Document:

Exhibit 10.6

 Exhibit 10.6 
 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION 
 OF CHERAW 
 NON-QUALIFIED SUPPLEMENTAL 
 PLAN

 Cheraw, South Carolina 
 As Amended and Restated Effective December 31, 1997 

 NON-QUALIFIED SUPPLEMENTAL PLAN 
 FOR 
 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF CHERAW 
  

	 	1.	Purpose 

 The First Federal
Savings and Loan Association of Cheraw Non-Qualified Supplemental Employee Stock Ownership Plan (“Supplemental ESOP”) was first established effective December 31, 1997 by First Federal Savings and Loan Association of Cheraw (the
“Association”) to provide Participants (as defined herein) or their Beneficiaries with the full amount of Employer-provided pension benefits obtainable under the First Federal Savings and Loan Association of Cheraw Employee Stock Ownership
Plan (“ESOP”) which may not be accrued under said ESOP due to the limitations imposed by Section 415 of the Internal Revenue Code (including Section 415(c)(6)) and the limitation on includible compensation imposed by
Section 401(a)(17) of the Code. It has now been amended and restated to provide Participants or their Beneficiaries with the full amount of Employer-provided pension benefits obtainable under the Financial Institutions Thrift Plan (the
“401(k) Plan”) which may not be accrued under said 401(k) Plan due to the limitations imposed by Section 415 of the Internal Revenue Code (including Section 415(c)(6)), the limitation on includible compensation imposed by
Section 401(a)(17), and the limitation on pre-tax contributions imposed by Section 402(g) of the Code in addition to those benefits provided under the Supplemental ESOP. The benefits provided under the amended and restated plan (the
“Supplemental Plan”) (as described below) are intended to constitute a deferred compensation plan for “a select group of management or highly compensated employees” for purposes of the Employee Retirement Income Security Act of
1974, as amended. 
  

	 	2.	Definitions 

 Where the
following words and phrases appear in the Supplemental Plan, they shall have the respective meaning as set forth below unless the context clearly indicates the contrary. Except to the extent otherwise indicated herein, and to the extent inconsistent
with the definitions provided below, the definitions contained in the 401(k) Plan and the ESOP are applicable under the Supplemental Plan. 
 2.1 “Applicable Limitation” means any one of the following: (a) the maximum limitations on annual additions to a qualified defined contribution plan under section 415(c) of the Code; (b) the
maximum limitation on the annual amount of compensation that may, under section 401(a)(17) of the Code, be taken into account in determining contributions to and benefits under qualified plans; and (c) the maximum limitation, under section
402(g) of the Code, on pre-tax contributions that may be made to a qualified defined contribution plan. 
  

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 2.2 “Association” means First Federal Savings and Loan Association of
Cheraw. 
 2.3 “Beneficiary” means any person, other than the Participant, who is determined to be entitled
to benefits under the terms of the Supplemental Plan. 
 2.4 “Board of Directors” means the Board of
Directors of First Federal Savings and Loan Association of Cheraw. 
 2.5 “Code” means the Internal Revenue
Code of 1986, as amended from time to time. Reference to a specific provision of the Code shall include such provision, any valid regulation or ruling promulgated thereunder and any comparable provision of future law that amends, supplements or
supersedes such provision. 
 2.6 “Committee” means the Supplemental Plan Committee of the Board of
Directors. 
 2.7 “Company” means Great Pee Dee Bancorp, Inc., the holding company of the Association.

 2.8 “Effective Date” means December 31, 1997. 
 2.9 “Employee” means an employee of the Employer on whose behalf benefits are payable under the 401(k) Plan or ESOP.

 2.10 “ESOP” means the First Federal Savings and Loan Association of Cheraw Employee Stock Ownership Plan,
and any successor thereto. 
 2.11 “Employer” means First Federal Savings and Loan Association of Cheraw with
respect to its employees, and any successors by merger, purchase, reorganization or otherwise. If a subsidiary or affiliate of the Employer adopts the Supplemental Plan, it shall be deemed the Employer with respect to its employees. 
 2.12 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. Reference to a
specific provision of ERISA shall include such provision, any valid regulation or ruling promulgated thereunder and any comparable provision of future law that amends, supplements or supersedes such provision. 
 2.13 “401(k) Plan” means the Financial Institutions Thrift Plan as adopted by First Federal Savings and Loan Association
of Cheraw, and any successor thereto. 
 2.14 “Participant” means an Employee who has been designated for
participation in this Supplemental Plan pursuant to Section 3.1. 
  

