Document:

Business Loan Agreement, dated as of May 31, 2003

 Exhibit 10.01 
  
 BUSINESS LOAN AGREEMENT 
  

	 Principal
 $20,000,000.00

	 	 Loan Date
 05-31-2002

	 	 Maturity
 07-31-2004

	 	 Loan No.

	 	 Call /Cell
 539 /181

	 	 Account

	 	 Officer
 BOK11

	 	 Initials

	 References in the shaded area are for Lender’s use only and do not limit the
applicability of this document to any particular loan or item.
 Any item above containing ***** has been omitted due to text length
limitations.

  

	Borrower:	  	 Interwoven, Inc.
 803 11th Avenue
 Sunnyvale,
CA 94089
	  	Lender:	  	 Washington Mutual Bank, FA
 Los Angeles Commercial Banking Center
 350 South Grand Avenue, Suite 3400
 Los Angeles, CA 90071

  
 THIS BUSINESS LOAN AGREEMENT dated May 31, 2002, is made and executed between Interwoven, Inc. (“Borrower”) and Washington Mutual Bank, FA (“Lender”) on the following terms and conditions.
Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement
(“Loan”). Borrower understands and agrees that: (A) in granting, renewing or extending any Loan, Lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing,
or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement. 
  
 TERM. This Agreement shall be effective as of May 31, 2002, and shall
continue in full force and effect until such time as all of Borrower’s Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys’ fees, and other fees and charges, or until such time as the
parties may agree in writing to terminate this Agreement. 
  
 CONDITIONS PRECEDENT TO EACH ADVANCE. Lender’s obligation to make the initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions
set forth in this Agreement and in the Related Documents. 
  
 Loan Documents. Borrower shall provide to Lender the following documents for the Loan: (1) the Note; (2) together with all such Related Documents as Lender may require for the Loan, all in form and substance
satisfactory to Lender and Lender’s counsel. 
  
 Borrower’s Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly authorizing the execution and delivery of this Agreement, the Note and the Related
Documents. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require. 
  

Payment of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and
payable as specified in this Agreement or any Related Document. 
  
 Representation and Warranties. The representations and warranties set forth in this Agreement, in the Related Documents, and in any document or certificate delivered to Lender under this Agreement are true and
correct. 
  
 No Event of Default. There
shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement or under any Related Document. 
  
 REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement
of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists: 
  
 Organization. Borrower is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in
good standing under and by virtue of the laws of Borrower’s state of incorporation. 

 BUSINESS LOAN AGREEMENT 
 (Continued) 
  

  

 
Borrower is duly authorized to transact business in the State of California and all other states in which Borrower is doing business, having obtained all
necessary filings, governmental licenses and approvals for each state in which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign corporation in all states in which the failure to so quality
would have a material adverse effect on its business or financial condition. Borrower has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage. Borrower
maintains an office at 803 11th Avenue, Sunnyvale, CA 94089. Unless Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records including its records concerning the Collateral.
Borrower will notify Lender prior to any change in the location of Borrower’s state of organization or any change in Borrower’s name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence,
rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to Borrower and Borrower’s business activities. 
  
 Assumed Business Name. Borrower has filed or recorded
all documents or filings required by law relating to all assumed business names used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business: None. 
  
 Authorization. Borrower’s execution, delivery,
and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any provision of Borrower’s
articles of incorporation or organization, or bylaws, or any agreement or other instrument binding upon Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower’s properties. 
  
 Financial Information. Each of Borrower’s
financial statements supplied to Lender truly and completely disclosed Borrower’s financial condition as of the date of the statement, and there has been no material adverse change in Borrower’s financial condition subsequent to the date
of the most recent financial statement supplied to Lender. Borrower has no material contingent obligations except as disclosed in such financial statements. 
  
 Legal Effect. This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when
delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms. 
  
 Properties. Except as contemplated by this Agreement or as previously disclosed in Borrower’s financial statements or in
writing to Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of Borrower’s properties free and clear of all Security Interests, and has not
executed any security documents or financing statements relating to such properties. All of Borrower’s properties are titled in Borrower’s legal name, and Borrower has not used or filed a financing statement under any other name for at
least the last five (5) years. 
  
 Hazardous
Substances. Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that: (1) During the period of Borrower’s ownership of Borrower’s Collateral, there has been no use, generation, manufacture,
storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from any of the Collateral. (2) Borrower has no knowledge of, or reason to believe that there has been (a) any breach or
violation of any Environmental Laws; (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Collateral by any prior owners or occupants of any of the
Collateral; or (c) any actual or threatened litigation or clams of any kind by any person relating to such matters. (3) Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate,
manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any of the Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations, and
ordinances, including without limitation all Environmental Laws. Borrower authorizes Lender and its agents to enter upon the Collateral to make such 

 BUSINESS LOAN AGREEMENT 
 (Continued) 
  

  

 
inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement. Any inspections or tests
made by Lender shall be at Borrower’s expense and for Lender’s purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person. The representations and warranties
contained herein are based on Borrower’s due diligence in investigating the Collateral for hazardous waste and Hazardous Substances. Borrower hereby (1) releases and waives any future clams against Lender for indemnity or contribution in the
event Borrower becomes liable for cleanup or other costs under any such laws, and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or
indirectly sustain or suffer resulting from a breach of this section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the Collateral. The
provisions of this section of the Agreement, including the obligation to indemnify, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be affected by Lender’s
acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise. 
  
 Litigation and Claims. No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid
taxes) against Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower’s financial condition or properties, other than litigation, claims, or other events, if any, that have been
disclosed to and acknowledged by Lender in writing. 
  
 Taxes. To the best of Borrower’s knowledge, all of Borrower’s tax returns and reports that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full,
except those presently being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided. 
  
 Lien Priority. Unless otherwise previously disclosed to Lender in writing, Borrower has not entered
into or granted any Security Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing repayment of Borrower’s Loan and Note, that would be prior or that
may in any way be superior to Lender’s Security Interests and rights in and to such Collateral. 
  
 Binding Effect. This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers
thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms. 
  
 AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will: 
  
 Notices of Claims and Litigation. Promptly inform
Lender in writing of (1) all material adverse changes in Borrower’s financial condition, and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any
Guarantor which could materially affect the financial condition of Borrower or the financial condition of any Guarantor. 
  
 Financial Records. Maintain its books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to
examine and audit Borrower’s books and records at all reasonable times. 
  
 Financial Statements. Furnish Lender with the following: 
  
 Annual Statements. As soon as available, but in no event later than one-hundred-twenty (120) days after the end of each fiscal
year, Borrower’s balance sheet and income statement for the year ended, audited by a certified public accountant satisfactory to Lender. 
  
 Interim Statements. As soon as available, but in no event later than ninety (90) days after the end of each fiscal year,
Borrower’s balance sheet and profit and loss statement for the period ended, prepared by Borrower. 

 BUSINESS LOAN AGREEMENT 
 (Continued) 
  

  

 All financial reports required to be provided under this Agreement shall be prepared
in accordance with GAAP, applied on a consistent basis, and certified by Borrower as being true and correct. 
  
 Additional Information. Furnish such additional information and statements, as Lender may request from time to time. 
  
 Insurance. Maintain fire and other risk insurance,
public liability insurance, and such other insurance as Lender may require with respect to Borrower’s properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request of Lender,
will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least ten (10) days prior written notice to
Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person. In connection with all policies covering
assets in which Lender holds or is offered a security interest for the Loans, Borrower will provide Lender with such lender’s loss payable or other endorsements as Lender may require. 
  
