Document:

Exhibit 10.(a)

 

[Sutherland Asbill and
Brennan LLP letterhead]

 

	
  STEPHEN E. ROTH

  	
   

  
	
  DIRECT LINE:
  202.383.0158

  	
   

  
	
  Internet:
  steve.roth@sutherland.com

  	
   

  

 

April 24, 2009

 

Board of Directors

Protective Life Insurance Company

2801 Highway 201 South

Birmingham, Alabama 35223

 

Directors:

 

We hereby consent to the reference to our
name under the caption “Legal Matters” in the statement of additional
information filed as part of post-effective amendment number 12 to the
registration statement on Form N-4 (File No. 333-113070) filed by
Protective Life Insurance Company and Protective Variable Annuity Separate
Account with the Securities and Exchange Commission.  In giving this consent, we do not admit that
we are in the category of persons whose consent is required under Section 7
of the Securities Act of 1933.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  SUTHERLAND ASBILL & BRENNAN LLP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen E. Roth

  
	
   

  	
   

  	
  Stephen E. RothExhibit 10.(b)

 

CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM

 

We hereby consent to the use in this Registration
Statement on Form N-4 (File No. 333-113070) of our report dated March 30,
2009, relating to the consolidated financial statements and financial statement
schedules of Protective Life Insurance Company and subsidiaries, which appears
in such Registration Statement.  We also
consent to the use in this Registration Statement on Form N-4 (File No. 333-113070)
of our report dated April 24, 2009, relating to the financial statements
of Protective Variable Annuity Separate Account, which appears in such
Registration Statement.  We also consent
to the reference to us under the heading “Experts” in such Registration
Statement.

 

PricewaterhouseCoopers
LLP

Birmingham, Alabama

April 30, 2009Exhibit 10.(a)

 

[Sutherland Asbill and Brennan LLP
letterhead]

 

	
  STEPHEN E. ROTH

  	
   

  
	
  DIRECT LINE:
  202.383.0158

  	
   

  
	
  Internet:
  steve.roth@sutherland.com

  	
   

  

 

April 24, 2009

 

Board of Directors

Protective Life Insurance Company

2801 Highway 201 South

Birmingham, Alabama 35223

 

Directors:

 

We hereby consent to the reference to our
name under the caption “Legal Matters” in the statement of additional
information filed as part of post-effective amendment number 10 to the
registration statement on Form N-4 (File No. 333-115212) filed by
Protective Life Insurance Company and Protective Variable Annuity Separate
Account with the Securities and Exchange Commission.  In giving this consent, we do not admit that
we are in the category of persons whose consent is required under Section 7
of the Securities Act of 1933.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  SUTHERLAND ASBILL & BRENNAN LLP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen E. Roth

  
	
   

  	
   

  	
  Stephen E. RothExhibit 10.(b)

 

CONSENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We hereby consent to the
use in this Registration Statement on Form N-4 (File No. 333-115212)
of our report dated March 30, 2009, relating to the consolidated financial
statements and financial statement schedules of Protective Life Insurance
Company and subsidiaries, which appears in such Registration Statement.  We also consent to the use in this
Registration Statement on Form N-4 (File No. 333-115212) of our
report dated April 24, 2009, relating to the financial statements of
Protective Variable Annuity Separate Account, which appears in such
Registration Statement.  We also consent
to the reference to us under the heading “Experts” in such Registration
Statement.

 

PricewaterhouseCoopers
LLP

Birmingham, Alabama

April 30, 2009Exhibit
10.(a)

 

[Sutherland Asbill and
Brennan LLP Letterhead]

 

	
   STEPHEN
  E. ROTH

  
	
    DIRECT
  LINE: 202.383.0158

  
	
  Internet:
  steve.roth@sutherland.com

  

 

April 24, 2009

 

Board
of Directors

Protective
Life and Annuity Insurance Company

2801
Highway 201 South

Birmingham,
Alabama 35223

 

Directors:

 

We
hereby consent to the reference to our name under the caption “Legal Matters”
in the statement of additional information filed as part of post-effective
amendment number 6 to the registration statement on Form N-4 (File No. 333-145621) filed by Protective Life
and Annuity Insurance Company and Variable Annuity Account A of Protective Life
with the Securities and Exchange Commission. 
In giving this consent, we do not admit that we are in the category of
persons whose consent is required under Section 7 of the Securities Act of
1933.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  SUTHERLAND
  ASBILL & BRENNAN LLP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Stephen E. Roth

  
	
   

  	
   

  	
  Stephen
  E. RothExhibit 10.(b)

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 

We hereby consent to the
use in this Registration Statement on Form N-4 (File No. 333-145621)
of our report dated March 30, 2009, relating to the consolidated financial
statements and financial statement schedules of Protective Life Insurance
Company and subsidiaries, which appears in such Registration Statement.  We also consent to the use in this
Registration Statement on Form N-4 (File No. 333-145621) of our
report dated April 24, 2009, relating to the financial statements of
Protective Variable Annuity Separate Account, which appears in such
Registration Statement.  We also consent
to the reference to us under the heading “Experts” in such Registration
Statement.

