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                                                                    EXHIBIT 10.1

                                GREER STATE BANK
                            DIRECTORS INCENTIVE PLAN

         1.       PURPOSE.  The purpose of the Greer State Bank Directors
Incentive Plan (the "Plan") is to improve the interests of Greer State Bank (the
"Company") by encouraging ownership of the Company's Five Dollar ($5.00) par
value common stock (the "Common Stock") by Directors of the Company, thereby
assisting the Company in attracting and retaining Directors of outstanding
ability and giving such Directors an increased incentive to devote their efforts
to the success of the Company.

         2.       ADMINISTRATION.  Grants of options under the Plan shall be
automatic. The Plan is intended to be a "formula plan" as recognized by Rule
16b-3(c)(2)(ii) promulgated under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and shall be interpreted accordingly. The
Company's Board of Directors or a committee appointed by the Board of Directors
composed of at least three (3) members of the Board of Directors (which may be
any Committee of the Board of Directors) shall have complete and conclusive
authority to interpret the Plan and to make all other determinations necessary
or advisable for the administration of the Plan.

         3.       ELIGIBILITY.  Except as provided otherwise in this Paragraph
3, options under the Plan shall be granted in accordance with Paragraph 5 to
each member of the Company's Board of Directors who is not also an employee of
the Company; provided that shares of Common Stock remain available for grant
hereunder in accordance with Paragraph 4. No employee of the Company who is
also a member of the Company's Board of Directors may participate in this Plan.
A Director to whom an option is granted under the Plan shall be referred to
hereinafter as a "Grantee."

         4.       SHARES SUBJECT TO PLAN.  The shares subject to the Plan shall
be authorized but unissued, or reacquired, shares of Common Stock. Subject to
adjustment in accordance with the provisions of Paragraph 6 of the Plan, the
maximum number of shares of Common Stock for which options may be granted under
the Plan shall be forty-five thousand (45,000) and the initial adoption of the
Plan by the Board of Directors of the Company shall constitute a reservation of
forty-five thousand (45,000) authorized but unissued, or reacquired, shares of
Common Stock for issuance only upon the exercise of options granted under the
Plan. In the event that any outstanding option granted under the Plan for any
reason expires or is terminated prior to the end of the period during which
options may be granted under the Plan, the shares of Common Stock allocable to
the unexercised portion of such option may again be subject in whole or in part
to any option granted under the Plan.

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         5.       TERMS AND CONDITIONS OF OPTIONS.  Options granted
pursuant to the Plan shall be evidenced by Stock Option Agreements
in such form as shall comply with and be subject to the following terms
and conditions:

                  (a)      Grant.  Beginning with the adjournment of the 1996
         Annual Meeting of Shareholders of Greer State Bank (the "1996 Annual
         Meeting") and at the adjournment of the annual meetings for each of
         the succeeding years during the term of the Plan in which the return
         on average equity of Greer State Bank for the fiscal year preceding
         the annual meeting as reported by Greer State Bank in its earnings
         release for such prior fiscal year is twelve percent (12%),
         respectively, or greater, each Director who was also serving in such
         capacity as of December 31 of the preceding year shall be granted an
         option to purchase five hundred (500) shares of the Company's Common
         Stock, subject to adjustment as provided in Paragraph 6 and provided
         that no Director may receive grants of options for shares of Common
         Stock under the Plan in excess of five thousand (5,000) shares. Each
         such day that options are to be granted under the Plan is referred to
         hereinafter as a "Grant Date."

                  If on any Grant Date, shares of Common Stock are not
         available under the Plan to grant to Directors the full amount of a
         grant contemplated by the immediately preceding paragraph, then each
         Director shall receive an option (a "Reduced Grant") to purchase
         shares of Common Stock in an amount equal to the number of shares of
         Common Stock then available under the Plan divided by the number of
         Directors as of the applicable Grant Date. Fractional shares shall be
         ignored and not granted.