 Insurance Reports. Furnish to Lender, upon request of
Lender, reports on each existing insurance policy showing such information as Lender may reasonably request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the
properties insured; (5) the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however not more
often than annually), Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower. 
  
 Other Agreements. Comply with all terms and
conditions of all other agreements, whether now or hereafter existing, between Borrower and any other party and notify Lender immediately in writing of any default in connection with any other such agreements. 
  
 Loan Proceeds. Use all loan proceeds solely for
Borrower’s business operations, unless specifically consented to the contrary by Lender in writing. 
  
 Taxes, Charges and Liens. Pay and discharge when due all of its indebtedness and obligations, including without limitation all
assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become
a lien or charge upon any of Borrower’s properties, income, or profits. 
  
 Performance. Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related Documents, and in all other instruments and agreements between
Borrower and Lender. Borrower shall notify Lender immediately in writing of any default in connection with any agreement. 
  
 Operations. Maintain executive and management personnel with substantially the same qualifications and experience as the present
executive and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manor. 
  
 Environmental Studies. Promptly conduct and complete, at Borrower’s expense, all such
investigations, studies, samplings and testings as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under applicable federal,
state, or local law, rule, regulation, order or directive, at or affecting any property or any facility owned, leased or used by Borrower. 

 BUSINESS LOAN AGREEMENT 
 (Continued) 
  

  

 Compliance with Governmental Requirements. Comply with all laws, ordinances,
and regulations, now or hereafter in affect, of all governmental authorities applicable to the conduct of Borrower’s properties, businesses and operations, and to the use or occupancy of the Collateral, including without limitation, the
Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to
doing so and so long as, in Lender’s sole opinion, Lender’s interests in the Collateral are not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect
Lender’s Interest. 
  
 Inspection.
Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower’s other properties and to examine or audit Borrower’s books, accounts, and records and to make copies and
memoranda of Borrower’s books, accounts, and records. If Borrower now or at any time hereafter maintains any records (including without limitation computer generated records and computer software programs for the generation of such records) in
the possession of a third party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with copies of any records it may request, all at Borrower’s
expense. 
  
 Compliance Certificates.
Unless waived in writing by Lender, provide Lender at least annually, with a certificate executed by Borrower’s chief financial officer, or other officer or person acceptable to Lender, certifying that the representations and warranties set
forth in this Agreement are true and correct as of the date of the certificate and further certifying that, as of the date of the certificate, no Event of Default exists under this Agreement. 
  
 Environmental Compliance and Reports. Borrower shall
comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a result of an intentional or unintentional action or omission on Borrower’s part or on the part of any third party, on property owned and/or occupied
by Borrower, any environmental activity where damage may result to the environment, unless such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental
authorities; shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality
concerning any intentional or unintentional action or omission on Borrower’s part in connection with any environmental activity whether or not there is damage to the environment and/or other natural resources. 
  
 Additional Assurances. Make, execute and deliver to
Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loans and to
perfect all Security Interests. 
  
 LENDER’S
EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender’s interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited
to Borrower’s failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that
Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and
preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Borrower. All such expenses
will become a part of the Indebtedness and, at Lender’s option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the
term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity. 

 BUSINESS LOAN AGREEMENT 
 (Continued) 
  

  

 NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in
effect, Borrower shall not, without the prior written consent of Lender: 
  
 Indebtedness and Liens. (1) Except for trade debt incurred in the normal course of business and indebtedness to Lender contemplated by this Agreement, create, incur or assume indebtedness for borrowed money,
including capital leases, (2) sell, transfer, mortgage, assign, pledge, lease, grant a security interest in, or encumber any of Borrower’s assets (except as allowed as Permitted Liens), or (3) sell with recourse any of Borrower’s accounts,
except to Lender. 
  
 Continuity of
Operations. (1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name,
dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower’s stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as
no Event of Default has occurred and is continuing or would result from the payment of dividends. If Borrower is a “Subchapter S Corporation” (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on
its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status
as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower’s stock, or purchase or retire any of Borrower’s outstanding shares or alter or amend Borrower’s capital structure. 
  
 Loans, Acquisitions and Guaranties. (1) Loan, invest
in or advance money or assets, (2) purchase, create or acquire any interest in any other enterprise or entity, or (3) incur any obligation as surety or guarantor other than in the ordinary course of business. 
  
 CESSATION OF ADVANCES. If Lender has made any commitment to make any
Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms of this Agreement or any
of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a
bankrupt; (C) there occurs a material adverse change in Borrower’s financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise attempts
to limit, modify or revoke such Guarantor’s guaranty of the Loan or any other loan with Lender; or (E) Lender in good faith deems itself insecure, even though no Event of Default shall have occurred. 
  
 RIGHT OF SETOFF. To the extent permitted by applicable law, Lender
reserves a right of setoff in all Borrower’s accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However,
this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against any and
all such accounts. 
  
 DEFAULT. Each of the following shall
constitute an Event of Default under this Agreement: 
  
 Payment Default. Borrower fails to make any payment when due under the Loan. 
  
 Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this
Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. 

 BUSINESS LOAN AGREEMENT 
 (Continued) 
  

  

 Default in Favor of Third Parties. Borrower or any Grantor defaults under any
loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s or any Grantor’s property or Borrower’s or any
Grantor’s ability to repay the Loans or perform their respective obligations under this Agreement or any of the Related Documents. 
  
 False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf
under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 
  
 Insolvency. The dissolution or termination of
Borrower’s existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any
proceeding under any bankruptcy or insolvency laws by or against Borrower. 
  
 Detective Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest
or lien) at any time and for any reason. 
  
 Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against
any collateral securing the Loan. This includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity
or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or
forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. 
  
 Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any
Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. In the event of a death, Lender, at its option, may, but shall not be required to, permit the Guarantor’s
estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory to Lender, and, in doing so, cure any Event of Default. 
  
 Change in Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower. 
  
 Adverse Change. A material adverse charge occurs in
Borrower’s financial condition, or Lender believes the prospect of payment or performance of the Loan is impaired. 
  
 Insecurity. Lender in good faith believes itself insecure. 
  
 Right to Cure. If any default, other than a default on Indebtedness, is curable and if Borrower or
Grantor, as the case may be, has not been given a notice of a similar default within the preceding twelve (12) months, it may be cured (and no Event of Default will have occurred) if Borrower or Grantor, as the case may be, after receiving written
notice from Lender demanding cure of such default: (1) cure the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days, immediately initiate steps which Lender deems in Lender’s sole discretion to be
sufficient to cure the default and thereafter continue and complete all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. 
  
 EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement
or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any 

 BUSINESS LOAN AGREEMENT 
 (Continued) 
  

  

 
obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness immediately will become due and payable, all
without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all
the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised singularly or
concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender’s right
to declare a default and to exercise its rights and remedies. 
  
 LETTER OF
CREDIT FACILITY. 
  
 As a subpart of the Letter of Credit
facility, the following credit accommodations are either in place or will be made available to Borrower: 
  
 Subject to the terms of this Agreement, Lender will issue letters of credit (each a “Letter of Credit”) on behalf of Borrower for business
purposes agreed to by Lender. At no time, however, shall the total face amount of all Letters of Credit outstanding, less any partial draws paid under the Letters of Credit exceed the sum of $20,000,000.00. In addition, at no time, shall the total
face amount of all Letters of Credit outstanding, plus the total principal balance of all Advances outstanding, exceed the sum of $20,000,000.00. 
  
 (1) Upon Lender’s request, Borrower promptly shall pay to Lender issuance fees and such other fees, commissions, costs, and any out-of-pocket
expenses charged or incurred by Lender with respect to any Letter of Credit. 
  