 

PricewaterhouseCoopers
LLP

Birmingham, Alabama

April 30,
2009Exhibit 4.1

 

 

SCBT FINANCIAL CORPORATION

2002 EMPLOYEE STOCK PURCHASE PLAN

(AMENDED AND RESTATED)

 

 

(Effective April 28, 2009)

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BACKGROUND

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.1

  	
   

  	
  Establishment of the Plan

  	
   

  	
  1

  
	
  1.2

  	
   

  	
  Applicability of the Plan

  	
   

  	
  1

  
	
  1.3

  	
   

  	
  Purpose

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DEFINITIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.1

  	
   

  	
  Administrator

  	
   

  	
  1

  
	
  2.2

  	
   

  	
  Beneficiary

  	
   

  	
  1

  
	
  2.3

  	
   

  	
  Board

  	
   

  	
  2

  
	
  2.4

  	
   

  	
  Code

  	
   

  	
  2

  
	
  2.5

  	
   

  	
  Committee

  	
   

  	
  2

  
	
  2.6

  	
   

  	
  Common Stock

  	
   

  	
  2

  
	
  2.7

  	
   

  	
  Compensation

  	
   

  	
  2

  
	
  2.8

  	
   

  	
  Date of Grant

  	
   

  	
  2

  
	
  2.9

  	
   

  	
  Employee

  	
   

  	
  2

  
	
  2.10

  	
   

  	
  Employer

  	
   

  	
  2

  
	
  2.11

  	
   

  	
  Exercise Date

  	
   

  	
  3

  
	
  2.12

  	
   

  	
  Fair Market Value

  	
   

  	
  3

  
	
  2.13

  	
   

  	
  Option

  	
   

  	
  3

  
	
  2.14

  	
   

  	
  Option Period

  	
   

  	
  3

  
	
  2.15

  	
   

  	
  Option Price

  	
   

  	
  3

  
	
  2.16

  	
   

  	
  Participant

  	
   

  	
  3

  
	
  2.17

  	
   

  	
  Plan

  	
   

  	
  3

  
	
  2.18

  	
   

  	
  Request for Participation Form, or Request Form

  	
   

  	
  3

  
	
  2.19

  	
   

  	
  Subsidiary

  	
   

  	
  3

  
	
  2.20

  	
   

  	
  Valuation Date

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ELIGIBILITY AND PARTICIPATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.1

  	
   

  	
  Eligibility

  	
   

  	
  4

  
	
  3.2

  	
   

  	
  Leave of Absence

  	
   

  	
  4

  
	
  3.3

  	
   

  	
  Participation

  	
   

  	
  4

  

 

i

 

	
  ARTICLE IV

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  STOCK AVAILABLE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.1

  	
   

  	
  Number of Shares Available In General

  	
   

  	
  5

  
	
  4.2

  	
   

  	
  Adjustment In Event of Changes In Capitalization

  	
   

  	
  5

  
	
  4.3

  	
   

  	
  Shares Unavailable

  	
   

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  OPTION PROVISIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.1

  	
   

  	
  Option Price

  	
   

  	
  6

  
	
  5.2

  	
   

  	
  Calendar Year $25,000 Limit

  	
   

  	
  6

  
	
  5.3

  	
   

  	
  Fixed and Determinable Number of Shares

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  PURCHASING COMMON STOCK

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.1

  	
   

  	
  Deductions from Payroll

  	
   

  	
  6

  
	
  6.2

  	
   

  	
  Deduction and Contribution Changes and
  Discontinuance

  	
   

  	
  7

  
	
  6.3

  	
   

  	
  Leave of Absence; Transfer to Ineligible Status

  	
   

  	
  7

  
	
  6.4

  	
   

  	
  Participant’s Account

  	
   

  	
  8

  
	
  6.5

  	
   

  	
  Automatic Exercise

  	
   

  	
  8

  
	
  6.6

  	
   

  	
  Issuance of Shares and Shareholder Rights

  	
   

  	
  8

  
	
  6.7

  	
   