                  If a Reduced Grant has been made and, thereafter, during the
         term of the Plan, additional shares of Common Stock become available
         for grant (e.g., because of the forfeiture or lapse of an option),
         then each person who was a Director both on the Grant Date on which
         the Reduced Grant was made and on the date additional shares of Common
         Stock become available (a "Continuing Director") shall receive an
         additional option to purchase shares of Common Stock. The number of
         newly available shares shall be divided equally among the options
         granted to the Continuing Directors; provided, however, that the
         aggregate number of shares of Common Stock subject to a Continuing
         Director's additional option plus any prior Reduced Grant to the
         Continuing Director on the applicable Grant Date shall not exceed five
         thousand (5,000) shares of Common Stock (subject to adjustment
         pursuant to Paragraph 6). If more than one Reduced Grant has been
         made, available options shall be granted beginning with the earliest
         such Grant Date.

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         (b)      Option Price.     The option price for each option granted
under the Plan shall be the Fair Market Value (as defined below) of the shares
of Common Stock subject to the option on the Grant Date of the option. For
purposes of the Plan, the "Fair Market Value" of the shares of Common Stock
shall mean the last sales price on the day on which such value is to be
determined or, if no shares were traded on such day, on the next preceding day
on which the shares were traded, as quoted by a national quotation service, or
if none by J. C. Bradford & Company, Greenville, South Carolina. If the shares
are listed on a national securities exchange, "Fair Market Value" means the
closing price of the shares on such national securities exchange on the day on
which such value is to be determined or, if no shares were traded on such day,
on the next preceding day on which shares were traded, as reported by National
Quotation Bureau, Inc. or other national quotation service.

         (c)      Medium and Time of Payment. The option price shall be payable
in full upon the exercise of an option in cash or by check. To the extent
permitted under Regulation T of the Federal Reserve Board, and subject to
applicable securities laws, options may be exercised through a broker in a
so-called "cashless exercise" whereby the broker sells the option shares and
delivers cash sales proceeds to the Company in payment of the exercise price.
In no event may shares of Common Stock be used as payment of the exercise price
of the option.

         (d)      Term. Each option granted under the Plan shall, to the extent
not previously exercised, terminate and expire on the date ten (10) years after
the date of grant of the option, unless earlier terminated as provided
hereinafter in Paragraph 5(g).

         (e)      Exercisability. Each option granted under the Plan shall,
unless earlier terminated as provided hereinafter in Paragraph 5(g), become
exercisable on the date six (6) months and one day following the date of grant.

         (f)      Method of Exercise. All options granted under the Plan shall
be exercised by an irrevocable written notice directed to the Secretary of the
company at the Company's principal place of business. Except in the case of a
"cashless exercise" through a broker, such written notice shall be accompanied
by payment in full of the option price for the shares for which such option is
being exercised. In the case of a "cashless exercise," payment in full of the
option price for the shares for which such option is being exercised shall be
paid in cash by the broker from the sale proceeds. The Company shall make
delivery of certificates representing the shares for which an option has been
exer-

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         cised within a reasonable period of time; provided, however, that if
         any law, regulation or agreement requires the Company to take any
         action with respect to the shares for which an option has been
         exercised before the issuance thereof, then the date of delivery of
         such shares shall be extended for the period necessary to take such
         action. Certificates representing shares for which options are
         exercised under the Plan may bear such restrictive legends as may be
         necessary or desirable in order to comply with applicable federal and
         state securities laws. Nothing contained in the Plan shall be construed
         to require the Company to register any shares of Common Stock
         underlying options granted under the Plan.

                  (g)      Effect of Termination of Directorship or Death.

