Document:

Exhibit
10.1

AMENDED AND
RESTATED EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT
(this “Agreement”) dated as of November 22, 2013, is made by and between Congaree Bancshares, Inc., a South Carolina
corporation (the “Company”), which is the holding company for Congaree State Bank, a South Carolina state bank (the
“Bank”), and Charles A. Kirby, an individual resident of South Carolina (the “Executive”), and amends and
restates that certain employment agreement between the parties dated October 20, 2010. All references to the term “Employer”
as used herein shall refer to the Company and the Bank.

 

The
Employer presently employs the Executive as its President and Chief Executive Officer. The Employer recognizes that the Executive’s
contribution to the growth and success of the Employer is substantial. The Employer desires to provide for the continued employment
of the Executive and to make certain changes in the Executive’s employment arrangements which the Employer has determined
will reinforce and encourage the continued dedication of the Executive to the Employer and will promote the best interests of the
Employer and its shareholders. The Executive is willing to terminate his interests
and rights under the existing employment agreement with the Employer and to continue to serve the Employer on the terms and conditions
herein provided. Certain terms used in this Agreement are defined in Section 17 hereof. Unless otherwise specified hereafter, any
services performed by the Executive shall be for the benefit of the Bank and therefore any payments or benefits paid to the Executive
pursuant to this Agreement shall be the sole responsibility of the Bank; provided however, the Bank’s obligation to make any payments
owed to the Executive under this Agreement shall be discharged to the extent compensation payments are made by the Company.

In
consideration of the foregoing, the mutual covenants contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Employment.
The Employer shall continue to employ the Executive, and the Executive shall continue to serve the Employer, as President
and Chief Executive Officer of the Company and the Bank upon the terms and conditions set forth herein. The Executive shall
have such authority and responsibilities consistent with his position as are set forth in the Company’s or the
Bank’s Bylaws or assigned by the Company’s or the Bank’s Board of Directors (collectively, the
“Board”) from time to time. The Executive shall devote his full business time, attention, skill and efforts to
the performance of his duties hereunder, except during periods of illness or periods of vacation and leaves of absence
consistent with Bank policy. The Executive may devote reasonable periods to service as a director or advisor to other
organizations, to charitable and community activities, and to managing his personal investments, provided that such
activities do not materially interfere with the performance of his duties hereunder and are not in conflict or competitive
with, or adverse to, the interests of the Company or the Bank.

    	 

    	 

    

2. Term. Unless earlier terminated as provided herein, the Executive’s
employment under this Agreement shall commence on the date hereof and be for a term of one year (the “Initial Term”).
The employment shall be extended for additional terms of one year each (“Additional Term”) unless a Notice of Termination,
as defined hereinafter, shall be delivered by the Bank and the Company to Executive not less than six months prior to the end of
the Initial Term or six months prior to the end of the Additional Term, if applicable. 

3. Compensation
and Benefits. Any payments made under this Agreement shall be subject to such deductions as are required by law or regulation
or as may be agreed to by the Employer and the Executive.

(a) The
Employer shall pay the Executive a base salary at an annual rate of $165,000, which shall be paid in accordance with the
Employer’s standard payroll procedures, which shall be no less frequently than monthly. The Board (or an appropriate
committee of the Board) shall review the Executive’s performance and salary at least annually and may increase the
Executive’s base salary if it determines in its sole discretion that an additional increase is appropriate.

(b) The
Executive shall be eligible to receive a cash bonus equaling up to 50% of the previous year’s salary and compensation
if the Bank achieves certain performance levels established by the Board from time to time (the “Bonus Plan”).
Any bonus payment made pursuant to this Section 3(b) shall be made the earlier of (i) 70 calendar days after the previous
year end for which the bonus was earned by the Executive or (ii) the first pay period following the Employer’s press
release announcing its previous year’s financial performance.

(c) The
Executive, along with all other eligible employees of the Company, shall participate in the Bank’s long-term equity
incentive program and be eligible for the grant of stock options, restricted stock, and other awards thereunder or under any
similar plan adopted by the Company. Any options or similar awards shall be issued to Executive at an exercise price of not
less than the stock’s current fair market value (as determined in compliance with Treasury Regulation §
1.409A-1(b)(5)(iv)) as of the date of grant, and the number of shares subject to such grant shall be fixed on the date of
grant. Nothing herein shall be deemed to preclude the granting to the Executive of warrants or options under a director
option plan in addition to the options granted hereunder.

(d) The
Executive shall be eligible to participate in all retirement, medical, dental welfare and other benefit plans or programs of
the Employer now or hereafter applicable generally to employees of the Employer or to a class of employees that includes
senior executives of the Employer. The Employer shall pay such premiums in accordance with the Bank’s standard payroll
procedures.

(e) The
Employer shall provide the Executive with a term life insurance policy providing for death benefits totaling $500,000 payable
to the Executive’s heirs and $500,000 payable to the Employer, and the Executive shall cooperate with the Employer in the
securing and maintenance of such policy.

(f) The
Employer shall pay the Executive $650 per month for expenses relating to an automobile either owned or leased by the
Executive, which shall be paid in accordance with the Company’s standard payroll procedures. In addition, the Employer
shall reimburse the Executive for expenses related to routine maintenance on such automobile in amounts not to exceed $150
per month. The Employer shall reimburse the Executive for such expenses as described in Section 20 hereof.

(g) In
addition, at a time deemed appropriate by the Board, the Employer shall reimburse Executive for dues pertaining to The
Capital City Club or a similar area country, social, or civic club for so long as the Executive remains the President and
Chief Executive Officer of the Employer and this Agreement remains in force. The Employer shall reimburse the Executive for
such expenses as described in Section 20 hereof.

(h) The
Employer shall reimburse the Executive for reasonable travel and other expenses, including cell phone expenses, related to
the Executive’s duties which are incurred and accounted for in accordance with the normal practices of the Employer.
The Employer shall reimburse the Executive for such expenses as described in Section 20 hereof.

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(i) The
Employer shall provide the Executive with five weeks’ paid vacation per year, which shall be taken in accordance with
any banking rules or regulations governing vacation leave.

4. Termination
and Severance Payments. In the event that the Bank is deemed by FDIC to be in troubled condition as defined in 12 C.F.R.
Section 303.101(c), any severance payment to be paid pursuant to this Section 4 will be made only as permitted by applicable
federal regulations.

(a) The Executive’s employment under this
Agreement may be terminated prior to the end of the Term only as follows, and the effect of such termination shall be as set forth
in Sections 4(b) through 4(j):

(i)
upon the death of the Executive;

(ii) upon
the Disability of the Executive for a period of 180 days;

(iii) by
the Employer for Cause upon delivery of a Notice of Termination to the Executive;

(iv) by the Executive for Good Reason upon delivery of a Notice of Termination to the Employer
within a 90-day period beginning on the 30th day after the occurrence of a Change in Control or within a 90-day period beginning
on the one year anniversary of the occurrence of a Change in Control;

(v) by the Employer without Cause upon delivery of a Notice of Termination; and

(vi) by
the Executive effective upon the 30th day after delivery of a Notice of Termination.

(b) If
the Executive’s employment is terminated because of the Executive’s death, the Employer shall pay Executive’s
estate any sums due him as base salary and reimbursement of expenses through the end of the month during which death occurred
in accordance with the Employer’s standard payroll practices, which shall mean no less frequently than monthly. The Employer
shall also pay the Executive’s estate any bonus earned under the Bonus Plan through the date of death. Any bonus for previous
years, or the year in which the Executive’s employment is terminated in accordance with this Section 4(b), which was not
yet paid will be paid pursuant to the terms set forth in Section 3(b). To the extent that the bonus is performance-based, the
amount of the bonus will be calculated by taking into account the performance of the Company for the entire year and prorated
through the date of Executive’s death.

(c) During the period of any Disability leading up to the Executive’s Termination of Employment
under this provision, the Employer shall continue to pay the Executive his full base salary at the rate then in effect and all
perquisites and other benefits (other than any bonus) in accordance with the Employer’s standard payroll schedule (and in
no event less frequently than monthly) until the Executive becomes eligible for benefits under any long-term disability plan or
insurance program maintained by the Employer, provided that the amount of any such payments to the Executive shall be reduced
by the sum of the amounts, if any, payable to the Executive for the same period under any disability benefit or pension plan of
the Employer or any of its subsidiaries. Furthermore, the Employer shall pay the Executive any bonus earned under the Bonus Plan
through the date of Disability. Any bonus for previous years, or the year in which the Executive’s employment is terminated
in accordance with this Section 4(c), which was not yet paid will be paid pursuant to the terms set forth in Section 3(b). To
the extent that the bonus is performance-based, the amount of the bonus will be calculated by taking into account the performance
of the Company for the entire year and prorated through the date of Executive’s Disability.

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(d) If
the Executive’s employment is terminated for Cause as provided above, or if the Executive resigns or retires from the Bank,
as set forth in clause (vi) of Section 4(a) (except for a termination of employment pursuant to Section 4(e)), the Executive shall
receive any sums due him as base salary and reimbursement of expenses through the date of termination, which shall be paid in
accordance with the Employer’s standard payroll procedures, which shall mean no less frequently than monthly; provided,
however, that if the Executive retires from the Bank after providing the Board with at least 24 months prior written notice, then
in consideration for the restrictive covenants set forth in Section 9 of this Agreement the Employer shall pay the Executive,
subject to the possibility of a six-month delay described in Section 20, a retirement benefit in an amount equal to $75,000 in
a single lump sum within 60 days of the date of the Executive’s retirement, and the Employer shall also pay the Executive
any bonus earned or accrued under the Bonus Plan through the date of retirement (including any amounts awarded for previous years
but which were not yet vested). Any bonus for previous years, or the year in which the Executive’s employment is terminated
upon the Executive’s retirement after providing written notice in accordance with this Section 4(d), which was not yet paid
will be paid pursuant to the terms set forth in Section 3(b). To the extent that the bonus is performance-based, the amount of
the bonus will be calculated by taking into account the performance of the Company for the entire year and prorated through the
date of Executive’s retirement.

(e) If
the Executive’s employment is terminated (1) by the Executive pursuant to clause (iv) of Section 4(a) or (2) by the Employer
pursuant to clause (v) of Section 4(a) within two years following a Change in Control, then in addition to other rights and remedies
available in law or equity, the Executive shall be entitled to the following:

(i)the
Employer shall pay the Executive, subject to the possibility of a six-month delay described in Section 20:

(1)
severance compensation in an amount equal to two times the Executive’s highest monthly base salary over the 60-month
period prior to the date of termination in a single lump sum within 60 days of the date of the Executive’s termination;
and (2) severance compensation in an amount equal to 100% of the Executive’s highest monthly base salary over the
60-month period prior to the date of termination each month for 22 months following the date of such lump sum payment as set
forth in this Section 4(e)(i)(1). Employer shall also pay the Executive any bonus earned through the date of termination
(including any amounts awarded for previous years but which were not yet vested). Any bonus for previous years, or the year
in which the Executive’s employment is terminated in accordance with this Section 4(e)(i), which was not yet paid will
be paid pursuant to the terms set forth in Section 3(b). To the extent that the bonus is performance-based, the amount of the
bonus will be calculated by taking into account the performance of the Company for the entire year and prorated through the
date of Executive’s termination; and

(ii)the
Executive may continue participation, in accordance with the terms of the applicable benefits plans, in the Employer’s group
health plan pursuant to plan continuation rules under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”).
In accordance with COBRA, assuming the Executive is covered under the Employer’s group health plan as of his date of termination,
the Executive will be entitled to elect COBRA continuation coverage for the legally required COBRA period (the “Continuation
Period”). If the Executive elects COBRA coverage for group health coverage, he will be obligated to pay the portion of the
full COBRA cost of the coverage equal to an active employee’s share of premiums for coverage for the respective plan year
and the Employer’s share of such premiums shall be treated as taxable income to Executive. In addition, if the Employer’s
insurance carriers’ consent to extend to the Executive life, disability and accidental death insurance benefits that are
comparable to the benefits Executive would have received if his employment had continued and if such benefit extension does not
result in adverse legal consequences to the group health plan or the Employer, then the Employer agrees to extend such coverage
through the earlier of the date that the Employer’s insurance carrier terminates such consent or through the Continuation
Period. Notwithstanding the above, the Employer’s obligations hereunder with respect to the foregoing benefits provided
in this subsection (ii) shall be limited to the extent that if the Executive obtains any coverage pursuant to a subsequent employer’s
benefit plans which duplicates the Employer’s coverage, the duplicative coverage may be terminated by the Employer. This
subsection (ii) shall not be interpreted so as to limit any benefits to which the Executive, the Executive’s spouse, dependents
or beneficiaries may be entitled under any of the Employer’s employee benefit plans, programs, or practices following the
Executive’s termination of employment, including, without limitation, retiree medical and life insurance benefits, provided
that there shall be no duplication of benefits.