  	
  Listing, Registration, and Qualification of Shares

  	
   

  	
  9

  
	
  6.8

  	
   

  	
  Dividend Reinvestment Plan

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WITHDRAWAL OF DEDUCTIONS;
  TERMINATION OF EMPLOYMENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.1

  	
   

  	
  Discontinuance of Deductions; Leave of Absence;
  Transfer to Ineligible Status

  	
   

  	
  9

  
	
  7.2

  	
   

  	
  Termination of Employment for Reasons Other Than Retirement,
  Disability, or Death

  	
   

  	
  9

  
	
  7.3

  	
   

  	
  Retirement or Disability

  	
   

  	
  10

  
	
  7.4

  	
   

  	
  Death

  	
   

  	
  10

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AMENDMENT AND TERMINATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.1

  	
   

  	
  Amendment

  	
   

  	
  10

  
	
  8.2

  	
   

  	
  Termination

  	
   

  	
  11

  

 

ii

 

	
  ARTICLE IX

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.1

  	
   

  	
  Shareholder Approval

  	
   

  	
  11

  
	
  9.2

  	
   

  	
  Employment Rights

  	
   

  	
  11

  
	
  9.3

  	
   

  	
  Tax Withholding

  	
   

  	
  11

  
	
  9.4

  	
   

  	
  Rights Not Transferable

  	
   

  	
  12

  
	
  9.5

  	
   

  	
  Effect of Certain Transactions

  	
   

  	
  12

  
	
  9.6

  	
   

  	
  No Repurchase of Stock by SCBT Financial

  	
   

  	
  12

  
	
  9.7

  	
   

  	
  Governing Law

  	
   

  	
  12

  

 

iii

 

 

SCBT FINANCIAL CORPORATION

2002 EMPLOYEE STOCK PURCHASE PLAN

(AMENDED AND RESTATED)

(Effective April 28, 2009)

 

ARTICLE I

 

BACKGROUND

 

1.1           Establishment of the Plan.

 

SCBT Financial Corporation,
formerly known as First National Corporation (“SCBT Financial”), established
this stock purchase plan, now known as the “SCBT FINANCIAL CORPORATION 2002
EMPLOYEE STOCK PURCHASE PLAN (AMENDED AND RESTATED)” (the “Plan”), effective
for the ten-year period commencing July 1, 2002, and terminating June 30,
2012, unless earlier terminated as provided in this document.  The Plan is intended to be an employee stock
purchase plan within the meaning of Section 423 of the Internal Revenue
Code of 1986, as amended, and the regulations and rulings thereunder.

 

1.2           Applicability of the Plan.

 

The provisions of this Plan are
applicable only to certain individuals who, on the first day of each Option
Period, are Employees of SCBT Financial and its participating subsidiaries.

 

1.3           Purpose.

 

The purpose of the Plan is to
enhance the proprietary interest among the Employees of SCBT Financial and its
participating subsidiaries through ownership of SCBT Financial Common Stock.

 

ARTICLE II

 

DEFINITIONS

 

Whenever capitalized in this
document, the following terms shall have the respective meanings set forth
below:

 

2.1           Administrator.

 

Administrator shall mean the
person (who may be an officer or employee of SCBT Financial) selected by the
Committee to operate the Plan, perform day-to-day administration of the Plan,
and maintain records of the Plan.

 

2.2           Beneficiary.

 

Beneficiary shall mean that
person so designated by the Participant on a Request Form delivered to the
Administrator.  In the event that no
validly designated Beneficiary is living at the 

 

 

time of a Participant’s death, the estate of the Participant shall be
deemed the Participant’s Beneficiary.

 

2.3           Board.

 

Board shall mean the board of
directors of SCBT Financial.

 

2.4           Code.

 

Code shall mean the Internal
Revenue Code of 1986, as amended from time to time, and the regulations
promulgated thereunder.

 

2.5           Committee.

 

Committee shall mean a
committee designated by the Board to have the general responsibility for the
administration of the Plan.

 

Subject to the express
provisions of the Plan, the Committee shall have plenary authority in its sole
and absolute discretion to interpret and construe any and all provisions of the
Plan, to adopt rules and regulations for administering the Plan, and to
make all other determinations necessary or advisable for administering the
Plan. The Committee’s determinations on the foregoing matters shall be
conclusive.

 

2.6           Common Stock.

 

Common Stock shall mean the
Common Stock, par value $2.50 per share, of SCBT Financial.

 

2.7           Compensation.

 

Compensation shall mean, for
any Participant for any payroll period, the Participant’s compensation which is
subject to an election to defer under SCBT Financial Employees’ Savings Plan.