 (2) The commitment by Lender to issue Letters of Credit shall, unless earlier terminated in accordance with the terms of this Agreement, automatically terminate on the Expiration Date and no Letter of Credit shall
expire on a date which is after the Expiration Date. 
  
 (3) Each
Letter of Credit shall be in form and substance satisfactory to Lender and in favor of beneficiaries satisfactory to Lender, provided that Lender may refuse to issue a Letter of Credit due to the nature of the transaction or its terms or in
connection with any transaction where Lender, due to the beneficiary or the nationality or residence of the beneficiary, would be prohibited by any applicable law, regulation, or order from issuing such Letter of Credit. Under no circumstances,
however, will a Letter of Credit exceed ninety (90) days from the issue date. 
  
 (4) Prior to the issuance of each Letter of Credit, and in all events prior to any daily cutoff time Lender may have established for purposes thereof, Borrower shall deliver to Lender a duly executed form of
Lender’s standard form of application for issuance of Letter of Credit with proper insertions. 
  
 MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement: 
  
 Amendments. This Agreement, together with any Related
Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties
sought to be charged or bound by the alteration or amendment. 
  
 Attorneys’ Fees; Expenses. Borrower agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s attorneys’ fees and Lender’s legal expenses, incurred in connection
with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s attorneys’ fees and legal
expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy 

 BUSINESS LOAN AGREEMENT 
 (Continued) 
  

  

 
proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services.
Borrower also shall pay all court costs and such additional fees as may be directed by the court. 
  
 Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or
define the provisions of this Agreement. 
  
 Consent to Loan Participation. Borrower agrees and consents to Lender’s sale or transfer, whether now or later, of one or more participation interests in the Loan to one or more purchasers, whether related or unrelated to
Lender. Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby
waives any rights to privacy Borrower may have with respect to such matters. Borrower additionally waives any and all notices of sole of participation interests, as well as all notices of any repurchase of such participation interests. Borrower also
agrees that the purchasers of any such participation interests will be considered as the absolute owners of such interests in the Loan and will have all the rights granted under the participation agreement or agreements governing the sale of such
participation interests. Borrower further waives all rights of offset or counterclaim that it may have now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such
purchaser may enforce Borrower’s obligation under the Loan irrespective of the failure or insolvency of any holder of any interest in the Loan. Borrower further agrees that the purchaser of any such participation interests may enforce its
interests irrespective of any personal claims or defenses that Borrower may have against Lender. 
  
 Governing Law. This Agreement will be governed by, construed and enforced in accordance with federal law and the laws of the State
of California. This Agreement has been accepted by Lender in the State of California. 
  
 No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in
writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a
waiver of Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between Lender and any Grantor,
shall constitute a waiver of any of Lender’s rights or of any of Borrower’s or any Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by
Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. 
  
 Notices. Any notice required to be given under this
Agreement shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when
deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving
formal written notice to the other parties, specifying that the purpose of the notice is to change the party’s address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower’s current address. Unless
otherwise provided or required by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers. 
  
 Severability. If a court of competent jurisdiction finds any provision of this Agreement to be
illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that
it becomes legal, valid and enforceable. If the offending provision cannot be so 

 BUSINESS LOAN AGREEMENT 
 (Continued) 
  

  

 
modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or enforceability of any
provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement. 
  
 Subsidiaries and Affiliates of Borrower. To the extent the context of any provisions of this Agreement makes it appropriate,
including without limitation any representation, warranty or covenant, the word “Borrower” as used in this Agreement shall include all of Borrower’s subsidiaries and affiliates. Notwithstanding the foregoing however, under no
circumstances shall this Agreement be construed to require Lender to make any Loan or other financial accommodation to any of Borrower’s subsidiaries or affiliates. 
  
 Successors and Assigns. All covenants and agreements contained by or on behalf of Borrower shall bind
Borrower’s successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have the right to assign Borrower’s rights under this Agreement or any Interest therein, without the
prior written consent of Lender. 
  
 Survival
of Representations and Warranties. Borrower understands and agrees that in extending Loan Advances, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument
delivered by Borrower to Lender under this Agreement or the Related Documents. Borrower further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the extension of Loan
Advances and delivery to Lender of the Related Documents, shall be continuing in nature, shall be deemed made and redated by Borrower at the time each Loan Advance is made, and shall remain in full force and effect until such time as Borrower’s
Indebtedness shall be paid in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur. 
  
 Time is of the Essence. Time is of the essence in the performance of this Agreement. 
  
 DEFINITIONS. The following capitalized words and terms shall have the
following meanings when used in this Agreement. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the
plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms not
otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting principles as in effect on the date of this Agreement: 
  
 Advance. The word “Advance” means a disbursement of Loan funds made, or to be made, to
Borrower or on Borrower’s behalf on a line of credit or multiple advance basis under the terms and conditions of this Agreement. 
  
 Agreement. The word “Agreement” means this Business Loan Agreement, as this Business Loan Agreement may be amended or
modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time. 
  
 Borrower. The word “Borrower” means Interwoven, Inc., and all other persons and entities signing the Note in whatever
capacity. 
  
 Collateral. The word
“Collateral” means all property and assets granted as collateral security for a Loan, whether real or personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a
security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien, charge, lien
or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by law, contract, or otherwise. 

 BUSINESS LOAN AGREEMENT 
 (Continued) 
  

  

 Environmental Laws. The words “Environmental Laws” mean any and all
state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended,
42 U.S.C. Section 9601, et seq. (“CERCLA”), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource
Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., Chapters 6.5 through 7.7 of Division 20 of the California Health and Safety Code, Section 25100, et seq., or other applicable state or federal laws, rules, or regulations adopted
pursuant thereto. 
  
 Event of Default.
The words “Event of Default” mean any of the events of default set forth in this Agreement in the default section of this Agreement. 
  
 GAAP. The word “GAAP” means generally accepted accounting principles. 
  
 Grantor. The word “Grantor” means each and
all of the persons or entities granting a Security Interest in any Collateral for the Loan, including without limitation all Borrowers granting such a Security Internet. 
  
 Guarantor. The word “Guarantor” means any guarantor, surety, or accommodation party of any
or all of the Loan. 
  
 Guaranty. The word
“Guaranty” means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note. 
  
 Hazardous Substances. The words “Hazardous Substances” mean materials that, because of their quantity, concentration or
physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The
words “Hazardous Substances” are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term “Hazardous
Substances” also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. 
  
 Indebtedness. The word “Indebtedness” means the indebtedness evidenced by the Note or Related Documents, including all
principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents. 
  
 Lender. The word “Lender” means Washington Mutual Bank, FA, its successors and assigns.

  
 Loan. The word “Loan” means
any and all loans and financial accommodations from Lender to Borrower whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or
schedule attached to this Agreement from time to time. 
  
 Note. The word “Note” means the Note executed by Interwoven, Inc. in the principal amount of $20,000,000.00 dated May 31, 2002, together with all renewals of, extensions of, modifications of, refinancings of, consolidations
of, and substitutions for the note or credit agreement. 
  
 Permitted Liens. The words “Permitted Lien” mean (1) liens and security interests securing Indebtedness owed by Borrower to Lender; (2) liens for taxes, assessments, or similar charges either not yet
due or being contested in good faith; (3) liens of materialmen, mechanics, warehousemen, or carriers, or other like liens arising in the ordinary course of business and securing obligations which are not yet delinquent; (4) purchase money liens or
purchase money security interests upon or in any property acquired or held by Borrower in the ordinary course of business to secure indebtedness outstanding on the date of this Agreement or permitted to be incurred under the paragraph of this
Agreement entitled “Indebtedness and Liens”; (5) liens and security interests which, as of the date of this Agreement, have been disclosed to and approved by the Lender in writing; and (6) those liens and security interests which in the
aggregate constitute an immaterial and insignificant monetary amount with respect to the net value of Borrower’s assets. 