 

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(f) If
the Employer terminates the Executive’s employment pursuant to clause (v) of Section 4(a) before a Change in Control or
more than two years after a Change in Control, then the Employer shall pay the Executive, subject to the possibility of a six-month
delay described in Section 20, severance compensation in an amount equal to two months of his then current monthly base salary
in a single lump sum within 60 days of the date of the Executive’s termination; and (2) severance compensation in an amount
equal to 100% of his then current monthly base salary each month for 10 months following the date of such lump sum payment as
set forth in Section 4(e)(i)(1) above. Employer shall also pay the Executive any bonus earned or accrued under the Bonus Plan
through the date of termination (including any amounts awarded for previous years but which were not yet vested). Any bonus for
previous years, or the year in which the Executive’s employment is terminated in accordance with this Section 4(f), which
was not yet paid will be paid pursuant to the terms set forth in Section 3(b). To the extent that the bonus is performance-based,
the amount of the bonus will be calculated by taking into account the performance of the Company for the entire year and prorated
through the date of Executive’s termination.

(g) With
the exceptions of the provisions of this Section 4, and the express terms of any benefit plan under which the Executive is a participant,
it is agreed that, upon termination of the Executive’s employment, the Employer shall have no obligation to the Executive
for, and the Executive waives and relinquishes, any further compensation or benefits (exclusive of COBRA benefits). Unless otherwise
stated in this Section 4, the effect of termination on any outstanding incentive awards, stock options, stock appreciation rights,
performance units, or other incentives shall be governed by the terms of the applicable benefit or incentive plan and/or the agreements
governing such incentives. Within 60 days of termination of the Executive’s employment, and as a condition to the Employer’s
obligation to pay any severance hereunder, the Executive shall execute, and not timely revoke during any revocation period provided
pursuant to such release, a release substantially in the form attached hereto as Exhibit A.  In most instances, payment
will be made, or in the case of installment payments, will begin as soon as practicable after such release is effective. However,
if the 60-day period spans two calendar years, such severance payment will be made as soon as possible in the subsequent taxable
year.

(h) In
the event that the Executive’s employment is terminated for any reason, as a condition to the Employer’s obligation
to pay any severance hereunder, the Executive shall (and does hereby) tender his resignation as a director of the Company, the
Bank, and any other subsidiaries, effective as of the date of termination. 

(i) The
Company is aware that upon the occurrence of a Change in Control, the Board or a shareholder of the Company may then cause or
attempt to cause the Company to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the
Company to institute, or may institute, litigation seeking to have this Agreement declared unenforceable, or may take, or attempt
to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of
this Agreement could be frustrated. It is the intent of the parties that the Executive not be required to incur the legal fees
and expenses associated with the protection or enforcement of the Executive’s rights under this Agreement by litigation
or other legal action because such costs would substantially detract from the benefits intended to be extended to the Executive
hereunder, nor be bound to negotiate any settlement of the Executive’s rights hereunder under threat of incurring such costs.
Accordingly, if at any time after a Change in Control, it should appear to the Executive that the Company is acting or has acted
contrary to or is failing or has failed to comply with any of its obligations under this Agreement for the reason that it regards
this Agreement to be void or unenforceable or for any other reason, or that the Company has purported to terminate the Executive’s
employment for Cause or is in the course of doing so in either case contrary to this Agreement, or in the event that the Company
or any other person takes any action to declare this Agreement void or unenforceable, or institutes any litigation or other legal
action designed to deny, diminish or recover (other than as required by law) from the Executive the benefits provided or intended
to be provided to the Executive hereunder, and the Executive has acted in good faith to perform the Executive’s obligations
under this Agreement, the Company irrevocably authorizes the Executive from time to time to retain counsel of the Executive’s
choice at the expense of the Company to represent the Executive in connection with the protection and enforcement of the Executive’s
rights hereunder, including without limitation representation in connection with termination of the Executive’s employment
contrary to this Agreement or with the initiation or defense of any litigation or other legal action, whether by or against the
Executive or the Company or any director, officer, shareholder or other person affiliated with the Company, in any jurisdiction.
The reasonable fees and expenses of counsel selected from time to time by the Executive as hereinabove provided shall be paid
or reimbursed to the Executive by the Company on a regular, periodic basis upon presentation by the Executive of a statement or
statements prepared by such counsel. If other officers or key executives of the Company have retained counsel in connection with
the protection and enforcement of their rights under similar agreements between them and the Company, and, unless in the Executive’s
sole judgment use of common counsel could be prejudicial to the Executive or would not be likely to reduce the fees and expenses
chargeable hereunder to the Company, the Executive agrees to use the Executive’s best efforts to agree with such other officers
or executives to retain common counsel.

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(j) The
parties intend that the severance payments and other compensation provided for herein are reasonable compensation for the Executive’s
services to the Employer and shall not constitute “excess parachute payments” within the meaning of Section 280G of
the Internal Revenue Code of 1986 (the “Code”) and any regulations thereunder. In the event that the Employer’s
independent accountants acting as auditors for the Employer on the date of a Change in Control determine that the payments provided
for herein constitute “excess parachute payments,” then the compensation payable hereunder shall be reduced to an
amount the value of which is $1.00 less than the maximum amount that could be paid to the Executive without the compensation being
treated as “excess parachute payments” under Section 280G. The payments shall be reduced, if applicable, by the Employer
in the following order of priority: (A) reduction of any cash severance payments otherwise payable to the Executive that are exempt
from Section 409A of the Code; (B) reduction of any other cash payments or benefits otherwise payable to the Executive that are
exempt from Section 409A of the Code, but excluding any payments attributable to any acceleration of vesting or payments with
respect to any equity award that are exempt from Section 409A of the Code; (C) reduction of any payments attributable to any acceleration
of vesting or payments with respect to any equity award that are exempt from Section 409A of the Code, in each case beginning
with payments that would otherwise be made last in time; and (D) reduction of any other payments or benefits otherwise payable
to the Executive on a pro-rata basis or such other manner that complies with Section 409A of the Code, but excluding any payments
attributable to any acceleration of vesting and payments with respect to any equity award that are exempt from Section 409A of
the Code.

(k) If
the Executive is suspended or temporarily prohibited from participating, in any way or to any degree, in the conduct of the Employer’s
affairs by (1) a notice served under section 8(e) or (g) of Federal Deposit Insurance Act (12 U.S.C. 1818 (e) or (g)) or (2) as
a result of any other regulatory or legal action directed at the Executive by any regulatory or law enforcement agency having
jurisdiction over the Executive (each of the foregoing referred to herein as a “Suspension Action”), and if this Agreement
is not terminated, the Employer’s obligations under this Agreement shall be suspended as of the earlier of the effective
date of such Suspension Action or the date on which the Executive was provided notice of the Suspension Action, unless stayed
by appropriate proceedings. If the charges underlying the Suspension Action are dismissed, the Bank shall:

(i) pay on the first day of the
first month following such dismissal of charges (or as provided elsewhere in this Agreement) the Executive all of the compensation
withheld while the obligations under this Agreement were suspended; and

(ii) reinstate any such obligations
which were suspended.

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Notwithstanding
anything to the contrary herein, if the Executive is removed or permanently prohibited from participating, in any way or to any
degree, in the conduct of the Employer’s affairs by (1) an order issued under section 8(e)(4) or (g)(1) of the Federal Deposit
Insurance Act (12 U.S.C. Section 1818 (e)(4) or (g)(1)) or (2) any other legal or law enforcement action (each of the foregoing
referred to herein as a “Removal Action”), all obligations of the Employer under this Agreement shall terminate as
of the effective date of the Removal Action, but any vested rights of the parties hereto shall not be affected.

Notwithstanding
anything to the contrary herein, if the Employer is in default (as defined in section 3(x)(1) of the Federal Deposit Insurance
Act, 12 U.S.C. Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but this paragraph
(4)(k) shall not affect any vested rights of the parties hereto.

Any payments made
to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C.
Section 1828(k) and any regulations promulgated thereunder.

5.Ownership
of Work Product. The Employer shall own all Work Product arising during the course of the Executive’s employment (prior,
present or future). For purposes hereof, “Work Product” shall mean all intellectual property rights, including all
Trade Secrets, U.S. and international copyrights, patentable inventions, and other intellectual property rights in any programming,
documentation, technology or other work product that relates to the Employer, its business or its customers and that the Executive
conceives, develops, or delivers to the Employer at any time during his employment, during or outside normal working hours, in
or away from the facilities of the Employer, and whether or not requested by the Employer. If the Work Product contains any materials,
programming or intellectual property rights that the Executive conceived or developed prior to, and independent of, the Executive’s
work for the Employer, the Executive agrees to point out the pre-existing items to the Employer and the Executive grants the Employer
a worldwide, unrestricted, royalty-free right, including the right to sublicense such items. The Executive agrees to take such
actions and execute such further acknowledgments and assignments as the Employer may reasonably request to give effect to this
provision.

6.Protection
of Trade Secrets. The Executive agrees to maintain in strict confidence and, except as necessary to perform his duties for
the Employer, the Executive agrees not to use or disclose any Trade Secrets of the Employer during or after his employment. “Trade
Secret” means information, including a formula, pattern, compilation, program, device, method, technique, process, drawing,
cost data or customer list, that: (i) derives economic value, actual or potential, from not being generally known to, and not
being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (ii)
is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

7.Protection
of Other Confidential Information. In addition, the Executive agrees to maintain in strict confidence and, except as necessary
to perform his duties for the Employer, not to use or disclose any Confidential Business Information of the Employer during his
employment and for a period of 24 months following termination of the Executive’s employment (regardless of whether this
Agreement terminates or expires). “Confidential Business Information” shall mean any internal, non-public information
(other than Trade Secrets already addressed above) concerning the Employer’s financial position and results of operations
(including revenues, assets, net income, etc.); annual and long-range business plans; product or service plans; marketing plans
and methods; training, educational and administrative manuals; customer and supplier information and purchase histories; and employee
lists. The provisions of Sections 6 and 7 shall also apply to protect Trade Secrets and Confidential Business Information of third
parties provided to the Employer under an obligation of secrecy.

8.Return
of Materials. The Executive shall surrender to the Employer, promptly upon its request and in any event upon termination of
the Executive’s employment (regardless of whether this Agreement terminates or expires), all media, documents, notebooks,
computer programs, handbooks, data files, models, samples, price lists, drawings, customer lists, prospect data, or other material
of any nature whatsoever (in tangible or electronic form) in the Executive’s possession or control, including all copies
thereof, relating to the Employer, its business, or its customers. Upon the request of the Employer, the Executive shall certify
in writing compliance with the foregoing requirement.

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9.Restrictive
Covenants.

(a) No
Solicitation of Customers. During the Executive’s employment with the Employer and for a period of 12 months thereafter
(regardless of whether this Agreement terminates or expires), the Executive shall not (except on behalf of or with the prior written
consent of the Employer), either directly or indirectly, on the Executive’s own behalf or in the service or on behalf of
others, (A) solicit, divert, or appropriate to or for a Competing Business, or (B) attempt to solicit, divert, or appropriate
to or for a Competing Business, any person or entity that is or was a customer of the Employer or any of its Affiliates at any
time during the 12 months prior to the date of termination and with whom the Executive has had material contact. The parties agree
that solicitation of such a customer to acquire stock in a Competing Business during this time period would be a violation of
this Section 9(a).

