Exhibit 10.5

GREAT PEE DEE BANCORP, INC. AND

SENTRY BANK & TRUST

2005 DEFERRED COMPENSATION PLAN FOR DIRECTORS

Initial Effective Date January 1, 2005



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TABLE OF CONTENTS



|                                                     |  |                                                          |  |  
|---------------------------------------------------- |  | -------------------------------------------------------- |  | -
|TABLE OF CONTENTS                                    |  | 2                                                       
|                                                     | 
|ARTICLE I - PURPOSE                                  |  | 1                                                       
|                                                     | 
|ARTICLE II - DEFINITIONS                             |  | 1                                                       
|                                                     | 
|ARTICLE III - PARTICIPATION AND DEFERRAL COMMITMENTS |  | 3                                                       
|                                                     |  |                                                         
|3.1                                                  |  | Eligibility and Participation                            |  | 3
|3.2                                                  |  | Form of Deferral                                         |  | 3
|3.3                                                  |  | Modification of Deferral Commitment                      |  | 3
|                                                     | 
|ARTICLE IV - DEFERRED COMPENSATION ACCOUNTS          |  | 3                                                       
|                                                     |  |                                                         
|4.1                                                  |  | Accounts                                                 |  | 3
|4.2                                                  |  | Elective Deferred Compensation                           |  | 3
|4.3                                                  |  | Determination of Accounts                                |  | 3
|4.4                                                  |  | Determination of Earnings                                |  | 4
|4.5                                                  |  | Vesting of Accounts                                      |  | 4
|4.6                                                  |  | Statement of Accounts                                    |  | 4
|                                                     | 
|ARTICLE V - PLAN BENEFITS                            |  | 4                                                       
|                                                     |  |                                                         
|5.1                                                  |  | Plan Benefit                                             |  | 4
|5.2                                                  |  | Death Benefit                                            |  | 4
|5.3                                                  |  | Accelerated Distribution                                 |  | 4
|5.4                                                  |  | Hardship Distributions                                   |  | 5
|5.5                                                  |  | Form of Benefit Payment                                  |  | 5
|5.6                                                  |  | Commencement of Payments                                 |  | 5
|5.7                                                  |  | Modification of Deferral Period                          |  | 5
|5.8                                                  |  | Determination of Annual Installments                     |  | 5
|                                                     | 
|ARTICLE VI - ADMINISTRATION                          |  | 6                                                       
|                                                     |  |                                                         
|6.1                                                  |  | Committee; Duties                                        |  | 6
|6.2                                                  |  | Agents                                                   |  | 6
|6.3                                                  |  | Binding Effect of Decisions                              |  | 6
|6.4                                                  |  | Indemnity of Committee                                   |  | 6
|                                                     | 
|ARTICLE VII - CLAIMS PROCEDURE                       |  | 6                                                       
|                                                     |  |                                                         
|7.1                                                  |  | Claim                                                    |  | 6
|7.2                                                  |  | Denial of Claim                                          |  | 6
|7.3                                                  |  | Review of Claim                                          |  | 7
|7.4                                                  |  | Final Decision                                           |  | 7
|7.5                                                  |  | Arbitration                                              |  | 7
|                                                     | 
|ARTICLE VIII - AMENDMENT AND TERMINATION OF PLAN     |  | 7                                                       
|                                                     |  |                                                         
|8.1                                                  |  | Amendment                                                |  | 7
|8.2                                                  |  | Associations and Companys Right to Terminate           |  | 7
|                                                     | 
|ARTICLE IX - MISCELLANEOUS                           |  | 8                                                       
|                                                     |  |                                                         
|9.1                                                  |  | Unfunded Plan                                            |  | 8
|9.2                                                  |  | Unsecured General Creditor                               |  | 8
|9.3                                                  |  | Trust Fund                                               |  | 8
|9.4                                                  |  | Payment to Director, Legal Representative or Beneficiary |  | 8
|9.5                                                  |  | Minimum Regulatory Capital Requirement                   |  | 8
|9.6                                                  |  | Nonassignability                                         |  | 8
|9.7                                                  |  | Terms                                                    |  | 9
|9.8                                                  |  | Captions                                                 |  | 9
|9.9                                                  |  | Governing Law                                            |  | 9
|9.10                                                 |  | Validity                                                 |  | 9
|9.11                                                 |  | Notice                                                   |  | 9
|9.12                                                 |  | Successors                                               |  | 9
|9.13                                                 |  | Code Section 409A Compliance                             |  | 9



