Share Repurchase Agreement


    
      EXHIBIT
        10.48

       

      THIS
        TRADING PLAN IS SUBJECT TO ARBITRATION PURSUANT

      TO
        THE
        RULES OF THE AMERICAN ARBITRATION 

      ASSOCIATION,
        AS MODIFIED HEREIN.

       

      


      Rule
        l0b5-1 Trading Plan

      


      This
        Trading Plan dated August 18, 2005 (the "Trading Plan") is entered into between
        Community Capital Corporation ("Purchaser") and FIG Partners, LLC ("FIG"),
        acting as agent, for the purpose of establishing a trading plan that complies
        with Rule 10b5-1(c)(1) under the Securities Exchange Act of 1934, as amended
        (the "Exchange Act").

      


      Purchaser
        and FIG agree as follows:

      


      
        	
                1.

              	
                Specific
                  Plan of Purchase.
                  FIG agrees to effect Purchases of common stock, par value $1.00
                  per share,
                  of Purchaser (the "Stock") on behalf of Purchaser in accordance
                  with the
                  specific instructions set forth in Exhibit
                  A
                  hereto (the "Purchases
                  Instructions").

              


      

       

      
        	
                2.

              	
                Fees/Commissions.
                  Purchaser shall pay FIG $.04 per share for stock purchased; such
                  amount to
                  be added by FIG to the principal purchase price for securities
                  purchased
                  under this Trading Plan.

              


      

       

      
        	
                3.

              	
                Purchaser's
                  Representations and Warranties.
                  As of the date hereof, Purchaser represents and warrants that:
                  

              


      

       

      
        	 	
                (a)

              	
                Purchaser
                  is not aware of any material nonpublic information concerning Purchaser
                  or
                  any securities of Purchaser;

              


      

       

      
        	 	
                (b)

              	
                Purchaser
                  is entering into this Trading Plan in good faith and not as part
                  of a plan
                  or scheme to evade the prohibitions of Rule 10b5-1;
                  and

              


      

       

      
        	 	
                (c)

              	
                Purchaser
                  is not subject to any legal, regulatory or contractual restriction
                  or
                  undertaking that would prevent FIG from conducting purchases in
                  accordance
                  with this Trading Plan.

              


      

       

      
        	
                4.

              	
                Agreements
                  by Purchaser.

              


      

       

      
        	
              	(a)	
                Delivery
                  of Funds. Purchaser
                  agrees to deliver the appropriate funds for all shares of stock
                  to be
                  bought pursuant to this Trading Plan into an account at FIG in
                  the name of
                  and for the benefit of Purchaser (the "Plan Account") via normal
                  T + 3
                  settlement after each and every purchase. Upon notification from
                  FIG, if
                  any, that the amount delivered is less than the amount purchased,
                  Purchaser agrees to deliver promptly to the Plan Account the appropriate
                  funds necessary to eliminate this
                  shortfall.

              


      

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      
        	 	
                (b)

              	
                No
                  Influence.
                  Purchaser acknowledges and agrees that Purchaser does not have,
                  and shall
                  not attempt to exercise, any influence over how, when or whether
                  to effect
                  Purchases of Stock pursuant to this Trading
                  Plan.

              


      

       

      
        	 	
                (c)

              	
                Discretion.
                  Purchaser acknowledges and agrees that FIG and its affiliates and
                  any of
                  their respective officers, employees or other representatives shall
                  not
                  exercise discretionary authority or discretionary control in connection
                  with effecting Purchases under this Trading Plan, except pursuant
                  to the
                  Purchaser's Instructions under this Trading Plan or the express
                  provisions
                  of this Trading Plan.

              


      

       

      
        	 	
                (d)

              	
                Relief
                  from Obligation to Effect Purchases.
                  Purchaser understands that FIG may not be able to effect a Stock
                  purchase
                  due to a market disruption or a legal, regulatory, or contractual
                  restriction applicable to FIG. If any purchase cannot be executed
                  as
                  required by this Trading Plan, due to market disruption, a legal,
                  regulatory or contractual restriction applicable to FIG or any
                  other
                  event, FIG agrees to effect such purchase as promptly as practical
                  after
                  the cessation or termination of such market disruption, applicable
                  restriction or other event, subject to the instructions set forth
                  in this
                  letter and in Exhibit
                  A.
                  In the event FIG is unable to effect a Stock purchase for the reasons
                  set
                  forth in this paragraph, FIG will promptly notify Purchaser’s
                  representatives in accordance with paragraph 9
                  below.

