<SEC-DOCUMENT>0000798941-12-000044.txt : 20121220
<SEC-HEADER>0000798941-12-000044.hdr.sgml : 20121220
<ACCEPTANCE-DATETIME>20121220165116
ACCESSION NUMBER:		0000798941-12-000044
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20121220
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20121220
DATE AS OF CHANGE:		20121220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST CITIZENS BANCSHARES INC /DE/
		CENTRAL INDEX KEY:			0000798941
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				561528994
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16715
		FILM NUMBER:		121277826

	BUSINESS ADDRESS:	
		STREET 1:		4300 SIX FORKS ROAD
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27609
		BUSINESS PHONE:		919 716 7000

	MAIL ADDRESS:	
		STREET 1:		4300 SIX FORKS ROAD
		CITY:			RALEIGH
		STATE:			NC
		ZIP:			27609
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-amesrepurchase.htm
<DESCRIPTION>8-K
<TEXT>
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		<title>Form 8K - Ames' Repurchase</title>
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<a name="s95f8592d343d4f85b31b5303a2aed048"></a><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;font-weight:bold;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CURRENT REPORT </font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:15pt;"><font style="font-family:inherit;font-size:15pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:15pt;"><font style="font-family:inherit;font-size:15pt;font-weight:bold;">The Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Date of Report (Date of Earliest Event Reported): December 20, 2012</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">First Citizens BancShares, Inc.</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Exact name of registrant as specified in its charter)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.1640625%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="34%"></td><td width="33%"></td><td width="33%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Delaware</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">001-16715</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">56-1528994</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(State or other jurisdiction of</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Commission File </font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(I.R.S. Employer</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Identification Number)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="50%"></td><td width="50%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">4300 Six Forks Road </font></div><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Raleigh, North Carolina</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">27609</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Address of principal executive offices)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Zip Code)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:9px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(919) 716-7000</font></div><div style="line-height:120%;padding-top:9px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Registrant's telephone number, including area code</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">N/A</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Former name or former address, if changed since last report)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[ ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[ ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">[ ] </font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">[ ]</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:96px;text-indent:-96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s95f8592d343d4f85b31b5303a2aed048"></a><br><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Item 1.01</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Entry into a Material Definitive Agreement.  </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">On December 20, 2012, First Citizens BancShares, Inc. (the &#8220;Company&#8221;) entered into Stock Sale and Purchase Agreements (each an &#8220;Agreement&#8221; and collectively, the &#8220;Agreements&#8221;) with Ms. Carmen Holding Ames, a director of the Company (&#8220;Ms. Ames&#8221;), and certain of her affiliates (each a &#8220;Seller&#8221; and collectively, the &#8220;Sellers&#8221;).  Pursuant to the Agreements, the Company repurchased from the Sellers, at a purchase price of $155 per share, a total of 593,954 shares of the Company's Class B Common Stock, resulting in an aggregate purchase price to the Sellers of $92,062,870. </font></div><div style="line-height:120%;text-align:left;padding-left:5px;text-indent:41px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Agreements were approved by the independent members of the Company's Board of Directors following a recommendation by a special committee of independent members of the Company's Board of Directors.   The terms of each Agreement are similar and each Agreement contains customary representations and warranties and mutual indemnification obligations with respect to breaches of the Agreement.   In addition, pursuant to the Agreements, each Seller has agreed to a general release of claims against the Company.  </font></div><div style="line-height:120%;text-align:left;padding-left:5px;text-indent:41px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The foregoing summary of the Agreements does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreements, copies of which are attached hereto as Exhibits 10.1 - 10.7 and are incorporated by reference herein. </font></div><div style="line-height:120%;text-align:left;padding-left:96px;text-indent:-96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Item 5.02</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.  </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:96px;text-indent:-96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:60px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In connection with entering into an Agreement with the Company, Ms. Ames resigned from her position as a member of the Company's Board of Directors, effective immediately.  Ms. Ames' resignation as a director of the Company was not in connection with any known disagreement with the Company on any matter. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s95f8592d343d4f85b31b5303a2aed048"></a><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Item 9.01 </font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Financial Statements and Exhibits</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Exhibits</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.1640625%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="23%"></td><td width="77%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit No.</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Description</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and between the Company and Ms. Ames.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Irrevocable Trust (CSH DYNASTY) dated January 17, 2011, and Ms. Ames, in her capacity as Investment Manager for the Irrevocable Trust (CSH DYNASTY) dated January 17, 2011.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.3</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Irrevocable Trust (LRH DYNASTY) dated January 17, 2011, and Ms. Ames, in her capacity as Investment Manager for the Irrevocable Trust (LRH DYNASTY) dated January 17, 2011.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.4</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;vertical-align:top;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;vertical-align:top;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Lewis R. Holding Revocable Trust, and Ms. Ames, as Investment Manager.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.5</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Irrevocable Trust 1990 dated January 17, 2011, and Ms. Ames, in her capacity as Investment Manager for the Irrevocable Trust 1990 dated January 17, 2011.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.6</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Irrevocable Trust 1976 dated January 17, 2011, and Ms. Ames, in her capacity as Investment Manager for the Irrevocable Trust 1976 dated January 17, 2011.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.7</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Irrevocable Trust 1979 dated January 17, 2011, and Ms. Ames, in her capacity as Investment Manager for the Irrevocable Trust 1979 dated January 17, 2011.</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s95f8592d343d4f85b31b5303a2aed048"></a><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SIGNATURE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="45%"></td><td width="6%"></td><td width="49%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">First Citizens BancShares, Inc. </font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Registrant)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Kenneth A. Black</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Kenneth A. Black, Vice President</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date:  December 20, 2012</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><hr style="page-break-after:always"><a name="s95f8592d343d4f85b31b5303a2aed048"></a><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT INDEX</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.1640625%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="23%"></td><td width="77%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit No.</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Description</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and between the Company and Ms. Ames.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.2</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Irrevocable Trust (CSH DYNASTY) dated January 17, 2011, and Ms. Ames,  in her capacity as Investment Manager for the Irrevocable Trust (CSH DYNASTY) dated January 17, 2011.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.3</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Irrevocable Trust (LRH DYNASTY) dated January 17, 2011, and Ms. Ames, in her capacity as Investment Manager for the Irrevocable Trust (LRH DYNASTY) dated January 17, 2011.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.4</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;vertical-align:top;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;vertical-align:top;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Lewis R. Holding Revocable Trust, and Ms. Ames, as Investment Manager.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.5</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Irrevocable Trust 1990 dated January 17, 2011, and Ms. Ames, in her capacity as Investment Manager for the Irrevocable Trust 1990 dated January 17, 2011.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.6</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Irrevocable Trust 1976 dated January 17, 2011, and Ms. Ames, in her capacity as Investment Manager for the Irrevocable Trust 1976 dated January 17, 2011.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.7</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Stock Sale and Purchase Agreement, dated December 20, 2012, by and among the Company, The Fidelity Bank, in its capacity as Trustee for the Irrevocable Trust 1979 dated January 17, 2011, and Ms. Ames, in her capacity as Investment Manager for the Irrevocable Trust 1979 dated January 17, 2011.</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br>	</body>
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<TYPE>EX-10.1
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<FILENAME>exhibit101.htm
<DESCRIPTION>EXHIBIT
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		<title>Exhibit 10.1</title>
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<a name="s16F3724D5C66383D9CA8AEFC1AEA08A7"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">STOCK SALE AND PURCHASE AGREEMENT</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS STOCK SALE AND PURCHASE AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#32;(this &#8220;Agreement&#8221;), is dated as of December 20, 2012, and is by and between Carmen Holding Ames (the &#8220;Shareholder&#8221;), and First Citizens BancShares, Inc., a Delaware corporation with its principal office in Raleigh, North Carolina (the &#8220;Corporation&#8221;).  </font></div><div style="line-height:120%;padding-top:21px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WITNESSETH:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder is the owner of an aggregate of SEVEN HUNDRED AND TWENTY-SIX (726) shares of the Corporation's issued and outstanding Class B Common Stock; and </font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder wishes to sell and the Corporation wishes to purchase the Class B</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">Common Stock owned by the Shareholder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW, THEREFORE</font><font style="font-family:inherit;font-size:12pt;">, in consideration of the premises and the mutual representations, warranties, covenants and promises herein contained, the Shareholder and the Corporation hereby agree as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE I</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">PURCHASE AND SALE OF SHARES</font><font style="font-family:inherit;font-size:13pt;font-weight:bold;text-decoration:underline;">&#32;</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">General.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Subject to the terms and conditions of this Agreement, the Shareholder shall sell to the Corporation for the purchase price hereinafter provided an aggregate of SEVEN HUNDRED AND TWENTY-SIX (726) shares of the Class B Common Stock of the Corporation (the &#8220;Shares&#8221;), and the Corporation, in reliance upon the representations, warranties and covenants of the Shareholder set forth herein and subject to the terms and conditions of this Agreement, shall purchase and redeem the Shares from the Shareholder at the purchase price hereinafter provided.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;">1.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Purchase Price</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The total purchase price for the Shares (the &#8220;Purchase Price&#8221;) shall be equal to ONE HUNDRED AND TWELVE THOUSAND, FIVE HUNDRED AND THIRTY AND NO/100 DOLLARS ($112,530.00).  The Purchase Price shall be paid by the Corporation to the Shareholder at the Closing by wire transfer of immediately available funds to the account designated on </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">&#32;hereto.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE II</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">THE CLOSING</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The closing of this transaction (the &#8220;Closing&#8221;) shall be held at the offices of the Corporation on the date of this Agreement, at such time as the parties shall agree, or at such other place, date and time as may be mutually agreed upon by the Corporation and the Shareholder (the &#8220;Closing Date&#8221;).  The Closing shall be effective upon payment of the Purchase Price as provided in Section 1.2 above.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Shareholder at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall (i) take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall (A) for those Shares that are in certificated </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s16F3724D5C66383D9CA8AEFC1AEA08A7"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">form, deliver or cause to be delivered to the Corporation the stock certificates representing such Shares, duly-endorsed or accompanied by stock powers duly-endorsed (in each case, with a signature guaranteed by an institution that is a member of recognized Medallion signature guarantee program) and (B) for those Shares that are in uncertificated form, cause the Corporation's transfer agent to credit such Shares to the Corporation's balance account with The Depositary Trust Corporation through its Direct Registration System and (ii) deliver a written resignation from all positions with the Corporation and each of its subsidiaries held by her.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Corporation at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Corporation shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall deliver to the Shareholder the Purchase Price in accordance with Section 1.2 above.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Further Closing Actions.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall provide evidence satisfactory to the Corporation demonstrating the Shareholder's authority to sell the Shares, the release of any lien or liens on the Shares that previously existed, and that the representations and warranties of the Shareholder were true and correct when made and continue to be true and correct as of the Closing Date.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE III</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER </font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Corporation to enter into this Agreement, the Shareholder represents and warrants to the Corporation as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authority; Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder has full legal right and all requisite power, legal capacity and authority to execute and deliver, and perform her obligations under, this Agreement, including without limitation full power and authority to convey all of her right, title and interest in and to the Shares.  This Agreement has been duly executed and delivered by the Shareholder and is a valid and legally binding obligation of the Shareholder, enforceable against her in accordance with its terms.  The execution and delivery of, and performance under, this Agreement by the Shareholder will not (i) violate or conflict with the rights of any other person; (ii) result in a breach of any of the terms, conditions, or provisions of, or constitute a default under, any mortgage, deed of trust, note, indenture, contract, credit or other agreement, instrument, judgment, decree, order, statute, rule, or regulation to which the Shareholder is subject; or (iii) require any authorization or approval under or pursuant to the foregoing which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Absence of Encumbrances, etc.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder is the lawful holder of record and beneficial owner of the Shares and owns good and valid title to such Shares.  There are no outstanding options, warrants, stock rights, agreements, contracts, puts, calls, commitments, pre-emptive rights, or demands of any character to which the Shareholder is a party or under which the Shareholder has any rights relating to the Shares; and there are no agreements to which the Shareholder is a party that restrict the transfer or voting of the Shares.  The Shareholder has not granted to any person any proxies, powers of attorney, or similar rights or powers with respect to the Shares.  At the Closing, upon transfer of the Shares to the Corporation, the Shares will be free and clear of all restrictions on transfer, mortgages, claims, liens, pledges, security interests or encumbrances of every kind and nature.  From time to time, at the Corporation's request, the Shareholder will warrant and defend the Corporation's title to the Shares, execute, acknowledge and deliver to the Corporation any and all further instruments, documents, and </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s16F3724D5C66383D9CA8AEFC1AEA08A7"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">other papers reasonably requested by the Corporation to evidence that title and otherwise give full force and effect to the full intent and purposes of this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sale Determination.