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GREAT PEE DEE BANCORP, INC. AND

SENTRY BANK & TRUST

2005 DEFERRED COMPENSATION PLAN FOR DIRECTORS

ARTICLE I - PURPOSE

The
purpose of this 2005 Deferred Compensation Plan for Directors (the Plan) is to provide current tax planning opportunities as well as supplemental funds for retirement or death for eligible non-employee directors (each a
Director) of Sentry Bank & Trust (the Association) and Great Pee Dee Bancorp, Inc. (the Company). This Plan is initially effective January 1, 2005.

WHEREAS, the Association maintains the Great Pee Dee Bancorp, Inc. and First Federal Savings and Loan Association of Cheraw Deferred Compensation
Plan for Directors (the Frozen Plan), which was originally effective as of March 2, 2002, but which was frozen effective December 31, 2004, in order to avoid the need for the Frozen Plan to comply with the requirements of Code
Section 409A; and

WHEREAS,the Association wishes to reward the years of extensive service provided by the current
non-employee members of the board of directors (the Board) and to continue to attract and to retain the best talent available to serve on its Board, and

WHEREAS, the Plan is intended to comply with Code Section 409A and any regulatory or other guidance issued under such Section; and

WHEREAS, Code Section 409A requires that certain types of nonqualified deferred compensation arrangements comply with its terms or subject
the recipients of such compensation to current taxes and penalties.

NOW, THEREFORE,in consideration of the premises and mutual
promises herein contained, the Association and the Directors agree as follows:

ARTICLE II - DEFINITIONS

For the purposes of this Plan, the following terms have the meanings indicated, unless the context clearly indicates otherwise:

2.1 Account. Account means the Account as maintained by the Association and/or the Company in accordance with Article IV with respect
to any deferral of Compensation pursuant to this Plan. A Directors Account shall be utilized solely as a device for the determination and measurement of the amounts to be paid to the Director pursuant to the Plan. A Directors Account
shall not constitute or be treated as a trust fund of any kind.

2.2 Association. Association means Sentry
Bank & Trust, a federally chartered savings association, or any successor to the business thereof, and any affiliated or subsidiary corporations designated by the Board.

2.3 Beneficiary. Beneficiary means the person or persons (and their heirs) designated as Beneficiary in the Directors Beneficiary
Designation (attached as Exhibit B) to whom the deceased Directors benefits are payable. The Beneficiary Designation shall be valid when filed with the Committee. If no Beneficiary is so designated, Beneficiary means the
Directors surviving spouse, or if no spouse survives the Director then the Directors estate will be deemed the Beneficiary. The Director shall have the right to change any prior Beneficiary Designation, without the consent of the prior
Beneficiary, by filing a new Beneficiary Designation with the Committee.

2.4 Board. Board means the Board of Directors
of the Association and/or the Company, as applicable.

2.5 Change in Control. Change of Control shall mean a change in
control within the meaning of such term under Code Section 409A and Treasury Regulations promulgated thereunder.



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2.6 Code. Code means the Internal Revenue Code of 1986, as amended.

2.7 Committee. Committee means a Committee designated by the Companys Board of Directors to administer the Plan pursuant to
Article VI.

2.8 Company. Company shall mean Great Pee Dee Bancorp, Inc., the holding company of the Association.

2.9 Compensation. Compensation means any Board or Committee fees or retainer to which the Director becomes entitled
during the Deferral Period.