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 2.15 “Plan Year” means the period from January 1, 1997 through
December 31, 1997, and each January 1 to December 31 thereafter. 
 2.16 “Stock” means the
common stock of Great Pee Dee Bancorp, Inc., par value $.01, per share. 
 2.17 “Stock Obligation” means an
exempt ESOP loan used to acquire shares of Company stock that meets the requirements of Treas. Reg. §54.4975-7-(b). 
 2.18 “Supplemental ESOP Benefit” means the contribution of Stock made by the Association for the benefit of the Participant under and in accordance with the terms of the Supplemental Plan in any Plan Year. 
 2.19 “Supplemental Matching Contribution” means the matching contribution made by the Association for the benefit of a
Participant under and in accordance with the terms of the Supplemental Plan in any Plan Year. 
 2.20 “Supplemental
Plan” means the First Federal Savings and Loan Association of Cheraw Non-Qualified Supplemental Plan, as set forth herein and as may be amended or restated from time to time. 
 2.21 “Supplemental Salary Reduction Contribution” means the salary reduction contribution made by the Association for the
benefit of a Participant under and in accordance with the terms of the Supplemental Plan in any Plan Year. 
 2.22
“Surviving Spouse” means the legal spouse of a Participant, living at the time of the death of the Participant. 
 2.23 “Termination of Service” means an Employee’s separation from service from the Association, whether by resignation, discharge, death, disability, retirement or otherwise. 
  

	 	3.	Participation 

 3.1
Designation to Participate. Upon the designation of the Committee, and subject to the approval of the Board of Directors, Employees may become Participants at any time during the Plan Year. Each Employee initially selected by the Committee to
participate in the Supplemental Plan shall be set forth on Exhibit A attached hereto and made a part hereof. 
  

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 3.2 Continuation of Participation. An Employee who has become a Participant shall
remain a Participant so long as benefits are payable to or with respect to such Participant under the Supplemental Plan. 
  

	 	4.	Supplemental Benefits  

 4.1
Supplemental Salary Reduction Contributions. 
 (a) Any Participant may elect to defer the receipt of a portion of the Compensation
otherwise payable to him by the Association in any Plan Year. For these purposes, “Compensation” shall mean basic salary, as defined in the 401(k) Plan. The amount of Compensation deferred by a Participant for the Plan Year shall be equal
to: 
  

	 	(i)	a percentage of such Compensation, not to exceed fifteen percent (15%), reduced by 

  

	 	(ii)	the amount the Participant elects to have the Association contribute to the 401(k) Plan during the Plan year. 

 The amount deferred pursuant to this paragraph (a) shall be a Supplemental Salary Reduction Contribution allocated to the Supplemental Plan. 
 (b) Should it be determined, after completion of all non-discrimination testing pursuant to Section 401(k)(3) of the Code or any successor section
applicable to the 401 (k) Plan, that an additional elective contribution under Section 402(g)(3) of the Code, or any successor section, could have been allocated to the Participant’s account under the 401(k) Plan for such Plan Year,
then pursuant to an election made by the Participant at the same time as the election made in paragraph (a) of this Section, the amount of such additional elective contribution shall: 
  

	 	(i)	be deducted from the Supplemental Plan and transferred to the Participant’s account under the 401(k) Plan; or 

  

	 	(ii)	remain in this Plan. 

 Any transfer or payment of such additional amount
shall occur no later than March 31 of the Plan Year following the Plan Year for which such non-discrimination testing is made. 
 (c) In
no event shall any deduction from the Supplemental Plan for any Plan Year pursuant to Paragraph (b) of this Section exceed the amount that the Participant elected to defer for such Plan Year pursuant to Paragraph (a) of this Section. No
earnings or appreciation attributable to any amount transferred or paid under Paragraph (b) of this Section shall be transferred or paid. 
  

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 (d) The election provided in Paragraph (a) of this Section and the additional election provided in
Paragraph (b) of this Section shall be in writing, signed by the Participant, and delivered to the Company prior to January 1 of the Plan Year in which the Compensation to be deferred is otherwise payable to the Participant; except that:

  

	 	(i)	for the Plan Year in which the Supplemental Plan is initially implemented, a Participant may make such elections within 30 days after the date on which the Supplemental Plan is
effective provided, however, that such elections shall apply only with respect to Compensation not yet earned by the Participant; and 

  

	 	(ii)	for the Plan Year in which a Participant first becomes eligible to participate in the Supplemental Plan, such Participant may make such elections within 30 days after the date he
becomes eligible. 

 Any deferral election made by a Participant shall be irrevocable with respect to the Plan Year covered by such election.