 BUSINESS LOAN AGREEMENT 
 (Continued) 
  

  

 Related Documents. The words “Related Documents” mean all promissory
notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter
existing, executed in connection with the Loan. 
  
 Security Agreement. The words “Security Agreement” mean and include without limitation any agreements, promises, covenants, arrangements, understandings or other agreements, whether created by law, contract, or otherwise,
evidencing, governing, representing, or creating a Security Interest. 
  
 Security Interest. The words “Security Interest” mean, without limitation, any and all types of collateral security, present and future, whether in the form of a lien, charge, encumbrance, mortgage,
deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien or title retention contract, lease or consignment
intended as a security device, or any other security or lien interest whatsoever whether created by law, contract, or otherwise. 
  
 BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED MAY 31,
2002. 
  

	BORROWER:	 	 	 	 
			
	INTERWOVEN, INC.	 	 	 	 
					
	 By:
	 	/S/    DAVID M. ALLEN        	 	 	 	By: 	 	/S/    SURENDRA MISTRY        
	 	
	 	 	 	 	

	 	 	David M. Allen, Senior V.P./CFO of Interwoven, Inc.	 	 	 	 	 	Surendra Mistry, Director of Finance of Interwoven, Inc.

  

	LENDER:
	
	WASHINGTON MUTUAL BANK, FA
		
	 By:
	 	/S/    STEVEN MRAS        
	 	

	 	 	 Authorized SignerExecutive Employment Agreement

 Exhibit 10.1 
  
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”), is entered into as of the 1st day of July, 2003, by
and between ABC BANCORP, a Georgia corporation (“Employer”), and Jon S. Edwards, an individual resident of the State of Georgia (“Executive”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Employer wishes to employ Executive as its South Regional Executive, and Executive wishes to continue to serve in such position, on the
terms and conditions set forth herein; 
  
 WHEREAS,
Employer and Executive are parties to that certain Severance Protection and Non-Competition Agreement dated as of March 8, 1999 (the “Severance Protection Agreement”), and Employer and Executive each desire to terminate the Severance
Protection Agreement contemporaneous with the execution and delivery hereof; 
  
 WHEREAS, Executive desires to be assured of a secure minimum compensation from Employer for his services over a defined term; 
  
 WHEREAS, Employer desires to assure the continued services of Executive on behalf of Employer on an objective and
impartial basis and without distraction or conflict of interest in the event of an attempt by any person or entity to obtain control of Employer; 
  
 WHEREAS, Employer desires to provide fair and reasonable benefits to Executive on the terms and subject to the conditions set forth in this
Agreement; and 
  
 WHEREAS, Employer desires reasonable
protection of its confidential business and customer information which it has developed over the years at substantial expense and assurance that Executive will not compete with Employer for a reasonable period of time after termination of his
employment with Employer, except as otherwise provided herein; 
  
 NOW, THEREFORE, in consideration of these premises, the mutual covenants and undertakings herein contained, Employer and Executive, each intending to be legally bound, covenant and agree as follows: 
  
 1. Termination of Severance Protection Agreement.
Notwithstanding any of the terms and conditions of the Severance Protection Agreement to the contrary with respect to the termination thereof or otherwise, Employer and Executive hereby terminate the Severance Protection Agreement, effective as of
the date hereof. Employer and Executive acknowledge and agree that neither party to the Severance Protection Agreement shall have or possess any rights against or obligations to the other party thereto with respect to any of the representations,
warranties, covenants and agreements set forth therein. In addition, Employer and Executive 

 
covenant and agree that the termination of the Severance Protection Agreement and the rights granted therein shall not constitute a breach thereof or default
thereunder or create any further or additional duties or obligations of the parties thereto. 
  
 2. Employment. Upon the terms and subject to the conditions set forth in this Agreement, Employer employs Executive as its South Regional Executive, and Executive hereby accepts such employment.
Notwithstanding the foregoing, during the Initial Term (as hereinafter defined) or any Additional Term (as hereinafter defined) hereof, Employer may, based on reasonable business considerations, modify the responsibilities or duties of the foregoing
position, or at its sole discretion, assign Executive to other positions; provided, however, that such duties shall be of the same character as those generally associated with the office held by Executive. 
  
 3. Position and Duties. Executive agrees to serve as the South
Regional Executive of Employer as set forth in Section 2 hereof and to perform such duties as may reasonably be assigned to him by the Board of Directors (the “Board”) or the Chief Executive Officer of Employer; provided,
however, that such duties shall be of the same character as those generally associated with the office held by Executive. Employer shall not, without the written consent of Executive, relocate or transfer Executive to a location other than a
location within the geographic boundaries of the State of Georgia. During the Initial Term or any Additional Term of this Agreement, Executive agrees that he will serve Employer faithfully and to the best of his ability and that he will devote his
full business time, attention and skills to Employer’s business; provided, however, that the foregoing shall not be deemed to restrict Executive from devoting a reasonable amount of time and attention to the management of his
personal affairs and investments, so long as such activities do not interfere with the responsible performance of Executive’s duties hereunder. 
  
 4. Term. The term of this Agreement shall begin on the date hereof (the “Effective Date”) and, unless otherwise earlier terminated
pursuant to Section 9 hereof, shall end on the date which is one (1) year following the Effective Date (hereinafter referred to as the “Initial Term”). The Initial Term shall be extended automatically for an additional one (1) year term
(each, an “Additional Term”) on the last day of the Initial Term or each Additional Term hereof unless either party hereto gives written notice to the other party not to so extend no later than ninety (90) days prior to the expiration of
the Initial Term or any subsequent Additional Term, as the case may be, in which case no further extension shall occur and the term of this Agreement shall end at the end of the Initial Term or the Additional Term during which such notice not to so
extend was given; provided, however, that, notwithstanding any notice by Employer not to extend, the term of this Agreement shall not expire prior to the expiration of twelve (12) months after the occurrence of a Change of Control (as
hereinafter defined); and provided further, however, that this Agreement shall automatically terminate (and the Initial Term or any Additional Term shall thereupon end) without notice when Executive attains 65 years of age.

  

 2 

 5. Compensation. 
  
 (A) Executive shall receive an annual salary of One Hundred, Forty-Two Thousand and no/100 Dollars ($142,500.00) (“Base
Compensation”) payable at regular intervals in accordance with Employer’s normal payroll practices now or hereafter in effect. Employer may consider and declare from time to time increases in the salary it pays Executive and thereby
increase the Base Compensation. Prior to (but not after) a Change of Control, Employer may also declare decreases in the salary it pays Executive if the operating results of Employer are significantly less favorable than those for its immediately
preceding fiscal year, and Employer makes similar decreases in the salary it pays to other executive officers of Employer; provided, however, that Employer shall not be permitted to decrease Executive’s annual salary below
$142,500.00 during the Initial Term hereof. After a Change of Control, Employer shall consider and declare salary increases based upon the following standards: (1) inflation; (2) adjustments to the salaries of other senior management personnel; and
(3) past performance of Executive and the contribution which Executive makes to the business and profits of Employer. Any and all increases or decreases in Executive’s salary pursuant to this Section 5(A) shall cause the level of Base
Compensation to be increased or decreased by the amount of each such increase or decrease for purposes of this Agreement. The increased or decreased level of Base Compensation as provided in this Section 5(A) shall become the level of Base
Compensation for the remainder of the Initial Term or any Additional Term until there is a further increase or decrease in Base Compensation as provided herein. 
  