2.10 Deferral Agreement. Deferral Agreement means the agreement filed by a Director and in
which the Director elects to defer the receipt of Compensation during a Deferral Period. The Deferral Agreement must be filed with the Committee prior to the beginning of the Deferral Period. A new Deferral Agreement or Notice of Adjustment of
Deferral may be submitted by the Director for each Deferral Commitment. If the Director fails to submit a new Deferral Agreement or Notice of Adjustment of Deferral prior to the beginning of a Deferral Period, deferrals for such period shall be made
in accordance with the last submitted Deferral Agreement.

2.11 Deferral Commitment. Deferral Commitment means an
election to defer Compensation made by a Director pursuant to Article III and for which a separate Deferral Agreement has been submitted by the Director to the Committee.

2.12 Deferral Period. Deferral Period means the period over which a Director has elected to defer a portion of his Compensation.

2.13 Determination Date. Determination Date means the last day of each calendar month.

2.14 Director. Director means a non-employee member of the Board or former member of the Board with an Account in the Plan.

2.15 Disability. Disability shall have the meaning of such term under Code Section 409A.

2.16 Investment Options. Investment Options means the investment options determined by the Committee for investment of the Accounts in
the Committees sole discretion. Investment Options may include, for example, (i) equity markets (including the stock of the Company or its successors), (ii) money market securities (i.e., Treasury bills or other obligations of the
United States government or any state government or municipality, certificates of deposit), or (iii) assets which can be liquidated within sixty (60) days with no loss of principal. Investment Options are subject to change from time to
time as the Committee, in its discretion, deems necessary or appropriate. Investment Options shall be used as earning indices as described in Section 4.4. No provision of the Plan shall be construed as giving any Director an interest in any of
these Investment Options nor shall any provision require that the Company make any investment in any such Investment Option.

2.17
Notice of Adjustment of Deferral. Notice of Adjustment of Deferral means the Notice which the Director may submit for Deferral Periods following the initial Deferral Period in which the initial Deferral Agreement is submitted. The
Notice of Adjustment of Deferral shall set forth the Directors elections with respect to deferrals for said period.

2.18 Plan
Benefit. Plan Benefit means the benefit payable to a Director as calculated in Article V.

2.19 Separation from
Service. Separation from Service shall have the meaning of such term under Code Section 409A.

2.20 Trustee.
Trustee means the Trustee, if any, of any grantor trust which may be established by the Association and the Company to accumulate assets for the purpose of funding the benefits promised under this Plan.



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2.21 Treasury Regulations. Treasury Regulations means the final regulations
promulgated or interim guidance published by the Treasury Department or Internal Revenue Service under Code Section 409A and related Code Sections.

ARTICLE III - PARTICIPATION AND DEFERRAL COMMITMENTS

3.1 Eligibility and Participation.

(a) Eligibility. Eligibility to participate in the Plan shall be limited to non-employee members of the Board.

(b) Participation. A Director may elect to participate in the Plan with respect to any Deferral Period by submitting, as to the
initial Deferral Period, a Deferral Agreement (as set forth at Exhibit A) or, as to subsequent Deferral Periods, a Notice of Adjustment of Deferral (as set forth at Exhibit C). Said Deferral Agreement or Notice of Adjustment of Deferral shall be
submitted to the Committee within thirty (30) days of initial eligibility to participate in the Plan and shall relate only to compensation earned after the date such Deferral Agreement is submitted to the Committee. Thereafter, the Deferral
Agreement shall be submitted to the Committee with respect to a Deferral Period by December 15 of the calendar year immediately preceding the Deferral Period. If a previously eligible Director fails to submit a new Deferral Agreement or Notice
of Adjustment of Deferral for a Deferral Period, the Committee shall treat the previously submitted Deferral Agreement or Notice of Adjustment of Deferral as still in effect. In the event that a Director first becomes eligible to participate during
a calendar year, a Deferral Agreement must be submitted to the Committee no later than thirty (30) days following notification of the Director of eligibility to participate, and such Deferral Agreement shall be effective only with regard to
Compensation earned or payable following the submission of the Deferral Agreement to the Committee.