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder has made her own independent analysis of the value of the Shares and the fairness and adequacy of the Purchase Price, and of any legal and tax considerations that may be relevant to her.  The Shareholder has sufficient knowledge of and expertise in financial, business, and tax matters, or has obtained her own counsel as to these matters, so as to be capable of evaluating the advisability of selling the Shares for the Purchase Price.  In deciding to sell the Shares for the Purchase Price, the Shareholder has had access to and reviewed publicly available financial and other information regarding the Corporation (including information in reports the Corporation files with the Securities and Exchange Commission), and general market information.  The Shareholder's decision to sell the Shares for the Purchase Price has not been based upon any express or implied representations or warranties of the Corporation, or of any persons acting or purporting to act on behalf of the Corporation, about the Corporation, the value of the Shares, the fairness or adequacy of the Purchase Price, or any legal or tax consequences of selling the Shares for the Purchase Price. </font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Representations of Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has made no representations or warranties to the Shareholder in connection with the transactions contemplated hereby other than the representations set forth in this Agreement, and the Shareholder, in making its decision to sell the Shares, has not relied on any representation or warranty of or on behalf of the Corporation not set forth in this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Representations.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;No commission or similar remuneration has been paid or given, directly or indirectly, to any person in connection with the transactions contemplated hereby.  The transactions contemplated hereby are the result of the Shareholder's direct contacts with the Corporation and not a consequence of any general advertising or general solicitation.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE IV</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS OF THE CORPORATION</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Shareholder to enter into this Agreement, the Corporation represents and warrants to the Shareholder as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authorization, Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has full legal right and all requisite power and authority to execute and deliver, and to perform its obligations under, this Agreement.  This Agreement has been duly executed and delivered by the Corporation and is a valid and legally binding obligation of the Corporation enforceable against the Corporation in accordance with its terms.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Agreements.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not conflict with or result in a breach of any provision of, or constitute a default under, any material agreement or instrument to which the Corporation is a party or by which it may be bound.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Violations; Consents.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not (i) violate any judgment, decree, order, statute, rule, or regulation to which the Corporation is subject; or (ii) require any authorization or approval which has not yet been obtained.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s16F3724D5C66383D9CA8AEFC1AEA08A7"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE V</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION; GENERAL RELEASE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Survival of Representations and Warranties.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The representations and warranties contained in this Agreement shall survive the Closing Date for a period of three years, except for representations and warranties relating to title to the Shares, which shall survive the Closing Date until the expiration of the applicable statute of limitations.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation hereby agrees to defend, indemnify and hold harmless the Shareholder from and against any and all losses, liabilities, damages, assessments, claims, judgments, costs and expenses, including reasonable attorneys' fees, costs and expenses (&#8220;Losses&#8221;) which may be incurred by the Shareholder as a result of any breach by the Corporation of any agreement, covenant, representation or warranty set forth in this Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Shareholder.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder hereby agrees to defend, indemnify and hold harmless the Corporation from and against any and all Losses which may be incurred by the Corporation as a result of any breach by the Shareholder of any agreement, covenant, representation or warranty set forth in this Agreement; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the aggregate liability of the Shareholder to the Corporation for breach of any agreement, covenant, representation or warranty under this Agreement shall not exceed an amount equal to the Purchase Price; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided further</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the limitation in the foregoing proviso shall not apply in the case of illegal acts, willful misconduct or fraud by the Shareholder.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Release by the Shareholder.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder agrees that the Closing shall ipso facto constitute a full settlement, release and discharge of any and all claims, rights and causes of action that the Shareholder may have against the Corporation.  </font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE VI</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">GENERAL PROVISIONS </font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, or sent by certified, registered, or express mail, or by reputable overnight courier with all postage or other charges prepaid.  Any such notice shall be deemed given when so delivered personally or, if sent by overnight courier, one day after delivery to the courier, or, if mailed, two days after the date of deposit in the United States mails, as follows:</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s16F3724D5C66383D9CA8AEFC1AEA08A7"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Corporation:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">First Citizens BancShares, Inc. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4300 Six Forks Road</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27609</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Barry P. Harris, IV</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-716-2206</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-716-7518</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Shareholder:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ward and Smith, P.A. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Wade II, Suite 400</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 33009</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27636-3009</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  David L. Ward, Jr.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-277-9100</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-277-9177</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Either party may by notice given in accordance with this Section to the other parties designate another address or person for receipt of notices hereunder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Expenses.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation and the Shareholder shall bear their own respective expenses incurred in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be construed and interpreted in accordance with the laws of the State of North Carolina, without regard to conflicts of laws principles.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Multiple Originals.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Headings.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The headings of this Agreement shall not in any way affect its meaning or interpretation.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.6 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Modifications.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may only be amended or modified by written instrument signed by all parties hereto.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.7 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Binding Effect.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.8 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Entire Agreement.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement and that certain non-disclosure agreement dated October 22, 2012, from the Lead Director of the Corporation to the Shareholder, constitute the entire agreement of the parties with respect to the sale and purchase of the Shares and supersede and replace all prior agreements, arrangements, and understandings with respect thereto between them or any of their affiliates or representatives.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Remainder of Page Left Intentionally Blank]</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s16F3724D5C66383D9CA8AEFC1AEA08A7"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Signature Page to Stock Sale and Purchase Agreement (Carmen Ames)]</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST CITIZENS BANCSHARES, INC.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Kenneth A. Black</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Kenneth A. Black, Chief Financial Officer</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ Carmen Holding Ames&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CARMEN HOLDING AMES</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exhibit102.htm
<DESCRIPTION>EXHIBIT
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		<title>Exhibit 10.2</title>
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<a name="sD2918900240896F0039BAE5A26F55D6E"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Exhibit 10.2</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">STOCK SALE AND PURCHASE AGREEMENT</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS STOCK SALE AND PURCHASE AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#32;(this &#8220;Agreement&#8221;), is dated as of December 20, 2012, and is by and among The Fidelity Bank, as trustee of the Irrevocable Trust (CSH DYNASTY) dated January 17, 2011 (such trustee in its capacity as trustee being the &#8220;Shareholder&#8221;), acting at the direction of Carmen Holding Ames, investment manager of such trust (the &#8220;Investment Manager&#8221;), Carmen Holding Ames, as Investment Manager, and First Citizens BancShares, Inc., a Delaware corporation with its principal office in Raleigh, North Carolina (the &#8220;Corporation&#8221;).</font></div><div style="line-height:120%;padding-top:21px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WITNESSETH:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder is the owner of an aggregate of FOUR HUNDRED AND TWENTY (420) shares of the Corporation's issued and outstanding Class B Common Stock; and</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder and the Investment Manager wish to sell and the Corporation wishes to purchase the Class B</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">Common Stock owned by the Shareholder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW, THEREFORE</font><font style="font-family:inherit;font-size:12pt;">, in consideration of the premises and the mutual representations, warranties, covenants and promises herein contained, the Shareholder, the Investment Manager and the Corporation hereby agree as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE I</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">PURCHASE AND SALE OF SHARES</font><font style="font-family:inherit;font-size:13pt;font-weight:bold;text-decoration:underline;">&#32;</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">General.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Subject to the terms and conditions of this Agreement, the Shareholder shall sell to the Corporation for the purchase price hereinafter provided an aggregate of FOUR HUNDRED AND TWENTY (420) shares of the Class B Common Stock of the Corporation (the &#8220;Shares&#8221;), and the Corporation, in reliance upon the representations, warranties and covenants of the Shareholder and the Investment Manager set forth herein and subject to the terms and conditions of this Agreement, shall purchase and redeem the Shares from the Shareholder at the purchase price hereinafter provided.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;">1.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Purchase Price</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The total purchase price for the Shares (the &#8220;Purchase Price&#8221;) shall be equal to SIXTY-FIVE THOUSAND, ONE HUNDRED AND NO/100 DOLLARS ($65,100.00).  The Purchase Price shall be paid by the Corporation to the Shareholder at the Closing by wire transfer of immediately available funds to the account designated on </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">&#32;hereto.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE II</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">THE CLOSING</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The closing of this transaction (the &#8220;Closing&#8221;) shall be held at the offices of the Corporation on the date of this Agreement, at such time as the parties shall agree, or at such other place, date and time as may be mutually agreed upon by the Corporation and the Shareholder (the &#8220;Closing Date&#8221;).  The Closing shall be effective upon payment of the Purchase Price as provided in Section 1.2 above.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2918900240896F0039BAE5A26F55D6E"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Shareholder at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall (i) for those Shares that are in certificated form, deliver or cause to be delivered to the Corporation the stock certificates representing such Shares, duly-endorsed or accompanied by stock powers duly-endorsed (in each case, with a signature guaranteed by an institution that is a member of recognized Medallion signature guarantee program) and (ii) for those Shares that are in uncertificated form, cause the Corporation's transfer agent to credit such Shares to the Corporation's balance account with The Depositary Trust Corporation through its Direct Registration System.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Corporation at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Corporation shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall deliver to the Shareholder the Purchase Price in accordance with Section 1.2 above.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Further Closing Actions.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall provide evidence satisfactory to the Corporation demonstrating the Shareholder's authority to sell the Shares, the release of any lien or liens on the Shares that previously existed, and that the representations and warranties of the Shareholder and the Investment Manager were true and correct when made and continue to be true and correct as of the Closing Date.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE III</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER AND THE INVESTMENT MANAGER</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Corporation to enter into this Agreement, the Shareholder and the Investment Manager represent and warrant to the Corporation as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authority; Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder and the Investment Manager each have full legal right and all requisite power, legal capacity and authority to execute and deliver, and perform their respective obligations under, this Agreement, including without limitation full power and authority to convey all of their respective right, title and interest in and to the Shares.  This Agreement has been duly executed and delivered by the Shareholder and the Investment Manager and is a valid and legally binding obligation of the Shareholder and the Investment Manager, enforceable against each in accordance with its terms.  The execution and delivery of, and performance under, this Agreement by the Shareholder and the Investment Manager will not (i) violate or conflict with the rights of any other person; (ii) result in a breach of any of the terms, conditions, or provisions of, or constitute a default under, any mortgage, deed of trust, note, indenture, contract, credit or other agreement, instrument, judgment, decree, order, statute, rule, or regulation to which the Shareholder or the Investment Manager is subject; or (iii) require any authorization or approval under or pursuant to the foregoing which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Absence of Encumbrances, etc.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder is the lawful holder of record and beneficial owner of the Shares and owns good and valid title to such Shares.  There are no outstanding options, warrants, stock rights, agreements, contracts, puts, calls, commitments, pre-emptive rights, or demands of any character to which the Shareholder is a party or under which the Shareholder has any rights relating to the Shares; and, except for provisions in the Trust (as defined below) that give the Investment Manager the authority to direct the voting of the Shares while the Shares are owned by the Shareholder, there are no agreements to which the Shareholder is a party that restrict the transfer or voting of the Shares.  The Shareholder has not granted to any person any proxies, powers of attorney, or similar rights or powers </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2918900240896F0039BAE5A26F55D6E"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">with respect to the Shares.  At the Closing, upon transfer of the Shares to the Corporation, the Shares will be free and clear of all restrictions on transfer, mortgages, claims, liens, pledges, security interests or encumbrances of every kind and nature.  From time to time, at the Corporation's request, the Shareholder and the Investment Manager will warrant and defend the Corporation's title to the Shares, execute, acknowledge and deliver to the Corporation any and all further instruments, documents, and other papers reasonably requested by the Corporation to evidence that title and otherwise give full force and effect to the full intent and purposes of this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sale Determination.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Investment Manager has made her own independent analysis of the value of the Shares and the fairness and adequacy of the Purchase Price, and of any legal and tax considerations that may be relevant to the Irrevocable Trust (CSH DYNASTY) dated January 17, 2011 (the &#8220;Trust&#8221;) and the beneficiaries of the Trust.  The Investment Manager has sufficient knowledge of and expertise in financial, business, and tax matters, or has obtained her own counsel as to these matters, so as to be capable of evaluating the advisability of selling the Shares for the Purchase Price.  In deciding to sell the Shares for the Purchase Price, the Investment Manager has had access to and reviewed publicly available financial and other information regarding the Corporation (including information in reports the Corporation files with the Securities and Exchange Commission), and general market information.  