                           (i)      Termination of Directorship.  Upon
                  termination of any Grantee's membership on the Board of
                  Directors of the Company for any reason other than for cause
                  or death, the options held by the Grantee under the Plan shall
                  terminate ninety (90) days following the date of termination
                  of the Grantee's membership on the Board or, if earlier, on
                  the date of expiration of the options as provided by Paragraph
                  5(d) of the Plan. If the Grantee exercises the options after
                  termination of the Grantee's service on the Board of
                  Directors, the Grantee may exercise the options only with
                  respect to the shares that were otherwise exercisable on the
                  date of termination of the Grantee's service on the Board.
                  Such exercise otherwise shall be subject to the terms and
                  conditions of the Plan. If the Grantee's membership on
                  the Board of Directors is terminated for cause, all options
                  granted to such Grantee shall expire upon such termination.

                           (ii)     Death.  In the event of the death of a
                  Grantee, the Grantee's personal representatives, heirs or
                  legatees (the "Grantee's Successors") may exercise the
                  options held by the Grantee on the date of death, upon proof
                  satisfactory to the Company of their authority. The Grantee's
                  Successors must exercise any such options within one (1) year
                  after the Grantee's death and in any event prior to the date
                  on which the options expire as provided by Paragraph 5(d) of
                  the Plan. Such exercise otherwise shall be subject to the
                  terms and conditions of the Plan.

                  (h)      Nonassignability of Options Rights.  No option shall
         be assignable or transferable by the Grantee except by will, by the
         laws of descent and distribution or pursuant to a qualified domestic
         relations order as defined in Title I of the Employee Retirement Income
         Security Act of 1974, as

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amended ("ERISA"), and the Internal Revenue Code of 1986, as amended (the
"Code"). During the lifetime of the Grantee, the option shall be exercisable
only by the Grantee.

         (i)      Rights as Shareholder. Neither the Grantee nor the Grantee's
Successors shall have rights as a shareholder of the Company with respect to
shares of Common Stock covered by the Grantee's option until the Grantee or the
Grantee's Successors become the holder of record of such shares.

         (j)      No Options after Ten Years. No options shall be granted
except within a period of ten (10) years after the effective date of the Plan.

6.       ADJUSTMENTS.

         (a)      Certain Recapitalizations. If any change is made in the Common
Stock subject to the Plan, or subject to any option granted under the Plan
(through merger, consolidation, reorganization, recapitalization, stock
dividend, dividend in property other than cash, stock split, liquidating,
dividend, combination of shares, exchange of shares, change in corporate
structure or otherwise), the Plan and outstanding options will be automatically
and appropriately adjusted, including the maximum number of shares subject to
the Plan and number of shares and price per share of stock subject to
outstanding options. A stock dividend in 1996 shall not cause an adjustment to
the outstanding options.

         (b)      Certain Reorganizations. In the event of: (i) a merger or
consolidation in which the Company is not the surviving corporation; (ii) a
reverse merger in which the Company is the surviving corporation but the shares
of the Company's Common Stock outstanding immediately preceding the merger are
converted by virtue of the merger into other property, whether in the form of
securities, cash or otherwise; or (iii) any other capital reorganization in
which more than fifty percent (50%) of the shares of the Company entitled to
vote are exchanged, then any surviving corporation shall assume any options
outstanding under the Plan or shall substitute similar options for those
outstanding under the Plan. If there is no surviving corporation, all
outstanding options shall expire.

7.       EFFECTIVE DATE AND TERMINATION OF PLAN.

         (a)      Effective Date. If approved by the Board of Directors and
shareholders of the Company, the Plan shall become effective upon the
adjournment of the 1996 Annual Meeting.

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                  (b)      Termination.  The Plan shall terminate ten (10) years
         after its effective date, but the Board of Directors may terminate the
         Plan at any time prior to such date. Termination of the Plan shall not
         alter or impair any of the rights or obligations under any option
         theretofore granted under the Plan unless the Grantee shall so consent.

         8.       NO OBLIGATION TO EXERCISE OPTION.  The granting of an option
shall impose no obligation upon the Grantee to exercise such option.