(b) No
Recruitment of Personnel. During the Executive’s employment with the Employer and for a period of 12 months thereafter
(regardless of whether this Agreement terminates or expires), the Executive shall not, either directly or indirectly, on the Executive’s
own behalf or in the service or on behalf of others, (A) solicit, divert, or hire away, or (B) attempt to solicit, divert, or
hire away, to any Competing Business located in the Territory, any employee of or consultant to the Employer or any of its Affiliates,
regardless of whether the employee or consultant is full-time or temporary, the employment or engagement is pursuant to written
agreement, or the employment is for a determined period or is at will. For purposes of this Section, “employee of or consultant
to the Employer” shall mean (A) any individual employed by the Employer at the time of the actual or attempted solicitation,
diversion or hiring, or (B) any individual employed by the Employer at the time of Employee’s termination of employment
with the Employer.

(c) Non-Competition
Agreement. During the Executive’s employment with the Employer and for a period of 12 months following any termination
(as opposed to expiration) of this Agreement, the Executive shall not (without the prior written consent of the Employer) compete
with the Employer or any of its Affiliates by, directly or indirectly, forming, serving as an organizer or officer of, or consultant
to, or acquiring or maintaining more than a 1% passive investment in, a depository financial institution or holding company therefor
if such depository institution or holding company has, or upon formation will have, one or more offices or branches located in
the Territory. Notwithstanding the foregoing, the Executive may serve as an officer of or consultant to a depository institution
or holding company therefor even though such institution operates one or more offices or branches in the Territory, if the Executive’s
employment does not directly involve, in whole or in part, the depository financial institution’s or holding company’s
operations in the Territory. 

(d) Bank
Receivership. Notwithstanding Sections 9(a-c) above, if Executive’s employment with the Employer shall terminate due
to the Bank being taken into receivership by the FDIC, then the restrictive covenants of this Section 9 shall not apply to the
Executive beginning as of the date of such receivership.

10. Independent
Provisions. The provisions in each of the above Sections 9(a), 9(b), and 9(c) are independent, and the unenforceability
of any one provision shall not affect the enforceability of any other provision.

11.Successors;
Binding Agreement. The rights and obligations of this Agreement shall bind and inure to the benefit of the surviving corporation
in any merger or consolidation in which the Employer is a party, or any assignee of all or substantially all of the Employer’s
business and properties. The Executive’s rights and obligations under this Agreement may not be assigned by him, except
that his right to receive accrued but unpaid compensation, unreimbursed expenses and other rights, if any, provided under this
Agreement which survive termination of this Agreement shall pass after death to the personal representatives of his estate.

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12.Notice.
For the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and
shall be deemed to have been duly given when personally delivered or sent by certified mail, return receipt requested, postage
prepaid, addressed to the respective addresses last given by each party to the other; provided, however, that all
notices to the Employer shall be directed to the attention of the Employer with a copy to the Secretary of the Employer. All notices
and communications shall be deemed to have been received on the date of delivery thereof.

13.Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of South Carolina
without giving effect to the conflict of laws principles thereof. Any action brought by any party to this Agreement shall be brought
and maintained in a court of competent jurisdiction in the State of South Carolina.

14.Non-Waiver.
Failure of the Employer to enforce any of the provisions of this Agreement or any rights with respect thereto shall in no way
be considered to be a waiver of such provisions or rights, or in any way affect the validity of this Agreement.

15.Enforcement.
The Executive agrees that in the event of any breach or threatened breach by the Executive of any covenant contained in Section
9(a), 9(b), or 9(c) hereof, the resulting injuries to the Employer would be difficult or impossible to estimate accurately, even
though irreparable injury or damages would certainly result. Accordingly, an award of legal damages, if without other relief,
would be inadequate to protect the Employer. The Executive, therefore, agrees that in the event of any such breach, the Employer
shall be entitled to obtain from a court of competent jurisdiction an injunction to restrain the breach or anticipated breach
of any such covenant, and to obtain any other available legal, equitable, statutory, or contractual relief. Should the Employer
have cause to seek such relief, no bond shall be required from the Employer, and the Executive shall pay all attorney’s
fees and court costs which the Employer may incur to the extent the Employer prevails in its enforcement action.

16.Saving
Clause. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision
shall not affect the validity or enforceability of the other provisions hereof. If any provision or clause of this Agreement,
or portion thereof, shall be held by any court or other tribunal of competent jurisdiction to be illegal, void, or unenforceable
in such jurisdiction, the remainder of such provision shall not be thereby affected and shall be given full effect, without regard
to the invalid portion. It is the intention of the parties that, if any court construes any provision or clause of this Agreement,
or any portion thereof, to be illegal, void, or unenforceable because of the duration of such provision or the area or matter
covered thereby, such court shall reduce the duration, area, or matter of such provision, and, in its reduced form, such provision
shall then be enforceable and shall be enforced. The Executive and the Employer hereby agree that they will negotiate in good
faith to amend this Agreement from time to time to modify the terms of Sections 9(a), 9(b) or 9(c), the definition of the term
“Territory,” and the definition of the term “Business,” to reflect changes in the Employer’s business
and affairs so that the scope of the limitations placed on the Executive’s activities by Section 9 accomplishes the parties’
intent in relation to the then current facts and circumstances. Any such amendment shall be effective only when completed in writing
and signed by the Executive and the Employer.

17.Certain
Definitions.

(a)“Affiliate”
shall mean any business entity controlled by, controlling or under common control with the Employer.

(b)“Business”
shall mean the operation of a depository financial institution, including, without limitation, the solicitation and acceptance
of deposits of money and commercial paper, the solicitation and funding of loans and the provision of other banking services,
and any other related business engaged in by the Employer or any of its Affiliates as of the date of termination.

    	9

    	 

    

(c)“Cause”
shall consist of any of (A) the commission by the Executive of a willful act (including, without limitation, a dishonest or fraudulent
act) or a grossly negligent act, or the willful or grossly negligent omission to act by the Executive, which is intended to cause,
causes or is reasonably likely to cause material harm to the Employer (including harm to its business reputation), (B) the indictment
of the Executive for the commission or perpetration by the Executive of any felony or any crime involving dishonesty, moral turpitude
or fraud, (C) the material breach by the Executive of this Agreement that, if susceptible of cure, remains uncured 10 days
following written notice to the Executive of such breach, (D) the receipt of any form of notice, written or otherwise, that
any regulatory agency having jurisdiction over the Employer intends to institute any form of formal or informal (e.g.,
a memorandum of understanding which relates to the Executive’s performance) regulatory action against the Executive or the
Employer (provided that the Board determines in good faith, with the Executive abstaining from participating in the consideration
of and vote on the matter, that the subject matter of such action involves acts or omissions by or under the supervision of the
Executive or that termination of the Executive would materially advance the Employer’s compliance with the purpose of the
action or would materially assist the Employer in avoiding or reducing the restrictions or adverse effects to the Employer related
to the regulatory action); (E) the exhibition by the Executive of a standard of behavior within the scope of his employment that
is materially disruptive to the orderly conduct of the Employer’s business operations (including, without limitation, substance
abuse or sexual misconduct) to a level which, in the Board’s good faith and reasonable judgment, with the Executive abstaining
from participating in the consideration of and vote on the matter, is materially detrimental to the Employer’s best interest,
that, if susceptible of cure remains uncured 10 days following written notice to the Executive of such specific inappropriate
behavior; or (F) the failure of the Executive to devote his full business time and attention to his employment as provided under
this Agreement that, if susceptible of cure, remains uncured 30 days following written notice to the Executive of such failure.
In order for the Board to make a determination that termination shall be for Cause, the Board must provide the Executive with
an opportunity to meet with the Board in person.

(d)“Change
in Control” shall mean as defined by Treasury Regulation § 1.409A-3(i)(5).

(e) “Competing Business” shall mean any business that, in whole or in part,
is the same or substantially the same as the Business.

(f) “Disability”
or “Disabled” shall mean as defined by Treasury Regulation § 1.409A-3(i)(4).

(g) “Good
Reason” shall mean the occurrence after a Change in Control of any of the events or conditions as defined by Treasury
Regulation § 1.409A-1(n)(2)(ii). The Executive’s right to terminate the Executive’s employment for Good Reason
shall not be affected by Executive’s incapacity due to physical or mental illness.

(h) “Notice
of Termination” shall mean a written notice of termination from one party to the other which specifies an effective
date of termination, indicates the specific termination provision in this Agreement relied upon, and, in the case of (i) a termination
for Cause, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Employee’s
employment under the provision so indicated, or (ii) in the case of a termination for Good Reason, sets forth the Good Reason
event which occurred no more than ninety (90) days prior to the date of the notice and provides the Employer not less than thirty
(30) days to remedy this condition.

(i) “Territory” shall mean a radius of 15 miles from (i) the main office
of the Employer or (ii) any branch office of the Employer.

(j) “Terminate,” “terminated,” “termination,”
or “Termination of Employment” shall mean separation from service as defined by Regulation 1.409A-1(h).

18. Compliance with Regulatory Restrictions. Notwithstanding anything to the contrary
herein, and in addition to any restrictions stated in Section 4 hereof, any compensation or other benefits paid to the Executive
shall be limited to the extent required by any federal or state regulatory agency having authority over the Bank. The Executive
agrees that compliance by the Bank with such regulatory restrictions, even to the extent that compensation or other benefits paid
to the Executive are limited, shall not be a breach of this Agreement by the Bank.

    	10

    	 

    

19. Compliance
with Dodd–Frank Wall Street Reform and Consumer Protection Act. Notwithstanding anything to the contrary herein, any
incentive payments to the Executive shall be limited to the extent required under the Dodd–Frank Wall Street Reform and
Consumer Protection Act (the “Act”), including, but not limited to, clawbacks for such incentive payments as required
by the Act. The Executive agrees to such amendments, agreements, or waivers that are required by the Act or requested by the Employer
to comply with the terms of the Act. 

20. Compliance
with Internal Revenue Code Section 409A. All payments that may be made and benefits that may be provided pursuant to this
Agreement are intended to qualify for an exclusion from Section 409A of the Code and any related regulations or other pronouncements
thereunder and, to the extent not excluded, to meet the requirements of Section 409A of the Code. Any payments made under Sections
3 and 4 of this Agreement which are paid on or before the last day of the applicable period for the short-term deferral exclusion
under Treasury Regulation § 1.409A-1(b)(4) are intended to be excluded under such short-term deferral exclusion. Any remaining
payments under Sections 3 and 4 are intended to qualify for the exclusion for separation pay plans under Treasury Regulation §
1.409A-1(b)(9). Each payment made under Sections 3 and 4 shall be treated as a “separate payment”, as defined in Treasury
Regulation § 1.409A-2(b)(2), for purposes of Code Section 409A. Further, notwithstanding anything to the contrary, all severance
payments payable under the provisions of Section 4 shall be paid to the Executive no later than the last day of the second calendar
year following the calendar year in which occurs the date of Executive’s termination of employment. None of the payments
under this Agreement are intended to result in the inclusion in Executive’s federal gross income on account of a failure
under Section 409A(a)(1) of the Code. The parties intend to administer and interpret this Agreement to carry out such intentions.
However, the Employer does not represent, warrant or guarantee that any payments that may be made pursuant to this Agreement will
not result in inclusion in the Executive’s gross income, or any penalty, pursuant to Section 409A(a)(1) of the Code or any
similar state statute or regulation. Notwithstanding any other provision of this Agreement, to the extent that the right to any
payment (including the provision of benefits) hereunder provides for the “deferral of compensation” within the meaning
of Section 409A(d)(1) of the Code, the payment shall be paid (or provided) in accordance with the following:

(a) If the Executive is a “Specified
Employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Executive’s termination (the
“Separation Date”), and if an exemption from the six month delay requirement of Code Section 409A(a)(2)(B)(i) is not
available, then no such payment shall be made or commence during the period beginning on the Separation Date and ending on the
date that is six months following the Separation Date or, if earlier, on the date of the Executive’s death. The amount of
any payment that would otherwise be paid to the Executive during this period shall instead be paid to the Executive on the first
day of the first calendar month following the end of the period.