3.2 Form of Deferral.

Except as provided in Section 3.1(b) above, a Director must elect in the Deferral Agreement to defer any portion of his Compensation for the
calendar year following the calendar year in which the Deferral Agreement is submitted.

3.3 Modification of Deferral Commitment.

A Deferral Commitment made with respect to a Deferral Period shall be irrevocable except as provided in Section 5.7.

ARTICLE IV - DEFERRED COMPENSATION ACCOUNTS

4.1 Accounts.

For recordkeeping purposes only, an Account shall be maintained for each Director. Separate subaccounts shall be
maintained to the extent necessary to properly reflect the Directors total vested Account balance.

4.2 Elective Deferred
Compensation.

The amount of Compensation that a Director elects to defer shall be withheld from each payment of Compensation and credited
to the Directors Account as the nondeferred portion of the Compensation becomes or would have become payable.

4.3 Determination of
Accounts.

Each Directors Account as of each Determination Date will consist of the balance of the Directors Account as of the
immediately preceding Determination Date, increased by Compensation deferred pursuant to a Deferral Commitment and earnings, and decreased by distributions and losses, since that Determination Date.



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4.4 Determination of Earnings.

Subject to such limitations as may from time to time be required by law, the Committee shall periodically determine the rate of interest to accrue on the
Accounts or shall determine the investments in which the Accounts shall be deemed to be invested. If the Committee actually invests the assets held by a rabbi trust in any taxable investments, the earnings attributable to the Directors
Accounts may, in the discretion of the Committee, or if appropriate, in the discretion of the full Board, be reduced by any taxes paid on such income.

4.5 Vesting of Accounts.

A Director shall be one hundred percent (100%) vested at all times in the
amount of Compensation elected to be deferred under this Plan and earnings thereon.

4.6 Statement of Accounts.

The Committee shall submit to each Director during the month of January, or as soon thereafter as is reasonably practicable, a statement setting forth
the balance to the credit of the Account maintained for a Director as of the immediately preceding December.

ARTICLE V - PLAN BENEFITS

5.1 Plan Benefit.

If a
Director incurs a Separation from Service for reasons other than death, the Association shall pay to the Director a Plan Benefit equal to the Directors vested Account, as determined in accordance with Article IV. The payment of the
Directors Account shall commence no later than the end of the month following the month in which the Separation from Service occurs or, if the Director has elected payment in a particular year, payment shall commence no later than the last day
of January of such year, and shall be paid in the manner selected by the Director in his Deferral Agreement.

5.2 Death Benefit.

Upon the death of a Director, the Association and/or the Company, as applicable, shall pay to the Directors Beneficiary an amount
determined as follows:

(a) If the Director dies after termination of service with the Association and/or the Company, as
applicable, the remaining unpaid balance of the Directors vested Account, if any, shall be paid in the same form that payments were being made prior to the Directors death.

(b) If the Director dies prior to termination of service with the Association and/or the Company, as applicable, the amount payable shall
be the Directors Account balance. Payments shall be made in a lump sum commencing within thirty (30) days of the Directors date of death, unless the Director elected an alternative form of distribution in his Deferral Agreement.

5.3 Accelerated Distribution.

Notwithstanding any other provision of the Plan and to the extent permitted by Code Section 409A and Treasury Regulations promulgated hereunder, in the event of a Change in Control or the Directors Disability, a Director may
elect in his Deferral Agreement to receive a lump sum distribution of the Directors vested Account balance or to receive his account balance in monthly or annual installments over a 5, 10 or 15 year period. The amount payable under this
Section shall commence within thirty (30) days following such Change in Control or final Disability determination and shall equal the fair market value of the Account balance on the date of distribution. Such election, if made, must be made in
compliance with the election timing rules set forth under Code Section 409A and the Treasury Regulations promulgated thereunder.



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5.4 Hardship Distributions.