The Investment Manager's decision to sell the Shares for the Purchase Price has not been based upon any express or implied representations or warranties of the Corporation, or of any persons acting or purporting to act on behalf of the Corporation, about the Corporation, the value of the Shares, the fairness or adequacy of the Purchase Price, or any legal or tax consequences of selling the Shares for the Purchase Price.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Representations of Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has made no representations or warranties to the Shareholder or the Investment Manager in connection with the transactions contemplated hereby other than the representations set forth in this Agreement, and the Shareholder and the Investment Manager, in making his, her or its decision to sell the Shares, has not relied on any representation or warranty of or on behalf of the Corporation not set forth in this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Representations.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;No commission or similar remuneration has been paid or given, directly or indirectly, to any person in connection with the transactions contemplated hereby.  The transactions contemplated hereby are the result of the Investment Manager's direct contacts with the Corporation and not a consequence of any general advertising or general solicitation.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE IV</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS OF THE CORPORATION</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Shareholder and the Investment Manager to enter into this Agreement, the Corporation represents and warrants to the Shareholder and the Investment Manager as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authorization, Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has full legal right and all requisite power and authority to execute and deliver, and to perform its obligations under, this Agreement.  This Agreement has been duly executed and delivered by the Corporation and is a valid and legally binding obligation of the Corporation enforceable against the Corporation in accordance with its terms.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Agreements.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not conflict with or result in a breach of </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2918900240896F0039BAE5A26F55D6E"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">any provision of, or constitute a default under, any material agreement or instrument to which the Corporation is a party or by which it may be bound.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Violations; Consents.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not (i) violate any judgment, decree, order, statute, rule, or regulation to which the Corporation is subject; or (ii) require any authorization or approval which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE V</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION; GENERAL RELEASE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Survival of Representations and Warranties.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The representations and warranties contained in this Agreement shall survive the Closing Date for a period of three years, except for representations and warranties relating to title to the Shares, which shall survive the Closing Date until the expiration of the applicable statute of limitations.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation hereby agrees to defend, indemnify and hold harmless the Shareholder and the Investment Manager from and against any and all losses, liabilities, damages, assessments, claims, judgments, costs and expenses, including reasonable attorneys' fees, costs and expenses (&#8220;Losses&#8221;) which may be incurred by the Shareholder or Investment Manager as a result of any breach by the Corporation of any agreement, covenant, representation or warranty set forth in this Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Shareholder.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder hereby agrees to defend, indemnify and hold harmless the Corporation from and against any and all Losses which may be incurred by the Corporation as a result of any breach by the Shareholder or the Investment Manager of any agreement, covenant, representation or warranty set forth in this Agreement; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the aggregate liability of the Shareholder to the Corporation for breach of any agreement, covenant, representation or warranty under this Agreement shall not exceed an amount equal to the Purchase Price; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided further</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the limitation in the foregoing proviso shall not apply in the case of illegal acts, willful misconduct or fraud by the Shareholder or the Investment Manager.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Release by the Shareholder and the Investment Manager.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder and the Investment Manager agree that the Closing shall ipso facto constitute a full settlement, release and discharge of any and all claims, rights and causes of action that the Shareholder or the Investment Manager may have against the Corporation.  </font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE VI</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">GENERAL PROVISIONS </font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, or sent by certified, registered, or express mail, or by reputable overnight courier with all postage or other charges prepaid.  Any such notice shall be deemed given when so delivered personally or, if sent by overnight courier, one day after delivery to the courier, or, if mailed, two days after the date of deposit in the United States mails, as follows:</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2918900240896F0039BAE5A26F55D6E"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Corporation:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">First Citizens BancShares, Inc.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4300 Six Forks Road</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27609</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Barry P. Harris, IV</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-716-2206</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-716-7518</font></div><div style="line-height:120%;padding-top:21px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Shareholder:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Brooks, Pierce, McLendon, Humphrey &amp; Leonard, LLP</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2000 Renaissance Plaza</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">230 North Elm Street</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27401</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 26000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27420-6000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Robert A. Singer</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 336-271-3123</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 336-232-9123</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Investment Manager:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ward and Smith, P.A.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Wade II, Suite 400</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 33009 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27636-3009 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention: David L. Ward, Jr.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-277-9100 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-277-9177</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Any party may by notice given in accordance with this Section to the other parties designate another address or person for receipt of notices hereunder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Expenses.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation on the one hand, and the Shareholder and the Investment Manager on the other hand, shall bear their own respective expenses incurred in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be construed and interpreted in accordance with the laws of the State of North Carolina, without regard to conflicts of laws principles.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Multiple Originals.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Headings.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The headings of this Agreement shall not in any way affect its meaning or interpretation.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2918900240896F0039BAE5A26F55D6E"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.6 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Modifications.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may only be amended or modified by written instrument signed by all parties hereto.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.7 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Binding Effect.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.8 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Entire Agreement.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement and that certain non-disclosure agreement dated October 22, 2012, from the Lead Director of the Corporation to Ms. Carmen Holding Ames, constitute the entire agreement of the parties with respect to the sale and purchase of the Shares and supersede and replace all prior agreements, arrangements, and understandings with respect thereto between them or any of their affiliates or representatives.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Remainder of Page Left Intentionally Blank]</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="sD2918900240896F0039BAE5A26F55D6E"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Signature Page to Stock Sale and Purchase Agreement (CSH DYNASTY Trust)]</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST CITIZENS BANCSHARES, INC.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Kenneth A. Black</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Kenneth A. Black, Chief Financial Officer</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THE FIDELITY BANK</font><font style="font-family:inherit;font-size:12pt;">, in its capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Trustee for the Irrevocable Trust (CSH DYNASTY) dated January 17, 2011</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Mary W. Willis</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Mary W. Willis</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Chief Executive Officer</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ Carmen Holding Ames</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#32;(SEAL)</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CARMEN HOLDING AMES</font><font style="font-family:inherit;font-size:12pt;">, in her capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Investment Manager for the Irrevocable Trust (CSH DYNASTY) dated January 17, 2011</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.3
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<DESCRIPTION>EXHIBIT
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		<title>Exhibit 10.3</title>
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<a name="s6FEC995D4CE0CE10DD22AEDA21DB10E2"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Exhibit 10.3</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">STOCK SALE AND PURCHASE AGREEMENT</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS STOCK SALE AND PURCHASE AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#32;(this &#8220;Agreement&#8221;), is dated as of December 20, 2012, and is by and among The Fidelity Bank, as trustee of the Irrevocable Trust (LRH DYNASTY) dated January 17, 2011 (such trustee in its capacity as trustee being the &#8220;Shareholder&#8221;), acting at the direction of Carmen Holding Ames, investment manager of such trust (the &#8220;Investment Manager&#8221;), Carmen Holding Ames, as Investment Manager, and First Citizens BancShares, Inc., a Delaware corporation with its principal office in Raleigh, North Carolina (the &#8220;Corporation&#8221;).</font></div><div style="line-height:120%;padding-top:21px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WITNESSETH:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder is the owner of an aggregate of FOUR HUNDRED AND TWENTY (420) shares of the Corporation's issued and outstanding Class B Common Stock; and</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder and the Investment Manager wish to sell and the Corporation wishes to purchase the Class B</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">Common Stock owned by the Shareholder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW, THEREFORE</font><font style="font-family:inherit;font-size:12pt;">, in consideration of the premises and the mutual representations, warranties, covenants and promises herein contained, the Shareholder, the Investment Manager and the Corporation hereby agree as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE I</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">PURCHASE AND SALE OF SHARES</font><font style="font-family:inherit;font-size:13pt;font-weight:bold;text-decoration:underline;">&#32;</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">General.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Subject to the terms and conditions of this Agreement, the Shareholder shall sell to the Corporation for the purchase price hereinafter provided an aggregate of FOUR HUNDRED AND TWENTY (420) shares of the Class B Common Stock of the Corporation (the &#8220;Shares&#8221;), and the Corporation, in reliance upon the representations, warranties and covenants of the Shareholder and the Investment Manager set forth herein and subject to the terms and conditions of this Agreement, shall purchase and redeem the Shares from the Shareholder at the purchase price hereinafter provided.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;">1.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Purchase Price</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The total purchase price for the Shares (the &#8220;Purchase Price&#8221;) shall be equal to SIXTY-FIVE THOUSAND, ONE HUNDRED AND NO/100 DOLLARS ($65,100.00).  The Purchase Price shall be paid by the Corporation to the Shareholder at the Closing by wire transfer of immediately available funds to the account designated on </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">&#32;hereto.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE II</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">THE CLOSING</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The closing of this transaction (the &#8220;Closing&#8221;) shall be held at the offices of the Corporation on the date of this Agreement, at such time as the parties shall agree, or at such other place, date and time as may be mutually agreed upon by the Corporation and the Shareholder (the &#8220;Closing Date&#8221;).  The Closing shall be effective upon payment of the Purchase Price as provided in Section 1.2 above.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s6FEC995D4CE0CE10DD22AEDA21DB10E2"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Shareholder at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall (i) for those Shares that are in certificated form, deliver or cause to be delivered to the Corporation the stock certificates representing such Shares, duly-endorsed or accompanied by stock powers duly-endorsed (in each case, with a signature guaranteed by an institution that is a member of recognized Medallion signature guarantee program) and (ii) for those Shares that are in uncertificated form, cause the Corporation's transfer agent to credit such Shares to the Corporation's balance account with The Depositary Trust Corporation through its Direct Registration System.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Corporation at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Corporation shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall deliver to the Shareholder the Purchase Price in accordance with Section 1.2 above.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Further Closing Actions.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall provide evidence satisfactory to the Corporation demonstrating the Shareholder's authority to sell the Shares, the release of any lien or liens on the Shares that previously existed, and that the representations and warranties of the Shareholder and the Investment Manager were true and correct when made and continue to be true and correct as of the Closing Date.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE III</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER AND THE INVESTMENT MANAGER</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Corporation to enter into this Agreement, the Shareholder and the Investment Manager represent and warrant to the Corporation as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authority; Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder and the Investment Manager each have full legal right and all requisite power, legal capacity and authority to execute and deliver, and perform their respective obligations under, this Agreement, including without limitation full power and authority to convey all of their respective right, title and interest in and to the Shares.  This Agreement has been duly executed and delivered by the Shareholder and the Investment Manager and is a valid and legally binding obligation of the Shareholder and the Investment Manager, enforceable against each in accordance with its terms.  The execution and delivery of, and performance under, this Agreement by the Shareholder and the Investment Manager will not (i) violate or conflict with the rights of any other person; (ii) result in a breach of any of the terms, conditions, or provisions of, or constitute a default under, any mortgage, deed of trust, note, indenture, contract, credit or other agreement, instrument, judgment, decree, order, statute, rule, or regulation to which the Shareholder or the Investment Manager is subject; or (iii) require any authorization or approval under or pursuant to the foregoing which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Absence of Encumbrances, etc.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder is the lawful holder of record and beneficial owner of the Shares and owns good and valid title to such Shares.  There are no outstanding options, warrants, stock rights, agreements, contracts, puts, calls, commitments, pre-emptive rights, or demands of any character to which the Shareholder is a party or under which the Shareholder has any rights relating to the Shares; and, except for provisions in the Trust (as defined below) that give the Investment Manager the authority to direct the voting of the Shares while the Shares are owned by the Shareholder, there are no agreements to which the Shareholder is a party that restrict the transfer or voting of the Shares.  The Shareholder has not granted to any person any proxies, powers of attorney, or similar rights or powers </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s6FEC995D4CE0CE10DD22AEDA21DB10E2"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">with respect to the Shares.  At the Closing, upon transfer of the Shares to the Corporation, the Shares will be free and clear of all restrictions on transfer, mortgages, claims, liens, pledges, security interests or encumbrances of every kind and nature.  