(B) In addition to his Base Compensation, Executive shall be awarded, during each calendar year during the Initial Term or any Additional Term hereof,
an annual bonus (an “Annual Bonus”) either pursuant to a bonus or incentive plan of Employer or otherwise on terms no less favorable than those awarded to other executive officers of Employer. 
  
 6. Other Benefits. So long as Executive is employed by Employer
pursuant to this Agreement, he shall be included as a participant in all present and future employee benefit, retirement and compensation plans of Employer generally available to its employees, consistent with his Base Compensation and his position
with Employer, including, without limitation, Employer’s 401(k) Profit Sharing Plan, and Executive and his dependents shall be included in Employer’s hospitalization, major medical, disability and group life insurance plans. Executive
acknowledges that, notwithstanding any of the provisions of this Agreement, any of Employer’s benefit plans and programs may be modified from time to time and that Employer is not required to continue any plan or program currently in effect or
adopted hereafter; provided, however, that each of the above benefits shall continue in effect on terms no less favorable than those for other executive officers of Employer (as permitted by law) during the Initial Term or any
Additional Term hereof (A) unless prior to a Change of Control, the operating results of Employer are significantly less favorable than those for its immediately preceding fiscal year, or (B) unless (either before or after a Change of Control) (1)
changes in the accounting or tax treatment of such plans would materially adversely affect Employer’s operating results or financial condition, and (2) the Board concludes that modifications to such plans need to be made to avoid such adverse
effects. 
  

 3 

 7. Expenses. So long as Executive is employed by Employer pursuant to this Agreement,
Executive shall receive reimbursement from Employer for all reasonable business expenses incurred in the course of his employment by Employer upon proper submission to Employer of written vouchers and statements for reimbursement. [In addition,
Employer shall (A) provide to Executive an automobile and pay for all costs associated therewith during the Initial Term and any Additional Term hereof, and (B) reimburse Executive for all mileage driven by Executive in his personal automobile in
connection with his duties hereunder in accordance with Employer’s mileage reimbursement policy as in effect from time to time. Employer shall also use its reasonable best efforts to provide to Executive a country club membership for business
and personal use and shall pay for all initiation fees and monthly dues related thereto; provided, however, that, if such membership is not already owned by Executive as of the date hereof, then such membership shall be and remain the
sole property of Employer.] 
  
 8 Vacation.
Executive shall be entitled to four (4) weeks paid vacation during each calendar year of Executive’s employment hereunder. 
  
 9. Termination. Subject to the respective continuing obligations of the parties hereto, including, without limitation, those set forth in
Subsections 11(A), 11(B), 11(C) and 11(D) hereof, Executive’s employment by Employer hereunder may be terminated prior to the expiration of the Initial Term or any Additional Term hereof as follows: 
  
 (A) Employer, by action of the Board [or the Chief Executive Officer of
Employer] and upon written notice to Executive, may terminate Executive’s employment with Employer immediately for cause. For purposes of this Subsection 9(A), “cause” for termination of Executive’s employment shall exist (a) if
Executive is convicted of (from which no appeal may be taken), or pleads guilty or nolo contendere to, any act of fraud, misappropriation or embezzlement, or any felony, (b) if, in the determination of the Board or the Chief Executive Officer of
Employer, Executive has engaged in gross or willful misconduct materially damaging to the business of Employer (it being understood, however, that neither conduct pursuant to Executive’s exercise of his good faith business judgment nor
unintentional physical damage to any property of Employer by Executive shall be a ground for such a determination by the Board), or (c) if Executive has failed, without reasonable cause, to follow reasonable written instructions of the Board or the
Chief Executive Officer of Employer consistent with Executive’s position with Employer and, after written notice from Employer of such failure, Executive at any time thereafter again so fails. 
  
 (B) Executive, by written notice to Employer, may terminate his employment
with Employer immediately for good reason. For purposes of this Subsection 9(B), “good reason” for termination shall mean a good faith determination by Executive, in Executive’s sole and absolute judgment, that any one or more of the
following events has occurred, without Executive’s express written consent: 
  
 (1) after a Change of Control, a change in Executive’s reporting responsibilities, titles or offices as in effect immediately prior
to the Change of Control, or any removal of Executive from, or any failure to re-elect Executive to, any of Executive’s positions that he held immediately prior to the Change of Control, which has the effect of diminishing Executive’s
responsibility or authority; 
  

 4 

 (2) after a Change of Control, a reduction by Employer in Executive’s Base
Compensation as in effect immediately prior to the Change of Control or as the same may be increased from time to time or a change in the eligibility requirements or performance criteria under any bonus, incentive or compensation plan, program or
arrangement under which Executive is covered immediately prior to the Change of Control which adversely affects Executive; 
  
 (3) at the time of a Change of Control, Employer requires Executive to be based anywhere other than a job location within the geographic
boundaries of the State of Georgia; 
  
 (4) after
a Change of Control and without replacement by a plan providing benefits to Executive substantially equal to or greater than those discontinued, the failure by Employer to continue in effect, within its maximum stated term, any pension, bonus,
incentive, stock ownership, purchase, option, life insurance, health, accident, disability, or any other employee benefit plan, program or arrangement in which Executive is participating at the time of the Change of Control, or the taking of any
action by Employer after a Change of Control that would adversely affect Executive’s participation or materially reduce Executive’s benefits under any of such plans; 
  
 (5) after a Change of Control, the taking of any action by Employer that would materially adversely affect
the physical conditions existing at the time of the Change of Control in or under which Executive performs his employment duties, provided that Employer may take action with respect to such conditions after a Change of Control so long as such
conditions are at least commensurate with the conditions in or under which an officer of Executive’s status would customarily perform his employment duties; or 
  
 (6) after a Change of Control, a material change in the fundamental business philosophy, direction and
precepts of Employer and its subsidiaries, considered as a whole, as the same existed prior to the Change of Control. 
  
 Any event described in Subsection 9(B)(1) through (6) hereof which occurs prior to a Change of Control but which Executive reasonably demonstrates (x) was at the request
of a third party who has indicated an intention, or taken steps reasonably calculated, to effect a Change of Control or (y) otherwise arose in connection with, or in anticipation of, a Change of Control which actually occurs, shall constitute good
reason for purposes hereof, notwithstanding that it occurred prior to a Change of Control. 
  
 (C) Executive, upon ninety (90) days written notice to Employer, may terminate his employment with Employer without good reason. 
  

 5 

 (D) Executive’s employment with Employer shall terminate in the event of Executive’s death or
disability. For purposes of this Agreement, “disability” shall be defined as Executive’s inability by reason of illness or other physical or mental incapacity to perform the duties required by his employment for any consecutive one
hundred eighty (180) day period. 
  
 (E) A “Change of
Control” shall mean any of the following events: 
  
 (1) Unless approved by the affirmative vote of at least two-thirds (2/3) of those members of the Board who are in office immediately prior to the event(s) and who are not employees of Employer: 
  
 (a) the merger or consolidation of Employer with, or the
sale of all or substantially all of the assets of Employer to, any person or entity or group of associated persons or entities; or 
  
 (b) the direct or indirect beneficial ownership, in the aggregate, of securities of Employer representing twenty percent (20%) or more of
the total combined voting power of Employer’s then issued and outstanding securities by any person or entity, or group of associated persons or entities acting in concert, not affiliated (within the meaning of the Securities Act of 1933, as
amended) with Employer as of the date hereof; provided, however, that the Board may, at any time and in its sole discretion, increase the ownership percentage threshold of this item (b) to an amount not exceeding forty percent (40%);
or 
  
 (c) the shareholders of Employer approve
any plan or proposal for the liquidation or dissolution of Employer. 
  