Upon a finding that a Director has suffered an Unforeseeable Emergency, the Committee may, in its sole discretion, make distributions from
the Directors Account prior to the time specified for payment of benefits under the Plan. For these purposes, an Unforeseeable Emergency shall be defined as a severe financial hardship to the Director resulting from a sudden and unexpected
illness or accident of the Director, the Directors spouse, or of a dependent (as defined in Internal Revenue Code section 152) of the Director, loss of the Directors property due to casualty, or other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Director. The amount of such distribution shall be limited to the amount reasonably necessary to meet the Directors requirements during the financial hardship
and amounts reasonably necessary to satisfy the taxes incurred with respect to such distribution. The circumstances that shall constitute an unforeseeable emergency will depend upon the facts of each case, but, in any case, payment shall not be made
to the extent that such hardships is or may be relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the Directors assets to the extent such liquidation would not itself cause severe
financial hardships, or (iii) by cessations of deferrals under the Plan. Examples of what are not considered to be unforeseeable emergencies include the need to send the Directors child to college or the decision to purchase a new home.
Notwithstanding anything to the contrary herein, in the event of a conflict between the definition of an unforeseeable emergency set forth herein and the term as defined in Code Section 409A, the Treasury Regulations promulgated hereunder or
interim guidance issued by the Treasury Department of Internal Revenue Service, the later shall control.

5.5 Form of Benefit Payment.

(a) All Plan Benefits other than Hardship Distributions shall be paid in the form selected by the Director at the time of
the Deferral Commitment. A Director may specify a single period for payment of his entire Account, or separate Deferral Periods with respect to each separated Deferral Commitment. Distributions from a Directors Account shall be made by the
Association and/or the Company, as applicable, at the Directors election, in a single lump sum or in substantially equal monthly or annual installments for a period specified by the Director which generally may not be longer than fifteen years
or less then five years, subject to the alternative distribution elections of Section 5.3 and 5.4. Earnings and losses shall continue to be credited to the Directors Account on the amounts remaining until the Account is fully distributed.

(b) If for any Deferral Commitment a Director fails to elect a form of benefit payment, the form shall be the form of
payment elected on the most recent past Deferral Commitment.

(c) A Directors Account shall be distributed in cash, or
in the event the Company has established a grantor trust and such trust holds common stock of the Company, the portion so invested shall be distributed in such Company common stock.

5.6 Commencement of Payments.

Payments
under the Plan shall commence and shall be paid in accordance with the Directors elections under the Directors Deferral Agreement and Notice of Adjustment of Deferral.

5.7 Modification of Deferral Period.

In
the event a Director desires to modify his Deferral Period or form of distribution from lump sum to installments or vice versa with respect to amounts accrued in his Account, the Director may do so, provided that any such modification is made no
later than twelve (12) months prior to the date of the commencement of payments under the Directors then existing Deferral Agreement. Such modified Deferral Period shall become effective no earlier than twelve (12) months after it is
made. Any amounts distributed based on Separation from Service or fixed distribution date under such modified Deferral Period shall be distributed no earlier than five (5) years after the distribution date set forth in the prior Deferral
Agreement.

5.8 Determination of Annual Installments.

Benefits payable in annual installments hereunder shall be determined as follows. For example, in the event of five (5) annual installments, the first annual installment shall equal one-fifth of the
Directors Account. The



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second annual installment shall equal one-fourth of the Directors Account, as increased during the year by interest and/or earnings on said Account.
The third annual installment shall equal one-third of the Directors Account, the fourth annual installment shall equal one-half of the Directors Account and the final installment shall equal the balance of the Directors Account.
Each succeeding installment shall be paid on the anniversary date of the immediate preceding installment.

ARTICLE VI - ADMINISTRATION

6.1 Committee; Duties.

This
Plan shall be administered by the Committee which shall be appointed from time to time by the Board. The Committee shall have the authority to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this
Plan and decide or resolve any and all questions, including interpretations of this Plan, as may arise in connection with the Plan. A majority vote of the Committee members shall control any decision. In the event of a Change in Control, the members
of the Committee shall serve indefinitely and cannot be removed by the successor Board. Following a Change in Control, if a member of the Committee resigns or otherwise terminates service on the Committee, the remaining Committee members shall
appoint a new member.