         9.       AMENDMENT.  The Board of Directors of the Company by majority
vote may amend the Plan; provided, however, that without the approval of the
shareholders of the Company, no such amendment shall change:

                  (a)      The maximum number of shares of Common Stock as to
         which options may be granted under the Plan (except by operation of the
         adjustment provisions of the Plan); or

                  (b)      The date on which the Plan will terminate as provided
         by Paragraph 7(b) of the Plan; or

                  (c)      The number of shares of Common Stock subject to each
         option; or

                  (d)      The option price as provided under Paragraph 5(b) of
         the Plan; or

                  (e)      The provisions of Paragraph 3 of the Plan relating to
         the determination of persons to whom options may be granted; or

                  (f)      The provisions of the Plan in such a manner so as to
         increase materially (within the meaning of Rule 16b-3 under the
         Exchange Act) the benefits accruing under the Plan.

                  The provisions of the Plan determining (i) the persons
         eligible to receive grants of options, (ii) the timing of option
         grants, (iii) the number of shares subject to options, (iv) the
         exercise price of options, (v) the periods during which options are
         exercisable, and (vi) the dates on which options terminate, may not be
         amended more than once every six (6) months other than to comport with
         changes in the Code, the ERISA, or the rules and regulations
         thereunder.

                  It is expressly contemplated that the Board may amend the Plan
         in any respect that the Board deems necessary to cause the Plan to meet
         the requirements of Rule 16b-3 (or any successor rule) under the
         Exchange Act and otherwise to

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         comport with the provisions of such Act and the applicable regulations
         thereunder.

                  Any amendment to the Plan shall not, without the written
         consent of the Grantee, affect such Grantee's rights under any option
         theretofore granted to such Grantee.

         In witness whereof, the Greer State Bank Directors Incentive Plan has
been executed by its duly authorized officer this 26th day of June, 1996.

                                        GREER STATE BANK

                                        By:  /s/ R. Dennis Hennett
                                             ----------------------------------
                                        Its: President
                                             ----------------------------------

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                                                                    EXHIBIT 10.2

                                GREER STATE BANK
                      EMPLOYEE INCENTIVE STOCK OPTION PLAN

1.       PURPOSE.

         The purpose of this Employee Incentive Stock Option Plan (the "Plan")
is to give officers and executive personnel ("key employees") of GREER STATE
BANK, a bank organized under the laws of the State of South Carolina ("Bank"),
an opportunity to acquire shares of the common stock of the Bank ("Common
Stock"), to provide an incentive for key employees to continue to promote the
best interests of the Bank and enhance its long-term performance, and to provide
an incentive for key employees to join or remain with the Bank and its
subsidiaries.

2.       ADMINISTRATION.

         (a)  BOARD OF DIRECTORS.  The Plan shall be administered by the Board
of Directors of the Bank (the "Board"), which, to the extent it shall determine,
may delegate its powers with respect to the administration of the Plan (except
its powers under Section 11(c) to a committee (the "Committee") appointed by the
Board and composed of not less than three members of the Board. If the Board
chooses to appoint a Committee, references hereinafter to the Board (Except in
Section 11(c)) shall be deemed to refer to the Committee. Notwithstanding the
preceding provisions of the Section, no member of the Board may exercise
discretion with respect to, or participate in, the administration of the Plan,
if, at any time within one year prior to such exercise or participation, he or
she has been eligible for selection as a person to whom stock may be allocated
or to whom stock options may be granted pursuant to the Plan or any other plan
of the Bank or any affiliate thereof entitling the participants therein to
acquire stock, stock options or stock appreciation rights of the Bank or of any
of its affiliates.

         (b)  POWERS.  Within the limits of the express provisions of the Plan,
the Board shall determine: (i) the key employees to whom awards hereunder shall
be granted, (ii) the key employees to whom awards hereunder shall be granted,
(ii) the time or times at which such awards shall be granted, (iii) the form
and amount of the

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awards, and (iv) the limitations, restrictions and conditions applicable to any
such award. In making such determinations, the Board may take into account the
nature of the services rendered by such employees, or classes of employees,
their present and potential contributions to the Bank's success and such other
factors as the Board in its discretion shall deem relevant.