              


      

       

      
        	
                5.

              	
                Suspension.
                  Purchases under this Trading Plan shall be suspended as
                  follows:

              


      

       

      
        	 	
                (a)

              	
                Promptly
                  after the date on which FIG receives notice from Purchaser of legal,
                  contractual or regulatory restrictions applicable to Purchaser
                  or
                  Purchaser's affiliates that would prevent FIG from buying Stock
                  for
                  Purchaser's account during the Plan Purchases Period (as defined
                  below)
                  (such notice merely stating that there is a restriction applicable
                  to
                  Purchaser without specifying the reasons for the restriction),
                  including a
                  restriction based on Purchaser's awareness of material nonpublic
                  information in connection with a tender offer for Purchaser's securities
                  (transactions on the basis of which Rule 14e-3 of the Exchange
                  Act could
                  be violated).

              


      

       

      
        	 	
                (b)

              	
                In
                  the event of a Qualifying Securities Offering (as defined below),
                  from the
                  Suspension Date until FIG receives notice from Purchaser of the
                  Resumption
                  Date (each as defined below); provided, however, that (i) FIG has
                  received
                  reasonable notice of such Qualifying Securities Offering from Purchaser;
                  and (ii) Purchaser certifies that Purchaser has no control over
                  the date
                  on which the Preliminary Offering Document or Underwriting Agreement
                  (each, as defined below) is filed, used, distributed or executed,
                  as the
                  case may be.

              


      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      
        	 	
                (c)

              	
                "Qualifying
                  Securities Offering" means any offering of securities of Purchaser
                  for
                  cash in which the lead underwriter, lead manager, initial purchaser,
                  placement agent or other entity performing a similar function (each,
                  an
                  "Underwriter") requires Purchaser to agree to restrict Purchaser's
                  ability
                  to effect Purchases pursuant to this Trading Plan. "Suspension
                  Date" means
                  the earlier of (i) the date on which a preliminary prospectus,
                  offering
                  memorandum, offering circular or other disclosure document (each,
                  a
                  "Preliminary Offering Document") is first used to market securities
                  of
                  Purchaser by the Underwriter, or (ii) if no such offering document
                  is used
                  in connection with a Qualifying Securities Offering, the date on
                  which the
                  underwriting agreement, purchase agreement, placement agent agreement
                  or
                  similar agreement (each, an "Underwriting Agreement") is entered
                  into by
                  the Underwriter and Purchaser. "Resumption Date" means the day
                  immediately
                  following the expiration of the time period during which Purchaser
                  was
                  restricted from effecting Purchases pursuant to this Trading Plan
                  in
                  accordance with the Underwriting
                  Agreement.

              


      

       

      
        	 	
                (d)

              	
                In
                  the event that FIG becomes aware of material nonpublic information
                  concerning Purchaser or the Stock, FIG may be required by applicable
                  law
                  or, in its sole discretion, find it advisable, to suspend Purchases
                  under
                  this Trading Plan. In such case, FIG shall promptly notify Purchaser
                  of
                  the suspension of Purchases under this Trading
                  Plan.

              


      

       

      
        	
                6.

              	
                Effectiveness
                  and Termination.
                  This Trading Plan is effective as of the date first written above
                  and will
                  terminate on the earliest to occur of the following (the "Plan
                  Purchases
                  Period"):

              


      

       

      
        	 	
                (a)

              	
                on
                  February 28, 2006;

              


      

       

      
        	 	
                (b)

              	
                upon
                  the determination by FIG, or promptly after the determination by
                  Purchaser
                  and notice to FIG (either of which determinations must be reasonable),
                  that this Trading Plan does not comply with Rule
                  10b5-1;

              


      

       

      
        	 	
                (c)

              	
                the
                  date that the aggregate number of shares of Stock bought pursuant
                  to this
                  Trading Plan reaches 100,000 shares;
                  or

              


      

       

      
        	 	
                (d)

              	
                Purchaser
                  delivers written notice to FIG to terminate the Trading Plan for
                  any
                  reason.

              


      

       

      
        	
                7.

              	
                Indemnification.