6.2 Agents.

The Committee may, from time to time, employ other agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Association and/or the Company.

6.3 Binding Effect of Decisions.

The
decision or action of the Committee in respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules of regulations promulgated hereunder shall be final, conclusive and
binding upon all persons having any interest in the Plan.

6.4 Indemnity of Committee.

The Company shall indemnify and hold harmless the members of the Committee against any and all claims, loss, damage, expense or liability arising from
any action or failure to act with respect to this Plan, except in the case of gross negligence or willful misconduct.

ARTICLE VII - CLAIMS
PROCEDURE

7.1 Claim.

Any
person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall present the request in writing to the Committee, which shall respond in writing within ninety (90) days.

7.2 Denial of Claim.

If the
claim or request is denied, the written notice of denial shall state:

(a) The reasons for denial, with specific reference
to the Plan provisions on which the denial is based.

(b) A description of any additional material or information required
and an explanation of why it is necessary.

(c) An explanation of the Plans claim review procedure.



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7.3 Review of Claim.

Any person whose claim or request is denied or who has not received a response within ninety (90) days may request review by notice given in writing to the Committee. The claim or request shall be reviewed by the
Committee who may, but shall not be required to, grant the claimant a hearing. On review, the claimant may have representation, examine pertinent documents, and submit issues and comments in writing.

7.4 Final Decision.

The decision on review
shall normally be made within sixty (60) days. If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the time limit shall be one hundred twenty (120) days. The decision shall
be in writing and shall state the reasons and the relevant Plan provisions.

7.5 Arbitration.

If a claimant continues to dispute the benefit denial based upon completed performance of this Plan and the Deferral Agreement or the meaning and effect
of the terms and conditions thereof, then the claimant may submit the dispute to mediation, administered by the American Arbitration Association (AAA) (or a mediator selected by the parties) in accordance with the AAAs Commercial
Mediation Rules. If mediation is not successful in resolving the dispute, it shall be settled by arbitration administered by the AAA under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in
any court having jurisdiction thereof.

ARTICLE VIII - AMENDMENT AND TERMINATION OF PLAN

8.1 Amendment.

The Board may at any time
amend the Plan in whole or in part, provided, however, that no amendment shall be effective to decrease or restrict the amount accrued to the date of Amendment in any Account maintained under the Plan.

8.2 Associations and Companys Right to Terminate.

The Boards of the Association and the Company, acting jointly, may at any time partially or completely terminate the Plan if, in its judgment, the tax, accounting, or other effects of the continuance of the Plan, or
potential payments thereunder, would not be in the best interests of the Association and the Company. Following a Change in Control, the Board may only terminate the Plan if the Board obtains the express written consent of each Director. The Board
may terminate the Plan by instructing the Committee not to accept any additional Deferral Commitments, and by terminating all ongoing Deferral Commitments. To the extent permitted by Code Section 409A and Treasury Regulations, in the event of
termination, the Plan shall cease to operate and the Association and/or the Company, as applicable, shall pay out to each Director their Account as if that Director had terminated service as of the effective date of the termination. Payments shall
be made in equal annual installments over the period listed below, based on the Account balance:



|                              |  |              
|----------------------------- |  | -------------
|Appropriate Account Balance   |  | Payout Period
|Less than $10,000             |  | 1 Year       
|$10,000 but less than $50,000 |  | 3 Years      
|More than $50,000             |  | 5 Years      

If such earlier payment is prohibited by Code Section 409A and Treasury Regulations, then the
Company and/or the Association may terminate the Plan, however, the Directors account balance shall be paid in the form and at the time elected in each Directors Deferral Election Form or Forms.



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ARTICLE IX - MISCELLANEOUS

9.1 Unfunded Plan.

This Plan is intended to be an unfunded plan maintained primarily to provide deferred
compensation benefits for non-employee Directors of the Association or the Company. This Plan is not intended to create an investment contract, but to provide tax planning opportunities and retirement benefits to eligible individuals who have
elected to participate in the Plan.

