Document:

EXHIBIT 10.18

 Exhibit 10.18 
 Greer State Bank 
 Supplemental Life Insurance Agreement 
 GREER STATE BANK 
 SUPPLEMENTAL LIFE INSURANCE AGREEMENT 
 NOTHING IN THIS AGREEMENT SHALL CREATE OR BE DEEMED TO CREATE AN 
 EMPLOYMENT AGREEMENT EITHER EXPRESS OR IMPLIED. 
 THIS SPLIT DOLLAR AGREEMENT (the “Agreement”) is adopted this 27th day of February, 2007, by and
between Greer State Bank, a state-chartered commercial located in Greer, South Carolina (the “Company”), and Victor K. Grout (the “Executive”). 
 The purpose of this Agreement is to retain and reward the Executive, by dividing the death proceeds of certain life insurance policies which are owned by the Company on the life of the Executive with the designated
beneficiary of the Executive. The Company will pay the life insurance premiums from its general assets. 
 Article 1 
 Definitions 
 Whenever used in this
Agreement, the following terms shall have the meanings specified: 
  

	1.1	“Beneficiary” means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive.

  

	1.2	“Beneficiary Designation Form” means the form established from time to time by the Plan Administrator that the Executive completes, signs and returns to the Plan
Administrator to designate one or more Beneficiaries. 

  

	1.3	“Board” means the Board of Directors of the Company as from time to time constituted. 

  

	1.4	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	1.5	“Company’s Interest” means the benefit set forth in Section 2.1. 

  

	1.6	“Executive’s Interest” means the benefit set forth in Section 2.2 payable only upon the Executive’s death. 

  

	1.7	“Insured” means the Executive. 

  

	1.8	“Insurer” means the insurance company issuing the Policy on the life of the Executive. 

  

	1.9	“Net Death Proceeds” means the total death proceeds of the Policy less any outstanding indebtedness to the Insurer minus the greater of (i) the cash surrender
value or (ii) the aggregate premiums paid by the Company. 

  

	1.10	“Plan Administrator” means the plan administrator described in Article 10. 

 Greer State Bank 
 Supplemental Life Insurance Agreement 
  

	1.11	“Policy” or “Policies” means the individual insurance policy or policies owned by the Company solely for purposes of insuring the Executive’s
life under this Agreement. 

  

	1.12	“Termination of Employment” means the termination of Executive’s employment for any reason, voluntarily or involuntarily, other than a leave of absence
approved by the Company. 

 Article 2 
 Policy Ownership/Interests 
  

	2.1	Company’s Interest. The Company’s Interest in the Policy is an amount equal to the total death proceeds and cash surrender value of the Policy less the
Executive’s Interest (if any) described in Section 2.2. The Company shall be the beneficiary of the Company’s Interest. The Company shall own the Policy and shall have the right to exercise all incidents of ownership except that the
Company shall not sell, surrender or transfer ownership of a Policy so long as there is an Executive’s Interest in the Policy as described in Section 2.2. However, the Company may replace the Policy with a policy that provides comparable
death benefits to cover the benefit provided under this Agreement. This provision shall not impair the right of the Company, subject to Article 8, to terminate this Agreement. 

  

	2.2	Executive’s Interest. The Executive’s Interest in the Policy is an amount equal to the lesser of a) the Net Death Proceeds at the time of the Executive’s
death, or b) Thirty Five Thousand Dollars ($35,000). Upon Termination of Employment the Executive shall forfeit all rights under the Policy and this agreement. 

 Article 3 
 Premiums and Imputed Income 
  

	3.1	Premium Payment. The Company shall pay all premiums due on all Policies. 

  

	3.2	Economic Benefit. The Company shall determine the economic benefit attributable to the Executive based on the life insurance premium factor for the Executive’s age
multiplied by the aggregate death benefit payable to the Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent
authority. 