 (2) A change in the composition of the Board at any time during any consecutive twenty-four (24) month period such that the “Continuity Directors” cease for any reason to constitute at least a seventy
percent (70%) majority of the Board. For purposes of this Agreement, “Continuity Directors” shall mean those members of the Board who either: 
  
 (a) were directors at the beginning of such consecutive twenty-four (24) month period; or 
  
 (b) were elected by, or on the nomination or recommendation
of, at least a two-thirds (2/3) majority of the Board. 
  
 10.
Compensation Upon Termination. In the event of termination of Executive’s employment with Employer pursuant to Section 9 hereof, compensation shall continue to be paid by Employer to Executive as follows: 
  
 (A) In the event of a termination pursuant to Subsection 9(A) or Subsection
9(C) hereof, compensation provided for herein (including Base Compensation and an Annual Bonus) shall continue to be paid, and Executive shall continue to participate in the employee benefit, 

  

 6 

 
retirement, compensation plans and other perquisites as provided in Section 6 hereof, through and including the Date of Termination (as hereinafter defined)
specified in the Notice of Termination (as hereinafter defined). Any benefits payable under insurance, health, retirement and bonus plans as a result of Executive’s participation in such plans through the Date of Termination specified in the
Notice of Termination shall be paid when due under such plans. 
  
 (B) In the event of a termination pursuant to Subsection 9(B) hereof, compensation provided for herein (including Base Compensation and an Annual Bonus) shall continue to be paid, and Executive shall continue to participate in the employee
benefit, retirement, compensation plans and other perquisites as provided in Section 6 hereof, through the Date of Termination specified in the Notice of Termination, and any benefits payable under insurance, health, retirement and bonus plans as a
result of Executive’s participation in such plans through the Date of Termination specified in the Notice of Termination shall be paid when due under such plans. In addition, if the event of termination pursuant to Subsection 9(B) hereof occurs
within twelve (12) months after the date of a Change of Control, then, subject to the terms of Section 13 hereof, (1) Executive shall be entitled to continue to receive from Employer for one (1) additional 12-month period his Base Compensation at
the rates in effect at the time of termination plus an Annual Bonus in an amount equal to at least forty percent (40%) of such Base Compensation as of the date of the event of termination, payable in accordance with Employer’s standard payment
practices then existing; (2) Executive shall be entitled to continue to participate for one (1) additional 12-month period in each employee welfare benefit plan (as such term is defined in the Employment Retirement Income Security Act of 1974, as
amended) in which Executive was entitled to participate immediately prior to the date of his termination, unless an essentially equivalent and no less favorable benefit is provided by a subsequent employer of Executive, provided that if the
terms of any such employee welfare benefit plan or applicable laws do not permit continued participation by Executive, Employer will arrange to provide to Executive a benefit substantially similar to, and no less favorable than, the benefit he was
entitled to receive under such plan at the end of the period of coverage; (3) Employer shall contribute the maximum contributions allowable under Employer’s 401(k) Profit Sharing Plan, or any successor plans thereto, for the benefit of
Executive; and (4) Executive shall be entitled to receive payment from Employer for reasonable relocation expenses if Executive relocates within five hundred (500) miles of Moultrie, Georgia if such relocation occurs within one hundred eighty (180)
days after the Date of Termination specified in the Notice of Termination. 
  
 (C) In the event of a termination pursuant to Subsection 9(D) hereof, compensation provided for herein (including Base Compensation and an Annual Bonus) shall continue to be paid, and Executive shall continue to
participate in the employee benefit, retirement, and compensation plans and other perquisites as provided in Section 6 hereof, (1) in the event of Executive’s death, through the date of death, or (2) in the event of Executive’s disability,
through the Date of Termination specified in the Notice of Termination. Any benefits payable under insurance, health, retirement and bonus plans as a result of Executive’s participation in such plans through the date of death or the Date of
Termination specified in the Notice of Termination, as the case may be, shall be paid when due under those plans. 
  
 (D) Employer will permit Executive or his personal representative(s) or heirs, during a period of ninety (90) days following the Date of Termination of
Executive’s employment by 

  

 7 

 
Employer (as specified in the Notice of Termination) for the reasons set forth in Subsection 9(B) hereof, to purchase all of the stock of Employer that would
be issuable under all outstanding stock options, if any, previously granted by Employer to Executive under any Employer stock option plan then in effect, whether or not such options are then exercisable, at a cash purchase price equal to the
purchase price as set forth in such outstanding stock options. 
  
 11. Restrictive Covenants. 
  
 (A)
Executive acknowledges that (1) Employer has separately bargained and paid additional consideration for the restrictive covenants herein; and (2) Employer will provide certain benefits to Executive hereunder in reliance on such covenants in view of
the unique and essential nature of the services Executive will perform on behalf of Employer and the irreparable injury that would befall Employer should Executive breach such covenants. 
  
 (B) Executive further acknowledges that his services are of a special, unique and extraordinary character and that his
position with Employer will place him in a position of confidence and trust with employees of Employer and its subsidiaries and affiliates and with Employer’s other constituencies and will allow him access to trade secrets and confidential
information concerning Employer and its subsidiaries and affiliates. 
  
 (C) Executive further acknowledges that the type and periods of restrictions imposed by the covenants in this Section 11 are fair and reasonable and that such restrictions will not prevent Executive from earning a livelihood. 
  
 (D) Having acknowledged the foregoing, Executive covenants and agrees with
Employer as follows: 
  
 (1) For a period of two
(2) years after the date hereof, Executive shall not divulge or furnish any confidential information of Employer acquired by him while employed by Employer to any person, firm or corporation, other than to Employer or its subsidiaries or upon its or
their written request, or use any such confidential information (which shall at all times remain the property of Employer) directly or indirectly for Executive’ own benefit or for the benefit of any person, firm or corporation other than
Employer. For purposes hereof, the term “confidential information” shall mean Employer’s and its subsidiaries’ non-public, confidential or proprietary information, including, without limitation, any and all tangible and
intangible information, whether oral, in writing or in any other medium, whether developed by Executive or furnished to Executive by third parties at the direction of Employer, concerning the policies, plans, procedures or customers of Employer or
its subsidiaries or the business, financial condition, operations, assets, liabilities and contingencies of Employer or its subsidiaries. 
  
 (2) Executive hereby agrees that he will not directly or indirectly disclose to anyone, or use or otherwise exploit for his own benefit or
for the benefit of anyone other than Employer and its subsidiaries any trade secrets (as defined in §10-1-761 of the Official Code of Georgia Annotated) of Employer or any of its subsidiaries for as long as they remain trade secrets.

  

 8 

 (3) For a period of one (1) year after termination of Executive’s employment (a) by
Employer for any of the reasons set forth in Subsection 9(A) of this Agreement, or (b) by Executive pursuant to Section 4 or Subsection 9(C) of this Agreement, Executive shall not directly or indirectly provide Banking Business (as hereinafter
defined) to, or solicit the Banking Business of, any customer of Employer or any of its subsidiaries at the time of such provision of services or solicitation which Executive served either alone or with others while employed by Employer in any city,
town, borough, township, village or other place in which Executive performed services for Employer while employed by it, or assist any actual or potential competitor of Employer or any of its subsidiaries to provide banking or bank-related services
to or solicit any such customer’s banking or bank-related business in any such place. The term “Banking Business” shall mean the business of operating a financial institution or bank holding company, including the provision of retail,
commercial, trust, mortgage and investment banking products and services and the management of companies that provide such products and services, as conducted by Employer and its subsidiaries during Executive’s employment by Employer.