 

(b) Payments with respect to reimbursements
of expenses or benefits or provision of fringe or other in-kind benefits shall be made on or before the last day of the calendar
year following the calendar year in which the relevant expense or benefit is incurred. The amount of expenses or benefits eligible
for reimbursement, payment or provision during a calendar year shall not affect the expenses or benefits eligible for reimbursement,
payment or provision in any other calendar year.

 

21. Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements,
if any, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof.

22. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument.

 

    	11

    	 

    

(Signatures
appear on the following page.)

 

    	12

    	 

    

IN
WITNESS WHEREOF, the Employer has caused this Agreement to be executed and its seal to be affixed hereunto by its officers thereunto
duly authorized, and the Executive has signed and sealed this Agreement, effective as of the date first above written.

	 	 	 	CONGAREE BANCSHARES, INC.	 
	ATTEST:	 	 	 	 
	By:	 	 	By:	/s/ E. Daniel Scott	 
	Name:	 	 	Name:	E. Daniel Scott	 
	 	 	 	Title:	Chairman of the Board	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	CONGAREE STATE BANK	 
	ATTEST:	 	 	 	 
	By:	 	 	By:	/s/ E. Daniel Scott	 
	Name:	 	 	Name:	E. Daniel Scott	 
	 	 	 	Title:	Chairman of the Board	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	EXECUTIVE	 
	 	 	 	 	 	 
	 	 	 	/s/ Charles A. Kirby	 
	 	 	 	Charles A. Kirby	 

 

    	13

    	 

    

Exhibit A

 

Form of Release of Claims

 

SEVERANCE AGREEMENT AND RELEASE

 

This Severance Agreement and Release (the “Agreement”)
is made between Charles A. Kirby, an individual resident of South Carolina
(“Employee”), and Congaree State Bank (the “Bank”).

 

As used in this Agreement, the term “Employee”
shall include the employee’s heirs, executors, administrators, and assigns, and the term “Bank” shall include
the Bank, its holding company, any other related or affiliated entities, and the current and former officers, directors, shareholders,
employees, and agents of them.

 

On November 22, 2013, the Bank and Employee
entered into an Employment Agreement governing the relationship between the parties. Section 4(a)(v) provides that the Bank may
terminate the Employment Agreement without cause. Section 4 of the Employment Agreement also provides that Employee shall be entitled
to severance pay if the Employment Agreement is terminated without cause, on the condition that Employee enter into this release
or a substantially similar release.

 

Employee desires to receive severance pay and
the Bank is willing to provide severance pay on the condition the Employee enter into this Agreement.

 

Now, in consideration for the mutual promises
and covenants set forth herein, and in full and complete settlement of all matters between Employee and the Bank, the parties agree
as follows:

 

1.Termination Date: The Employee agrees that his
employment with the Bank terminates as of ________________ (the “Termination Date”).

 

2.Severance Payments: Subsequent to his Termination
Date, the Bank shall pay Employee severance pay as noted in Paragraph 4 of the Employment Agreement, dated November 22, 2013, (the
“Severance Payment”), less applicable deductions and withholdings.

 

3.Legal Obligations

 

The parties acknowledge that pursuant to Section
4(g) of the Employment Agreement, they agreed that at the time of termination and as a condition of payment of severance, they
would enter into this release acknowledging any remaining obligations and discharging each other from any other claims or obligations
arising out of or in connection with Employee’s employment by the Bank, including the circumstances of such termination.

 

Employee acknowledges that the Bank has no prior
legal obligations to make the payments described in Section 2 above which are exchanged for the promises of Employee set forth
in this Agreement. It is specifically agreed that the payments described in Section 2 are valuable and sufficient consideration
for each of the promises of Employee set forth in this Agreement and are payments in addition to anything of value to which Employee
is otherwise entitled.

 

4.Waiver and Release:

 

		a)	Employee unconditionally releases and discharges the Bank from any and all causes of action, suits, damages, claims, proceedings,
and demands that the Employee has ever had, or may now have, against the Bank, whether asserted or unasserted, whether known or
unknown, concerning any matter occurring up to and including the date of the signing of this Agreement.

 

    	14

    	 

    

 

		b)	Employee acknowledges that he is waiving and releasing, to the full extent permitted by law, all claims against the Bank, including
(but not limited to) all claims arising out of, or related in any way to, his employment with the Bank or the termination of that
employment, including (but not limited to) any and all breach of contract claims, tort claims, claims of wrongful discharge, claims
for breach of an express or implied employment contract, defamation claims, claims under Title VII of the Civil Rights Act of 1964
as amended, which prohibits discrimination in employment based on race, color, national origin, religion or sex, the Family and
Medical Leave Act, which provides for unpaid leave for family or medical reasons, the Equal Pay Act, which prohibits paying men
and women unequal pay for equal work, the Age Discrimination in Employment Act of 1967, which prohibits age discrimination in employment,
the Americans with Disabilities Act, which prohibits discrimination based on disability, the Rehabilitation Act of 1973, the South
Carolina Human Affairs Law, any and all other applicable local, state and federal non-discrimination statutes, the Employee Retirement
Income Security Act, the Fair Labor Standards Act, the South Carolina Payment of Wages Law and all other statutes relating to employment,
the common law of the State of South Carolina, or any other state, and any and all claims for attorneys’ fees.

 

		c)	This Waiver and Release provision ((a) through (c) of this paragraph) shall be construed to release all claims to the full
extent allowed by law. If any term of this paragraph shall be declared unenforceable by a court or other tribunal of competent
jurisdiction, it shall not adversely affect the enforceability of the remainder of this paragraph.

 

		d)	The Bank unconditionally releases and discharges Employee from any and all causes of action, suits, damages, claims, proceedings,
and demands that the Bank has ever had, or may now have, against Employee, whether asserted or unasserted, whether known or unknown,
concerning any matter occurring up to and including the date of the signing of this Agreement with the exception of any claims
for breach of trust, or any act which constitutes a felony or crime involving dishonesty, theft, or fraud.

 

5.Restrictive Covenants and Other Obligations

 

The parties agree that Section 5 – “Ownership
of Work Product,” Section 6 – “Protection of Trade Secret,” Section 7 – “Protection of Confidential
Information,” Section 8 – “Return of Materials,” Section 9 – “Restrictive Covenants,”
Section 10 – “Independent Provisions,” Section 15 – “Enforcement,” and Section 16 – “Savings
Clause,” of the Employment Agreement shall remain in full force and effect and that Employee will perform his obligations
under those sections and those sections of the Employment Agreement are incorporated by reference as if set forth fully herein.
In the event Employee breaches any obligation under this Section 5, the Bank’s obligation to make severance payments to Employee
shall terminate immediately and the Bank shall have no further obligations to Employee.

 

6.Duty of Loyalty/Nondisparagement

 

The parties shall not (except as required by
law) communicate to anyone, whether by word or deed, whether directly or through any intermediary, and whether expressly or by
suggestion or innuendo, any statement, whether characterized as one of fact or of opinion, that is intended to cause or that reasonably
would be expected to cause any person to whom it is communicated to have a lowered opinion of the other party.

 

7.Confidentiality Of The Terms Of This Agreement

 

Employee agrees not to publicize or disclose
the contents of this Agreement, including the amount of the monetary payments, except (i) to his immediate family; (ii) to his
attorney(s), accountant(s), and/or tax preparer(s); (iii) as may be required by law; or (iv) as necessary to enforce the terms
of this Agreement. Employee further agrees that he will inform anyone to whom the terms of this Agreement are disclosed of the
confidentiality requirements contained herein. Notwithstanding the foregoing, the parties agree that where business needs dictate,
Employee may disclose to a third party that he has entered into an agreement with the Bank, which agreement contains restrictive
covenants including non-competition and nondisclosure provisions, one or more of which prohibit him from performing the requested
service.

 

    	15

    	 

    

Employee recognizes that the disclosure of any
information regarding this Agreement by him, his family, his attorneys, his accountants or financial advisors, could cause the
Bank irreparable injury and damage, the amount of which would be difficult to determine. In the event the Bank establishes a violation
of this paragraph of the Agreement by Employee, his attorneys, immediate family, accountants, or financial advisors, or others
to whom Employee disclosed information in violation of the terms of this Agreement. The Bank shall be entitled to injunctive relief
without the need for posting a bond and shall also be entitled to recover from Employee the amount of attorneys’ fees and
costs incurred by the Bank in enforcing the provisions of this paragraph.

 

8.Continued Cooperation

 

Employee agrees that he will cooperate fully
with the Bank in the future regarding any matters in which he was involved during the course of his employment, and in the defense
or prosecution of any claims or actions now in existence or which may be brought or threatened in the future against or on behalf
of the Bank. Employee’s cooperation in connection with such matters, actions and claims shall include, without limitation,
being available to meet with the Bank’s officials regarding personnel or commercial matters in which he was involved; to
prepare for any proceeding (including, without limitation, depositions, consultation, discovery or trial); to provide affidavits;
to assist with any audit, inspection, proceeding or other inquiry; and to act as a witness in connection with any litigation or
other legal proceeding affecting the Bank. Employee further agrees that should he be contacted (directly or indirectly) by any
person or entity adverse to the Bank, he shall within 48 hours notify the then-current Chairman of the Board of the Bank. Employee
shall be reimbursed for any reasonable costs and expenses incurred in connection with providing such cooperation.

 

9.Entire Agreement; Modification of Agreement

 

Except as otherwise expressly noted herein,
this Agreement constitutes the entire understanding of the parties and supersedes all prior discussions, understandings, and agreements
of every nature between them relating to the matters addressed herein. Accordingly, no representation, promise, or inducement not
included or incorporated by reference in this Agreement shall be binding upon the parties. Employee affirms that the only consideration
for the signing of this Agreement are the terms set forth above and that no other promises or assurances of any kind have been
made to him by the Bank or any other entity or person as an inducement for him to sign this Agreement. This Agreement may not be
changed orally, but only by an agreement in writing signed by the parties or their respective heirs, legal representatives, successors,
and assigns.

 

10.Partial Invalidity

 

The parties agree that the provisions of this
Agreement and any paragraphs, subsections, sentences, or provisions thereof shall be deemed severable and that the invalidity or
unenforceability of any paragraph, subsection, sentence, or provision shall not affect the validity or enforceability of the remainder
of the Agreement.

 

11.Waiver

 

The waiver of the breach of any term or provision
of this Agreement shall not operate as or be construed to be a waiver of any other subsequent breach of this Agreement.

 

12.Successors and Assigns

 

This Agreement shall inure to and be binding
upon the Bank and Employee, their respective heirs, legal representatives, successors, and assigns.

 

13.Governing Law

 

This Agreement shall be construed in accordance
with the laws of the state of South Carolina and any applicable federal laws.

 

    	16

    	 

    

14.Headings

 

The headings or titles of sections and subsections
of this Agreement are for convenience and reference only and do not constitute a part of this Agreement.

 

15.Notice

 

Any notice or communication required or permitted
under this Agreement shall be made in writing and sent by certified mail, return receipt requested, addressed as follows:

 

If to Employee: [INSERT]

 

If to the Bank: [INSERT]

 

16.Representations: Employee acknowledges that:

 

a)He has read this Agreement and understands its meaning and
effect.

 

b)He has knowingly and voluntarily entered into this Agreement
of his own free will.

 

c) By signing this Agreement, Employee has waived, to the full extent permitted by law, all claims against the Bank based on any
actions taken by the Bank up to the date of the signing of this Agreement, and the Bank may plead this Agreement as a complete
defense to any claim the Employee may assert.

 

d) He would not otherwise be entitled to the consideration described in this Agreement, and that the Bank is providing such consideration
in return for Employee’s agreement to be bound by the terms of this Agreement.

 

e)He has been advised to consult with an attorney before signing
this Agreement.

 

f)He has been given up to 21 days to consider the terms of this
Agreement.

 

g) He has seven days, after Employee has signed the Agreement and it has been received by the Bank, to revoke it by notifying
the Chairman of the Board of his intent to revoke acceptance. For such revocation to be effective, the notice of revocation must
be received no later than 5:00 p.m. on the seventh day after the signed Agreement is received by the Bank. This Agreement shall
not become effective or enforceable until the revocation period has expired.