         (c)      INTERPRETATIONS. Subject to the express provisions of the
Plan, the Board may interpret the Plan, prescribe, amend and rescind rules and
regulations relating to it, determine the terms and provisions of the
respective awards and make all other determinations it deems necessary or
advisable for the administration of the Plan.

         (d)      DETERMINATIONS. The determinations of the Board on all
matters regarding the Plan shall be conclusive. A member of the Board shall
only be liable for any action taken or determination made in bad faith.

         (e)      NONUNIFORM DETERMINATIONS. The Board's determinations under
the Plan, including without limitation, determinations as to the persons to
receive awards, the terms and provisions of such awards and the agreements
evidencing the same, need not be uniform and may be made by it selectively
among persons who receive or are eligible to receive awards under the Plan,
whether or not such persons are similarly situated.

3.       AWARDS UNDER THE PLAN.

         (a)      FORM. Awards under the Plan may be granted in the form of
Incentive Stock Options as described in Section 4.

         (b)      MAXIMUM LIMITATIONS. The aggregate number of shares of Common
Stock available for grant under the Plan is Thirty Thousand Shares (30,000),
subject to adjustment pursuant to Section 7. Shares of Common Stock issued
pursuant to the Plan may be either authorized but unissued shares or shares now
or hereafter held in the treasury of the Bank. In the event that, prior to the
end of the period during which Incentive Stock Options may be granted under the
Plan, any Incentive Stock Option under the Plan expires unexercised or is
terminated, surrendered or cancelled without being

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exercised, in whole or in part, for any reason, the number of shares
theretofore subject to such Incentive Stock Option, or the unexercised,
terminated, forfeited or unearned portion thereof, shall be added to the
remaining number of shares of Common Stock available for grant as an Incentive
Stock Option under the Plan, including a grant to a former holder of such
Incentive Stock Option, upon such terms and conditions as the Board shall
determine, which terms may be more or less favorable than those applicable to
such former Incentive Stock Option.

         (c)      TEN PERCENT SHAREHOLDER.   Notwithstanding any other
provisions herein contained, no key employee may receive an Incentive Stock
Option under the Plan if such employee, at the time the award is granted, owns
(as defined in Section 425(d) of the Internal Revenue Code of 1986, as amended
(the "Code")) stock possessing more than 10% of the total combined voting power
of all classes of stock of the Bank, its parent or any subsidiary, unless the
option price for such Incentive Stock Option is at least 110% of the fair
market value of the Common Stock subject to such Incentive Stock Option on the
date of grant and such Option is not exercisable after the date five years from
the date such Option is granted.

4.       INCENTIVE STOCK OPTIONS.

         It is intended that Incentive Stock Options granted under the Plan
shall constitute Incentive Stock Options within the meaning of Section 422A of
the Code. Incentive Stock Options may be granted under the Plan for the
purchase of shares of Common Stock. Incentive Stock Options shall be in such
form and upon such conditions as the Board shall from time to time determine,
subject to the following:

         (a)      OPTION PRICES.    The option price of each Incentive Stock
Option shall be at least 100% of the fair market value of the Common Stock
subject to such Incentive Stock Option on the date of grant.

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         (b)      TERMS OF OPTIONS.   No Incentive Stock Option shall be
exercisable prior to the date one year, or after the date ten years, from the
date such Incentive Stock Option is granted.

         (c)      LIMITATION ON AMOUNTS.   The aggregate fair market value
(determined with respect to each Incentive Stock Option as of the time such
Incentive Stock Option is granted) of the capital stock with respect to which
Incentive Stock Options are exercisable for the first time by a key employee
during any calendar year (under this Plan or any other plan of the Bank or the
parent or any subsidiary of the Bank) shall not exceed $100,000.