From time to time, at the Corporation's request, the Shareholder and the Investment Manager will warrant and defend the Corporation's title to the Shares, execute, acknowledge and deliver to the Corporation any and all further instruments, documents, and other papers reasonably requested by the Corporation to evidence that title and otherwise give full force and effect to the full intent and purposes of this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sale Determination.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Investment Manager has made her own independent analysis of the value of the Shares and the fairness and adequacy of the Purchase Price, and of any legal and tax considerations that may be relevant to the Irrevocable Trust (LRH DYNASTY) dated January 17, 2011 (the &#8220;Trust&#8221;) and the beneficiaries of the Trust.  The Investment Manager has sufficient knowledge of and expertise in financial, business, and tax matters, or has obtained her own counsel as to these matters, so as to be capable of evaluating the advisability of selling the Shares for the Purchase Price.  In deciding to sell the Shares for the Purchase Price, the Investment Manager has had access to and reviewed publicly available financial and other information regarding the Corporation (including information in reports the Corporation files with the Securities and Exchange Commission), and general market information.  The Investment Manager's decision to sell the Shares for the Purchase Price has not been based upon any express or implied representations or warranties of the Corporation, or of any persons acting or purporting to act on behalf of the Corporation, about the Corporation, the value of the Shares, the fairness or adequacy of the Purchase Price, or any legal or tax consequences of selling the Shares for the Purchase Price.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Representations of Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has made no representations or warranties to the Shareholder or the Investment Manager in connection with the transactions contemplated hereby other than the representations set forth in this Agreement, and the Shareholder and the Investment Manager, in making his, her or its decision to sell the Shares, has not relied on any representation or warranty of or on behalf of the Corporation not set forth in this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Representations.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;No commission or similar remuneration has been paid or given, directly or indirectly, to any person in connection with the transactions contemplated hereby.  The transactions contemplated hereby are the result of the Investment Manager's direct contacts with the Corporation and not a consequence of any general advertising or general solicitation.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE IV</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS OF THE CORPORATION</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Shareholder and the Investment Manager to enter into this Agreement, the Corporation represents and warrants to the Shareholder and the Investment Manager as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authorization, Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has full legal right and all requisite power and authority to execute and deliver, and to perform its obligations under, this Agreement.  This Agreement has been duly executed and delivered by the Corporation and is a valid and legally binding obligation of the Corporation enforceable against the Corporation in accordance with its terms.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Agreements.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not conflict with or result in a breach of </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s6FEC995D4CE0CE10DD22AEDA21DB10E2"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">any provision of, or constitute a default under, any material agreement or instrument to which the Corporation is a party or by which it may be bound.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Violations; Consents.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not (i) violate any judgment, decree, order, statute, rule, or regulation to which the Corporation is subject; or (ii) require any authorization or approval which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE V</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION; GENERAL RELEASE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Survival of Representations and Warranties.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The representations and warranties contained in this Agreement shall survive the Closing Date for a period of three years, except for representations and warranties relating to title to the Shares, which shall survive the Closing Date until the expiration of the applicable statute of limitations.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation hereby agrees to defend, indemnify and hold harmless the Shareholder and the Investment Manager from and against any and all losses, liabilities, damages, assessments, claims, judgments, costs and expenses, including reasonable attorneys' fees, costs and expenses (&#8220;Losses&#8221;), which may be incurred by the Shareholder or Investment Manager as a result of any breach by the Corporation of any agreement, covenant, representation or warranty set forth in this Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Shareholder.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder hereby agrees to defend, indemnify and hold harmless the Corporation from and against any and all Losses, which may be incurred by the Corporation as a result of any breach by the Shareholder or the Investment Manager of any agreement, covenant, representation or warranty set forth in this Agreement; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the aggregate liability of the Shareholder to the Corporation for breach of any agreement, covenant, representation or warranty under this Agreement shall not exceed an amount equal to the Purchase Price; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided further</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the limitation in the foregoing proviso shall not apply in the case of illegal acts, willful misconduct or fraud by the Shareholder or the Investment Manager.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Release by the Shareholder and the Investment Manager.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder and the Investment Manger agree that the Closing shall ipso facto constitute a full settlement, release and discharge of any and all claims, rights and causes of action that the Shareholder or the Investment Manager may have against the Corporation.  </font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE VI</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">GENERAL PROVISIONS </font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, or sent by certified, registered, or express mail, or by reputable overnight courier with all postage or other charges prepaid.  Any such notice shall be deemed given when so delivered personally or, if sent by overnight courier, one day after delivery to the courier, or, if mailed, two days after the date of deposit in the United States mails, as follows:</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s6FEC995D4CE0CE10DD22AEDA21DB10E2"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Corporation:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">First Citizens BancShares, Inc. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4300 Six Forks Road</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27609</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Barry P. Harris, IV</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-716-2206</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-716-7518</font></div><div style="line-height:120%;padding-top:21px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Shareholder:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Brooks, Pierce, McLendon, Humphrey &amp; Leonard, LLP</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2000 Renaissance Plaza</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">230 North Elm Street</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27401</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 26000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27420-6000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Robert A. Singer</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 336-271-3123</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 336-232-9123</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Investment Manager:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ward and Smith, P.A.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Wade II, Suite 400</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 33009 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27636-3009 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention: David L. Ward, Jr.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-277-9100 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-277-9177</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Any party may by notice given in accordance with this Section to the other parties designate another address or person for receipt of notices hereunder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Expenses.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation on the one hand, and the Shareholder and the Investment Manager on the other hand, shall bear their own respective expenses incurred in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be construed and interpreted in accordance with the laws of the State of North Carolina, without regard to conflicts of laws principles.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Multiple Originals.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Headings.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The headings of this Agreement shall not in any way affect its meaning or interpretation.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s6FEC995D4CE0CE10DD22AEDA21DB10E2"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.6 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Modifications.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may only be amended or modified by written instrument signed by all parties hereto.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.7 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Binding Effect.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.8 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Entire Agreement.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement and that certain non-disclosure agreement dated October 22, 2012, from the Lead Director of the Corporation to Ms. Carmen Holding Ames, constitute the entire agreement of the parties with respect to the sale and purchase of the Shares and supersede and replace all prior agreements, arrangements, and understandings with respect thereto between them or any of their affiliates or representatives.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Remainder of Page Left Intentionally Blank]</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s6FEC995D4CE0CE10DD22AEDA21DB10E2"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Signature Page to Stock Sale and Purchase Agreement (LRH DYNASTY Trust)</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST CITIZENS BANCSHARES, INC.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Kenneth A. Black</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Kenneth A. Black, Chief Financial Officer</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THE FIDELITY BANK</font><font style="font-family:inherit;font-size:12pt;">, in its capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Trustee for the Irrevocable Trust (LRH DYNASTY) dated January 17, 2011</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Mary W. Willis</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Mary W. Willis</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Chief Executive Officer</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ Carmen Holding Ames</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#32;(SEAL)</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CARMEN HOLDING AMES</font><font style="font-family:inherit;font-size:12pt;">, in her capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Investment Manager for the Irrevocable Trust (LRH DYNASTY) dated January 17, 2011</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.4
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<FILENAME>exhibit104.htm
<DESCRIPTION>EXHIBIT
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		<title>Exhibit 10.4</title>
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<a name="s0D7660955CB53D1D0EB5AEE1EA6E725C"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Exhibit 10.4</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">STOCK SALE AND PURCHASE AGREEMENT</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS STOCK SALE AND PURCHASE AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#32;(this &#8220;Agreement&#8221;), is dated as of December 20, 2012, and is by and among The Fidelity Bank, as trustee of the Lewis R. Holding Revocable Trust (such trustee in its capacity as trustee being the &#8220;Shareholder&#8221;), Carmen Holding Ames, as Investment Manager (as defined below), and First Citizens BancShares, Inc., a Delaware corporation with its principal office in Raleigh, North Carolina (the &#8220;Corporation&#8221;).</font></div><div style="line-height:120%;padding-top:21px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WITNESSETH:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder is the owner of an aggregate of THIRTY-ONE THOUSAND FOUR HUNDRED AND SIXTY-NINE (31,469) shares of the Corporation's issued and outstanding Class B Common Stock; and</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder and the Investment Manager wish to sell and the Corporation wishes to purchase the Class B</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">Common Stock owned by the Shareholder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW, THEREFORE</font><font style="font-family:inherit;font-size:12pt;">, in consideration of the premises and the mutual representations, warranties, covenants and promises herein contained, the Shareholder, the Investment Manager and the Corporation hereby agree as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE I</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">PURCHASE AND SALE OF SHARES</font><font style="font-family:inherit;font-size:13pt;font-weight:bold;text-decoration:underline;">&#32;</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">General.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Subject to the terms and conditions of this Agreement, the Shareholder shall sell to the Corporation for the purchase price hereinafter provided an aggregate of THIRTY-ONE THOUSAND FOUR HUNDRED AND SIXTY-NINE (31,469) shares of the Class B Common Stock of the Corporation (the &#8220;Shares&#8221;), and the Corporation, in reliance upon the representations, warranties and covenants of the Shareholder and the Investment Manager set forth herein and subject to the terms and conditions of this Agreement, shall purchase and redeem the Shares from the Shareholder at the purchase price hereinafter provided.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;">1.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Purchase Price</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The total purchase price for the Shares (the &#8220;Purchase Price&#8221;) shall be equal to FOUR MILLION, EIGHT HUNDRED AND SEVENTY-SEVEN THOUSAND, SIX HUNDRED AND NINETY-FIVE AND NO/100 DOLLARS ($4,877,695.00).  The Purchase Price shall be paid by the Corporation to the Shareholder at the Closing by wire transfer of immediately available funds to the account designated on </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">&#32;hereto.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE II</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">THE CLOSING</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The closing of this transaction (the &#8220;Closing&#8221;) shall be held at the offices of the Corporation on the date of this Agreement, at such time as the parties shall agree, or at such other place, date and time as may be mutually agreed upon by the Corporation and the Shareholder (the &#8220;Closing </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s0D7660955CB53D1D0EB5AEE1EA6E725C"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date&#8221;).  The Closing shall be effective upon payment of the Purchase Price as provided in Section 1.2 above.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Shareholder at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall (i) for those Shares that are in certificated form, deliver or cause to be delivered to the Corporation the stock certificates representing such Shares, duly-endorsed or accompanied by stock powers duly-endorsed (in each case, with a signature guaranteed by an institution that is a member of recognized Medallion signature guarantee program) and (ii) for those Shares that are in uncertificated form, cause the Corporation's transfer agent to credit such Shares to the Corporation's balance account with The Depositary Trust Corporation through its Direct Registration System.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Corporation at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Corporation shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall deliver to the Shareholder the Purchase Price in accordance with Section 1.2 above.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Further Closing Actions.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall provide evidence satisfactory to the Corporation demonstrating the Shareholder's authority to sell the Shares, the release of any lien or liens on the Shares that previously existed, and that the representations and warranties of the Shareholder and the Investment Manager were true and correct when made and continue to be true and correct as of the Closing Date.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE III</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER AND THE INVESTMENT MANAGER </font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Corporation to enter into this Agreement, the Shareholder and the Investment Manager represent and warrant to the Corporation as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authority; Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder and the Investment Manager each have full legal right and all requisite power, legal capacity and authority to execute and deliver, and perform their respective obligations under, this Agreement, including without limitation full power and authority to convey all of their respective right, title and interest in and to the Shares.  This Agreement has been duly executed and delivered by the Shareholder and the Investment Manager and is a valid and legally binding obligation of the Shareholder and the Investment Manager, enforceable against each in accordance with its terms.  The execution and delivery of, and performance under, this Agreement by the Shareholder and the Investment Manager will not (i) violate or conflict with the rights of any other person; (ii) result in a breach of any of the terms, conditions, or provisions of, or constitute a default under, any mortgage, deed of trust, note, indenture, contract, credit or other agreement, instrument, judgment, decree, order, statute, rule, or regulation to which the Shareholder or the Investment Manager is subject; or (iii) require any authorization or approval under or pursuant to the foregoing which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Absence of Encumbrances, etc.