Life Insurance Company New York Life Insurance Company Policy Number: _____________ Bank: Home Savings Bank of Albemarle, SSB Insured: R. Ronald Swanner Relationship of Insured to Bank: Executive Trust: Rabbi Trust for the Executive Supplemental Retirement Plan Agreement, Director Suppleemntal Retirement Plan Agreement, and the Endorsement Method Split Dollar Plan Agreement The respective rights and

South Street Financial Corp – STOCK OPTION PLAN (February 11th, 1998)

SOUTH STREET FINANCIAL CORP. STOCK OPTION PLAN THIS IS THE STOCK OPTION PLAN ("Plan") of South Street Financial Corp. (the "Corporation"), a North Carolina corporation, with its principal office in Albemarle, Stanly County, North Carolina, adopted by the Board of Directors of the Corporation and effective upon the approval of the Plan by the shareholders of the Corporation, under which options may be granted from time to time to eligible directors and employees of the Corporation, Home Savings Bank of Albemarle, Inc., SSB (the "Bank") and of any corporation or other entity of which either the Corporation or the Bank owns, directly or indirectly, not less than fifty percent (50%) of any class of equity securities (a "Subsidiary"), to purchase shares of common stock of the Corporation ("Common Stock"), subject to the provisions set forth below: 1. PURPOSE OF THE PLAN. The purpose of the Plan is to aid the

South Street Financial Corp – STOCK OPTION PLAN (December 22nd, 1997)

SOUTH STREET FINANCIAL CORP. STOCK OPTION PLAN THIS IS THE STOCK OPTION PLAN ("Plan") of South Street Financial Corp. (the "Corporation"), a North Carolina corporation, with its principal office in Albemarle, Stanly County, North Carolina, adopted by the Board of Directors of the Corporation and effective upon the approval of the Plan by the shareholders of the Corporation, under which options may be granted from time to time to eligible directors and employees of the Corporation, Home Savings Bank of Albemarle, Inc., SSB (the "Bank") and of any corporation or other entity of which either the Corporation or the Bank owns, directly or indirectly, not less than fifty percent (50%) of any class of equity securities (a "Subsidiary"), to purchase shares of common stock of the Corporation ("Common Stock"), subject to the provisions set forth below: 1. PURPOSE OF THE PLAN. The purpose of the Plan is to aid the Corporation,

South Street Financial Corp – MANAGEMENT RECOGNITION PLAN AND TRUST AGREEMENT (December 22nd, 1997)

HOME SAVINGS BANK OF ALBEMARLE, INC., SSB MANAGEMENT RECOGNITION PLAN AND TRUST AGREEMENT Home Savings Bank of Albemarle, Inc., SSB, a North Carolina chartered savings bank (the "Bank"), does herein set forth the terms of its Management Recognition Plan (the "Plan") and Trust (the "Trust") and the Trustees hereby accept this Trust and agree to hold the Trust assets existing on the date of the Agreement and all additions and accretions thereto upon the terms and conditions hereinafter stated. Section 1. Purpose of this Plan. The purpose of this Plan is to provide to ---------- -------------------- the directors, officers and employees (the "Participants") of the Bank and of any corporation or other entity of which the Bank owns, directly or indirectly, not less than fifty percent (50%) of any class of the equity securities thereof (a "Subsidiary"), an ow

South Street Financial Corp – Press Release: (December 4th, 1997)

Exhibit 99(a) [SOUTH STREET FINANCIAL CORP. LETTERHEAD] Press Release: Tuesday, December 2, 1997 South Street Financial Corp. Declares Dividend ALBEMARLE, NC, December 2, South Street Financial Corp., the holding company of Home Savings Bank of Albemarle, SSB announced today that its Board of Directors declared a one-time cash dividend of $6.00 per share to be paid on January 8, 1998 to shareholders of record on December 17, 1997. The Company anticipates that the dividend will be considered a return of capital thereby reducing the shareholder's basis in each share of South Street Financial Corp. stock and thus would not be taxable as a regular dividend. Due to the magnitude of the dividend declared today in relation to South Street Financial Corp.'s share price, Nasdaq has determined that the Company's shares of common stock will trade ex-dividend on January 9, 1998. Shareholders are

South Street Financial Corp – EMPLOYMENT AGREEMENT (December 23rd, 1996)

Exhibit (10)(ii) HOME SAVINGS BANK OF ALBEMARLE, INC., S.S.B. EMPLOYMENT AGREEMENT THIS AGREEMENT entered into as of October 2, 1996, by and between HOME SAVINGS BANK OF ALBEMARLE, INC., S.S.B. (hereinafter referred to as the "Savings Bank") and R. RONALD SWANNER (hereinafter referred to as the "Officer") and is joined in by SOUTH STREET FINANCIAL CORP., the parent holding company of the Savings Bank (hereinafter referred to as the "Holding Company"). WHEREAS, the Officer has heretofore been employed by the Savings Bank as its Executive Vice President; and WHEREAS, the Savings Bank is a state-chartered stock savings bank and the wholly-owned subsidiary of the Holding Company; and WHEREAS, the Savings Bank desires to retain the services of the Officer as the Executive Vice President of the Savings Bank upon the terms and conditions set forth herein;