5.       PROVISIONS APPLICABLE TO INCENTIVE STOCK OPTIONS.

         (a)      EXERCISE.   Incentive Stock Options shall be subject to such
terms and conditions, shall be exercisable at such time or times, and shall be
evidenced by such form of written option agreement between the optionee and the
Bank, as the Board shall determine; provided, that such determinations are not
inconsistent with the other provisions of the Plan, and with Section 422A of
the Code or regulations thereunder.

         (b)      MANNER OF EXERCISE OF OPTIONS AND PAYMENT FOR COMMON STOCK.
Incentive Stock Options may be exercised by an optionee by giving written
notice to the Secretary of the Bank stating the number of shares of Common
Stock with respect to which the Incentive Stock Option is being exercised and
tendering payment therefor. At the time that an Incentive Stock Option granted
under the Plan, or any part thereof, is exercised, payment for the Common
Stock issuable thereupon shall be made in full in cash or by certified check
or, if the Board in its discretion agrees to accept, in shares of Common Stock
of the Bank (the number of such shares paid for each share subject to the
Incentive Stock Option, or part thereof, being exercised shall be determined by
dividing the option price by the fair market value per share of the Common
Stock on the date of exercise). As soon as reasonably possible following such
exercise, a certificate representing shares of Common Stock purchased,
registered in the name of the optionee shall be delivered to the optionee.

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6.       TRANSFERABILITY.

         No Incentive Stock Option may be transferred, assigned, pledged or
hypothecated (whether by operation of law or otherwise), except as provided by
will or the applicable laws of descent or distribution, and no Incentive Stock
Option shall be subject to execution, attachment or similar process. Any
attempted assignment, transfer, pledge, hypothecation or other disposition of an
Incentive Stock Option, or levy of attachment or similar process upon the
Incentive Stock Option not specifically permitted herein shall be null and void
and without effect. An Incentive Stock Option may be exercised only by a key
employee during his or her lifetime, or pursuant to Section 10(c), by his or her
estate or the person who acquires the right to exercise such Incentive Stock
Option upon his or her death by bequest or inheritance.

7.       ADJUSTMENT PROVISIONS.

         The aggregate number of shares of Common Stock with respect to which
Incentive Stock Options may be granted, the aggregate number of shares of Common
Stock subject to each outstanding Incentive Stock Option, and the option price
per share of each such Incentive Stock Option, may all be appropriately
adjusted as the Board may determine for any increase or decrease in the number
of shares of issued Common Stock resulting from a subdivision or consolidation
of shares, whether through reorganization, recapitalization, stock split-up,
stock distribution or combination of shares, or the payment of a share dividend
or other increase or decrease in the number of such shares outstanding effected
without receipt of consideration by the Bank. Adjustments under this Section 7
shall be made according to the sole discretion of the Board, and its decisions
shall be binding and conclusive.

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8.       DISSOLUTION, MERGER AND CONSOLIDATION.

         Upon the dissolution or liquidation of the Bank, or upon a merger or
consolidation of the Bank in which the Bank is not the surviving corporation,
each Incentive Stock Option granted hereunder shall expire as of the effective
date of such transaction; provided, however, that the Board shall give at least
30 days' prior written notice of such event to each optionee during which time
he or she shall have a right to exercise his or her wholly or partially
unexercised Incentive Stock Option (without regard to installment exercise
limitations, if any) and, subject to prior expiration pursuant to Section 10(b)
or (c), each Incentive Stock Option shall be exercisable after receipt of such
written notice and prior to the effective date of such transaction.

9.       EFFECTIVE DATE AND CONDITIONS SUBSEQUENT TO EFFECTIVE DATE.

         The Plan shall become effective on the date of the approval of the
Plan by the holders of a majority of the shares of Common Stock of the Bank;
provided, however, that the adoption of the Plan is subject to such shareholder
approval within twelve (12) months before or after the date of adoption of the
Plan by the Board. The Plan shall be null and void and of no effect if the
foregoing condition is not fulfilled, and in such event each Incentive Stock
Option granted hereunder shall, notwithstanding any of the preceding provisions
of the Plan, be null and void and of no effect.