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder is the lawful holder of record and beneficial owner of the Shares and owns good and valid title to such Shares.  There are no outstanding options, warrants, stock rights, agreements, contracts, puts, calls, commitments, pre-emptive rights, or demands of any character to which the Shareholder is a party or under which the Shareholder has any rights relating to the Shares; and, except for provisions in the Trust (as defined below) that give the Investment Manager </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s0D7660955CB53D1D0EB5AEE1EA6E725C"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">the authority to direct the voting of the Shares while the Shares are owned by the Shareholder, there are no agreements to which the Shareholder is a party that restrict the transfer or voting of the Shares.  The Shareholder has not granted to any person any proxies, powers of attorney, or similar rights or powers with respect to the Shares.  At the Closing, upon transfer of the Shares to the Corporation, the Shares will be free and clear of all restrictions on transfer, mortgages, claims, liens, pledges, security interests or encumbrances of every kind and nature.  From time to time, at the Corporation's request, the Shareholder and the Investment Manager will warrant and defend the Corporation's title to the Shares, execute, acknowledge and deliver to the Corporation any and all further instruments, documents, and other papers reasonably requested by the Corporation to evidence that title and otherwise give full force and effect to the full intent and purposes of this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sale Determination.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder has been asked to sell the Shares by Carolyn S. Holding (&#8220;CS Holding&#8221;), the primary beneficiary of the Lewis R. Holding Revocable Trust (the &#8220;Trust&#8221;), and Carmen Holding Ames (the &#8220;Investment Manager&#8221;), who is the primary beneficiary and &#8220;Investment Manager&#8221; under the &#8220;Dynasty Trust Agreement&#8221; identified in the Lewis R. Holding Revocable Trust to which the Shareholder is to distribute the assets of the Trust following the death of the Trust's primary beneficiary.  The Shareholder, in consultation with the Investment Manager and CS Holding, has made an independent analysis of the value of the Shares and the fairness and adequacy of the Purchase Price, and of any legal and tax considerations that may be relevant to the Trust and the beneficiaries of the Trust.  The Shareholder and the Investment Manager each have, and the Investment Manager further represents that CS Holding has, sufficient knowledge of and expertise in financial, business, and tax matters, or has obtained own counsel as to these matters, so as to be capable of evaluating the advisability of selling the Shares for the Purchase Price.  In deciding to sell the Shares for the Purchase Price, the Shareholder and the Investment Manager each have had, and the Investment Manager further represents that CS Holding has had, access to and reviewed publicly available financial and other information regarding the Corporation (including information in reports the Corporation files with the Securities and Exchange Commission), and general market information.  The decision to sell the Shares for the Purchase Price has not been based upon any express or implied representations or warranties of the Corporation, or of any persons acting or purporting to act on behalf of the Corporation, about the Corporation, the value of the Shares, the fairness or adequacy of the Purchase Price, or any legal or tax consequences of selling the Shares for the Purchase Price.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Representations of Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has made no representations or warranties to the Shareholder or the Investment Manager in connection with the transactions contemplated hereby other than the representations set forth in this Agreement, and the Shareholder and the Investment Manager, in making his, her or its decision to sell the Shares, has not relied on any representation or warranty of or on behalf of the Corporation not set forth in this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Representations.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;No commission or similar remuneration has been paid or given, directly or indirectly, to any person in connection with the transactions contemplated hereby.  The transactions contemplated hereby are the result of the Investment Manager's direct contacts with the Corporation and not a consequence of any general advertising or general solicitation.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE IV</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS OF THE CORPORATION</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Shareholder and the Investment Manager to enter into this Agreement, the Corporation represents and warrants to the Shareholder and the Investment Manager as follows:</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s0D7660955CB53D1D0EB5AEE1EA6E725C"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authorization, Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has full legal right and all requisite power and authority to execute and deliver, and to perform its obligations under, this Agreement.  This Agreement has been duly executed and delivered by the Corporation and is a valid and legally binding obligation of the Corporation enforceable against the Corporation in accordance with its terms.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Agreements.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not conflict with or result in a breach of any provision of, or constitute a default under, any material agreement or instrument to which the Corporation is a party or by which it may be bound.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Violations; Consents.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not (i) violate any judgment, decree, order, statute, rule, or regulation to which the Corporation is subject; or (ii) require any authorization or approval which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE V</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION; GENERAL RELEASE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Survival of Representations and Warranties.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The representations and warranties contained in this Agreement shall survive the Closing Date for a period of three years, except for representations and warranties relating to title to the Shares, which shall survive the Closing Date until the expiration of the applicable statute of limitations.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation hereby agrees to defend, indemnify and hold harmless the Shareholder and the Investment Manager from and against any and all losses, liabilities, damages, assessments, claims, judgments, costs and expenses, including reasonable attorneys' fees, costs and expenses (&#8220;Losses&#8221;) which may be incurred by the Shareholder or the Investment Manager as a result of any breach by the Corporation of any agreement, covenant, representation or warranty set forth in this Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Shareholder.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder hereby agrees to defend, indemnify and hold harmless the Corporation from and against any and all Losses which may be incurred by the Corporation as a result of any breach by the Shareholder or the Investment Manager of any agreement, covenant, representation or warranty set forth in this Agreement; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the aggregate liability of the Shareholder to the Corporation for breach of any agreement, covenant, representation or warranty under this Agreement shall not exceed an amount equal to the Purchase Price; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided further</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the limitation in the foregoing proviso shall not apply in the case of illegal acts, willful misconduct or fraud by the Shareholder or the Investment Manager.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Release by the Shareholder and the Investment Manager.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder and the Investment Manager agree that the Closing shall ipso facto constitute a full settlement, release and discharge of any and all claims, rights and causes of action that the Shareholder or the Investment Manager may have against the Corporation.  </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s0D7660955CB53D1D0EB5AEE1EA6E725C"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE VI</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">GENERAL PROVISIONS </font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, or sent by certified, registered, or express mail, or by reputable overnight courier with all postage or other charges prepaid.  Any such notice shall be deemed given when so delivered personally or, if sent by overnight courier, one day after delivery to the courier, or, if mailed, two days after the date of deposit in the United States mails, as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Corporation:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">First Citizens BancShares, Inc. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4300 Six Forks Road</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27609</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Barry P. Harris, IV</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-716-2206</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-716-7518</font></div><div style="line-height:120%;padding-top:21px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Shareholder:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Brooks, Pierce, McLendon, Humphrey &amp; Leonard, LLP</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2000 Renaissance Plaza</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">230 North Elm Street</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27401</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 26000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27420-6000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Robert A. Singer</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 336-271-3123</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 336-232-9123</font></div><div style="line-height:120%;padding-top:19px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Investment Manager:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ward and Smith, P.A. </font></div><div style="line-height:120%;padding-top:19px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Wade II, Suite 400</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 33009</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27636-3009</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  David L. Ward, Jr.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-277-9100</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-277-9177</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Any party may by notice given in accordance with this Section to the other parties designate another address or person for receipt of notices hereunder.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s0D7660955CB53D1D0EB5AEE1EA6E725C"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Expenses.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation on the one hand, and the Shareholder and the Investment Manager on the other hand, shall bear their own respective expenses incurred in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be construed and interpreted in accordance with the laws of the State of North Carolina, without regard to conflicts of laws principles.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Multiple Originals.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Headings.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The headings of this Agreement shall not in any way affect its meaning or interpretation.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.6 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Modifications.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may only be amended or modified by written instrument signed by all parties hereto.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.7 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Binding Effect.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.8 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Entire Agreement.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement and that certain non-disclosure agreement dated October 22, 2012, from the Lead Director of the Corporation to Ms. Carmen Holding Ames, constitute the entire agreement of the parties with respect to the sale and purchase of the Shares and supersede and replace all prior agreements, arrangements, and understandings with respect thereto between them or any of their affiliates or representatives.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Remainder of Page Left Intentionally Blank]</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s0D7660955CB53D1D0EB5AEE1EA6E725C"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Signature Page to Stock Sale and Purchase Agreement (LRH Trust)]</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST CITIZENS BANCSHARES, INC.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Kenneth A. Black</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Kenneth A. Black, Chief Financial Officer</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THE FIDELITY BANK</font><font style="font-family:inherit;font-size:12pt;">, in its capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Trustee for the Lewis R. Holding Revocable Trust</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Mary W. Willis</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Mary W. Willis</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Chief Executive Officer</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ Carmen Holding Ames</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">(SEAL)</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CARMEN HOLDING AMES</font><font style="font-family:inherit;font-size:12pt;">, in her capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Investment Manager</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.5
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<FILENAME>exhibit105.htm
<DESCRIPTION>EXHIBIT
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		<title>Exhibit 10.5</title>
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<a name="s76E3E96648A4422B4CC8AEEC700BBF90"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Exhibit 10.5</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">STOCK SALE AND PURCHASE AGREEMENT</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS STOCK SALE AND PURCHASE AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#32;(this &#8220;Agreement&#8221;), is dated as of December 20, 2012, and is by and among The Fidelity Bank, as trustee of the Irrevocable Trust 1990 dated January 17, 2011 (such trustee in its capacity as trustee being the &#8220;Shareholder&#8221;), acting at the direction of Carmen Holding Ames, investment manager of such trust (the &#8220;Investment Manager&#8221;), Carmen Holding Ames, as Investment Manager, and First Citizens BancShares, Inc., a Delaware corporation with its principal office in Raleigh, North Carolina (the &#8220;Corporation&#8221;).</font></div><div style="line-height:120%;padding-top:21px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WITNESSETH:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder is the owner of an aggregate of FOUR HUNDRED, NINETY-EIGHT THOUSAND, FOUR HUNDRED EIGHTY-TWO (498,482) shares of the Corporation's issued and outstanding Class B Common Stock; and</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder and the Investment Manager wish to sell and the Corporation wishes to purchase the Class B</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">Common Stock owned by the Shareholder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW, THEREFORE</font><font style="font-family:inherit;font-size:12pt;">, in consideration of the premises and the mutual representations, warranties, covenants and promises herein contained, the Shareholder, the Investment Manager and the Corporation hereby agree as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE I</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">PURCHASE AND SALE OF SHARES</font><font style="font-family:inherit;font-size:13pt;font-weight:bold;text-decoration:underline;">&#32;</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">General.</font><font style="font-family:inherit;font-size:12pt;">&#32;Subject to the terms and conditions of this Agreement, the Shareholder shall sell to the Corporation for the purchase price hereinafter provided an aggregate of FOUR HUNDRED, NINETY-EIGHT THOUSAND, FOUR HUNDRED EIGHTY-TWO (498,482)  shares of the Class B Common Stock of the Corporation (the &#8220;Shares&#8221;), and the Corporation, in reliance upon the representations, warranties and covenants of the Shareholder and the Investment Manager set forth herein and subject to the terms and conditions of this Agreement, shall purchase and redeem the Shares from the Shareholder at the purchase price hereinafter provided.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;">1.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Purchase Price</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;The total purchase price for the Shares (the &#8220;Purchase Price&#8221;) shall be equal to SEVENTY-SEVEN MILLION, TWO HUNDRED SIXTY-FOUR THOUSAND, SEVEN HUNDRED AND TEN AND NO/100 DOLLARS ($77,264,710.00).  The Purchase Price shall be paid by the Corporation to the Shareholder at the Closing by wire transfer of immediately available funds to the account designated on </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">&#32;hereto.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE II</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">THE CLOSING</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;The closing of this transaction (the &#8220;Closing&#8221;) shall be held at the offices of the Corporation on the date of this Agreement, at such time as the parties shall agree, or at such other place, date and time as may be mutually agreed upon by the Corporation and the Shareholder (the &#8220;Closing </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s76E3E96648A4422B4CC8AEEC700BBF90"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date&#8221;).  The Closing shall be effective upon payment of the Purchase Price as provided in Section 1.2 above.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Shareholder at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;At the Closing, the Shareholder shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall (i) for those Shares that are in certificated form, deliver or cause to be delivered to the Corporation the stock certificates representing such Shares, duly-endorsed or accompanied by stock powers duly-endorsed (in each case, with a signature guaranteed by an institution that is a member of recognized Medallion signature guarantee program) and (ii) for those Shares that are in uncertificated form, cause the Corporation's transfer agent to credit such Shares to the Corporation's balance account with The Depositary Trust Corporation through its Direct Registration System.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Corporation at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;At the Closing, the Corporation shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall deliver to the Shareholder the Purchase Price in accordance with Section 1.2 above.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Further Closing Actions.