  

	3.3	Imputed Income. The Company shall impute the economic benefit to the Executive on an annual basis, by adding the economic benefit to the Executive’s W-2, or if
applicable, Form 1099. 

 Article 4 
 Beneficiaries 
  

	4.1	Beneficiary. The Executive shall have the right, at any time, to designate a Beneficiary to receive the Executive’s Interest under this Agreement upon the death
of the Executive. The Beneficiary designated under this Agreement may be the same as or different from the Beneficiary designated under any other Agreement of the Company in which the Executive participates. 

 Greer State Bank 
 Supplemental Life Insurance Agreement 
  

	4.2	Beneficiary Designation; Change. The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form, and delivering it to the Company or
its designated agent. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved. The
Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Company’s rules and procedures, as in effect from time to time. Upon the acceptance
by the Company of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Company shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Company
prior to the Executive’s death. 

  

	4.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Company or its
designated agent. 

  

	4.4	No Beneficiary Designation. If the Executive dies without a valid designation of Beneficiary, or if all designated Beneficiaries predecease the Executive, then the
Executive’s surviving spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the benefits shall be made payable to the Executive’s estate. 

  

	4.5	Facility of Payment. If the Company determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of
handling the disposition of that person’s property, the Company may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Company may
require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s Beneficiary, as the case
may be, and shall be a complete discharge of any liability under the Agreement for such payment amount. 

 Article 5

 Assignment 
 The
Executive shall not assign all or part of the Executive’s Interest in the Agreement and any attempted Assignment shall be null and void, ab initio. 
 Article 6 
 Insurer 
 The Insurer shall be bound only by the terms of its given Policy. The Insurer shall not be bound by or deemed to have notice of the provisions of this
Agreement. The Insurer shall have the right to rely on the Company’s representations with regard to any definitions, interpretations or Policy interests as specified under this Agreement. 

 Greer State Bank 
 Supplemental Life Insurance Agreement 
  
 Article 7

 Claims And Review Procedure 
  

	7.1	Claims Procedure. The Executive or Beneficiary (“claimant”) who has not received benefits under the Agreement that he or she believes should be paid shall make a
claim for such benefits as follows: 

  

	 	7.1.1	Initiation – Written Claim. The claimant initiates a claim by submitting to the Plan Administrator a written claim for the benefits. If such a claim relates to the
contents of a notice received by the claimant, the claim must be made within sixty (60) days after such notice was received by the claimant. All other claims must be made within one hundred eighty (180) days of the date on which the event
that caused the claim to arise occurred. The claim must state with particularity the determination desired by the claimant. 

  

	 	7.1.2	Timing of Company Response. The Company shall respond to such claimant within ninety (90) days after receiving the claim. If the Company determines that special
circumstances require additional time for processing the claim, the Company can extend the response period by an additional ninety (90) days by notifying the claimant in writing, prior to the end of the initial ninety (90) day period that
an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 

  

	 	7.1.3	Notice of Decision. If the Company denies part or the entire claim, the Company shall notify the claimant in writing of such denial. The Company shall write the notification
in a manner calculated to be understood by the claimant. The notification shall set forth: 

  

	 	(a)	The specific reasons for the denial; 

	 	(b)	A reference to the specific provisions of the Agreement on which the denial is based; 

	 	(c)	A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed; 

	 	(d)	An explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and 

	 	(e)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination on review. 

  

	7.2	Review Procedure. If the Company denies part or the entire claim, the claimant shall have the opportunity for a full and fair review by the Company of the denial, as follows:

  

	 	7.2.1	Initiation – Written Request. To initiate the review, the claimant, within sixty (60) days after receiving the Company’s notice of denial, must file with the
Company a written request for review. 

 Greer State Bank 
 Supplemental Life Insurance Agreement 
  

	 	7.2.2	Additional Submissions – Information Access. The claimant shall then have the opportunity to submit written comments, documents, records and other information relating
to the claim. The Company shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the
claimant’s claim for benefits. 