         No grant or award shall be made under the Plan more than 10 years from
the date of adoption of the Plan by the Board; provided, however, that the Plan
and all Incentive Stock Options granted under the Plan prior to such date shall
remain in effect and subject to adjustment and amendment as herein provided
until they have been satisfied or terminated in accordance with the terms of the
respective grants or awards and the related agreements.

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10.      TERMINATION OF EMPLOYMENT.

         (a)      Each Incentive Stock Option shall, unless sooner expired
pursuant to Section 10(b) or (c) below, expire on the first to occur of the
tenth anniversary of the date of grant thereof or the expiration date set forth
in the applicable option agreement.

         (b)      An Incentive Stock Option shall expire on the first to occur
of the applicable date set forth in paragraph (a) next above and the date that
the employment of the key employee with the Bank terminates for any reason other
than death or disability. Notwithstanding the preceding provisions of this
paragraph, the Board, in its sole discretion, may, by written notice given to an
ex-employee, permit the ex-employee to exercise Incentive Stock Options during a
period following his or her termination of employment, which period shall not
exceed three months. In no event, however, may the Board permit an ex-employee
to exercise an Incentive Stock Option after the expiration date contained in the
agreement evidencing such Incentive Stock Option. Notwithstanding the preceding
provisions of this paragraph, if the Board permits an ex-employee to exercise
Incentive Stock Options during a period following his or her termination of
employment pursuant to such preceding provisions, such Incentive Stock Options
shall, to the extent unexercised, expire on the date that such ex-employee
violates (as determined by the Board) any covenant not to compete in effect
between the Bank and the ex-employee.

         (c)      If the employment of a key employee with the Bank terminates
by reason of disability (as defined in Section 422A(c)(9) of the Code as
determined by the Board) or by reason of death, his or her Incentive Stock
Options, if any, shall expire on the first to occur of the date set forth in
paragraph (a) of this Section 10 and the first anniversary of such termination
of employment.

11.      MISCELLANEOUS.

         (a)      LEGAL AND OTHER REQUIREMENTS.   The obligation of the Bank to
sell and deliver Common Stock under the Plan shall be subject to all applicable
laws, regulations, rules and approvals, including, but not by way of
limitation, the effectiveness of a

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registration statement under the Securities Act of 1933 if deemed necessary or
appropriate by the Bank. Certificates for shares of Common Stock issued
hereunder may be legended as the Board shall deem appropriate.

         (b)      NO OBLIGATION TO EXERCISE OPTIONS. The granting of an
Incentive Stock Option shall impose no obligation upon an optionee to exercise
such Incentive Stock Option.

         (c)      TERMINATION AND AMENDMENT OF THE PLAN. The Board, without
further action on the part of the shareholders of the Bank, may from time to
time alter, amend or suspend the Plan or any Incentive Stock Option granted
hereunder or may at any time terminate the Plan, except that it may not,
without the approval of the shareholders of the Bank (except to the extent
provided in Section 8 hereof): (i) change the total number of shares of Common
Stock available for grant under the Plan; (ii) extend the duration of the Plan;
(iii) increase the maximum term of Incentive Stock Options; (iv) change the
class of employees eligible to be granted Incentive Stock Options under the
Plan; or (vi) effect a change relating to Incentive Stock Options granted
hereunder which is inconsistent with Section 422A of the Code or regulations
issued thereunder. No action taken by the Board under this Section, either with
or without the approval of the shareholders of the Bank, may materially and
adversely affect any outstanding Incentive Stock Option without the consent of
the holder thereof.

         (d)      APPLICATION OF FUNDS. The proceeds received by the Bank from
the sale of Common Stock pursuant to Incentive Stock Options will be used for
general corporate purposes.