South Street Financial Corp – SUPPLEMENTAL INCOME AGREEMENT (December 23rd, 1996)

Exhibit (10)(vi) SUPPLEMENTAL INCOME AGREEMENT AGREEMENT entered into as of the first day of October, 1985 between Home Savings and Loan Association, a domestic Corporation having its principal office in Albemarle, NC (hereinafter referred to as the Company) and Robert Ronald Swanner of Albemarle, North Carolina (hereinafter referred to as the Employee). WITNESSETH: WHEREAS the Employee has been employed by the Company since 4/22/74 and is now employed in the capacity of Executive Vice President; and, WHEREAS, the performance of the Employee is such that assurance of his continued services is essential to the future growth and profits of the Company; and, WHEREAS, the Company desires to retain the services of the Employee, and realizes that if the Employee were to leave the Company it would suffer a substantial financial loss; and,

South Street Financial Corp – EMPLOYMENT AGREEMENT (December 23rd, 1996)

Exhibit (10)(i) HOME SAVINGS BANK OF ALBEMARLE, INC., S.S.B. EMPLOYMENT AGREEMENT THIS AGREEMENT entered into as of October 2, 1996, by and between HOME SAVINGS BANK OF ALBEMARLE, INC., S.S.B. (hereinafter referred to as the "Savings Bank") and CARL M. HILL (hereinafter referred to as the "Officer") and is joined in by SOUTH STREET FINANCIAL CORP., the parent holding company of the Savings Bank (hereinafter referred to as the "Holding Company"). WHEREAS, the Officer has heretofore been employed by the Savings Bank as its President; and WHEREAS, the Savings Bank is a state-chartered stock savings bank and the wholly-owned subsidiary of the Holding Company; and WHEREAS, the Savings Bank desires to retain the services of the Officer as the President of the Savings Bank upon the terms and conditions set forth herein; and WHEREAS, the services o

South Street Financial Corp – RETIREMENT PLAN AGREEMENT (December 23rd, 1996)

Exhibit (10)(V) RETIREMENT PLAN AGREEMENT THIS AGREEMENT entered into this 1st day of September, 1995 between Home Savings Bank, S.S.B. having its principal office in Albemarle, North Carolina (hereinafter referred to as the "Bank") and those persons listed on attached Exhibit A who are current Directors for the Bank, all of whom are residents of Stanly County, North Carolina (hereinafter individually referred to as "Director" and collectively referred to as the "Directors"). WITNESSETH: WHEREAS, the Directors have loyally and faithfully served as Directors of the Bank for an extended tenure; AND WHEREAS, for a large part of this tenure as Directors, very little in the way of monetary compensation has been paid to the Directors by the Bank for their services; AND WHEREAS, it is the intent of the Bank to compensate the Directors for

South Street Financial Corp – RETIREMENT PAYMENT AGREEMENT (December 23rd, 1996)

Exhibit (10)(iv) RETIREMENT PAYMENT AGREEMENT AGREEMENT entered into as of the 1st day of October, 1995 between Home Savings Bank, S.S.B., a domestic Corporation having its principal office in Albemarle, North Carolina (hereinafter referred to as the Bank) and Joel A. Huneycutt of Albemarle, North Carolina (hereinafter referred to as the Director). WITNESSETH: WHEREAS, the Director is rendering valuable service and it is the desire of the Bank to have the benefit of his continued loyalty and service and also to assist him in providing for the contingencies of retirement and death; and, WHEREAS, the Director hereby agrees to waive fees paid to him as a Director in the amount of $9,700 per year for five years from the date of the execution of this agreement; NOW THEREFORE, in consideration of the premises contained herein, the parties

South Street Financial Corp – RETIREMENT PAYMENT AGREEMENT (December 23rd, 1996)

Exhibit (10)(iii) RETIREMENT PAYMENT AGREEMENT AGREEMENT entered into as of 1st day of October 1985 between Home Savings and Loan Association a domestic Corporation having its principal office in Albemarle. North Carolina (hereinafter referred to as the Association) and Carl M. Hill of Albemarle. North Carolina (hereinafter referred to as the Director). WITNESSETH: WHEREAS, the Director is rendering valuable service and it is the desire of the Association to have the benefit of his continued loyalty and service and also to assist him in providing for the contingencies of retirement and death; and, WHEREAS, the Director hereby agrees to waive fees paid to him as a Director in the amount of $200 per month for five years from the date of the execution of this agreement; NOW THEREFORE, in consideration of the premises contained here

South Street Financial Corp – Press Release FOR IMMEDIATE RELEASE (October 17th, 1996)

EXHIBIT (c)(99.1) Press Release FOR IMMEDIATE RELEASE --------------------- Contact: Carl M. Hill, President Telephone: (704) 982-9184 SOUTH STREET FINANCIAL CORP. ---------------------------- HOLDING COMPANY OF HOME SAVINGS BANK OF ALBEMARLE, S.S.B. --------------------------------------------------------- COMPLETES INITIAL STOCK OFFERING -------------------------------- Albemarle, North Carolina - Mr. Carl M. Hill, President of Home Savings Bank of Albemarle, S.S.B., based in Albemarle, North Carolina, announced today that Home Savings has completed its conversion from a North Carolina-chartered mutual savings bank to a North Carolina-chartere