  

	 	7.2.3	Considerations on Review. In considering the review, the Company shall take into account all materials and information the claimant submits relating to the claim, without
regard to whether such information was submitted or considered in the initial benefit determination. 

  

	 	7.2.4	Timing of Company’s Response. The Company shall respond in writing to such claimant within sixty (60) days after receiving the request for review. If the Company
determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional sixty (60) days by notifying the claimant in writing, prior to the end of the initial sixty
(60) day period that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 

  

	 	7.2.5	Notice of Decision. The Company shall notify the claimant in writing of its decision on review. The Company shall write the notification in a manner calculated to be
understood by the claimant. The notification shall set forth: 

  

	 	(a)	The specific reasons for the denial; 

	 	(b)	A reference to the specific provisions of the Agreement on which the denial is based; 

	 	(c)	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (as
defined in applicable ERISA regulations) to the claimant’s claim for benefits; and 

	 	(d)	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 

 Article 8 
 Amendments And Termination 
  

	8.1	Amendment or Termination of Agreement. The Company may amend or terminate this Agreement at any time prior to the Executive’s death. Such amendment or termination shall
be by written notice to the Executive. In the event that the Company decides to maintain the Policy after the termination of the Agreement, the Company shall be the direct beneficiary of the entire death proceeds of the Policy. In the event of
termination the Executive and the Executive’s Beneficiary shall have no right or interest of any kind in the Policy. 

  

	8.2	 Option to Purchase Upon Termination. If the Company exercises the right to terminate the Agreement, the Company shall not sell, surrender or transfer
ownership of a Policy without first giving the Executive or the Executive’s transferee the option to purchase the 

 Greer State Bank 
 Supplemental Life Insurance Agreement 
  

	 	 
Policy for a period of sixty (60) days from written notice of such intention. The purchase price shall be equal to an amount greater of (a) the
premiums paid or (b) the cash surrender value of the Policy. 

 Article 9 
 General Limitations 
  

	9.1	Removal. Notwithstanding any provision of this Agreement to the contrary, the Executive’s rights in the Agreement shall terminate if the Executive is subject to a final
removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act (“FDIA”). 

  

	9.2	Suicide or Misstatement. No benefits shall be payable if the Executive commits suicide within two (2) years after the date of this Agreement, or if the insurance company
denies coverage (i) for material misstatements of fact made by the Executive on any application for life insurance purchased by the Company, or (ii) for any other reason; provided, however that the Company shall evaluate the reason for the
denial, and upon advice of legal counsel and in its sole discretion, consider judicially challenging any denial. 

 Article
10 
 Administration 
  

	10.1	Company Duties. This Agreement shall be administered by the Company which shall consist of the Board, or such committee or persons as the Board may designate. The Company
shall also have the discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement and (ii) decide or resolve any and all questions including
interpretations of this Agreement, as may arise in connection with this Agreement. 

  

	10.2	Agents. In the administration of this Agreement, the Company may employ agents and delegate to them such administrative duties as it sees fit, (including acting through a
duly appointed representative), and may from time to time consult with counsel who may be counsel to the Company. 

  

	10.3	Binding Effect of Decisions. The decision or action of the Company with respect to any question arising out of or in connection with the administration, interpretation and
application of this Agreement and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this Agreement. 

  

	10.4	Indemnity of Company. The Company shall indemnify and hold harmless the Board of Directors and officers of the Company against any and all claims, losses, damages, expenses
or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Company or any of its Board of Directors or its officers. 

 Greer State Bank 
 Supplemental Life Insurance Agreement 
  
 Article 11

 Miscellaneous 
  

	11.1	Binding Effect. This Agreement shall bind the Executive and the Company, and their heirs, beneficiaries, survivors, successors, personal representatives, and transferees.

  

	11.2	No Guarantee of Employment. This Agreement is not an employment policy or contract. It does not give the Executive the right to remain an employee of the Company, nor does it
interfere with the Company’s right to discharge the Executive. It also does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment at any time. 