 

2.8           Date of Grant.

 

Date of Grant shall mean the
first day of each Option Period.

 

2.9           Employee.

 

Employee shall mean a person
that is classified as an employee on the payroll records of an Employer
(regardless of such person’s legal status or for the purpose of other laws
relating to employees).

 

2.10         Employer.

 

Employer shall mean SCBT
Financial and any Subsidiary that is designated by the Board as an employer participating
in the Plan.

 

2

 

2.11         Exercise Date.

 

Exercise Date shall mean the
final day of each Option Period.

 

2.12         Fair Market Value.

 

Fair Market Value of a share of
Common Stock for each Option Period shall mean the closing price of the Common
Stock on the Nasdaq Stock Market (or such other stock exchange or
over-the-counter market which constitutes the primary market for the Common
Stock) as of the last business day for which prices are available prior to the
Date of Grant or the Exercise Date, as the case may be, for the purposes of Section 5.1.

 

2.13         Option.

 

Option shall mean a right to
purchase Common Stock under the Plan.

 

2.14         Option Period.

 

Option Period shall mean the
first day through the final day of each calendar quarter that the Plan is in
effect.  The Plan may terminate during an
Option Period as provided herein.  For
the purposes of this paragraph, each calendar year contains four calendar
quarters.  Such quarters commence on January 1,
April 1, July 1 and October 1.

 

2.15         Option Price.

 

Option Price for each Option
Period shall mean the price at which Common Stock may be purchased on an
Exercise Date under Section 5.1.

 

2.16         Participant.

 

Participant shall mean any
eligible Employee who has elected to participate in the Plan under Section 3.3.

 

2.17         Plan.

 

Plan shall mean the SCBT
Financial Corporation 2002 Employee Stock Purchase Plan, as amended and in
effect from time to time.

 

2.18         Request for Participation Form, or
Request Form.

 

Request for Participation Form, or Request Form, shall
mean an Employee’s enrollment form, containing such terms and provisions as may
be required by the Administrator for each Option Period.

 

2.19         Subsidiary.

 

Subsidiary shall mean any
present or future corporation which is a “subsidiary corporation” of SCBT
Financial as defined in Code Section 424.

 

3

 

2.20                           Valuation
Date.

 

Valuation Date shall mean those
dates on which the Fair Market Value of the Common Stock is measured under Section 5.1
in order to determine the Option Price.

 

Except when otherwise indicated
by the context, the definition of any term herein in the singular may also
include the plural.

 

ARTICLE III

 

ELIGIBILITY
AND PARTICIPATION

 

3.1                                 Eligibility.

 

An Employee becomes eligible to
participate in the Plan upon the first Date of Grant of an Option Period
following the date upon which he or she is eligible to participate in the SCBT
Financial Employees’ Savings Plan; provided that such Employee is customarily
scheduled to work at least 20 hours each week.

 

Notwithstanding the foregoing,
no Employee shall be eligible to participate during any Option Period if,
immediately after the Date of Grant for such Option Period, such Employee would
own stock, within the meaning of Section 423(b)(3) of the Code,
possessing five percent or more of the total combined voting power or value of
all classes of stock of SCBT Financial. 
For purposes of this Section, the attribution rules of Code Section 424(d) shall
apply in determining stock ownership of any Employee, and stock which the
Employee may purchase under outstanding options shall be treated as stock owned
by the Employee.

 

3.2                                 Leave
of Absence.

 

For purposes of
Sections 3.1, 6.3 and 7.1, an individual on a leave of absence from an
Employer shall be deemed to be an Employee for the first 90 days of such
leave.  For the purpose of the Plan only,
such individual’s employment with an Employer shall be deemed to have
terminated at the close of business on the ninetieth day of such leave, unless
the individual shall have returned to regular employment with an Employer prior
to the close of business on such ninetieth day. 
Termination of any individual’s leave of absence by an Employer, other
than on account of a return to employment with an Employer, shall be deemed to
terminate an individual’s employment with the Employer for all purposes of the
Plan.

 

3.3                                 Participation.

 

An Employee eligible to
participate in the Plan under Section 3.1 for an Option Period may become
a Participant in the Plan by completing and forwarding a Request Form to
the Administrator by the date established by the Committee.  Once a Request Form is executed by an
eligible Employee and approved by the Administrator (or his or her designee),
it shall remain in operation until superseded by a subsequent Request Form or
until the Plan terminates.  The Request Form shall
authorize a regular payroll deduction, as defined in Section 6.1, from the
Employee’s Compensation during the Option Period.  In the event that a Participant completely
discontinues his payroll deduction under Section 6.2, he shall be
ineligible to participate until the 

 

4

 

Date of Grant following the six (6) month anniversary of the date
he elected to discontinue his payroll deduction.

