Exhibit 10.31

SCBT FINANCIAL CORPORATION
STOCK OPTION AGREEMENT
 
THIS AGREEMENT, made this ______ day of _______________, 200__, by and between
SCBT Financial Corporation (“Corporation”), a South Carolina corporation with
its principal offices located in Columbia, South Carolina, and
______________________________ (“Participant”).
 
WITNESSETH:
 
WHEREAS, the Corporation has adopted the 2004 SCBT Financial Corporation Stock
Incentive Plan (the “Plan”); and
 
WHEREAS, the Committee under the Plan has determined that the Participant shall
be granted certain options under the Plan as an incentive to continue his or her
performance as an employee of the Corporation and/or its subsidiaries.
 
NOW, THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
agree as follows:
 
1.  Grant of Option. The Corporation hereby grants to the Participant an option
(“Option”) to purchase _____________ shares of the Common Stock of the
Corporation, upon the terms and conditions set forth below and in the Plan. The
date of such grant is _________________. The Option shall be [an Incentive/a
Non-Qualified] Stock Option.
 
2.  Option Price. The Option shall be exercisable at a price of
_________________ ($__________) per share.
 
3.  Terms of Purchase. Purchase of any shares pursuant to the Participant’s
exercise of the Option shall be made in accordance with the provisions of the
Plan.
 
4.  Period of Option. The Option shall be exercisable over the period described
below.
 
5.  Vesting and Expiration.
 
(a)  Annual Vesting. Subject to Section 5(c) of this Agreement, the Option shall
be exercisable in accordance with the limitations set forth below, unless an
earlier expiration date shall be stated in the Option:
 
(i)  The Option granted shall not be exercisable in whole or in part prior to
one (1) year from the date of grant of the Option; and
 
(ii)  A maximum of twenty-five percent (25%) of the Option shall become
exercisable one (1) year following the date of grant of the Option; and
 
 

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(iii)  A maximum of fifty percent (50%) of the Option shall become exercisable
two (2) years following the date of grant of the Option; and
 
(iv)  A maximum of seventy-five percent (75%) of the Option shall become
exercisable three (3) years following the date of grant of the Option; and
 
(v)  One hundred percent (100%) of the Option shall become exercisable four (4)
years following the date of grant of the Option.
 
(b)  Latest Date of Exercise. The Option shall expire, and in no event shall any
shares be available for purchase hereunder, upon the earlier of (i) ten (10)
years from the date of grant of the Option, and (ii) (1) in the event of the
Participant’s termination of employment with the Corporation and its
subsidiaries for any reason other than death or disability, upon the expiration
of three (3) months from the date of such termination, (2) in the event of the
Participant’s termination of employment by reason of his disability, upon the
expiration of one (1) year from the date of such termination; or (3) in the
event of the Participant’s termination of employment by reason of his death,
upon the expiration of two (2) years from the date of death. For purposes of the
foregoing, the Participant shall be deemed to be disabled if he is disabled as
contemplated by Section 422(c)(6) of the Internal Revenue Code of 1986, as
amended (or any successor statute).
 
(c)  Acceleration of Earliest Date of Exercise. The Option shall become
exercisable immediately prior to a Change of Control, as that term is defined in
the Plan.
 
(d)  Prior Outstanding Options. This Option is exercisable despite the existence
of any other option which was granted to the Participant, before the granting of
this Option, and which earlier option is for the purchase of shares in the
Corporation.
 
6.  Nontransferability. The Option is not transferable by the Participant, in
whole or in part, to any person, except by Will or by any applicable law of
descent and distribution. The Option shall not be exercisable, in whole or in
part, during the lifetime of the Participant by any person other than the
Participant.
 
7.  Construction. This Agreement shall be construed in accordance with the laws
of the State of South Carolina.
 
8.  No Contract of Employment. Neither this Agreement nor the Plan shall be
construed to constitute an agreement or understanding, expressed or implied, on
the part of the Corporation or any subsidiary to employ the Participant for any
specified period and shall not confer upon the Participant the right to continue
in the employment of the Corporation or any subsidiary, nor affect any right
which the Corporation or any subsidiary may have to terminate the employment of
the Participant.
 
9.  Withholding. As a condition to the issuance of shares pursuant to any
exercise of this Option, the Participant authorizes the Corporation and its
subsidiaries to withhold, in accordance with applicable law from any cash
compensation payable to him, any taxes required to be withheld as a result of
such exercise or later disposition of stock.

 
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10.  Legal Restrictions. This Option may not be exercised if the issuance of
shares pursuant to such exercise would constitute a violation of applicable
federal or state securities or other law or regulation. The person exercising
the Option, as a condition to such exercise, shall represent to Corporation that
the shares acquired thereby are being acquired for investment and not with a
present view to distribution or resale, unless counsel for the Corporation is
then of the opinion that such representation is not required under the
Securities Act of 1933 or any other applicable law, regulation or rule of any
governmental agency.
 
11.  Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the Participant and his heirs, and shall be binding upon the
Corporation and its successors and assigns.
 
12.  Incorporation of Plan. This Agreement is made pursuant to and is subject to
the terms and conditions of the Plan, which terms and conditions are hereby
incorporated by reference herein.
 
IN WITNESS WHEREOF, the Corporation, by its authorized representative, and the
Participant do hereby affix their signatures on the date first written above.
 
 

ATTEST:    
SCBT FINANCIAL CORPORATION
 
       

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Corporate Secretary    

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Name: Robert R. Hill, Jr.
     
Title: President and Chief Executive Officer

                             

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Participant

 
 
 
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