Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K 123109 - CAPITAL BANK CORP | form10-k.htm |
| EX-31.2 - EXHIBIT 31.2 - CAPITAL BANK CORP | ex31_2.htm |
| EX-31.1 - EXHIBIT 31.1 - CAPITAL BANK CORP | ex31_1.htm |
| EX-32.1 - EXHIBIT 32.1 - CAPITAL BANK CORP | ex32_1.htm |
| EX-99.1 - EXHIBIT 99.1 - CAPITAL BANK CORP | ex99_1.htm |
| EX-99.2 - EXHIBIT 99.2 - CAPITAL BANK CORP | ex99_2.htm |
| EX-32.2 - EXHIBIT 32.2 - CAPITAL BANK CORP | ex32_2.htm |
Exhibit 10.14
November
18, 2008
Mr. Ralph
Edwards
2425
Trenton Woods Way
Raleigh,
NC 27607
Dear
Ralph:
This
letter represents an offer to you to join Capital Bank (the “Bank”) as Senior
Vice President and Chief Operations Officer reporting directly to me. In this
capacity, you will have overall responsibility for the management of Capital
Bank’s Information Technology, Loan Operations, and Deposit Operations
areas.
The
specifics of our offer are as follows:
Starting
Date: Your start date is on or about December 1,
2008.
Base
Salary: Your beginning base salary will be $165,000 annually
and will be subject to review each year, beginning in January, 2010, based on
your performance and market factors. Any salary increase would typically be
effective February 1st of each year.
Sign-On
Bonus: You will receive a $10,000 sign-on bonus within the
first 30 days of employment and an additional $15,000 sign-on bonus in January,
2009. Should you voluntarily terminate employment or be discharged, for cause,
within the first 12 months of your employment, you agree to reimburse the Bank
this signing bonus. Should you voluntarily terminate employment or be
discharged, for cause, within 24 months of your employment, you agree to
reimburse the Bank 50% of this signing bonus.
Incentive
Plan: You will be eligible for the Bank’s Management Incentive
Plan, beginning in January, 2009. Incentive calculations under this plan are
based on budgets and goals recommended by management and approved by the Board
of Directors. Currently, the incentive payout for your position is based 80% on
overall Bank performance and 20% on the performance of your area. The targeted
incentive is 20% of base compensation.
Offer
Letter – Ralph J. Edwards
November
18, 2008
Page 2 of
2
Benefits: You
will be eligible for the Bank’s employee benefits package. Details of this
program have been provided to you. Additionally, you will be eligible for four
weeks of vacation beginning in 2009.
Background,
Credit Check and Drug Screening: This offer is subject to
satisfactory background and credit checks and any bank regulatory requirements.
Under our Drug-Free Workplace policy, you will also be required to undergo a
drug screen within 48 hours of receiving this offer and receive satisfactory
results or the offer will be withdrawn. In addition, our policy provides for
random drug testing for our associates.
Ralph, I
am excited that you will be joining Capital Bank. I am confident in your ability
to build an exceptional I.T. and Operations function at our bank. I am equally
confident as a member of the Senior Management team, you will make a significant
contribution to Capital Bank as we become the best bank ever in North Carolina
and beyond. I look forward to welcoming you to our team very
shortly.
Please
indicate your acceptance of this offer by signing below and returning a copy to
me or Teresa White.
Sincerely,
/s/ B. Grant Yarber
B. Grant
Yarber
President
and Chief Executive Officer
Accepted:
/s/ Ralph J. Edwards
_________________________________
Ralph J.
Edwards
Date