 

ARTICLE IV

 

STOCK
AVAILABLE

 

4.1                               Number
of Shares Available In General.

 

Subject to adjustment as
provided in this Section 4.1 and in Section 4.2, an aggregate of
Three Hundred Thousand (300,000) shares of Common Stock shall be available for
purchase pursuant to the provisions of the Plan.  The shares may be authorized and unissued
shares or may be shares issued and subsequently acquired by SCBT
Financial.  If an Option under the Plan
expires or terminates for any reason without having been exercised in whole or
in part, the shares subject to such Option that are not purchased shall again
be available for subsequent Option grants under the Plan.

 

4.2                               Adjustment
In Event of Changes In Capitalization.

 

The aggregate
number of shares of Common Stock reserved for purchase under the Plan, as
provided in Section 4.1, and the calculation of the Option Price per share
for Options granted but not yet exercised, shall be appropriately adjusted to
reflect any increase or decrease in the number of issued shares of Common Stock
resulting from a stock dividend, stock split, or combination of shares, recapitalization
or other change in SCBT Financial’s capitalization, or other distribution with
respect to holders of the Common Stock other than normal cash dividends. Such
adjustment in outstanding Options shall be made without change in the total
price applicable to the unexercised portion of such Options, and with a
corresponding adjustment in the Option Price per share.

 

4.3                               Shares
Unavailable.

 

If, on any Exercise Date, the
aggregate funds available for the purchase of Common Stock would purchase a
number of shares in excess of the number of shares then available for purchase
under the Plan pursuant to Section 4.1, the following events shall occur:

 

(a)                                The
number of shares that would otherwise be purchased by each Participant shall be
proportionately reduced on the Exercise Date in order to eliminate such excess;

 

(b)                               The
Plan shall automatically terminate immediately after the Exercise Date as of
which the supply of available shares is exhausted; and

 

(c)                                Any
balance remaining in each of the Participants’ accounts shall be refunded
promptly.

 

5

 

ARTICLE V

 

OPTION PROVISIONS

 

5.1                               Option
Price.

 

(a)                                  The
Option Price of Common Stock purchased for a Participant on the Exercise Date
of an Option Period commencing before July 1, 2009 shall be the lesser of:

 

(i)                                     85
percent of the Fair Market Value of the Common Stock on the Date of Grant of
the Option Period; or

 

(ii)                                  85
percent of the Fair Market Value of the Common Stock on the Exercise Date of
the Option Period.

 

(b)                               The
Option Price of Common Stock purchased for a Participant on the Exercise Date
of an Option Period commencing on or after July 1, 2009 shall be the
lesser of:

 

(i)                                     95
percent of the Fair Market Value of the Common Stock on the Date of Grant of
the Option Period; or

 

(ii)                                  95
percent of the Fair Market Value of the Common Stock on the Exercise Date of
the Option Period.

 

(c)                                The
dates at which the Fair Market Value is measured under this Section 5.1
shall be known as the “Valuation Date.”

 

5.2                               Calendar
Year $25,000 Limit.

 

Notwithstanding anything else
contained herein, no Employee may be granted an Option which permits such
Employee, during any calendar year, to purchase Common Stock under this Plan,
and any other qualified employee stock purchase plan (within the meaning of
Code Section 423) of SCBT Financial and its Subsidiaries, having an
aggregate fair market value, determined at the time of each Date of Grant
during such calendar year, of more than $25,000.

 

5.3                               Fixed
and Determinable Number of Shares.

 

Notwithstanding anything else
contained herein, no Employee may be granted an Option to purchase more than
Ten Thousand (10,000) shares of Common Stock during any Option Period.

 

ARTICLE VI

 

PURCHASING COMMON STOCK

 

6.1                               Deductions
from Payroll.

 

For each
Option Period, an Employee eligible to participate in the Plan (under Section 3.1)
may elect to participate by submitting a Request Form (under Section 3.3),
in 

 

6

 

accordance with such rules as may be adopted by the Committee from
time to time.  The Request Form shall
authorize a payroll deduction of any whole percentage of the Employee’s
Compensation payable each pay period. 
The percentage authorized and elected under this paragraph shall not
exceed 10%.