         (e)      WITHHOLDING TAXES. Upon the exercise of any Incentive Stock
Option, the Bank shall have the right to require the optionee to remit to the
Bank an amount sufficient to satisfy all federal, state and local withholding
tax requirements prior to the delivery of any certificate or certificates for
shares of Common Stock.

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         Upon the disposition of any Common Stock acquired by the exercise of
an Incentive Stock Option, the Bank shall have the right to require the
optionee to remit to the Bank an amount sufficient to satisfy all federal,
state and local withholding tax requirements as a condition to the registration
of the transfer of such Common Stock on its books. Whenever under the Plan
payments are to be made by the Bank in cash or by check, such payments shall be
net of any amounts sufficient to satisfy all federal, state and local
withholding tax requirements.

         (f)      RIGHT TO TERMINATE EMPLOYMENT. Nothing in the Plan or any
agreement entered into pursuant to the Plan shall confer upon any key employee
or other optionee the right to continue in the employment of the Bank or any
subsidiary or affect any right which the Bank or any subsidiary may have to
terminate the employment of such key employee or other optionee.

         (g)      RIGHTS AS A SHAREHOLDER. No optionee shall have any right as
a shareholder unless and until certificates for shares of Common Stock are
issued to him or her.

         (h)      LEAVES OF ABSENCE AND DISABILITY. The Board shall be entitled
to make such rules, regulations and determinations as it deems appropriate
under the Plan in respect of any leave of absence taken by or disability of any
key employee. Without limiting the generality of the foregoing, the Board shall
be entitled to determine (i) whether or not any such leave of absence shall
constitute a termination of employment within the meaning of the Plan, and (ii)
the impact, if any, of any such leave of absence on awards under the Plan
theretofore made to any key employee who takes such leave of absence.

         (i)      FAIR MARKET VALUE. Whenever the fair market value of Common
Stock is to be determined under the Plan as of a given date, such fair market
value shall be:

                  (i)      If the Common Stock is traded on the
                  over-the-counter market, the average of the mean between the
                  bid and the asked price for the Common Stock at the close of
                  trading for the 10 consecutive trading days immediately
                  preceding such given date;

                                      -9-
<PAGE>
         (ii)     If the Common Stock is listed on a national securities
         exchange, the average of the closing prices of the Common Stock on the
         Composite Tape for the 10 consecutive trading days immediately
         preceding such given date; and

         (iii)    If the Common Stock is neither traded on the over-the-counter
         market nor listed on a national securities exchange, such value as the
         Board, in good faith, shall determine.

Notwithstanding any provision of the Plan to the contrary, no determination
made with respect to the fair market value of Common Stock subject to an
Incentive Stock Option shall be inconsistent with Section 422A of the Code or
regulations thereunder.

         (j)      NOTICES. Every direction, revocation or notice authorized or
required by the Plan shall be deemed delivered to the Bank on the date it is
received by mail or personally delivered to the Secretary of the Bank, and
shall be deemed delivered to an optionee (1) on the date it is personally
delivered to him or her or (2) the date it is sent by registered or certified
mail, postage prepaid, addressed to him or her at the last address shown for
him or her on the records of the Bank.

         (k)      APPLICABLE LAW. All questions pertaining to the validity,
construction and administration of the Plan and Stock Options and Stock
Appreciation Rights granted hereunder shall be determined in conformity with
the laws of the State of South Carolina, to the extent not inconsistent with
Section 422A of the Code and regulations thereunder.

         (l)      ELIMINATION OF FRACTIONAL SHARES. If under any provision of
the Plan which requires a computation of the number of shares of Common Stock
subject to an Incentive Stock Option or Stock Appreciation Right, the number so
computed is not a whole number

                                      -10-
<PAGE>

of shares of Common Stock, such number of shares of Common Stock shall be
rounded down to the next whole number.

                                             ---------------------------------
                                             Secretary of the Board

ATTEST:

---------------------------------
Chairman of the Board

                                      -11-

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