  
 (4) While Executive is employed by Employer
and for a period of two (2) years after termination of Executive’s employment (a) by Employer for any of the reasons set forth in Subsection 9(A) of this Agreement, or (b) by Executive pursuant to Section 4 or Subsection 9(C) of this Agreement,
Executive shall not, directly or indirectly, as principal, agent, or trustee, or through the agency of any corporation, partnership, trade association, agent or agency, engage in any business or venture which competes with the Banking Business
within a 50-mile radius of any office or branch office location of Employer or any of its subsidiaries as of the date hereof. 
  
 (5) If Executive’s employment by Employer is terminated for reasons other than those set forth in Subsection 9(B) of this Agreement,
and Executive subsequently (a) provides Banking Business to, or solicits the Banking Business of, any customer of Employer or any of its subsidiaries at the time of such provision of services or solicitation which Executive served either alone or
with others while employed by Employer in any city, town, borough, township, village or other place in which Executive performed services for Employer while employed by it, or assists any actual or potential competitor of Employer or any of its
subsidiaries to provide Banking Business to or solicit any such customer’s Banking Business in any such place, or (b) engages, directly or indirectly, as principal, agent, or trustee, or through the agency of any corporation, partnership, trade
association, agent or agency, in any business or venture which competes with the Banking Business within a 50-mile radius of any office or branch office location of Employer or any of its subsidiaries as of the date hereof, then Employer may
immediately terminate and shall not be required to continue on behalf of the Executive or his dependents and beneficiaries any compensation provided for herein (including Base Compensation and any Annual Bonus) and any employee benefit, retirement
and compensation plans and other prerequisites provided in Section 6 hereof other than those benefits that Employer may be required to maintain for Executive under applicable federal or state law. 
  

 9 

 (6) If Executive’s employment by Employer is terminated for any of the reasons set
forth in Subsection 9(B) of this Agreement, then Executive may thereafter (a) provide Banking Business to, or solicit the Banking Business of, any customer of Employer or any of its subsidiaries at the time of such provision of services or
solicitation which Executive served either alone or with others while employed by Employer in any location within a 50-mile radius of any office or branch office location of Employer or any of its subsidiaries as of the date hereof, or assist any
actual or potential competitor of Employer or any of its subsidiaries to provide Banking Business to or solicit any such customer’s Banking Business in any such place, or (b) engage, directly or indirectly, as principal, agent or trustee, or
through the agency of any corporation, partnership, trade association, agent or agency, in any business or venture which competes with the Banking Business within a 50-mile radius of any office or branch office location of Employer or any of its
subsidiaries as of the date hereof; provided, however, that if Executive engages in any such activities after a termination under Subsection 9(B) hereof, then Employer may immediately terminate and shall not be required to continue on
behalf of Executive or his dependents and beneficiaries any compensation provided for herein (including, without limitation, Base Compensation, any Annual Bonus and any payments pursuant to Subsection 10(B) hereof) and any employee benefit,
retirement and compensation plans and other perquisites provided in Section 6 hereof other than those benefits that Employer may be required to maintain for Executive under applicable federal or state law. 
  
 (7) If Executive’s employment by Employer is terminated
for any reason or for no reason, Executive will turn over immediately thereafter to Employer all business correspondence, letters, papers, reports, customer lists, financial statements, credit reports or other confidential information or documents
of Employer or its affiliates in the possession or control of Executive, all of which writings are and will continue to be the sole and exclusive property of Employer or its affiliates, as the case may be. 
  
 (E) Executive acknowledges that irreparable loss and injury would result to
Employer upon the breach of any of the covenants contained in this Section 11 and that damages arising out of such breach would be difficult to ascertain. Executive hereby agrees that, in addition to all other remedies provided at law or in equity,
Employer may petition and obtain from a court of law or equity, without the necessity of proving actual damages and without posting any bond or other security, both temporary and permanent injunctive relief to prevent a breach by Executive of any
covenant contained in this Section 11, and shall be entitled to an equitable accounting of all earnings, profits and other benefits arising out of any such breach. In the event that the provisions of this Section 11 should ever be deemed to exceed
the time, geographic or any other limitations permitted by applicable law, then such provisions shall be deemed reformed to the maximum extent permitted thereby. 
  
 12. Notice of Termination and Date of Termination. Any termination of Executive’s employment with
Employer as contemplated by Section 9 hereof, except in the circumstances of Executive’s death, shall be communicated by written notice of termination (the “Notice of Termination”) by the terminating party to the other party hereto.
Any Notice of 

  

 10 

 
Termination given pursuant to Subsections 9(A), 9(B) or 9(D) hereof shall indicate the specific provisions of this Agreement relied upon and shall set forth
in reasonable detail the facts and circumstances claimed to provide a basis for such termination. For purposes of this Agreement, “Date of Termination” shall mean: (A) if Executive’s employment is terminated because of disability,
thirty (30) days after Notice of Termination is given (unless Executive shall have returned to the performance of Executive’s duties on a full-time basis during such thirty (30) day period); or (B) if Executive’s employment is terminated
for cause, good reason or pursuant to Subsection 9(C) hereof, the date specified in the Notice of Termination; provided, however, that if within thirty (30) days after any such Notice of Termination is given, the party receiving such
Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of Termination shall be the date on which the dispute is finally resolved, either by mutual agreement of the parties or by a final judgment,
order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected). 
  
 13. Excess Parachute Payments and One Million Dollar Deduction Limit. 
  
 (A) Notwithstanding anything contained herein to the contrary, if any portion of the payments and benefits provided
hereunder and benefits provided to, or for the benefit of, Executive under any other plan or agreement of Employer (such payments or benefits are collectively referred to as the “Payments”) would be subject to the excise tax (the
“Excise Tax”) imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or would be nondeductible by Employer pursuant to Section 280G of the Code, the Payments shall be reduced (but not below
zero) if and to the extent necessary so that no portion of any Payment to be made or benefit to be provided to Executive shall be subject to the Excise Tax or shall be nondeductible by Employer pursuant to Section 280G of the Code (such reduced
amount is hereinafter referred to as the “Limited Payment Amount”). Unless Executive shall have given prior written notice specifying a different order to Employer to effectuate the Limited Payment Amount, Employer shall reduce or
eliminate the Payments, by first reducing or eliminating those payments or benefits which are not payable in cash and then by reducing or eliminating cash payments, in each case in reverse order beginning with payments or benefits which are to be
paid the farthest in time from the Determination (as hereinafter defined). Any notice given by Executive pursuant to the preceding sentence shall take precedence over the provisions of any other plan, arrangement or agreement governing
Executive’s rights and entitlements to any benefits or compensation. 
  
 (B) An initial determination as to whether the Payments shall be reduced to the Limited Payment Amount pursuant to the Code and the amount of such Limited Payment Amount shall be made by an accounting firm at
Employer’s expense selected by Employer which is designated as one of the four largest accounting firms in the United States (the “Accounting Firm”). The Accounting Firm shall provide its determination (the “Determination”),
together with detailed supporting calculations and documentation to Employer and Executive within thirty (30) days of the Termination Date, if applicable, and if the Accounting Firm determines that no Excise Tax is payable by Executive with respect
to a Payment or Payments, it shall furnish Executive with an opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to any such Payment or Payments. Within ten (10) days of the delivery of the Determination to
Executive, Executive shall have the 

  

 11 

 
right to dispute the Determination (the “Dispute”). If there is no Dispute, the Determination shall be binding, final and conclusive upon Employer
and Executive subject to the application of Subsection 13(C) below. 
  