              


      

       

      
        	 	
                (a)

              	
                Purchaser
                  agrees to indemnify and hold harmless FIG and its directors, officers,
                  employees and affiliates from and against all claims, losses, damages
                  and
                  liabilities (including, without limitation, any legal or other
                  expenses
                  reasonably incurred in connection with defending or investigating
                  any such
                  action or claim) arising out of or attributable to FIG’s actions taken or
                  not taken in compliance with this Trading Plan, arising out of
                  or
                  attributable to any breach by Purchaser of this Trading Plan (including
                  Purchaser's representations and warranties hereunder), or any violation
                  by
                  Purchaser of applicable laws or regulations. This indemnification
                  shall
                  survive termination of this Trading
                  Plan.

              


      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      
        	 	
                (b)

              	
                FIG
                  agrees to indemnify and hold harmless Purchaser, and its directors,
                  officers, employees and affiliates from and against all claims,
                  losses,
                  damages and liabilities (including, without limitation, any legal
                  or other
                  expenses reasonably incurred in connection with defending or investigating
                  any such action or claim) arising out of or attributable to the
                  negligence
                  or willful misconduct of FIG in connection with this Trading Plan,
                  any
                  breach by FIG of this Trading Plan (including FIG’s representations and
                  warranties hereunder), or any violation by FIG of applicable laws
                  or
                  regulations. This indemnification shall survive termination of
                  this
                  Trading Plan.

              


      

       

      
        	
                8.

              	
                Agreement
                  to Arbitrate.
                  If a dispute, controversy or claim (whether based upon contract,
                  tort,
                  statute, common law or otherwise) (collectively a “Dispute”) arises from
                  or relates directly or indirectly to the subject matter hereof,
                  and if the
                  Dispute cannot be settled through direct discussions, the parties
                  shall
                  first endeavor to resolve the Dispute by participating in a mediation
                  administered by the American Arbitration Association (the “AAA”) under its
                  Commercial Mediation Rules before resorting to arbitration. Thereafter,
                  any unresolved Dispute shall be settled by binding arbitration
                  administered by the AAA in accordance with its Commercial Arbitration
                  Rules and judgment on the award rendered by the arbitrator, after
                  the
                  review rights set forth below have been exhausted, may be entered
                  in any
                  court having jurisdiction. The arbitration and mediation proceedings
                  shall
                  be conducted in Columbia, South Carolina on an expedited basis
                  before a
                  neutral mediator or arbitrator, as the case may be, (or multiple
                  arbitrators if called for by the Commercial Arbitration Rules)
                  who is a
                  member of the Bar of the State of South Carolina, and has been
                  actively
                  engaged in the practice of law for at least fifteen (15) years,
                  specializing in commercial transactions with substantial experience
                  in the
                  subject matter of this Trading Plan. Any attorney who serves as
                  an
                  arbitrator shall be compensated at a rate equal to his or her current
                  regular hourly billing rate. Upon the request of either party,
                  the
                  arbitrator’s award shall include findings of fact and conclusions of law
                  provided that such findings may be in summary form. Either party
                  may seek
                  review of the arbitrator’s award before an arbitration review panel
                  comprised of three (3) arbitrators qualified in the same manner
                  as the
                  initial arbitrator (as set forth above) by submitting a written
                  request to
                  the AAA. The right of review shall be deemed waived unless requested
                  in
                  writing within ten (10) days of the receipt of the initial arbitrator’s
                  award. The arbitration review panel shall be entitled to review
                  all
                  findings of fact and conclusions of law in whatever manner it deems
                  appropriate and may modify the award of the initial arbitrator
                  in its
                  discretion. The prevailing party in any arbitration proceeding
                  shall be
                  entitled to an award of all reasonable out-of-pocket costs and
                  expenses
                  (including attorneys’ and arbitrators’ fees) related to the entire
                  arbitration proceeding (including review if applicable). A party
                  shall not
                  be prevented from seeking temporary injunctive relief before a
                  court of
                  competent jurisdiction in an emergency or other exigent situation,
                  but
                  responsibility for resolution of the dispute shall be appropriately
                  transferred to the arbitrator(s) upon appointment in accordance
                  with the
                  provisions hereof.

              


      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
        	
                9.

              	
                Notices.