 

h) He is not waiving or releasing any rights or claims that may arise after the date the Employee signs this Agreement.

 

	As to Employee:	 	 
	 	 	 
	Date	 	Charles A. Kirby
	 	 	 
	As to the Bank:	 	 
	 	 	 
	Date	 	E. Daniel Scott, Chairman of the Board

 

    	17Exhibit 10.2

AMENDED AND
RESTATED EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT
(this “Agreement”) dated as of November 22, 2013, is made by and between Congaree Bancshares, Inc., a South Carolina
corporation (the “Company”), which is the holding company for Congaree State Bank, a South Carolina state bank (the
“Bank”), and Charlie T. Lovering, an individual resident of South Carolina (the “Executive”), and amends
and restates that certain employment agreement between the parties dated September 14, 2006, and as amended in the second half
of 2007, and on October 20, 2010. All references to the term “Employer” as used herein shall refer to the Company and
the Bank.

 

The
Employer presently employs the Executive as its Executive Vice President and Chief Financial Officer. The Employer recognizes that
the Executive’s contribution to the growth and success of the Employer is substantial. The Employer desires to provide for
the continued employment of the Executive and to make certain changes in the Executive’s employment arrangements which
the Employer has determined will reinforce and encourage the continued dedication of the Executive to the Employer and will promote
the best interests of the Employer and its shareholders. The Executive is willing
to terminate his interests and rights under the existing employment agreement with the Employer and to continue to serve the Employer
on the terms and conditions herein provided. Certain terms used in this Agreement are defined in Section 17 hereof. Unless otherwise
specified hereafter, any services performed by the Executive shall be for the benefit of the Bank and therefore any payments or
benefits paid to the Executive pursuant to this Agreement shall be the sole responsibility of the Bank; provided however, the Bank's
obligation to make any payments owed to the Executive under this Agreement shall be discharged to the extent compensation payments
are made by the Company.

In
consideration of the foregoing, the mutual covenants contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

1.Employment.
The Employer shall continue to employ the Executive, and the Executive shall continue to serve the Employer, as Executive Vice
President and Chief Financial Officer of the Company and the Bank upon the terms and conditions set forth herein. The Executive
shall have such authority and responsibilities consistent with his position as are set forth in the Company’s or the Bank’s
Bylaws or assigned by the Company’s or the Bank’s Board of Directors (collectively, the “Board”) from
time to time. The Executive shall devote his full business time, attention, skill and efforts to the performance of his duties
hereunder, except during periods of illness or periods of vacation and leaves of absence consistent with Bank policy. The Executive
may devote reasonable periods to service as a director or advisor to other organizations, to charitable and community activities,
and to managing his personal investments, provided that such activities do not materially interfere with the performance
of his duties hereunder and are not in conflict or competitive with, or adverse to, the interests of the Company or the Bank.

2. Term.
Unless earlier terminated as provided herein, the Executive’s employment under this Agreement shall commence on the date
hereof and be for a term of one year (the “Initial Term”). The employment shall be extended for additional terms of
one year each (“Additional Term”) unless a Notice of Termination, as defined hereinafter, shall be delivered by the
Bank and the Company to Executive not less than six months prior to the end of the Initial Term or six months prior to the end
of the Additional Term, if applicable. 

3. Compensation and Benefits. Any payments made under this Agreement shall be subject to such deductions as are required by law or
regulation or as may be agreed to by the Employer and the Executive.

(a)
The Employer shall pay the Executive a base salary at an annual rate of $137,500, which shall be paid in accordance with the Employer's
standard payroll procedures, which shall be no less frequently than monthly. The Board (or an appropriate committee of the Board)
shall review the Executive’s performance and salary at least annually and may increase the Executive’s base salary
if it determines in its sole discretion that an additional increase is appropriate.

    	 

    	 

    

(b) The Executive
shall be eligible to receive a cash bonus equaling up to 50% of the previous year's salary and compensation if the Bank achieves
certain performance levels established by the Board from time to time (the “Bonus Plan”). Any bonus payment made pursuant
to this Section 3(b) shall be made the earlier of (i) 70 calendar days after the previous year end for which the bonus was earned
by the Executive or (ii) the first pay period following the Employer's press release announcing its previous year's financial
performance.

(c) The Executive,
along with all other eligible employees of the Company, shall participate in the Bank’s long-term equity incentive program
and be eligible for the grant of stock options, restricted stock, and other awards thereunder or under any similar plan adopted
by the Company. Any options or similar awards shall be issued to Executive at an exercise price of not less than the stock's current
fair market value (as determined in compliance with Treasury Regulation § 1.409A-1(b)(5)(iv)) as of the date of grant, and
the number of shares subject to such grant shall be fixed on the date of grant. Nothing herein shall be deemed to preclude the
granting to the Executive of warrants or options under a director option plan in addition to the options granted hereunder.

(d) The Executive
shall be eligible to participate in all retirement, medical, dental welfare and other benefit plans or programs of the Employer
now or hereafter applicable generally to employees of the Employer or to a class of employees that includes senior executives
of the Employer. The Employer shall pay such premiums in accordance with the Bank’s standard payroll procedures.

(e) The Employer
shall provide the Executive with a term life insurance policy providing for death benefits totaling $500,000 payable to the Executive’s
heirs and $500,000 payable to the Employer, and the Executive shall cooperate with the Employer in the securing and maintenance
of such policy.

(f) The Employer
shall pay the Executive $500 per month for expenses relating to an automobile either owned or leased by the Executive, which shall
be paid in accordance with the Company’s standard payroll procedures. In addition, the Employer shall reimburse the Executive
for expenses related to routine maintenance on such automobile in amounts not to exceed $150 per month. The Employer shall reimburse
the Executive for such expenses as described in Section 20 hereof.

(g) In addition,
at a time deemed appropriate by the Board, the Employer shall reimburse Executive for dues pertaining to an area country, social,
or civic club for so long as the Executive remains the Executive Vice President and Chief Financial Officer of the Employer and
this Agreement remains in force. The Employer shall reimburse the Executive for such expenses as described in Section 20 hereof.

(h) The Employer
shall reimburse the Executive for reasonable travel and other expenses, including cell phone expenses, related to the Executive’s
duties which are incurred and accounted for in accordance with the normal practices of the Employer. The Employer shall reimburse
the Executive for such expenses as described in Section 20 hereof.

(i) The Employer
shall provide the Executive with five weeks’ paid vacation per year, which shall be taken in accordance with any banking
rules or regulations governing vacation leave.

4. Termination
and Severance Payments. In the event that the Bank is deemed by FDIC to be in troubled condition as defined in 12 C.F.R. Section
303.101(c), any severance payment to be paid pursuant to this Section 4 will be made only as permitted by applicable federal regulations.

(a)    
The Executive’s employment under this Agreement may be terminated
prior to the end of the Term only as follows, and the effect of such termination shall be as set forth in Sections 4(b) through
4(j):

(i)
upon the death of the Executive;

    	2

    	 

    

(ii) upon
the Disability of the Executive for a period of 180 days;

(iii) by
the Employer for Cause upon delivery of a Notice of Termination to the Executive;

(iv) by
the Executive for Good Reason upon delivery of a Notice of Termination to the Employer within a 90-day period beginning on the
30th day after the occurrence of a Change in Control or within a 90-day period beginning on the one year anniversary of the occurrence
of a Change in Control;

(v) by
the Employer without Cause upon delivery of a Notice of Termination; and

(vi) by
the Executive effective upon the 30th day after delivery of a Notice of Termination.

(b) If
the Executive’s employment is terminated because of the Executive’s death, the Employer shall pay Executive’s
estate any sums due him as base salary and reimbursement of expenses through the end of the month during which death occurred
in accordance with the Employer's standard payroll practices, which shall mean no less frequently than monthly. The Employer shall
also pay the Executive's estate any bonus earned under the Bonus Plan through the date of death. Any bonus for previous years,
or the year in which the Executive’s employment is terminated in accordance with this Section 4(b), which was not yet paid
will be paid pursuant to the terms set forth in Section 3(b). To the extent that the bonus is performance-based, the amount of
the bonus will be calculated by taking into account the performance of the Company for the entire year and prorated through the
date of Executive's death.

(c) During
the period of any Disability leading up to the Executive’s Termination of Employment under this provision, the Employer
shall continue to pay the Executive his full base salary at the rate then in effect and all perquisites and other benefits (other
than any bonus) in accordance with the Employer's standard payroll schedule (and in no event less frequently than monthly) until
the Executive becomes eligible for benefits under any long-term disability plan or insurance program maintained by the Employer,
provided that the amount of any such payments to the Executive shall be reduced by the sum of the amounts, if any, payable to
the Executive for the same period under any disability benefit or pension plan of the Employer or any of its subsidiaries. Furthermore,
the Employer shall pay the Executive any bonus earned under the Bonus Plan through the date of Disability. Any bonus for previous
years, or the year in which the Executive’s employment is terminated in accordance with this Section 4(c), which was not
yet paid will be paid pursuant to the terms set forth in Section 3(b). To the extent that the bonus is performance-based, the
amount of the bonus will be calculated by taking into account the performance of the Company for the entire year and prorated
through the date of Executive's Disability.

(d) If
the Executive’s employment is terminated for Cause as provided above, or if the Executive resigns, as set forth in clause
(vi) of Section 4(a) (except for a termination of employment pursuant to Section 4(e)), the Executive shall receive any sums due
him as base salary and reimbursement of expenses through the date of termination, which shall be paid in accordance with the Employer's
standard payroll procedures, which shall mean no less frequently than monthly. 

(e) If the Executive’s employment is terminated (1) by the Executive pursuant to clause
(iv) of Section 4(a) or (2) by the Employer pursuant to clause (v) of Section 4(a) within two years following a Change in Control,
then in addition to other rights and remedies available in law or equity, the Executive shall be entitled to the following:

(i)the
Employer shall pay the Executive, subject to the possibility of a six-month delay described in Section 20:

    	3

    	 

    

(1) severance compensation in an amount equal to two months of his then current monthly base salary
in a single lump sum within 60 days of the date of the Executive's termination; and (2) severance compensation in an amount equal
to 100% of his then current monthly base salary each month for 22 months following the date of such lump sum payment as set forth
in this Section 4(e)(i)(1). Employer shall also pay the Executive any bonus earned through the date of termination (including any
amounts awarded for previous years but which were not yet vested). Any bonus for previous years, or the year in which the Executive’s
employment is terminated in accordance with this Section 4(e)(i), which was not yet paid will be paid pursuant to the terms set
forth in Section 3(b). To the extent that the bonus is performance-based, the amount of the bonus will be calculated by taking
into account the performance of the Company for the entire year and prorated through the date of Executive's termination; and 

(ii)the
Executive may continue participation, in accordance with the terms of the applicable benefits plans, in the Employer’s group
health plan pursuant to plan continuation rules under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”).
In accordance with COBRA, assuming the Executive is covered under the Employer’s group health plan as of his date of termination,
the Executive will be entitled to elect COBRA continuation coverage for the legally required COBRA period (the “Continuation
Period”). If the Executive elects COBRA coverage for group health coverage, he will be obligated to pay the portion of the
full COBRA cost of the coverage equal to an active employee’s share of premiums for coverage for the respective plan year
and the Employer’s share of such premiums shall be treated as taxable income to Executive. In addition, if the Employer’s
insurance carriers’ consent to extend to the Executive life, disability and accidental death insurance benefits that are
comparable to the benefits Executive would have received if his employment had continued and if such benefit extension does not
result in adverse legal consequences to the group health plan or the Employer, then the Employer agrees to extend such coverage
through the earlier of the date that the Employer’s insurance carrier terminates such consent or through the Continuation
Period. Notwithstanding the above, the Employer’s obligations hereunder with respect to the foregoing benefits provided in
this subsection (ii) shall be limited to the extent that if the Executive obtains any coverage pursuant to a subsequent employer’s
benefit plans which duplicates the Employer’s coverage, the duplicative coverage may be terminated by the Employer. This
subsection (ii) shall not be interpreted so as to limit any benefits to which the Executive, the Executive’s spouse, dependents
or beneficiaries may be entitled under any of the Employer’s employee benefit plans, programs, or practices following the
Executive’s termination of employment, including, without limitation, retiree medical and life insurance benefits, provided
that there shall be no duplication of benefits.