 (C) As a result of the uncertainty in the application of Sections 4999 and 280G of the Code, it is possible that the Payments to be made to, or provided for the benefit of, Executive either have been made or will not be made by Employer
which, in either case, will be inconsistent with the limitations provided in Section 13(A) hereof (hereinafter referred to as an “Excess Payment” or “Underpayment”, respectively). If it is established pursuant to a final
determination of a court or an Internal Revenue Service (the “IRS”) proceeding which has been finally and conclusively resolved that an Excess Payment has been made, such Excess Payment shall be deemed for all purposes to be a loan to
Executive made on the date Executive received the Excess Payment, and Executive shall repay the Excess Payment to Employer on demand (but not less than ten (10) days after written notice is received by Executive), together with interest on the
Excess Payment at the “Applicable Federal Rate” (as defined in Section 1274(d) of the Code) from the date of Executive’s receipt of such Excess Payment until the date of such repayment. In the event that it is determined (1) by the
Accounting Firm, Employer (which shall include the position taken by Employer, or together with its consolidated group, on its federal income tax return) or the IRS; (2) pursuant to a determination by a court; or (3) upon the resolution of the
Dispute to Executive’s satisfaction, that an Underpayment has occurred, Employer shall pay an amount equal to the Underpayment to Executive within ten (10) days of such determination or resolution, together with interest on such amount at the
Applicable Federal Rate from the date such amount would have been paid to Executive until the date of payment. 
  
 (D) Notwithstanding anything contained herein to the contrary, if any portion of the Payments would be nondeductible by Employer pursuant to Section
162(m) of the Code, the Payments to be made to Executive in any taxable year of Employer shall be reduced (but not below zero) if and to the extent necessary so that no portion of any Payment to be made or benefit to be provided to Executive in such
taxable year of Employer shall be nondeductible by Employer pursuant to Section 162(m) of the Code. The amount by which any Payment is reduced pursuant to the immediately preceding sentence, together with interest thereon at the Applicable Federal
Rate, shall be paid by Employer to Executive on or before the fifth business day of the immediately succeeding taxable year of Employer, subject to the application of the limitations of the immediately preceding sentence and this Section 13. Unless
Executive shall have given prior written notice specifying a different order to Employer to effectuate this Section 13, Employer shall reduce or eliminate the Payments in any one taxable year of Employer by first reducing or eliminating those
payments or benefits which are not payable in cash and then by reducing or eliminating cash payments, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time from the Section 162(m) Determination
(as hereinafter defined). Any notice given by Executive pursuant to the immediately preceding sentence shall take precedence over the provisions of any other plan, arrangement or agreement governing Executive’s rights and entitlements to any
benefits or compensation. 
  
 (E) The determination as to whether
the Payments shall be reduced pursuant to Section 13(D) hereof and the amount of the Payments to be made in each taxable year after the application of Section 13(D) hereof shall be made by the Accounting Firm at Employer’s 

  

 12 

 
expense. The Accounting Firm shall provide its determination (the “Section 162(m) Determination”), together with detailed supporting calculations
and documentation to Employer and Executive within thirty (30) days of the termination date specified in the Notice of Termination. The Section 162(m) Determination shall be binding, final and conclusive upon Employer and Executive. 
  
 14. Payments After Death. Should Executive die after
termination of his employment with Employer while any amounts are payable to him hereunder, this Agreement shall inure to the benefit of and be enforceable by Executive’s executors, administrators, heirs, distributees, devisees and legatees,
and all amounts payable hereunder shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee or other designee or, if there is no such designee, to his estate. 
  
 15. Full Settlement and Legal Expenses. The respective
obligations of the parties hereto to make payments or otherwise to perform hereunder shall not be affected by any rights of set-off, counterclaim, recoupment, defense or other claim, right or action which one party hereto may have against the other
party hereto. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts which may be payable to Executive by Employer hereunder. If any legal action, proceeding in arbitration or
other proceeding is brought for the enforcement of this Agreement, or because of any alleged dispute, breach, default or misrepresentation in connection with any provision of this Agreement, the successful or prevailing party or parties shall be
entitled to recover reasonable attorneys’ fees, court costs and all expenses incurred in that action or proceeding, even if not taxable as court costs, plus in each case interest at the Applicable Federal Rate, in addition to any other relief
to which such party or parties may be entitled. 
  
 16.
Notices. For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been given when delivered or mailed by United States registered or certified mail, return
receipt requested, postage prepaid, addressed as follows: 
  

	 If to Executive:
	  	 Jon S. Edwards

	 	  	 2 Ridge Road

	 	  	 Moultrie, GA 31768

		
	 If to Employer:
	  	 ABC Bancorp

	 	  	 24 2nd Avenue,
S.E.

	 	  	 Moultrie, Georgia 31768

	 	  	 Attention: Chief Executive Officer

  
 or to such address as either party
hereto may have furnished to the other party in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
  

 13 

 17. Governing Law. The validity, interpretation and performance of this Agreement shall be
governed by the laws of the State of Georgia, without giving effect to the conflicts of laws principles thereof. 
  
 18. Successors. Employer shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of Employer, by agreement in form and substance reasonably satisfactory to Executive, to expressly assume and agree to perform this Agreement in the same manner and same extent that Employer would be
required to perform it if no such succession had taken place. Failure of Employer to obtain such agreement prior to the effectiveness of any such succession shall be a material, intentional breach of this Agreement and shall entitle Executive to
terminate his employment with Employer for good reason pursuant to Subsection 9(B) hereof. As used in this Agreement, “Employer” shall mean Employer as hereinbefore defined and any successor to its business or assets as aforesaid.

  
 19. Modification and Waiver. No provision of
this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by Executive and Employer. No waiver by either party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of dissimilar provisions or conditions at the same or any prior subsequent time. No agreements or representation, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. 
  
 20. Severability. The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of
any other provisions of this Agreement, which shall remain in full force and effect. 
  
 21. Counterparts. This Agreement may be executed (and delivered via facsimile) in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and
the same Agreement. 
  
 22. Assignment. This
Agreement is personal in nature, and neither party hereto shall, without the prior written consent of the other, assign or transfer this Agreement or any rights or obligations hereunder except as provided in Sections 14 and 18 above. Without
limiting the foregoing, Executive’s right to receive compensation hereunder shall not be assignable or transferable, whether by pledge, creation of a security interest or otherwise, other than a transfer by his will or by the laws of descent or
distribution as set forth in Section 14 hereof, and in the event of any attempted assignment or transfer contrary to this Section 22, Employer shall have no liability to pay any amounts so attempted to be assigned or transferred. 
  
 23. Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto and supersedes all prior agreements, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof. 
  

 14 

 24. Construction. Whenever the singular number is used in this Agreement and when required
by the context, the same shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa. The headings in this Agreement are for convenience only and are in no way intended to describe,
interpret, define or limit the scope, extent or intent of this Agreement or any of its provisions. 
  
 [Signatures Next Page] 
  

 15 

 IN WITNESS WHEREOF, Executive has executed, sealed and delivered this Agreement, and Employer has
caused this Agreement to be executed, sealed and delivered, all as of the day and year first above set forth. 
  

	 	 	 	 	 ABC BANCORP
  
	 	 
				
	 	 	 	 	 By:
	 	 /s/ Kenneth J. Hunnicutt

	 [Corporate Seal]
	 	 	 	 	 	 Kenneth J. Hunnicutt, Chairman, President and
 Chief Executive Officer

					
	 Attest:
	 	 /s/ Cindi H. Lewis

	 	 	 	 	 	 
	 	 	 Cindi H. Lewis, Corporate Secretary
	 	 	 	 	 	 
						
	 	 	 	 	 	 	 	 	 /s/ Jon S. Edwards

	 	(SEAL)
	 	 	 	 	 	 	 	 	Jon S. Edwards	 	 

  

 16

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