              


      

       

      
        	 	
                (a)

              	
                All
                  notices to FIG under this Trading Plan shall be provided to FIG
                  in the
                  manner specified by this Trading Plan by email to the address indicated
                  below, by telephone at 404-601-7202,
                  by facsimile at 404-591-6004,
                  or by certified mail to the address
                  below:

              


      

       

      1545
        Peachtree St. NE Suite 650

      Atlanta,
        GA 30309

      Email:elawless@figpartners.com

      Facsimile:404-591-6004

      


      
        	 	
                (b)

              	
                All
                  notices to Purchaser under this Trading Plan shall be given to
                  Purchaser
                  in the manner specified by this Trading Plan by email to the addresses
                  indicated below, by telephone at (864) 941-8242, by facsimile at
                  (864)
                  941-8283, or by certified mail to the address
                  below:

              


      

       

      1402C
        Highway 72 West

      Greenwood,
        South Carolina 29646

      


      Officers
        to be notified of any repurchase activity the morning after the trade
        date:

       

      
        
          	
                  Name

                	
                  Title

                	
                  Phone

                	
                  Email

                
	 	 	 	 
	
                  Wess
                    Brewer

                	
                  CFO

                	
                  (864)
                    941-8290

                	
                  wbrewer@capitalbanksc.com

                
	
                  Lee
                    Lee M. Lee

                	
                  Vice
                    President

                	
                  (864)
                    941-8242

                	
                  llee@capitabanksc.com

                
	
                  Mary
                    Beth Ginn

                	 	
                  (864)
                    941-8284

                	
                  mbginn@capitalbanksc.com

                


        

      

      


      
        	
                10.

              	
                Amendments
                  and Modifications.
                  This Trading Plan may be amended only upon the prior written consent
                  of
                  both parties hereto.

              


      

       

      
        	
                11.

              	
                Assignment.
                  The rights and obligations under this Trading Plan may not be assigned
                  or
                  delegated without the prior written consent of the other party
                  hereto.

              


      

       

      
        	
                12.

              	
                Inconsistency
                  with Law.
                  If any provision of this Trading Plan is or becomes inconsistent
                  with any
                  applicable present or future law, rule or regulation, that provision
                  will
                  be deemed modified or, if necessary, rescinded in order to comply
                  with the
                  relevant law, rule or regulation. All other provisions of this
                  Trading
                  Plan will continue and remain in full force and
                  effect.

              


      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      
        	
                13.

              	
                Governing
                  Law.
                  This Trading Plan shall be governed by and construed in accordance
                  with
                  the internal laws of the State of South Carolina and may be modified
                  or
                  amended only by a writing signed by the parties
                  hereto.

              


      

       

      
        	
                14.

              	
                Entire
                  Agreement.
                  This Trading Plan, including Exhibits, constitutes the entire agreement
                  between the parties with respect to this Trading Plan and supercedes
                  any
                  prior agreements or understandings with regard to this Trading
                  Plan.

              


      

       

      
        	
                15.

              	
                Counterparts.
                  This Trading Plan may be signed in any number of counterparts,
                  each of
                  which shall be an original, with the same effect as if the signatures
                  thereto and hereto were upon the same
                  instrument.

              


      

       

      
        	
                16.

              	
                FIG’s
                  Representations and Warranties.
                  FIG hereby acknowledges that the repurchase by Purchaser of securities
                  pursuant to this Trading Plan is subject to certain rules and regulations
                  promulgated by the Securities and Exchange Commission, including
                  but not
                  limited to Rule 10b-18. FIG hereby agrees to comply with any and
                  all such
                  rules and regulations in effecting the purchases pursuant to the
                  Trading
                  Plan.

              


      

       

      IN
        WITNESS WHEREOF, the undersigned have executed and delivered this Trading
        Plan
        as of the date first written above.

      


      COMMUNITY
        CAPITAL CORPORATION

      


      /s/
        William G. Stevens 
        
          

        


      By:
        William G. Stevens 

      Title:
        President and CEO

      


      


      FIG
        PARTNERS, LLC

      


      /s/
        Geoffrey M. Hodgson 
        
          

        

      

      Name:
        Geoffrey M. Hodgson 

      Title:
        Managing Principal 

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      


      EXHIBIT
        A

      


      This
        Exhibit A may not be amended except in accordance with the Trading
        Plan.

      


      SPECIFIC
        INSTRUCTIONS

      


      
        	
                1.