(f) If the Employer terminates the Executive’s employment pursuant to clause (v) of Section
4(a) before a Change in Control or more than two years after a Change in Control, then the Employer shall pay the Executive, subject
to the possibility of a six-month delay described in Section 20, severance compensation in an amount equal to two months of his
then current monthly base salary in a single lump sum within 60 days of the date of the Executive's termination; and (2) severance
compensation in an amount equal to 100% of his then current monthly base salary each month for 10 months following the date of
such lump sum payment as set forth in Section 4(e)(i)(1) above. Employer shall also pay the Executive any bonus earned or accrued
under the Bonus Plan through the date of termination (including any amounts awarded for previous years but which were not yet vested).
Any bonus for previous years, or the year in which the Executive’s employment is terminated in accordance with this Section
4(f), which was not yet paid will be paid pursuant to the terms set forth in Section 3(b). To the extent that the bonus is performance-based,
the amount of the bonus will be calculated by taking into account the performance of the Company for the entire year and prorated
through the date of Executive's termination. 

    	4

    	 

    

(g) With
the exceptions of the provisions of this Section 4, and the express terms of any benefit plan under which the Executive is a participant,
it is agreed that, upon termination of the Executive’s employment, the Employer shall have no obligation to the Executive
for, and the Executive waives and relinquishes, any further compensation or benefits (exclusive of COBRA benefits). Unless otherwise
stated in this Section 4, the effect of termination on any outstanding incentive awards, stock options, stock appreciation rights,
performance units, or other incentives shall be governed by the terms of the applicable benefit or incentive plan and/or the agreements
governing such incentives. Within 60 days of termination of the Executive’s employment, and as a condition to the Employer’s
obligation to pay any severance hereunder, the Executive shall execute, and not timely revoke during any revocation period provided
pursuant to such release, a release substantially in the form attached hereto as Exhibit A.  In most instances, payment
will be made, or in the case of installment payments, will begin as soon as practicable after such release is effective. However,
if the 60-day period spans two calendar years, such severance payment will be made as soon as possible in the subsequent taxable
year. 

(h) In
the event that the Executive’s employment is terminated for any reason, as a condition to the Employer's obligation to pay
any severance hereunder, the Executive shall (and does hereby) tender his resignation as a director of the Company, the Bank,
and any other subsidiaries, effective as of the date of termination. 

(i) The
Company is aware that upon the occurrence of a Change in Control, the Board or a shareholder of the Company may then cause or
attempt to cause the Company to refuse to comply with its obligations under this Agreement, or may cause or attempt to cause the
Company to institute, or may institute, litigation seeking to have this Agreement declared unenforceable, or may take, or attempt
to take, other action to deny the Executive the benefits intended under this Agreement. In these circumstances, the purpose of
this Agreement could be frustrated. It is the intent of the parties that the Executive not be required to incur the legal fees
and expenses associated with the protection or enforcement of the Executive's rights under this Agreement by litigation or other
legal action because such costs would substantially detract from the benefits intended to be extended to the Executive hereunder,
nor be bound to negotiate any settlement of the Executive's rights hereunder under threat of incurring such costs. Accordingly,
if at any time after a Change in Control, it should appear to the Executive that the Company is acting or has acted contrary to
or is failing or has failed to comply with any of its obligations under this Agreement for the reason that it regards this Agreement
to be void or unenforceable or for any other reason, or that the Company has purported to terminate the Executive's employment
for Cause or is in the course of doing so in either case contrary to this Agreement, or in the event that the Company or any other
person takes any action to declare this Agreement void or unenforceable, or institutes any litigation or other legal action designed
to deny, diminish or recover (other than as required by law) from the Executive the benefits provided or intended to be provided
to the Executive hereunder, and the Executive has acted in good faith to perform the Executive's obligations under this Agreement,
the Company irrevocably authorizes the Executive from time to time to retain counsel of the Executive's choice at the expense
of the Company to represent the Executive in connection with the protection and enforcement of the Executive's rights hereunder,
including without limitation representation in connection with termination of the Executive's employment contrary to this Agreement
or with the initiation or defense of any litigation or other legal action, whether by or against the Executive or the Company
or any director, officer, shareholder or other person affiliated with the Company, in any jurisdiction. The reasonable fees and
expenses of counsel selected from time to time by the Executive as hereinabove provided shall be paid or reimbursed to the Executive
by the Company on a regular, periodic basis upon presentation by the Executive of a statement or statements prepared by such counsel.
If other officers or key executives of the Company have retained counsel in connection with the protection and enforcement of
their rights under similar agreements between them and the Company, and, unless in the Executive's sole judgment use of common
counsel could be prejudicial to the Executive or would not be likely to reduce the fees and expenses chargeable hereunder to the
Company, the Executive agrees to use the Executive's best efforts to agree with such other officers or executives to retain common
counsel.

    	5

    	 

    

(j) The
parties intend that the severance payments and other compensation provided for herein are reasonable compensation for the Executive’s
services to the Employer and shall not constitute “excess parachute payments” within the meaning of Section 280G of
the Internal Revenue Code of 1986 (the “Code”) and any regulations thereunder. In the event that the Employer’s
independent accountants acting as auditors for the Employer on the date of a Change in Control determine that the payments provided
for herein constitute “excess parachute payments,” then the compensation payable hereunder shall be reduced to an
amount the value of which is $1.00 less than the maximum amount that could be paid to the Executive without the compensation being
treated as “excess parachute payments” under Section 280G. The payments shall be reduced, if applicable, by the Employer
in the following order of priority: (A) reduction of any cash severance payments otherwise payable to the Executive that are exempt
from Section 409A of the Code; (B) reduction of any other cash payments or benefits otherwise payable to the Executive that are
exempt from Section 409A of the Code, but excluding any payments attributable to any acceleration of vesting or payments with
respect to any equity award that are exempt from Section 409A of the Code; (C) reduction of any payments attributable to any acceleration
of vesting or payments with respect to any equity award that are exempt from Section 409A of the Code, in each case beginning
with payments that would otherwise be made last in time; and (D) reduction of any other payments or benefits otherwise payable
to the Executive on a pro-rata basis or such other manner that complies with Section 409A of the Code, but excluding any payments
attributable to any acceleration of vesting and payments with respect to any equity award that are exempt from Section 409A of
the Code.

(k) If
the Executive is suspended or temporarily prohibited from participating, in any way or to any degree, in the conduct of the Employer's
affairs by (1) a notice served under section 8(e) or (g) of Federal Deposit Insurance Act (12 U.S.C. 1818 (e) or (g)) or (2) as
a result of any other regulatory or legal action directed at the Executive by any regulatory or law enforcement agency having
jurisdiction over the Executive (each of the foregoing referred to herein as a “Suspension Action”), and if this Agreement
is not terminated, the Employer's obligations under this Agreement shall be suspended as of the earlier of the effective date
of such Suspension Action or the date on which the Executive was provided notice of the Suspension Action, unless stayed by appropriate
proceedings. If the charges underlying the Suspension Action are dismissed, the Bank shall:

(i) pay on the first day of the first month following such dismissal of charges (or as provided
elsewhere in this Agreement) the Executive all of the compensation withheld while the obligations under this Agreement were suspended;
and

(ii) reinstate
any such obligations which were suspended. 

Notwithstanding anything
to the contrary herein, if the Executive is removed or permanently prohibited from participating, in any way or to any degree,
in the conduct of the Employer's affairs by (1) an order issued under section 8(e)(4) or (g)(1) of the Federal Deposit Insurance
Act (12 U.S.C. Section 1818 (e)(4) or (g)(1)) or (2) any other legal or law enforcement action (each of the foregoing referred
to herein as a “Removal Action”), all obligations of the Employer under this Agreement shall terminate as of the effective
date of the Removal Action, but any vested rights of the parties hereto shall not be affected.

 

Notwithstanding anything
to the contrary herein, if the Employer is in default (as defined in section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C.
Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but this paragraph (4)(k)
shall not affect any vested rights of the parties hereto.

 

Any payments made to the
Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section
1828(k) and any regulations promulgated thereunder.

 

5.Ownership
of Work Product. The Employer shall own all Work Product arising during the course of the Executive’s employment (prior,
present or future). For purposes hereof, “Work Product” shall mean all intellectual property rights, including all
Trade Secrets, U.S. and international copyrights, patentable inventions, and other intellectual property rights in any programming,
documentation, technology or other work product that relates to the Employer, its business or its customers and that the Executive
conceives, develops, or delivers to the Employer at any time during his employment, during or outside normal working hours, in
or away from the facilities of the Employer, and whether or not requested by the Employer. If the Work Product contains any materials,
programming or intellectual property rights that the Executive conceived or developed prior to, and independent of, the Executive’s
work for the Employer, the Executive agrees to point out the pre-existing items to the Employer and the Executive grants the Employer
a worldwide, unrestricted, royalty-free right, including the right to sublicense such items. The Executive agrees to take such
actions and execute such further acknowledgments and assignments as the Employer may reasonably request to give effect to this
provision.

 

    	6

    	 

    

6.Protection
of Trade Secrets. The Executive agrees to maintain in strict confidence and, except as necessary to perform his duties for
the Employer, the Executive agrees not to use or disclose any Trade Secrets of the Employer during or after his employment. “Trade
Secret” means information, including a formula, pattern, compilation, program, device, method, technique, process, drawing,
cost data or customer list, that: (i) derives economic value, actual or potential, from not being generally known to, and not
being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (ii)
is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

 

7.Protection
of Other Confidential Information. In addition, the Executive agrees to maintain in strict confidence and, except as necessary
to perform his duties for the Employer, not to use or disclose any Confidential Business Information of the Employer during his
employment and for a period of 24 months following termination of the Executive’s employment (regardless of whether this
Agreement terminates or expires). “Confidential Business Information” shall mean any internal, non-public information
(other than Trade Secrets already addressed above) concerning the Employer’s financial position and results of operations
(including revenues, assets, net income, etc.); annual and long-range business plans; product or service plans; marketing plans
and methods; training, educational and administrative manuals; customer and supplier information and purchase histories; and employee
lists. The provisions of Sections 6 and 7 shall also apply to protect Trade Secrets and Confidential Business Information of third
parties provided to the Employer under an obligation of secrecy.

 

8.Return of
Materials. The Executive shall surrender to the Employer, promptly upon its request and in any event upon termination of the
Executive’s employment (regardless of whether this Agreement terminates or expires), all media, documents, notebooks, computer
programs, handbooks, data files, models, samples, price lists, drawings, customer lists, prospect data, or other material of any
nature whatsoever (in tangible or electronic form) in the Executive’s possession or control, including all copies thereof,
relating to the Employer, its business, or its customers. Upon the request of the Employer, the Executive shall certify in writing
compliance with the foregoing requirement.

 

9.Restrictive
Covenants.

 

(a) No
Solicitation of Customers. During the Executive’s employment with the Employer and for a period of 12 months thereafter
(regardless of whether this Agreement terminates or expires), the Executive shall not (except on behalf of or with the prior written
consent of the Employer), either directly or indirectly, on the Executive’s own behalf or in the service or on behalf of
others, (A) solicit, divert, or appropriate to or for a Competing Business, or (B) attempt to solicit, divert, or appropriate
to or for a Competing Business, any person or entity that is or was a customer of the Employer or any of its Affiliates at any
time during the 12 months prior to the date of termination and with whom the Executive has had material contact. The parties agree
that solicitation of such a customer to acquire stock in a Competing Business during this time period would be a violation of
this Section 9(a).

 

(b) No
Recruitment of Personnel. During the Executive’s employment with the Employer and for a period of 12 months thereafter
(regardless of whether this Agreement terminates or expires), the Executive shall not, either directly or indirectly, on the Executive’s
own behalf or in the service or on behalf of others, (A) solicit, divert, or hire away, or (B) attempt to solicit, divert, or
hire away, to any Competing Business located in the Territory, any employee of or consultant to the Employer or any of its Affiliates,
regardless of whether the employee or consultant is full-time or temporary, the employment or engagement is pursuant to written
agreement, or the employment is for a determined period or is at will. For purposes of this Section, “employee of or consultant
to the Employer” shall mean (A) any individual employed by the Employer at the time of the actual or attempted solicitation,
diversion or hiring, or (B) any individual employed by the Employer at the time of Employee’s termination of employment
with the Employer. 