  

	11.3	Applicable Law. The Agreement and all rights hereunder shall be governed by and construed according to the laws of the State of South Carolina, except to the extent preempted
by the laws of the United States of America. 

  

	11.4	Reorganization. The Company shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its assets to another company, firm or
person unless such succeeding or continuing company, firm or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term “Company” as used in this Agreement shall
be deemed to refer to the successor or survivor company. 

  

	11.5	Notice. Any notice or filing required or permitted to be given to the Company under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered
or certified mail with return receipt requested, to the address below: 

  

					
		 	1111 West Poinsett Street	 	
		 	Greer, SC 29652	 	

 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 or the receipt for registration or certification. 
 Any notice or filing required or permitted to be given to
the Executive under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail with return receipt requested, to the last known address of the Executive. 
  

	11.6	Entire Agreement. This Agreement, along with the Executive’s Beneficiary Designation Form constitute the entire agreement between the Company and the Executive as to the
subject matter hereof. No rights are granted to the Executive under this Agreement other than those specifically set forth herein. 

 Greer State Bank 
 Supplemental Life Insurance Agreement 
  
 IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date indicated above. 
  

									
	EXECUTIVE:	 		 	Greer State Bank
				
	/s/ Victor K. Grout	 		 	By	 	/s/ Kenneth M. Harper
	Victor K. Grout	 		 	Title	 	PresidentRegions Bank

 Exhibit 10.20 
 REGIONS BANK 
 March 22, 2007 
 Mr. Ron
Kaplan 
 Action Products International, Inc. 
 1101 North Keller
Road, Suite E 
 Orlando, FL 32810 
  

	Re:	Revolving Credit Note for the maximum principal amount of $3,000,000.00 dated as 9/2/05 and extension 

	    	(Loan #92-1322873-963595) 

 Dear Mr. Kaplan: 
 The above described note will mature on March 31, 2007 and shall become due and payable in full on that date Regions Bank, as successor by merger to AmSouth Bank,
hereby agrees to temporarily forbear from requiring payment in full of the note until April 30, 2007. 
 This letter is to advise you that we will not commence any action to collect the indebtedness evidenced to the note or to replevin/foreclosure on any collateral securing the note until after April 30, 2007; provided however, that you
continue to make monthly payments of all accrued interest under the note of the 31st day of March, 2007 and the
30th day of April, 2007. All your duties and obligations under the note and any related security instruments or loan
documents shall continue in full force and effect. Failure to make the payments required in this letter or comply with any and all terms and provisions contained in the note or any related security instruments or loan documents will result in the
automatic termination of this forbearance agreement without notice. 
 Nothing in this letter shall be construed as a waiver or release of any existing or
future default under the note or any related security instruments or loans documents nor of any rights or remedies which we have, whether at law or in equity, by reason of any such default. This forbearance is voluntary on the part of Regions Bank
(formerly AmSouth Bank) and is without prejudice to our right to exercise any and all rights and remedies available to us at any time after April 30, 2007 or prior thereto if payments are not made as provided above or if any other default under
the note or any related security instruments or loan documents occurs. 
 This forbearance shall only become effective upon Action Products International,
Inc’s signing this acknowledgement and agreement and returning the original document to Regions Bank on or before March 31, 2007. This forbearance letter should be returned to my attention at Regions/AmSouth Bank, 13535 Feather Sound
Drive, Suite 525, Clearwater, Florida 33762. 
  

	
	Very truly yours,
	
	/s/ REBECCA S. WEST
	 Rebecca S. West, Vice President
 Regions Bank,
successor by merger to AmSouth Bank

 Acknowledged and accepted by Action Products International,
Inc. as of the 23rd day of March, 2007 
  

			
		
	By:	 	/s/ RONALD S. KAPLAN
		 	

 As Its: CEO

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