</font><font style="font-family:inherit;font-size:12pt;">&#32;At the Closing, the Shareholder shall provide evidence satisfactory to the Corporation demonstrating the Shareholder's authority to sell the Shares, the release of any lien or liens on the Shares that previously existed, and that the representations and warranties of the Shareholder and the Investment Manager were true and correct when made and continue to be true and correct as of the Closing Date.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE III</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER AND THE INVESTMENT MANAGER</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Corporation to enter into this Agreement, the Shareholder and the Investment Manager represent and warrant to the Corporation as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authority; Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder and the Investment Manager each have full legal right and all requisite power, legal capacity and authority to execute and deliver, and perform their respective obligations under, this Agreement, including without limitation full power and authority to convey all of their respective right, title and interest in and to the Shares.  This Agreement has been duly executed and delivered by the Shareholder and the Investment Manager and is a valid and legally binding obligation of the Shareholder and the Investment Manager, enforceable against each in accordance with its terms.  The execution and delivery of, and performance under, this Agreement by the Shareholder and the Investment Manager will not (i) violate or conflict with the rights of any other person; (ii) result in a breach of any of the terms, conditions, or provisions of, or constitute a default under, any mortgage, deed of trust, note, indenture, contract, credit or other agreement, instrument, judgment, decree, order, statute, rule, or regulation to which the Shareholder or the Investment Manager is subject; or (iii) require any authorization or approval under or pursuant to the foregoing which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Absence of Encumbrances, etc.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder is the lawful holder of record and beneficial owner of the Shares and owns good and valid title to such Shares.  There are no outstanding options, warrants, stock rights, agreements, contracts, puts, calls, commitments, pre-emptive rights, or demands of any character to which the Shareholder is a party or under which the Shareholder has any rights relating to the Shares; and, except for provisions in the Trust (as defined below) that give the Investment Manager </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s76E3E96648A4422B4CC8AEEC700BBF90"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">the authority to direct the voting of the Shares while the Shares are owned by the Shareholder, there are no agreements to which the Shareholder is a party that restrict the transfer or voting of the Shares.  The Shareholder has not granted to any person any proxies, powers of attorney, or similar rights or powers with respect to the Shares.  At the Closing, upon transfer of the Shares to the Corporation, the Shares will be free and clear of all restrictions on transfer, mortgages, claims, liens, pledges, security interests or encumbrances of every kind and nature.  From time to time, at the Corporation's request, the Shareholder and the Investment Manager will warrant and defend the Corporation's title to the Shares, execute, acknowledge and deliver to the Corporation any and all further instruments, documents, and other papers reasonably requested by the Corporation to evidence that title and otherwise give full force and effect to the full intent and purposes of this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sale Determination.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Investment Manager has made her own independent analysis of the value of the Shares and the fairness and adequacy of the Purchase Price, and of any legal and tax considerations that may be relevant to the Irrevocable Trust 1990 dated January 17, 2011 (the &#8220;Trust&#8221;) and the beneficiaries of the Trust.  The Investment Manager has sufficient knowledge of and expertise in financial, business, and tax matters, or has obtained her own counsel as to these matters, so as to be capable of evaluating the advisability of selling the Shares for the Purchase Price.  In deciding to sell the Shares for the Purchase Price, the Investment Manager has had access to and reviewed publicly available financial and other information regarding the Corporation (including information in reports the Corporation files with the Securities and Exchange Commission), and general market information.  The Investment Manager's decision to sell the Shares for the Purchase Price has not been based upon any express or implied representations or warranties of the Corporation, or of any persons acting or purporting to act on behalf of the Corporation, about the Corporation, the value of the Shares, the fairness or adequacy of the Purchase Price, or any legal or tax consequences of selling the Shares for the Purchase Price.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Representations of Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has made no representations or warranties to the Shareholder or the Investment Manager in connection with the transactions contemplated hereby other than the representations set forth in this Agreement, and the Shareholder and the Investment Manager, in making his, her or its decision to sell the Shares, has not relied on any representation or warranty of or on behalf of the Corporation not set forth in this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Representations.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;No commission or similar remuneration has been paid or given, directly or indirectly, to any person in connection with the transactions contemplated hereby.  The transactions contemplated hereby are the result of the Investment Manager's direct contacts with the Corporation and not a consequence of any general advertising or general solicitation.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE IV</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS OF THE CORPORATION</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Shareholder and the Investment Manager to enter into this Agreement, the Corporation represents and warrants to the Shareholder and the Investment Manager as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authorization, Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has full legal right and all requisite power and authority to execute and deliver, and to perform its obligations under, this Agreement.  This Agreement has been duly executed and delivered by the Corporation and is a valid and legally binding obligation of the Corporation enforceable against the Corporation in accordance with its terms.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s76E3E96648A4422B4CC8AEEC700BBF90"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Agreements.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not conflict with or result in a breach of any provision of, or constitute a default under, any material agreement or instrument to which the Corporation is a party or by which it may be bound.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Violations; Consents</font><font style="font-family:inherit;font-size:12pt;">.  Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not (i) violate any judgment, decree, order, statute, rule, or regulation to which the Corporation is subject; or (ii) require any authorization or approval which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE V</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION; GENERAL RELEASE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Survival of Representations and Warranties</font><font style="font-family:inherit;font-size:12pt;">.  The representations and warranties contained in this Agreement shall survive the Closing Date for a period of three years, except for representations and warranties relating to title to the Shares, which shall survive the Closing Date until the expiration of the applicable statute of limitations.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Corporation</font><font style="font-family:inherit;font-size:12pt;">.  The Corporation hereby agrees to defend, indemnify and hold harmless the Shareholder and the Investment Manager from and against any and all losses, liabilities, damages, assessments, claims, judgments, costs and expenses, including reasonable attorneys' fees, costs and expenses (&#8220;Losses&#8221;) which may be incurred by the Shareholder or Investment Manager as a result of any breach by the Corporation of any agreement, covenant, representation or warranty set forth in this Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Shareholder</font><font style="font-family:inherit;font-size:12pt;">.  The Shareholder hereby agrees to defend, indemnify and hold harmless the Corporation from and against any and all Losses which may be incurred by the Corporation as a result of any breach by the Shareholder or the Investment Manager of any agreement, covenant, representation or warranty set forth in this Agreement; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the aggregate liability of the Shareholder to the Corporation for breach of any agreement, covenant, representation or warranty under this Agreement shall not exceed an amount equal to the Purchase Price; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided further</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the limitation in the foregoing proviso shall not apply in the case of illegal acts, willful misconduct or fraud by the Shareholder or the Investment Manager.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Release by the Shareholder and the Investment Manager</font><font style="font-family:inherit;font-size:12pt;">.  The Shareholder and the Investment Manager agree that the Closing shall ipso facto constitute a full settlement, release and discharge of any and all claims, rights and causes of action that the Shareholder or the Investment Manager may have against the Corporation.  </font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE VI</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">GENERAL PROVISIONS </font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, or sent by certified, registered, or express mail, or by reputable overnight courier with all postage or other charges prepaid.  Any such notice shall be deemed given when so delivered personally or, if sent by overnight courier, one day after delivery to the courier, or, if mailed, two days after the date of deposit in the United States mails, as follows:</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s76E3E96648A4422B4CC8AEEC700BBF90"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Corporation:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">First Citizens BancShares, Inc. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4300 Six Forks Road</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27609</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Barry P. Harris, IV</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-716-2206</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-716-7518</font></div><div style="line-height:120%;padding-top:21px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Shareholder:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Brooks, Pierce, McLendon, Humphrey &amp; Leonard, LLP</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2000 Renaissance Plaza</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">230 North Elm Street</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27401</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 26000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27420-6000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention: Robert A. Singer</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 336-271-3123</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 336-232-9123</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Investment Manager:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ward and Smith, P.A.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Wade II, Suite 400</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 33009 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27636-3009 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention: David L. Ward, Jr.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-277-9100 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-277-9177</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Any party may by notice given in accordance with this Section to the other parties designate another address or person for receipt of notices hereunder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Expenses.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation on the one hand, and the Shareholder and the Investment Manager on the other hand, shall bear their own respective expenses incurred in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be construed and interpreted in accordance with the laws of the State of North Carolina, without regard to conflicts of laws principles.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Multiple Originals.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Headings.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The headings of this Agreement shall not in any way affect its meaning or interpretation.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s76E3E96648A4422B4CC8AEEC700BBF90"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.6 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Modifications.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may only be amended or modified by written instrument signed by all parties hereto.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.7 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Binding Effect.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.8 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Entire Agreement.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement and that certain non-disclosure agreement dated October 22, 2012, from the Lead Director of the Corporation to Ms. Carmen Holding Ames, constitute the entire agreement of the parties with respect to the sale and purchase of the Shares and supersede and replace all prior agreements, arrangements, and understandings with respect thereto between them or any of their affiliates or representatives.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Remainder of Page Left Intentionally Blank]</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s76E3E96648A4422B4CC8AEEC700BBF90"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Signature Page to Stock Sale and Purchase Agreement (1990 Trust)]</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST CITIZENS BANCSHARES, INC.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Kenneth A. Black</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Kenneth A. Black, Chief Financial Officer</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THE FIDELITY BANK</font><font style="font-family:inherit;font-size:12pt;">, in its capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Trustee for the Irrevocable Trust 1990 dated January 17, 2011</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Mary W. Willis</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Mary W. Willis</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Chief Executive Officer</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ Carmen Holding Ames</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#32;(SEAL)</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CARMEN HOLDING AMES</font><font style="font-family:inherit;font-size:12pt;">, in her capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Investment Manager for the Irrevocable Trust 1990 dated January 17, 2011</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.6
<SEQUENCE>7
<FILENAME>exhibit106.htm
<DESCRIPTION>EXHIBIT
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		<title>Exhibit 10.6</title>
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<a name="s77CFB3FC79DBAE561ACAAEF3E5726663"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Exhibit 10.6</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">STOCK SALE AND PURCHASE AGREEMENT</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS STOCK SALE AND PURCHASE AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#32;(this &#8220;Agreement&#8221;), is dated as of December 20, 2012, and is by and among The Fidelity Bank, as trustee of the Irrevocable Trust 1976 dated January 17, 2011 (such trustee in its capacity as trustee being the &#8220;Shareholder&#8221;), acting at the direction of Carmen Holding Ames, investment manager of such trust (the &#8220;Investment Manager&#8221;), Carmen Holding Ames, as Investment Manager, and First Citizens BancShares, Inc., a Delaware corporation with its principal office in Raleigh, North Carolina (the &#8220;Corporation&#8221;).</font></div><div style="line-height:120%;padding-top:21px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WITNESSETH:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder is the owner of an aggregate of THREE THOUSAND, FIVE HUNDRED AND TWENTY (3,520) shares of the Corporation's issued and outstanding Class B Common Stock; and</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder and the Investment Manager wish to sell and the Corporation wishes to purchase the Class B</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">Common Stock owned by the Shareholder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW, THEREFORE</font><font style="font-family:inherit;font-size:12pt;">, in consideration of the premises and the mutual representations, warranties, covenants and promises herein contained, the Shareholder, the Investment Manager and the Corporation hereby agree as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE I</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">PURCHASE AND SALE OF SHARES</font><font style="font-family:inherit;font-size:13pt;font-weight:bold;text-decoration:underline;">&#32;</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">General.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Subject to the terms and conditions of this Agreement, the Shareholder shall sell to the Corporation for the purchase price hereinafter provided an aggregate of THREE THOUSAND, FIVE HUNDRED AND TWENTY (3,520) shares of the Class B Common Stock of the Corporation (the &#8220;Shares&#8221;), and the Corporation, in reliance upon the representations, warranties and covenants of the Shareholder and the Investment Manager set forth herein and subject to the terms and conditions of this Agreement, shall purchase and redeem the Shares from the Shareholder at the purchase price hereinafter provided.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;">1.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Purchase Price</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The total purchase price for the Shares (the &#8220;Purchase Price&#8221;) shall be equal to FIVE HUNDRED FORTY-FIVE THOUSAND, SIX HUNDRED AND NO/100 DOLLARS ($545,600.00).  The Purchase Price shall be paid by the Corporation to the Shareholder at the Closing by wire transfer of immediately available funds to the account designated on </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">&#32;hereto.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE II</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">THE CLOSING</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The closing of this transaction (the &#8220;Closing&#8221;) shall be held at the offices of the Corporation on the date of this Agreement, at such time as the parties shall agree, or at such other place, date and time as may be mutually agreed upon by the Corporation and the Shareholder (the &#8220;Closing Date&#8221;).  