 

    	7

    	 

    

(c) Non-Competition
Agreement. During the Executive’s employment with the Employer and for a period of 12 months following any termination
(as opposed to expiration) of this Agreement, the Executive shall not (without the prior written consent of the Employer) compete
with the Employer or any of its Affiliates by, directly or indirectly, forming, serving as an organizer or officer of, or consultant
to, or acquiring or maintaining more than a 1% passive investment in, a depository financial institution or holding company therefor
if such depository institution or holding company has, or upon formation will have, one or more offices or branches located in
the Territory. Notwithstanding the foregoing, the Executive may serve as an officer of or consultant to a depository institution
or holding company therefor even though such institution operates one or more offices or branches in the Territory, if the Executive’s
employment does not directly involve, in whole or in part, the depository financial institution’s or holding company’s
operations in the Territory. 

 

(d) Bank
Receivership. Notwithstanding Sections 9(a-c) above, if Executive's employment with the Employer shall terminate due to the
Bank being taken into receivership by the FDIC, then the restrictive covenants of this Section 9 shall not apply to the Executive
beginning as of the date of such receivership.

 

10.Independent
Provisions. The provisions in each of the above Sections 9(a), 9(b), and 9(c) are independent, and the unenforceability of
any one provision shall not affect the enforceability of any other provision.

 

11.Successors;
Binding Agreement. The rights and obligations of this Agreement shall bind and inure to the benefit of the surviving corporation
in any merger or consolidation in which the Employer is a party, or any assignee of all or substantially all of the Employer’s
business and properties. The Executive’s rights and obligations under this Agreement may not be assigned by him, except
that his right to receive accrued but unpaid compensation, unreimbursed expenses and other rights, if any, provided under this
Agreement which survive termination of this Agreement shall pass after death to the personal representatives of his estate.

 

12.Notice.
For the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and
shall be deemed to have been duly given when personally delivered or sent by certified mail, return receipt requested, postage
prepaid, addressed to the respective addresses last given by each party to the other; provided, however, that all
notices to the Employer shall be directed to the attention of the Employer with a copy to the Secretary of the Employer. All notices
and communications shall be deemed to have been received on the date of delivery thereof.

 

13.Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of South Carolina
without giving effect to the conflict of laws principles thereof. Any action brought by any party to this Agreement shall be brought
and maintained in a court of competent jurisdiction in the State of South Carolina.

 

14.Non-Waiver.
Failure of the Employer to enforce any of the provisions of this Agreement or any rights with respect thereto shall in no way
be considered to be a waiver of such provisions or rights, or in any way affect the validity of this Agreement.

 

15.Enforcement.
The Executive agrees that in the event of any breach or threatened breach by the Executive of any covenant contained in Section
9(a), 9(b), or 9(c) hereof, the resulting injuries to the Employer would be difficult or impossible to estimate accurately, even
though irreparable injury or damages would certainly result. Accordingly, an award of legal damages, if without other relief,
would be inadequate to protect the Employer. The Executive, therefore, agrees that in the event of any such breach, the Employer
shall be entitled to obtain from a court of competent jurisdiction an injunction to restrain the breach or anticipated breach
of any such covenant, and to obtain any other available legal, equitable, statutory, or contractual relief. Should the Employer
have cause to seek such relief, no bond shall be required from the Employer, and the Executive shall pay all attorney’s
fees and court costs which the Employer may incur to the extent the Employer prevails in its enforcement action.

 

    	8

    	 

    

16.Saving Clause.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity or enforceability of the other provisions hereof. If any provision or clause of this Agreement, or portion thereof,
shall be held by any court or other tribunal of competent jurisdiction to be illegal, void, or unenforceable in such jurisdiction,
the remainder of such provision shall not be thereby affected and shall be given full effect, without regard to the invalid portion.
It is the intention of the parties that, if any court construes any provision or clause of this Agreement, or any portion thereof,
to be illegal, void, or unenforceable because of the duration of such provision or the area or matter covered thereby, such court
shall reduce the duration, area, or matter of such provision, and, in its reduced form, such provision shall then be enforceable
and shall be enforced. The Executive and the Employer hereby agree that they will negotiate in good faith to amend this Agreement
from time to time to modify the terms of Sections 9(a), 9(b) or 9(c), the definition of the term “Territory,” and
the definition of the term “Business,” to reflect changes in the Employer’s business and affairs so that the
scope of the limitations placed on the Executive’s activities by Section 9 accomplishes the parties’ intent in relation
to the then current facts and circumstances. Any such amendment shall be effective only when completed in writing and signed by
the Executive and the Employer.

 

17.Certain
Definitions.

 

(a)“Affiliate”
shall mean any business entity controlled by, controlling or under common control with the Employer.

 

(b)“Business”
shall mean the operation of a depository financial institution, including, without limitation, the solicitation and acceptance
of deposits of money and commercial paper, the solicitation and funding of loans and the provision of other banking services,
and any other related business engaged in by the Employer or any of its Affiliates as of the date of termination.

 

(c)“Cause”
shall consist of any of (A) the commission by the Executive of a willful act (including, without limitation, a dishonest or fraudulent
act) or a grossly negligent act, or the willful or grossly negligent omission to act by the Executive, which is intended to cause,
causes or is reasonably likely to cause material harm to the Employer (including harm to its business reputation), (B) the indictment
of the Executive for the commission or perpetration by the Executive of any felony or any crime involving dishonesty, moral turpitude
or fraud, (C) the material breach by the Executive of this Agreement that, if susceptible of cure, remains uncured 10 days
following written notice to the Executive of such breach, (D) the receipt of any form of notice, written or otherwise, that
any regulatory agency having jurisdiction over the Employer intends to institute any form of formal or informal (e.g.,
a memorandum of understanding which relates to the Executive’s performance) regulatory action against the Executive or the
Employer (provided that the Board determines in good faith, with the Executive abstaining from participating in the consideration
of and vote on the matter, that the subject matter of such action involves acts or omissions by or under the supervision of the
Executive or that termination of the Executive would materially advance the Employer’s compliance with the purpose of the
action or would materially assist the Employer in avoiding or reducing the restrictions or adverse effects to the Employer related
to the regulatory action); (E) the exhibition by the Executive of a standard of behavior within the scope of his employment that
is materially disruptive to the orderly conduct of the Employer’s business operations (including, without limitation, substance
abuse or sexual misconduct) to a level which, in the Board’s good faith and reasonable judgment, with the Executive abstaining
from participating in the consideration of and vote on the matter, is materially detrimental to the Employer’s best interest,
that, if susceptible of cure remains uncured 10 days following written notice to the Executive of such specific inappropriate
behavior; or (F) the failure of the Executive to devote his full business time and attention to his employment as provided under
this Agreement that, if susceptible of cure, remains uncured 30 days following written notice to the Executive of such failure.
In order for the Board to make a determination that termination shall be for Cause, the Board must provide the Executive with
an opportunity to meet with the Board in person.

 

(d)“Change
in Control” shall mean as defined by Treasury Regulation § 1.409A-3(i)(5).

 

    	9

    	 

    

(e) “Competing
Business” shall mean any business that, in whole or in part, is the same or substantially the same as the Business.

 

(f) “Disability” or “Disabled” shall mean as defined by Treasury Regulation § 1.409A-3(i)(4).

 

(g) “Good
Reason” shall mean the occurrence after a Change in Control of any of the events or conditions as defined by Treasury
Regulation § 1.409A-1(n)(2)(ii). The Executive’s right to terminate the Executive’s employment for Good Reason
shall not be affected by Executive’s incapacity due to physical or mental illness.

 

(h) “Notice
of Termination” shall mean a written notice of termination from one party to the other which specifies an effective
date of termination, indicates the specific termination provision in this Agreement relied upon, and, in the case of (i) a termination
for Cause, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Employee’s
employment under the provision so indicated, or (ii) in the case of a termination for Good Reason, sets forth the Good Reason
event which occurred no more than ninety (90) days prior to the date of the notice and provides the Employer not less than thirty
(30) days to remedy this condition.

 

(i) “Territory” shall mean a radius of 15 miles from (i) the main office of the Employer or (ii)
any branch office of the Employer.

 

(j) “Terminate,” “terminated,” “termination,” or “Termination
of Employment” shall mean separation from service as defined by Regulation 1.409A-1(h).

 

18. Compliance
with Regulatory Restrictions. Notwithstanding anything to the contrary herein, and in addition to any restrictions stated
in Section 4 hereof, any compensation or other benefits paid to the Executive shall be limited to the extent required by any federal
or state regulatory agency having authority over the Bank. The Executive agrees that compliance by the Bank with such regulatory
restrictions, even to the extent that compensation or other benefits paid to the Executive are limited, shall not be a breach
of this Agreement by the Bank. 

 

19. Compliance
with Dodd–Frank Wall Street Reform and Consumer Protection Act. Notwithstanding anything to the contrary herein, any
incentive payments to the Executive shall be limited to the extent required under the Dodd–Frank Wall Street Reform and
Consumer Protection Act (the “Act”), including, but not limited to, clawbacks for such incentive payments as required
by the Act. The Executive agrees to such amendments, agreements, or waivers that are required by the Act or requested by the Employer
to comply with the terms of the Act. 

 

    	10

    	 

    

20. Compliance with Internal Revenue Code Section 409A. All payments that may be made and
benefits that may be provided pursuant to this Agreement are intended to qualify for an exclusion from Section 409A of the Code
and any related regulations or other pronouncements thereunder and, to the extent not excluded, to meet the requirements of Section
409A of the Code. Any payments made under Sections 3 and 4 of this Agreement which are paid on or before the last day of the applicable
period for the short-term deferral exclusion under Treasury Regulation § 1.409A-1(b)(4) are intended to be excluded under
such short-term deferral exclusion. Any remaining payments under Sections 3 and 4 are intended to qualify for the exclusion for
separation pay plans under Treasury Regulation § 1.409A-1(b)(9). Each payment made under Sections 3 and 4 shall be treated
as a “separate payment”, as defined in Treasury Regulation § 1.409A-2(b)(2), for purposes of Code Section 409A.
Further, notwithstanding anything to the contrary, all severance payments payable under the provisions of Section 4 shall be paid
to the Executive no later than the last day of the second calendar year following the calendar year in which occurs the date of
Executive’s termination of employment. None of the payments under this Agreement are intended to result in the inclusion
in Executive’s federal gross income on account of a failure under Section 409A(a)(1) of the Code. The parties intend to administer
and interpret this Agreement to carry out such intentions. However, the Employer does not represent, warrant or guarantee that
any payments that may be made pursuant to this Agreement will not result in inclusion in the Executive’s gross income, or
any penalty, pursuant to Section 409A(a)(1) of the Code or any similar state statute or regulation. Notwithstanding any other provision
of this Agreement, to the extent that the right to any payment (including the provision of benefits) hereunder provides for the
“deferral of compensation” within the meaning of Section 409A(d)(1) of the Code, the payment shall be paid (or provided)
in accordance with the following:

 

(a) If the Executive is a “Specified
Employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Executive’s termination (the
“Separation Date”), and if an exemption from the six month delay requirement of Code Section 409A(a)(2)(B)(i) is not
available, then no such payment shall be made or commence during the period beginning on the Separation Date and ending on the
date that is six months following the Separation Date or, if earlier, on the date of the Executive’s death. The amount of
any payment that would otherwise be paid to the Executive during this period shall instead be paid to the Executive on the first
day of the first calendar month following the end of the period.

 

(b) Payments with respect to reimbursements
of expenses or benefits or provision of fringe or other in-kind benefits shall be made on or before the last day of the calendar
year following the calendar year in which the relevant expense or benefit is incurred. The amount of expenses or benefits eligible
for reimbursement, payment or provision during a calendar year shall not affect the expenses or benefits eligible for reimbursement,
payment or provision in any other calendar year.

