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James L. Pate III. Mr. Pate is employed as the Company’s Chief Financial Officer and as the Chief Financial Officer of each of the Company’s subsidiary banks. On April 6, 2005, Coastal entered into Salary Continuation Agreement with Mr. Pate. This agreement provides for benefits for Mr. Pate upon a change of control of Coastal. Upon termination of employment following a change in control, as defined in the agreements, he is entitled to receive all accrued compensation plus a lump sum payment equal to the sum of his then current annual base salary and the average bonuses paid to him during the three years preceding the change of control.
For 2006, Mr. Pate had a base salary of $115,907 and was eligible to participate in the Company’s Stock Incentive Plan, its Executive Deferred Compensation program, and certain bonus programs that may be established from time to time. Mr. Pate also receives other customary benefits available to other officers. | 