The Closing shall be effective upon payment of the Purchase Price as provided in Section 1.2 above.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s77CFB3FC79DBAE561ACAAEF3E5726663"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Shareholder at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall (i) for those Shares that are in certificated form, deliver or cause to be delivered to the Corporation the stock certificates representing such Shares, duly-endorsed or accompanied by stock powers duly-endorsed (in each case, with a signature guaranteed by an institution that is a member of recognized Medallion signature guarantee program) and (ii) for those Shares that are in uncertificated form, cause the Corporation's transfer agent to credit such Shares to the Corporation's balance account with The Depositary Trust Corporation through its Direct Registration System.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Corporation at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Corporation shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall deliver to the Shareholder the Purchase Price in accordance with Section 1.2 above.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Further Closing Actions.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall provide evidence satisfactory to the Corporation demonstrating the Shareholder's authority to sell the Shares, the release of any lien or liens on the Shares that previously existed, and that the representations and warranties of the Shareholder and the Investment Manager were true and correct when made and continue to be true and correct as of the Closing Date.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE III</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER AND THE INVESTMENT MANAGER</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Corporation to enter into this Agreement, the Shareholder and the Investment Manager represent and warrant to the Corporation as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authority; Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder and the Investment Manager each have full legal right and all requisite power, legal capacity and authority to execute and deliver, and perform their respective obligations under, this Agreement, including without limitation full power and authority to convey all of their respective right, title and interest in and to the Shares.  This Agreement has been duly executed and delivered by the Shareholder and the Investment Manager and is a valid and legally binding obligation of the Shareholder and the Investment Manager, enforceable against each in accordance with its terms.  The execution and delivery of, and performance under, this Agreement by the Shareholder and the Investment Manager will not (i) violate or conflict with the rights of any other person; (ii) result in a breach of any of the terms, conditions, or provisions of, or constitute a default under, any mortgage, deed of trust, note, indenture, contract, credit or other agreement, instrument, judgment, decree, order, statute, rule, or regulation to which the Shareholder or the Investment Manager is subject; or (iii) require any authorization or approval under or pursuant to the foregoing which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Absence of Encumbrances, etc.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder is the lawful holder of record and beneficial owner of the Shares and owns good and valid title to such Shares.  There are no outstanding options, warrants, stock rights, agreements, contracts, puts, calls, commitments, pre-emptive rights, or demands of any character to which the Shareholder is a party or under which the Shareholder has any rights relating to the Shares; and, except for provisions in the Trust (as defined below) that give the Investment Manager the authority to direct the voting of the Shares while the Shares are owned by the Shareholder, there are no agreements to which the Shareholder is a party that restrict the transfer or voting of the Shares.  The Shareholder has not granted to any person any proxies, powers of attorney, or similar rights or powers </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s77CFB3FC79DBAE561ACAAEF3E5726663"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">with respect to the Shares.  At the Closing, upon transfer of the Shares to the Corporation, the Shares will be free and clear of all restrictions on transfer, mortgages, claims, liens, pledges, security interests or encumbrances of every kind and nature.  From time to time, at the Corporation's request, the Shareholder and the Investment Manager will warrant and defend the Corporation's title to the Shares, execute, acknowledge and deliver to the Corporation any and all further instruments, documents, and other papers reasonably requested by the Corporation to evidence that title and otherwise give full force and effect to the full intent and purposes of this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sale Determination.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Investment Manager has made her own independent analysis of the value of the Shares and the fairness and adequacy of the Purchase Price, and of any legal and tax considerations that may be relevant to the Irrevocable Trust 1976 dated January 17, 2011 (the &#8220;Trust&#8221;) and the beneficiaries of the Trust.  The Investment Manager has sufficient knowledge of and expertise in financial, business, and tax matters, or has obtained her own counsel as to these matters, so as to be capable of evaluating the advisability of selling the Shares for the Purchase Price.  In deciding to sell the Shares for the Purchase Price, the Investment Manager has had access to and reviewed publicly available financial and other information regarding the Corporation (including information in reports the Corporation files with the Securities and Exchange Commission), and general market information.  The Investment Manager's decision to sell the Shares for the Purchase Price has not been based upon any express or implied representations or warranties of the Corporation, or of any persons acting or purporting to act on behalf of the Corporation, about the Corporation, the value of the Shares, the fairness or adequacy of the Purchase Price, or any legal or tax consequences of selling the Shares for the Purchase Price.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Representations of Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has made no representations or warranties to the Shareholder or the Investment Manager in connection with the transactions contemplated hereby other than the representations set forth in this Agreement, and the Shareholder and the Investment Manager, in making his, her or its decision to sell the Shares, has not relied on any representation or warranty of or on behalf of the Corporation not set forth in this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Representations.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;No commission or similar remuneration has been paid or given, directly or indirectly, to any person in connection with the transactions contemplated hereby.  The transactions contemplated hereby are the result of the Investment Manager's direct contacts with the Corporation and not a consequence of any general advertising or general solicitation.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE IV</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS OF THE CORPORATION</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Shareholder and the Investment Manager to enter into this Agreement, the Corporation represents and warrants to the Shareholder and the Investment Manager as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authorization, Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has full legal right and all requisite power and authority to execute and deliver, and to perform its obligations under, this Agreement.  This Agreement has been duly executed and delivered by the Corporation and is a valid and legally binding obligation of the Corporation enforceable against the Corporation in accordance with its terms.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Agreements.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not conflict with or result in a breach of </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s77CFB3FC79DBAE561ACAAEF3E5726663"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">any provision of, or constitute a default under, any material agreement or instrument to which the Corporation is a party or by which it may be bound.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Violations; Consents.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not (i) violate any judgment, decree, order, statute, rule, or regulation to which the Corporation is subject; or (ii) require any authorization or approval which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE V</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION; GENERAL RELEASE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Survival of Representations and Warranties.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The representations and warranties contained in this Agreement shall survive the Closing Date for a period of three years, except for representations and warranties relating to title to the Shares, which shall survive the Closing Date until the expiration of the applicable statute of limitations.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation hereby agrees to defend, indemnify and hold harmless the Shareholder and the Investment Manager from and against any and all losses, liabilities, damages, assessments, claims, judgments, costs and expenses, including reasonable attorneys' fees, costs and expenses (&#8220;Losses&#8221;) which may be incurred by the Shareholder or Investment Manager as a result of any breach by the Corporation of any agreement, covenant, representation or warranty set forth in this Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Shareholder.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder hereby agrees to defend, indemnify and hold harmless the Corporation from and against any and all Losses which may be incurred by the Corporation as a result of any breach by the Shareholder or the Investment Manager of any agreement, covenant, representation or warranty set forth in this Agreement; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the aggregate liability of the Shareholder to the Corporation for breach of any agreement, covenant, representation or warranty under this Agreement shall not exceed an amount equal to the Purchase Price; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided further</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the limitation in the foregoing proviso shall not apply in the case of illegal acts, willful misconduct or fraud by the Shareholder or the Investment Manager.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Release by the Shareholder and the Investment Manager.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder and the Investment Manager agree that the Closing shall ipso facto constitute a full settlement, release and discharge of any and all claims, rights and causes of action that the Shareholder or the Investment Manager may have against the Corporation.  </font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE VI</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">GENERAL PROVISIONS </font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, or sent by certified, registered, or express mail, or by reputable overnight courier with all postage or other charges prepaid.  Any such notice shall be deemed given when so delivered personally or, if sent by overnight courier, one day after delivery to the courier, or, if mailed, two days after the date of deposit in the United States mails, as follows:</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s77CFB3FC79DBAE561ACAAEF3E5726663"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Corporation:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">First Citizens BancShares, Inc. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4300 Six Forks Road</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27609</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Barry P. Harris, IV</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-716-2206</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-716-7518</font></div><div style="line-height:120%;padding-top:21px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Shareholder:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Brooks, Pierce, McLendon, Humphrey &amp; Leonard, LLP</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2000 Renaissance Plaza</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">230 North Elm Street</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27401</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 26000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27420-6000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Robert A. Singer</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 336-271-3123</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 336-232-9123</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Investment Manager:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ward and Smith, P.A.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Wade II, Suite 400</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 33009 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27636-3009 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention: David L. Ward, Jr.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-277-9100 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-277-9177</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Any party may by notice given in accordance with this Section to the other parties designate another address or person for receipt of notices hereunder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Expenses.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation on the one hand, and the Shareholder and the Investment Manager on the other hand, shall bear their own respective expenses incurred in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be construed and interpreted in accordance with the laws of the State of North Carolina, without regard to conflicts of laws principles.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Multiple Originals.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Headings.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The headings of this Agreement shall not in any way affect its meaning or interpretation.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s77CFB3FC79DBAE561ACAAEF3E5726663"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.6 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Modifications.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may only be amended or modified by written instrument signed by all parties hereto.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.7 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Binding Effect.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.8 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Entire Agreement.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement and that certain non-disclosure agreement dated October 22, 2012, from the Lead Director of the Corporation to Ms. Carmen Holding Ames, constitute the entire agreement of the parties with respect to the sale and purchase of the Shares and supersede and replace all prior agreements, arrangements, and understandings with respect thereto between them or any of their affiliates or representatives.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Remainder of Page Left Intentionally Blank]</font></div><div style="line-height:120%;padding-top:19px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s77CFB3FC79DBAE561ACAAEF3E5726663"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Signature Page to Stock Sale and Purchase Agreement (1976 Trust)]</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST CITIZENS BANCSHARES, INC.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Kenneth A. Black</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Kenneth A. Black, Chief Financial Officer</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THE FIDELITY BANK</font><font style="font-family:inherit;font-size:12pt;">, in its capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Trustee for the Irrevocable Trust 1976 dated January 17, 2011</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Mary W. Willis</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Mary W. Willis</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Chief Executive Officer</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ Carmen Holding Ames</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#32;(SEAL)</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CARMEN HOLDING AMES</font><font style="font-family:inherit;font-size:12pt;">, in her capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Investment Manager for the Irrevocable Trust 1976 dated January 17, 2011</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>exhibit107.htm
<DESCRIPTION>EXHIBIT
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		<title>Exhibit 10.7</title>