 

6.2                               Deduction
and Contribution Changes and Discontinuance.

 

(a)                                During
an Option Period, a Participant may increase or decrease his or her payroll
deduction by submitting to the Administrator an updated Request Form (under
Section 3.3) in accordance with such rules as may be adopted by the
Committee from time to time.  Such
Request Form shall authorize a payroll deduction of any whole percentage
of the Employee’s Compensation payable each pay period.  The percentage authorized and elected under
this paragraph shall not exceed 10%. 
Such a change in payroll deduction shall be effective on the first pay
period commencing in the month following receipt of the Request Form by
the Administrator (or earlier if approved by the Administrator), and shall
remain in effect as provided under Section 3.3.

 

(b)                               A
Participant may completely discontinue his or her payroll deduction at any
time, by filing a new Request Form with the Administrator.  A Request Form specifying a payroll
deduction of 0% shall be deemed to be a complete discontinuance of payroll
deduction.  This discontinuance shall be
effective on the first pay period commencing in the month following receipt of
the Request Form by the Administrator (or earlier if approved by the
Administrator), and shall remain in effect as provided under Section 3.3.

 

(c)                                In
the event that a Participant discontinues payroll deductions, such Participant
may elect to have the balance in his or her account:

 

(i)                                   returned
to the Participant pursuant to Section 7.1; or

 

(ii)                                held
under the Plan to purchase Common Stock for the Participant under the automatic
exercise provisions of Section 6.5.

 

6.3                               Leave
of Absence; Transfer to Ineligible Status.

 

If a Participant goes on a
leave of absence, is transferred to employment with a Subsidiary not
participating in the Plan, or remains employed with an Employer but is not
customarily scheduled to work at least 20 hours each week, such Participant
shall no longer be eligible for payroll deductions under the Plan, except as
otherwise provided in this Section 6.3.

 

With respect to his or her
payroll deductions, such Participant shall have the right to elect to:

 

(i)                                   withdraw
the balance in his or her account under Section 7.1; or

 

(ii)                                discontinue
payroll deductions under the Plan but remain a Participant in the Plan (unless
such Participant is deemed to have terminated under Section 3.2, in which
case such Participant shall be deemed to make an election under part (i) of
this Section 6.3).

 

7

 

If the Participant returns from
a leave of absence before being deemed to have terminated employment with an
Employer under Section 3.2, and again becomes a full-time Employee of an
Employer customarily scheduled to work at least 20 hours each week, his or her payroll
deductions shall automatically recommence at the percentage level in effect
immediately before the leave of absence or disqualifying change in employment
status (as applicable).

 

6.4                                 Participant’s
Account.

 

The Administrator shall
establish an account in the name of each Participant.  A Participant’s payroll deductions, as
described above, shall be credited to the Participant’s account, without
interest, until withdrawn, distributed, or used to purchase Common Stock under
the Plan.  All payroll deductions
received or held by SCBT Financial under the Plan may be used by SCBT Financial
for any corporate purpose, and SCBT Financial shall not be obligated to
segregate such payroll deductions.

 

6.5                                 Automatic
Exercise.

 

Unless a Participant’s account
is distributed in cash as provided by the Plan, his or her Option shall be
exercised automatically on the Exercise Date of the Option Period for the
purchase of the number of shares of Common Stock which the accumulated balance
in such Participant’s account at that time will purchase at the Option Price.

 

Prior to April 1, 2007,
fractional shares shall not be issued or purchased under the Plan.  In such an instance, if a Participant
participates in the Plan for the following Option Period, any accumulated
balance that would have been used to purchase a fractional share shall be
applied to such Participant’s account for the following Option Period.  Otherwise, any remaining balance will be
returned to the Participant (or Beneficiary, as appropriate).  Effective April 1, 2007, fractional
shares may be issued and purchased under the Plan.

 

Within sixty days after the
Exercise Date of each Option Period, each Participant participating in the Plan
for such Option Period (or Beneficiary, as appropriate) shall receive a statement
indicating the number of shares purchased for such Participant for such Option
Period.

 

6.6                                 Issuance
of Shares and Shareholder Rights.

 

As soon as practicable after
the Exercise Date of an Option Period, the Administrator shall cause the
Company to issue the number of shares purchased for each Participant (or
Beneficiary, as the case may be) for credit to the accounts of each Participant
(or Beneficiary, as the case may be). 
Subject to applicable law, SCBT Financial may issue such shares with or without
a certificate, provided that a Participant (or his or her Beneficiary) may at
any time request a certificate for such shares by written notice to the
Administrator.  As soon as practicable
after the shares have been issued, the Administrator shall notify each
Participant of the number of shares of Common Stock held in such account and of
the appropriate account information. 
None of the rights or privileges of a shareholder of the Common Stock
shall exist with respect to Common Stock purchased under the Plan unless and
until the shares of Common Stock have been issued by the Company and either the
Participant has become the beneficial owner of the Common Stock or the
Participant has become the record owner of the Common Stock.