              	
                FIG
                  shall enter a Buy Order for a specified Purchase Amount (as defined
                  below)
                  for the account of Purchaser on each specified Purchase Day (as
                  defined
                  below) at the specified Purchase Price (as defined below), subject
                  to the
                  following restrictions:

              


      

      


      In
        no
        event shall FIG buy any shares of Stock pursuant to the Trading Plan prior
        to
        August 22, 2005.

      


      
        	
                2.

              	
                A
                  "Purchase Day" shall be any day during the Plan Purchases Period
                  that the
                  limit price specified below is met; provided,
                  however,
                  that if any Purchase Day is not a Trading Day, such Purchase Day
                  shall be
                  deemed to fall on the next succeeding Trading Day within the Plan
                  Purchases Period.

              


      

      


      
        	
                3.

              	
                The
                  "Purchase Amount" for any Purchase Day shall be determined in accordance
                  with the following formula: 1 

              


      

       

      Until
        the
        Trading Plan is terminated, purchase the maximum amount of CYL common stock
        allowed under SEC Rule 10b-18 on a daily basis for the period beginning on
        the
        day listed in Paragraph 1 of this Exhibit
        A
        and
        ending on February 28, 2006. Purchaser will have no control as to the actual
        timing of the purchases or the amount to be purchased. FIG will determine
        the
        appropriate SEC Rule 10b-18 non-block calculation on a weekly basis and will
        have full discretion as to time and amount of purchases provided the limit
        price
        specified below is met and the total aggregate number of shares does not
        exceed
        (1) the maximum allowed by SEC Rule 10b-18 and (2) the maximum allowed by
        the
        repurchase plan authorized by the Board of Directors.

      


      
        	4.	
                The
                  Purchase Price shall be less than or equal to $24.00 per
                  share.

              


      

      


      
        	
                5.

              	
                If
                  a limit order is entered pursuant to this Trading Plan it will
                  be entered
                  as a day order.

              


      

      


      
        	
                6.

              	
                If
                  FIG cannot buy the Purchase Amount on any Purchase Day,
                  then:

              


      

      


      
        	 	
                (a)

              	
                Subject
                  to the restrictions in paragraph 1 above, FIG may buy the amount
                  of such
                  shortfall as soon as, and to the extent practicable, on the immediately
                  succeeding Trading Day. In the event all or part of such shortfall
                  cannot
                  be bought on the immediately succeeding Trading Day, the remaining
                  amount
                  of such shortfall may be bought on the immediately succeeding Trading
                  Day
                  until all such shares are purchased or the Trading Plan
                  expires.

              


      

       

       

      
        
          

        

        1
          This
          formula, together with the other provisions of this section, must identify
          the
          amount, price and dates with the specificity required by Rule
          10b5-1(c)(1)(i)(B)(2).

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
        	 	
                (b)

              	
                If
                  any such shortfall referred to in paragraph 6(a) above exists after
                  the
                  close of trading on the last Trading Day of the Plan Purchases
                  Period,
                  FIG's authority to buy such shares for the account of Purchaser
                  under the
                  Trading Plan shall terminate.

              


      

      


      
        	
                6.

              	
                The
                  Purchase Amount and the Purchase Price shall be adjusted automatically
                  on
                  a proportionate basis to take into account any stock split, reverse
                  stock
                  split or stock dividend with respect to the Stock or any change
                  in
                  capitalization with respect to Purchaser that occurs while the
                  Trading
                  Plan is in effect.

              


      

      


      
        	
                7.

              	
                The
                  term "Stock" as used in the Trading Plan shall include any class
                  or series
                  of common stock of Purchaser into which the Stock shall be converted
                  whether pursuant to a reclassification, reorganization, re-incorporation
                  or similar event.

              


      

      


      
        	
                8.

              	
                A
                  "Trading Day" is any day during the Plan Purchases Period that
                  the AMEX
                  (the "Principal U.S. Market") is open for business and the Stock
                  trades
                  regular way on the principal U.S. market; provided, however, that
                  a
                  "Trading Day" shall mean only that day's regular trading session
                  of the
                  Principal U.S. Market and shall not include any extended-hours
                  or
                  after-hours trading sessions that the Principal U.S. Market may
                  allow.

              


      

      


      
        	
                9.

              	
                FIG
                  may buy stock on any national securities exchange, in the over-the-counter
                  market, on an automated trading system or
                  otherwise.

              


      

       

       

       

      8