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<a name="s5AA39072D53F18D95B27AEF807D87D39"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Exhibit 10.7</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">STOCK SALE AND PURCHASE AGREEMENT</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS STOCK SALE AND PURCHASE AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#32;(this &#8220;Agreement&#8221;), is dated as of December 20, 2012, and is by and among The Fidelity Bank, as trustee of the Irrevocable Trust 1979 dated January 17, 2011 (such trustee in its capacity as trustee being the &#8220;Shareholder&#8221;), acting at the direction of Carmen Holding Ames, investment manager of such trust (the &#8220;Investment Manager&#8221;), Carmen Holding Ames, as Investment Manager, and First Citizens BancShares, Inc., a Delaware corporation with its principal office in Raleigh, North Carolina (the &#8220;Corporation&#8221;).</font></div><div style="line-height:120%;padding-top:21px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WITNESSETH:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder is the owner of an aggregate of FIFTY-EIGHT THOUSAND, NINE HUNDRED AND SEVENTEEN (58,917) shares of the Corporation's issued and outstanding Class B Common Stock; and</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS</font><font style="font-family:inherit;font-size:12pt;">, the Shareholder and the Investment Manager wish to sell and the Corporation wishes to purchase the Class B</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">Common Stock owned by the Shareholder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW, THEREFORE</font><font style="font-family:inherit;font-size:12pt;">, in consideration of the premises and the mutual representations, warranties, covenants and promises herein contained, the Shareholder, the Investment Manager and the Corporation hereby agree as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE I</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">PURCHASE AND SALE OF SHARES</font><font style="font-family:inherit;font-size:13pt;font-weight:bold;text-decoration:underline;">&#32;</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">General.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Subject to the terms and conditions of this Agreement, the Shareholder shall sell to the Corporation for the purchase price hereinafter provided an aggregate of FIFTY-EIGHT THOUSAND, NINE HUNDRED AND SEVENTEEN (58,917) shares of the Class B Common Stock of the Corporation (the &#8220;Shares&#8221;), and the Corporation, in reliance upon the representations, warranties and covenants of the Shareholder and the Investment Manager set forth herein and subject to the terms and conditions of this Agreement, shall purchase and redeem the Shares from the Shareholder at the purchase price hereinafter provided.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:12pt;">1.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Purchase Price</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The total purchase price for the Shares (the &#8220;Purchase Price&#8221;) shall be equal to NINE MILLION, ONE HUNDRED THIRTY-TWO THOUSAND, ONE HUNDRED AND THIRTY-FIVE AND NO/100 DOLLARS ($9,132,135.00).  The Purchase Price shall be paid by the Corporation to the Shareholder at the Closing by wire transfer of immediately available funds to the account designated on </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:12pt;">&#32;hereto.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE II</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">THE CLOSING</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The closing of this transaction (the &#8220;Closing&#8221;) shall be held at the offices of the Corporation on the date of this Agreement, at such time as the parties shall agree, or at such other place, date and time as may be mutually agreed upon by the Corporation and the Shareholder (the &#8220;Closing </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s5AA39072D53F18D95B27AEF807D87D39"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date&#8221;).  The Closing shall be effective upon payment of the Purchase Price as provided in Section 1.2 above.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Shareholder at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall (i) for those Shares that are in certificated form, deliver or cause to be delivered to the Corporation the stock certificates representing such Shares, duly-endorsed or accompanied by stock powers duly-endorsed (in each case, with a signature guaranteed by an institution that is a member of recognized Medallion signature guarantee program) and (ii) for those Shares that are in uncertificated form, cause the Corporation's transfer agent to credit such Shares to the Corporation's balance account with The Depositary Trust Corporation through its Direct Registration System.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Actions by the Corporation at Closing.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Corporation shall take such actions as may be necessary or appropriate to consummate the transactions provided for herein in accordance with the terms and conditions hereof and shall deliver to the Shareholder the Purchase Price in accordance with Section 1.2 above.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Further Closing Actions.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;At the Closing, the Shareholder shall provide evidence satisfactory to the Corporation demonstrating the Shareholder's authority to sell the Shares, the release of any lien or liens on the Shares that previously existed, and that the representations and warranties of the Shareholder and the Investment Manager were true and correct when made and continue to be true and correct as of the Closing Date.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE III</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDER AND THE INVESTMENT MANAGER</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Corporation to enter into this Agreement, the Shareholder and the Investment Manager represent and warrant to the Corporation as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authority; Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder and the Investment Manager each have full legal right and all requisite power, legal capacity and authority to execute and deliver, and perform their respective obligations under, this Agreement, including without limitation full power and authority to convey all of their respective right, title and interest in and to the Shares.  This Agreement has been duly executed and delivered by the Shareholder and the Investment Manager and is a valid and legally binding obligation of the Shareholder and the Investment Manager, enforceable against each in accordance with its terms.  The execution and delivery of, and performance under, this Agreement by the Shareholder and the Investment Manager will not (i) violate or conflict with the rights of any other person; (ii) result in a breach of any of the terms, conditions, or provisions of, or constitute a default under, any mortgage, deed of trust, note, indenture, contract, credit or other agreement, instrument, judgment, decree, order, statute, rule, or regulation to which the Shareholder or the Investment Manager is subject; or (iii) require any authorization or approval under or pursuant to the foregoing which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Absence of Encumbrances, etc.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder is the lawful holder of record and beneficial owner of the Shares and owns good and valid title to such Shares.  There are no outstanding options, warrants, stock rights, agreements, contracts, puts, calls, commitments, pre-emptive rights, or demands of any character to which the Shareholder is a party or under which the Shareholder has any rights relating to the Shares; and, except for the provisions in the Trust (as defined below) that give the Investment </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s5AA39072D53F18D95B27AEF807D87D39"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Manager the authority to direct the voting of the Shares while the Shares are owned by the Shareholder, there are no agreements to which the Shareholder is a party that restrict the transfer or voting of the Shares.  The Shareholder has not granted to any person any proxies, powers of attorney, or similar rights or powers with respect to the Shares.  At the Closing, upon transfer of the Shares to the Corporation, the Shares will be free and clear of all restrictions on transfer, mortgages, claims, liens, pledges, security interests or encumbrances of every kind and nature.  From time to time, at the Corporation's request, the Shareholder and the Investment Manager will warrant and defend the Corporation's title to the Shares, execute, acknowledge and deliver to the Corporation any and all further instruments, documents, and other papers reasonably requested by the Corporation to evidence that title and otherwise give full force and effect to the full intent and purposes of this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sale Determination.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Investment Manager has made her own independent analysis of the value of the Shares and the fairness and adequacy of the Purchase Price, and of any legal and tax considerations that may be relevant to the Irrevocable Trust 1979 dated January 17, 2011 (the &#8220;Trust&#8221;) and the beneficiaries of the Trust.  The Investment Manager has sufficient knowledge of and expertise in financial, business, and tax matters, or has obtained her own counsel as to these matters, so as to be capable of evaluating the advisability of selling the Shares for the Purchase Price.  In deciding to sell the Shares for the Purchase Price, the Investment Manager has had access to and reviewed publicly available financial and other information regarding the Corporation (including information in reports the Corporation files with the Securities and Exchange Commission), and general market information.  The Investment Manager's decision to sell the Shares for the Purchase Price has not been based upon any express or implied representations or warranties of the Corporation, or of any persons acting or purporting to act on behalf of the Corporation, about the Corporation, the value of the Shares, the fairness or adequacy of the Purchase Price, or any legal or tax consequences of selling the Shares for the Purchase Price.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Representations of Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has made no representations or warranties to the Shareholder or the Investment Manager in connection with the transactions contemplated hereby other than the representations set forth in this Agreement, and the Shareholder and the Investment Manager, in making his, her or its decision to sell the Shares, has not relied on any representation or warranty of or on behalf of the Corporation not set forth in this Agreement.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Representations.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;No commission or similar remuneration has been paid or given, directly or indirectly, to any person in connection with the transactions contemplated hereby.  The transactions contemplated hereby are the result of the Investment Manager's direct contacts with the Corporation and not a consequence of any general advertising or general solicitation.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE IV</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">REPRESENTATIONS OF THE CORPORATION</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To induce the Shareholder and the Investment Manager s to enter into this Agreement, the Corporation represents and warrants to the Shareholder and the Investment Manager as follows:</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authorization, Enforceability.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation has full legal right and all requisite power and authority to execute and deliver, and to perform its obligations under, this Agreement.  This Agreement has been duly executed and delivered by the Corporation and is a valid and legally binding obligation of the Corporation enforceable against the Corporation in accordance with its terms.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s5AA39072D53F18D95B27AEF807D87D39"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Other Agreements.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not conflict with or result in a breach of any provision of, or constitute a default under, any material agreement or instrument to which the Corporation is a party or by which it may be bound.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Violations; Consents.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Entering into this Agreement and consummating the transactions contemplated hereby, including the purchase of the Shares, will not (i) violate any judgment, decree, order, statute, rule, or regulation to which the Corporation is subject; or (ii) require any authorization or approval which has not yet been obtained.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE V</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION; GENERAL RELEASE</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Survival of Representations and Warranties.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The representations and warranties contained in this Agreement shall survive the Closing Date for a period of three years, except for representations and warranties relating to title to the Shares, which shall survive the Closing Date until the expiration of the applicable statute of limitations.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Corporation.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation hereby agrees to defend, indemnify and hold harmless the Shareholder and the Investment Manager from and against any and all losses, liabilities, damages, assessments, claims, judgments, costs and expenses, including reasonable attorneys' fees, costs and expenses (&#8220;Losses&#8221;) which may be incurred by the Shareholder or Investment Manager as a result of any breach by the Corporation of any agreement, covenant, representation or warranty set forth in this Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">5.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Indemnification by the Shareholder.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder hereby agrees to defend, indemnify and hold harmless the Corporation from and against any and all Losses which may be incurred by the Corporation as a result of any breach by the Shareholder or the Investment Manager of any agreement, covenant, representation or warranty set forth in this Agreement; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the aggregate liability of the Shareholder to the Corporation for breach of any agreement, covenant, representation or warranty under this Agreement shall not exceed an amount equal to the Purchase Price; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided further</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that the limitation in the foregoing proviso shall not apply in the case of illegal acts, willful misconduct or fraud by the Shareholder or the Investment Manager.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Release by the Shareholder and the Investment Manager.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Shareholder and the Investment Manager agree that the Closing shall ipso facto constitute a full settlement, release and discharge of any and all claims, rights and causes of action that the Shareholder or the Investment Manager may have against the Corporation.  </font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE VI</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">GENERAL PROVISIONS </font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.1 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, or sent by certified, registered, or express mail, or by reputable overnight courier with all postage or other charges prepaid.  Any such notice shall be deemed given when so delivered personally or, if sent by overnight courier, one day after delivery to the courier, or, if mailed, two days after the date of deposit in the United States mails, as follows:</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s5AA39072D53F18D95B27AEF807D87D39"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Corporation:</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">First Citizens BancShares, Inc. </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4300 Six Forks Road</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27609</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Barry P. Harris, IV</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-716-2206</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-716-7518</font></div><div style="line-height:120%;padding-top:21px;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Shareholder:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Brooks, Pierce, McLendon, Humphrey &amp; Leonard, LLP</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2000 Renaissance Plaza</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">230 North Elm Street</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27401</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 26000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Greensboro, NC 27420-6000</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  Robert A. Singer</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 336-271-3123</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 336-232-9123</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If to the Investment Manager:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ward and Smith, P.A.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Wade II, Suite 400</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Post Office Box 33009 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Raleigh, NC 27636-3009 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention: David L. Ward, Jr.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(T) 919-277-9100 </font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(F) 919-277-9177</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Any party may by notice given in accordance with this Section to the other parties designate another address or person for receipt of notices hereunder.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.2 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Expenses.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Corporation on the one hand, and the Shareholder and the Investment Manager on the other hand, shall bear their own respective expenses incurred in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.3 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be construed and interpreted in accordance with the laws of the State of North Carolina, without regard to conflicts of laws principles.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.4 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Multiple Originals.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.5 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Headings.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The headings of this Agreement shall not in any way affect its meaning or interpretation.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s5AA39072D53F18D95B27AEF807D87D39"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.6 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Modifications.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement may only be amended or modified by written instrument signed by all parties hereto.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.7 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Binding Effect.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6.8 </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Entire Agreement.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;This Agreement and that certain non-disclosure agreement dated October 22, 2012, from the Lead Director of the Corporation to Ms. Carmen Holding Ames, constitute the entire agreement of the parties with respect to the sale and purchase of the Shares and supersede and replace all prior agreements, arrangements, and understandings with respect thereto between them or any of their affiliates or representatives.</font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Remainder of Page Left Intentionally Blank]</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s5AA39072D53F18D95B27AEF807D87D39"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;">[Signature Page to Stock Sale and Purchase Agreement (1979 Trust)]</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.</font></div><div style="line-height:120%;padding-top:19px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:19px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST CITIZENS BANCSHARES, INC.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Kenneth A. Black</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Kenneth A. Black, Chief Financial Officer</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:312px;text-indent:-312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THE FIDELITY BANK</font><font style="font-family:inherit;font-size:12pt;">, in its capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Trustee for the Irrevocable Trust 1979 dated January 17, 2011</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">By:&#160;&#160;&#160;&#160;/s/ Mary W. Willis</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Mary W. Willis</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Chief Executive Officer</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">/s/ Carmen Holding Ames</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#32;(SEAL)</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CARMEN HOLDING AMES</font><font style="font-family:inherit;font-size:12pt;">, in her capacity as </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Investment Manager for the Irrevocable Trust 1979 dated January 17, 2011</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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