 

8

 

6.7                                 Listing,
Registration, and Qualification of Shares.

 

The granting of Options for,
and the sale and delivery of, Common Stock under the Plan, shall be subject to
the effecting by SCBT Financial of any listing, registration, or qualification
of the shares subject to that Option upon any securities exchange or market and
under any federal or state law, or the obtaining of the consent or approval of
any governmental regulatory body that the Committee deems necessary or desirable
for the issue or purchase of the shares covered.

 

6.8                                 Dividend
Reinvestment Plan.

 

Until an election is made by a Participant (or his or
her Beneficiary) to the contrary, each Participant shall be deemed to have
elected to participate in the SCBT Financial Corporation Dividend Reinvestment
Plan (the “DRP”) with respect to dividends paid on shares of Common Stock
issued by SCBT Financial to such Participant under the Plan.  A Participant (or his or her Beneficiary) may
elect not to participate in the DRP by providing written notice of such
election to the Administrator, and such election shall become effective for all
dividends declared by SCBT Financial after such election.  A Participant who elects not to participate
in the DRP may not thereafter elect to participate in such plan except in
accordance with the terms and conditions of the DRP.  Shares of Common Stock issued by SCBT
Financial under the Plan shall be treated as subject to the DRP until such
election has become effective or such shares are sold, transferred or assigned
by a Participant.

 

ARTICLE VII

 

WITHDRAWAL
OF DEDUCTIONS; TERMINATION OF EMPLOYMENT

 

7.1                                 Discontinuance
of Deductions; Leave of Absence; Transfer to Ineligible Status.

 

In the event that a Participant
or his Beneficiary, as the case may be, elects to have the Participant’s
account balance returned under the provisions of Section 6.2(c) (discontinued
deduction), 6.3 (deemed termination or transfer to ineligible status), 7.3
(retirement or disability), or 7.4 (death), the balance in such Participant’s
account shall be returned to the Participant, in cash as soon as practicable,
upon the Participant’s written request received by the Administrator no later
than the 15th day of the final calendar month of the current Option Period.

 

7.2                                 Termination
of Employment for Reasons Other Than Retirement, Disability, or Death.

 

If a Participant terminates
employment with SCBT Financial and the Subsidiaries for reasons other than
retirement (voluntary termination of employment with SCBT Financial and the
Subsidiaries on or after age 65), disability as determined under SCBT Financial’s
long-term disability plan, or death, the balance in the Participant’s account
shall be returned to the Participant in cash as soon as practicable, and such
account balance shall not be used to purchase Common Stock under the Plan.

 

9

 

7.3                               Retirement
or Disability.

 

In the event a
Participant terminates employment with SCBT Financial and the Subsidiaries by
reason of retirement (as defined in Section 7.2) or disability as
determined under SCBT Financial’s long-term disability plan, the provisions of
this Section 7.3 shall apply.

 

With respect to the balance of
a Participant’s account, the Participant shall file a written election with the
Administrator by the 15th day of the final calendar month of the current
Option Period, indicating whether the balance is to be distributed under Section 7.3(i) or
used under Section 7.3(ii).  In the
event that such election is not received by such date, the Participant shall be
deemed to have elected distribution under Section 7.3(i).  Pursuant to such election, the Participant’s
account balance shall be:

 

(i)                                   returned
to the Participant under the provisions of Section 7.1; or

 

(ii)                                held
under the Plan and used to purchase Common Stock for the Participant under the
automatic exercise provisions of Section 6.5.

 

7.4                               Death.

 

In the event a Participant dies
during an Option Period, the provisions of this Section 7.4 shall apply.

 

With respect to the balance of
a Participant’s account, the Beneficiary shall file a written election with the
Administrator by the 15th day of the final calendar month of the current
Option Period, indicating whether the balance is to be distributed under Section 7.4(i) or
used under Section 7.4(ii).  In the
event that such election is not received by such date, the Beneficiary shall be
deemed to have elected distribution under Section 7.4(i).  Pursuant to such election, the Participant’s
account balance shall be:

 

(i)                                   distributed
to the Participant’s Beneficiary under the provisions of Section 7.1; or

 

(ii)                                held
under the Plan and used to purchase Common Stock for the Beneficiary under the
automatic exercise provisions of Section 6.5.