 

21. Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements,
if any, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof.

 

22. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument.

 

 

 

(Signatures appear on the following page.)

 

    	11

    	 

    

IN
WITNESS WHEREOF, the Employer has caused this Agreement to be executed and its seal to be affixed hereunto by its officers thereunto
duly authorized, and the Executive has signed and sealed this Agreement, effective as of the date first above written.

	 	 	 	CONGAREE
BANCSHARES, INC.	 
	ATTEST:	 	 	 	 
	By:	 	 	By:	/s/
E. Daniel Scott	 
	Name:	 	 	Name:	E. Daniel Scott	 
	 	 	 	Title:	Chairman of the Board	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	CONGAREE
STATE BANK	 
	ATTEST:	 	 	 	 
	By:	 	 	By:	/s/ E. Daniel Scott	 
	Name:	 	 	Name:	E. Daniel Scott	 
	 	 	 	Title:	Chairman of the Board	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	EXECUTIVE	 
	 	 	 	 	 	 
	 	 	 	/s/ Charlie T. Lovering	 
	 	 	 	Charlie T. Lovering	 

 

    	12

    	 

    

Exhibit A

 

Form of Release of Claims

 

SEVERANCE AGREEMENT AND RELEASE

 

This Severance Agreement and Release (the “Agreement”)
is made between Charlie T. Lovering, an individual resident of South Carolina
(“Employee”), and Congaree State Bank (the “Bank”).

 

As used in this Agreement, the term “Employee”
shall include the employee’s heirs, executors, administrators, and assigns, and the term “Bank” shall include
the Bank, its holding company, any other related or affiliated entities, and the current and former officers, directors, shareholders,
employees, and agents of them.

 

On November 22, 2013, the Bank and Employee
entered into an Employment Agreement governing the relationship between the parties. Section 4(a)(v) provides that the Bank may
terminate the Employment Agreement without cause. Section 4 of the Employment Agreement also provides that Employee shall be entitled
to severance pay if the Employment Agreement is terminated without cause, on the condition that Employee enter into this release
or a substantially similar release.

 

Employee desires to receive severance pay and
the Bank is willing to provide severance pay on the condition the Employee enter into this Agreement.

 

Now, in consideration for the mutual promises
and covenants set forth herein, and in full and complete settlement of all matters between Employee and the Bank, the parties agree
as follows:

 

1.Termination Date: The Employee agrees that his
employment with the Bank terminates as of ________________ (the “Termination Date”).

 

2.Severance Payments: Subsequent to his Termination
Date, the Bank shall pay Employee severance pay as noted in Paragraph 4 of the Employment Agreement, dated November 22, 2013, (the
“Severance Payment”), less applicable deductions and withholdings.

 

3.Legal Obligations

 

The parties acknowledge that pursuant to Section
4(g) of the Employment Agreement, they agreed that at the time of termination and as a condition of payment of severance, they
would enter into this release acknowledging any remaining obligations and discharging each other from any other claims or obligations
arising out of or in connection with Employee’s employment by the Bank, including the circumstances of such termination.

 

Employee acknowledges that the Bank has no prior
legal obligations to make the payments described in Section 2 above which are exchanged for the promises of Employee set forth
in this Agreement. It is specifically agreed that the payments described in Section 2 are valuable and sufficient consideration
for each of the promises of Employee set forth in this Agreement and are payments in addition to anything of value to which Employee
is otherwise entitled.

 

4.Waiver and Release:

 

		a)	Employee unconditionally releases and discharges the Bank from any and all causes of action, suits, damages, claims, proceedings,
and demands that the Employee has ever had, or may now have, against the Bank, whether asserted or unasserted, whether known or
unknown, concerning any matter occurring up to and including the date of the signing of this Agreement.

 

    	13

    	 

    

		b)	Employee acknowledges that he is waiving and releasing, to the full extent permitted by law, all claims against the Bank, including
(but not limited to) all claims arising out of, or related in any way to, his employment with the Bank or the termination of that
employment, including (but not limited to) any and all breach of contract claims, tort claims, claims of wrongful discharge, claims
for breach of an express or implied employment contract, defamation claims, claims under Title VII of the Civil Rights Act of 1964
as amended, which prohibits discrimination in employment based on race, color, national origin, religion or sex, the Family and
Medical Leave Act, which provides for unpaid leave for family or medical reasons, the Equal Pay Act, which prohibits paying men
and women unequal pay for equal work, the Age Discrimination in Employment Act of 1967, which prohibits age discrimination in employment,
the Americans with Disabilities Act, which prohibits discrimination based on disability, the Rehabilitation Act of 1973, the South
Carolina Human Affairs Law, any and all other applicable local, state and federal non-discrimination statutes, the Employee Retirement
Income Security Act, the Fair Labor Standards Act, the South Carolina Payment of Wages Law and all other statutes relating to employment,
the common law of the State of South Carolina, or any other state, and any and all claims for attorneys’ fees.

 

		c)	This Waiver and Release provision ((a) through (c) of this paragraph) shall be construed to release all claims to the full
extent allowed by law. If any term of this paragraph shall be declared unenforceable by a court or other tribunal of competent
jurisdiction, it shall not adversely affect the enforceability of the remainder of this paragraph.

 

		d)	The Bank unconditionally releases and discharges Employee from any and all causes of action, suits, damages, claims, proceedings,
and demands that the Bank has ever had, or may now have, against Employee, whether asserted or unasserted, whether known or unknown,
concerning any matter occurring up to and including the date of the signing of this Agreement with the exception of any claims
for breach of trust, or any act which constitutes a felony or crime involving dishonesty, theft, or fraud.

 

5.Restrictive Covenants and Other Obligations

 

The parties agree that Section 5 – “Ownership
of Work Product,” Section 6 – “Protection of Trade Secret,” Section 7 – “Protection of Confidential
Information,” Section 8 – “Return of Materials,” Section 9 – “Restrictive Covenants,”
Section 10 – “Independent Provisions,” Section 15 – “Enforcement,” and Section 16 – “Savings
Clause,” of the Employment Agreement shall remain in full force and effect and that Employee will perform his obligations
under those sections and those sections of the Employment Agreement are incorporated by reference as if set forth fully herein.
In the event Employee breaches any obligation under this Section 5, the Bank’s obligation to make severance payments to Employee
shall terminate immediately and the Bank shall have no further obligations to Employee.

 

6.Duty of Loyalty/Nondisparagement

 

The parties shall not (except as required by
law) communicate to anyone, whether by word or deed, whether directly or through any intermediary, and whether expressly or by
suggestion or innuendo, any statement, whether characterized as one of fact or of opinion, that is intended to cause or that reasonably
would be expected to cause any person to whom it is communicated to have a lowered opinion of the other party.

 

7.Confidentiality Of The Terms Of This Agreement

 

Employee agrees not to publicize or disclose
the contents of this Agreement, including the amount of the monetary payments, except (i) to his immediate family; (ii) to his
attorney(s), accountant(s), and/or tax preparer(s); (iii) as may be required by law; or (iv) as necessary to enforce the terms
of this Agreement. Employee further agrees that he will inform anyone to whom the terms of this Agreement are disclosed of the
confidentiality requirements contained herein. Notwithstanding the foregoing, the parties agree that where business needs dictate,
Employee may disclose to a third party that he has entered into an agreement with the Bank, which agreement contains restrictive
covenants including non-competition and nondisclosure provisions, one or more of which prohibit him from performing the requested
service.

 

    	14

    	 

    

Employee recognizes that the disclosure of any
information regarding this Agreement by him, his family, his attorneys, his accountants or financial advisors, could cause the
Bank irreparable injury and damage, the amount of which would be difficult to determine. In the event the Bank establishes a violation
of this paragraph of the Agreement by Employee, his attorneys, immediate family, accountants, or financial advisors, or others
to whom Employee disclosed information in violation of the terms of this Agreement. The Bank shall be entitled to injunctive relief
without the need for posting a bond and shall also be entitled to recover from Employee the amount of attorneys’ fees and
costs incurred by the Bank in enforcing the provisions of this paragraph.

 

8.Continued Cooperation

 

Employee agrees that he will cooperate fully
with the Bank in the future regarding any matters in which he was involved during the course of his employment, and in the defense
or prosecution of any claims or actions now in existence or which may be brought or threatened in the future against or on behalf
of the Bank. Employee’s cooperation in connection with such matters, actions and claims shall include, without limitation,
being available to meet with the Bank’s officials regarding personnel or commercial matters in which he was involved; to
prepare for any proceeding (including, without limitation, depositions, consultation, discovery or trial); to provide affidavits;
to assist with any audit, inspection, proceeding or other inquiry; and to act as a witness in connection with any litigation or
other legal proceeding affecting the Bank. Employee further agrees that should he be contacted (directly or indirectly) by any
person or entity adverse to the Bank, he shall within 48 hours notify the then-current Chairman of the Board of the Bank. Employee
shall be reimbursed for any reasonable costs and expenses incurred in connection with providing such cooperation.

 

9.Entire Agreement; Modification of Agreement

 

Except as otherwise expressly noted herein,
this Agreement constitutes the entire understanding of the parties and supersedes all prior discussions, understandings, and agreements
of every nature between them relating to the matters addressed herein. Accordingly, no representation, promise, or inducement not
included or incorporated by reference in this Agreement shall be binding upon the parties. Employee affirms that the only consideration
for the signing of this Agreement are the terms set forth above and that no other promises or assurances of any kind have been
made to him by the Bank or any other entity or person as an inducement for him to sign this Agreement. This Agreement may not be
changed orally, but only by an agreement in writing signed by the parties or their respective heirs, legal representatives, successors,
and assigns.

 

10.Partial Invalidity

 

The parties agree that the provisions of this
Agreement and any paragraphs, subsections, sentences, or provisions thereof shall be deemed severable and that the invalidity or
unenforceability of any paragraph, subsection, sentence, or provision shall not affect the validity or enforceability of the remainder
of the Agreement.

 

11.Waiver

 

The waiver of the breach of any term or provision
of this Agreement shall not operate as or be construed to be a waiver of any other subsequent breach of this Agreement.

 

12.Successors and Assigns

 

This Agreement shall inure to and be binding
upon the Bank and Employee, their respective heirs, legal representatives, successors, and assigns.

 

    	15

    	 

    

13.Governing Law

 

This Agreement shall be construed in accordance
with the laws of the state of South Carolina and any applicable federal laws.

 

14.Headings

 

The headings or titles of sections and subsections
of this Agreement are for convenience and reference only and do not constitute a part of this Agreement.

 

15.Notice

 

Any notice or communication required or permitted
under this Agreement shall be made in writing and sent by certified mail, return receipt requested, addressed as follows:

 

If to Employee: [INSERT]

 

If to the Bank: [INSERT]

 

16.Representations: Employee acknowledges that:

 

a)He has read this Agreement and understands its meaning and
effect.

 

b)He has knowingly and voluntarily entered into this Agreement
of his own free will.

 

c) By signing this Agreement, Employee has waived, to the full extent permitted by law, all claims against the Bank based on any
actions taken by the Bank up to the date of the signing of this Agreement, and the Bank may plead this Agreement as a complete
defense to any claim the Employee may assert.

 

d) He would not otherwise be entitled to the consideration described in this Agreement, and that the Bank is providing such consideration
in return for Employee’s agreement to be bound by the terms of this Agreement.

 

e)He has been advised to consult with an attorney before signing
this Agreement.

 

f)He has been given up to 21 days to consider the terms of this
Agreement.

 

g) He has seven days, after Employee has signed the Agreement and it has been received by the Bank, to revoke it by notifying
the Chairman of the Board of his intent to revoke acceptance. For such revocation to be effective, the notice of revocation must
be received no later than 5:00 p.m. on the seventh day after the signed Agreement is received by the Bank. This Agreement shall
not become effective or enforceable until the revocation period has expired.

 

h) He is not waiving or releasing any rights or claims that may arise after the date the Employee signs this Agreement.

 

	As to Employee:	 	 
	 	 	 
	Date	 	Charlie T. Lovering
	 	 	 
	As to the Bank:	 	 
	 	 	 
	Date	 	E. Daniel Scott, Chairman of the Board

 

    	16

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