9.2 Unsecured General Creditor.

Directors and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interest or claims in any property or assets of
Association and/or the Company, nor shall they be Beneficiaries of, or have any rights, claims or interests in any life insurance policies, annuity contracts or the proceeds therefrom owned or which may be acquired by Association and/or the Company.
Such policies or other assets of Association and/or the Company shall not be held under any trust for the benefit of Directors, their Beneficiaries, heirs, successors or assigns, or held in any way as collateral security for the fulfilling of the
obligations of Association and/or the Company under this Plan. Any and all of Associations and/or the Companys assets and policies shall be, and remain, the general, unpledged, unrestricted assets of Association and/or the Company.
Associations and/or Companys obligation under the Plan shall be that of an unfunded and unsecured promise of Association and/or Company to pay money in the future.

9.3 Trust Fund.

The Association and/or the
Company, as applicable, shall be responsible for the payment of all benefits provided under the Plan. At its discretion, the Association and/or the Company may establish one or more grantor trusts, with such trustees as the Board may approve, for
the purpose of providing for the payment of such benefits. Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Associations and/or the Companys creditors. To the extent any benefits
provided under the Plan are actually paid from any such trust, the Association and/or the Company shall have no further obligation with respect thereto, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid
by, the Association and/or the Company, as applicable.

9.4 Payment to Director, Legal Representative or Beneficiary.

Any payment to any Director or the legal representative, Beneficiary, or to any guardian or committee appointed for such Director or Beneficiary in
accordance with the provisions hereof, shall, to the extent thereof, be in full satisfaction of all claims hereunder, which may require the Director, legal representative, Beneficiary, guardian or committee, as a condition precedent to such payment,
to execute a receipt and release thereof in such form as shall be determined by the Association and/or the Company, as applicable.

9.5
Minimum Regulatory Capital Requirement.

Notwithstanding anything herein to the contrary, to the extent required by applicable law, no
benefits hereunder shall be earned or distributed in any year in which the Association is not meeting its fully phased-in capital requirements.

9.6 Nonassignability.

Neither a Director nor any other person shall have any right to commute, sell, assign, transfer,
hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and nontransferable. No part of the amounts payable shall,
prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Director or any other person, nor be transferable by operation of law in the event of a
Directors or any other persons bankruptcy or insolvency.



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9.7 Terms.

Whenever any words are used herein in the masculine, they shall be construed as though they were used in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or
in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply.

9.8 Captions.

The captions of the articles, sections and paragraphs of this Plan are for convenience only
and shall not control or affect the meaning or construction of any of its provisions.

9.9 Governing Law.

The provisions of this Plan shall be construed and interpreted according to the laws of the State of South Carolina.

9.10 Validity.

In case any provision of
this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted
herein.

9.11 Notice.

Any
notice or filing required or permitted to be given to the Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to any member of the Committee, the Plan Administrator, or the
Secretary of the Company. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

9.12 Successors.

The provisions of this
Plan shall bind and inure to the benefit of Sentry Bank & Trust, Great Pee Dee Bancorp, Inc. and their successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall,
whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of Sentry Bank & Trust, or Great Pee Dee Bancorp, Inc. and successors of any such corporation or other business entity.

9.13 Code Section 409A Compliance.

This Plan is intended to comply with Code Section 409A and the Treasury Regulations promulgated thereunder. In the event that any of the provisions of this Plan or portion hereof are held to be inoperative or
invalid by any court of competent jurisdiction, or in the event that any provision is found to violate Code Section 409A and would subject the Director to additional taxes and interest on the amounts deferred hereunder, or in the event that any
legislation adopted by any governmental body having jurisdiction over the Association would be retroactively applied to invalidate this Plan or any provision hereof or cause the benefits hereunder to be taxable, then: (1) insofar as is
reasonable, effect will be given to the intent manifested in the provisions held invalid or inoperative, and (2) the validity and enforceability of the remaining provisions will not be affected thereby. In the event that the intent of any
provision shall need to be construed in a manner to avoid taxability, such construction shall be made by the administrator in a manner that would manifest to the maximum extent possible the original meaning of such provisions.



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