 

ARTICLE VIII

 

AMENDMENT
AND TERMINATION

 

8.1                               Amendment.

 

The Committee shall have the
right to amend or modify the Plan, in full or in part, at any time and from
time to time; provided, however, that no amendment or modification shall:

 

(a)                                Affect
any right or obligation with respect to any grant theretofore made, unless
required by law, or

 

(b)                               Unless
previously approved by the shareholders of SCBT Financial (where such approval
is necessary to satisfy then applicable requirements of federal securities 

 

10

 

laws, the Code, or
rules of any stock exchange or market on which SCBT Financial’s Common
Stock is listed):

 

(i)                                   in
any manner materially affect the eligibility requirements set forth in
Sections 3.1 and 3.2,

 

(ii)                                increase
the number of shares of Common Stock available for issuance under the Plan
(except as provided in Section 4.2), or

 

(iii)                             materially increase the
benefits to Participants under the Plan.

 

8.2                               Termination.

 

The Committee may terminate the
Plan at any time in its sole and absolute discretion.  Upon termination of the Plan, the
Administrator shall give notice thereof to Participants and shall terminate all
payroll deductions.  Cash balances in
Participants’ accounts shall be refunded promptly.

 

ARTICLE IX

 

MISCELLANEOUS

 

9.1                               Shareholder
Approval.

 

The Plan shall be approved and
ratified by the shareholders of SCBT Financial, not later than 12 months after
the Plan is approved by the Board of Directors, pursuant to Treasury regulation
Section 1.423-2(c). If for any reason such approval is not given by such
date, the Plan shall automatically terminate, all payroll deductions shall
cease, and the balances in Participants’ accounts shall be promptly distributed
to them.  Any Common Stock issued for
credit to the accounts of Participants (or to such Participants) prior to such
date, however, shall remain the property of the Participants.

 

9.2                               Employment
Rights.

 

Neither the establishment of
the Plan, nor the grant of any Options thereunder, nor the exercise thereof
shall be deemed to give to any Employee the right to be retained as an employee
of SCBT Financial or any Subsidiary or to interfere with the right of SCBT
Financial or any Subsidiary to discharge any Employee or otherwise modify the
employment relationship at any time.

 

9.3                               Tax
Withholding.

 

The Administrator shall be
entitled to require any Participant to remit, through payroll withholding or
otherwise, any tax (including, without limitation, state and federal income tax
and, if required by law or relevant IRS guidance, the Participant’s portion of
FICA and FUTA tax) that it determines it is so obligated to collect with
respect to the issuance of Options or Common Stock hereunder, or the subsequent
exercise of such Options or the sale or disposition 

 

11

 

of such Common Stock, and the Administrator shall institute such
mechanisms as shall insure the collection of such taxes.

 

9.4                                 Rights
Not Transferable.

 

No Option granted under the
Plan is assignable or transferable by any Participant, other than by will or
the laws of descent and distribution. 
Options granted to a Participant are only exercisable, during such
Participant’s lifetime, by that Participant. 
A Participant’s unexercised Options, in the event that a Participant
dies, shall be treated pursuant to the provisions of Section 7.4.

 

9.5                                 Effect
of Certain Transactions.

 

Subject to any required action
by the shareholders, if SCBT Financial shall be the surviving or resulting
entity in any merger or share exchange, or if SCBT Financial shall be a party
to a merger or share exchange for the purpose of changing the jurisdiction of
its incorporation, any Options granted hereunder shall pertain to and apply to
the shares of stock of SCBT Financial or the survivor.  However, in the event of a dissolution or
liquidation of SCBT Financial, or of a merger or share exchange in which SCBT
Financial is not the surviving or resulting entity, or a sale of all or
substantially all of the assets of SCBT Financial, the Plan and any offering hereunder
shall terminate upon the effective date of such dissolution, liquidation,
merger, share exchange or asset sale, and the balance then standing to the
credit of each Participant in his or her account shall be refunded promptly.

 

9.6                                 No
Repurchase of Stock by SCBT Financial.

 

SCBT Financial is under no
obligation to repurchase from any Participant, Beneficiary, or any other party,
any shares of Common Stock acquired under the Plan.

 

9.7                                 Governing
Law.

 

The Plan shall be governed by
and construed in accordance with the laws of the State of South Carolina except
to the extent such laws are preempted by federal law.

 

IN
WITNESS WHEREOF, SCBT Financial Corporation has caused
this plan document, as amended and restated, to be executed this 28th day of
April, 2009.

 

	
   

  	
  SCBT FINANCIAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John C. Pollok

  
	
   

  	
   

  
	
   

  	
   

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Renee R. Brooks, Corporate Secretary

  	
   

  
				

 

12

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