 4.2 Supplemental Salary Reduction Agreement. As a condition to the Association’s obligation to make a
Supplemental Salary Reduction Contribution for the benefit of a Participant pursuant to Section 4.1, the Participant must execute a Supplemental Salary Reduction Agreement in the form attached hereto. The Agreement for any Plan Year shall be
made before the beginning of that Year and shall remain in full force and effect for subsequent Plan Years unless revoked by a Participant by written instrument delivered to the Association prior to the beginning of the Plan Year in which such
revocation is to be effective. 
 4.3 Supplemental Matching Contributions. (a) For each Plan Year, within thirty (30)
days of the end of the Plan Year the Association will make a Supplemental Matching Contribution to this Supplemental Plan on behalf of each Participant in an amount equal to the difference between (i) and (ii) below: 
  

	 	(i)	The 401(k) Plan Matching Contribution that would have been allocated to the account of the Participant under the 401(k) Plan for the Plan Year with respect to the amount deferred by
the Participant pursuant to subparagraph (a)(i) of Section 4.1, without giving effect to any reductions required by the limitations imposed by the Code on the 401(k) Plan; 

 LESS 
  

	 	(ii)	The amount of the 401(k) Plan Matching Contribution actually allocated to the account of the Participant under the 401(k) Plan for the Plan Year. 

  

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 All Supplemental Matching Contributions shall be allocated to the Supplemental Plan and shall be credited with interest
from the last day of the Plan Year for which such contributions are made until the Participant’s retirement, or the date of earlier termination of employment. 
 (b) If amounts are deducted from the Supplemental Plan and transferred to the account of the Participant under the 401(k) Plan pursuant to the Participant’s election under subparagraph (b)(i) of Section 4.1,
all Supplemental Matching Contributions made pursuant to this Section relating to such transferred amounts shall be deducted from the Supplemental Plan and transferred to the account of the Participant under the 401(k) Plan, subject to the
following: 
  

	 	(i)	A transfer pursuant to this Section shall occur at the same time as a transfer pursuant to subparagraph (b)(i) of Section 4.1; 

  

	 	(ii)	No earnings or appreciation attributable to any amount transferred pursuant to this Section shall be transferred; 

  

	 	(iii)	Any Supplemental Matching Contribution shall be transferred to the 401(k) Plan only to the extent that the 401(k) Plan, after receiving such transferred contribution, will satisfy
the non-discrimination tests set forth in Section 401(m) of the Code or any successor section for the applicable Plan Year. 

 (c) Other than as provided in Sections 4.1(b) and 4.3(b), the Supplemental Salary Reduction Contributions provided under section 4.1 and the Supplemental Matching Contributions under Section 4.3 shall be paid to or with respect to the
Participant only upon termination of the Participant’s employment with the Association and all affiliates thereof for any reason including death. All amounts distributable under the Supplemental Plan shall be distributed at the same time and in
the same form as the Participant’s benefit is distributed under the 401(k) Plan. 
 4.4 Supplemental ESOP
Benefits. 
 (a) A Participant whose ESOP contributions are limited by one or more of the Applicable Limitations shall be entitled to a
Supplemental ESOP Benefit under this Supplemental Plan. The Supplemental ESOP Benefit is an amount equal to (i) less (ii), where: 
  

	 	(i)	is the number of shares of Stock that would have been allocated to the account of the Participant under the ESOP, and the earnings thereon, without regard to the Applicable
Limitations; and 

  

	 	(ii)	is the number of shares of Stock actually allocated to the account of the Participant under the ESOP for the relevant ESOP plan year, and the earnings thereon. Fractional shares
shall be accounted for as such. 

  

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 (b) Stock credited hereunder to the Supplemental Plan shall be credited with earnings at the same the
same time and in the same manner as is applicable to Stock held in the Participant’s account under the ESOP. 
 (c) In the case of a
stock dividend or stock split, additional credits of Stock will be made to each Participant’s account under the Supplemental Plan. 
 (d) Incidents of Supplemental ESOP Payments. Benefits under this Section 4.4 shall include all attributes in which payment is made from the ESOP, including but not limited to: 
  

	 	(a)	Retirement whether normal, early, or late; 

  

	 	(b)	Disability; 

  

	 	(c)	Death; or 

  

	 	(d)	Termination of employment. 

 Except to the extent
otherwise indicated, and to the extent otherwise inconsistent with the terms of this Supplemental Plan, the provisions of the ESOP are hereby incorporated by reference. 
 (e) Form of Supplemental ESOP Payments. 
  

	 	(i)	A Participant’s Supplemental ESOP Benefit under Section 4.4 of this Supplemental Plan shall be a benefit paid in cash or, if elected by the Participant, in the form set
forth in 4.4(d)(ii) below. Such benefit shall be paid to or with respect to the Participant at the same time as the Participant’s benefit is distributed under the ESOP. Benefits under Section 4.4 of this Supplemental Plan shall cease with
the cessation of benefits to the Participant, or his or her surviving spouse or his or her Beneficiary under the ESOP. 

  

	 	(ii)	(A) If a grantor trust is established by the Association and is permitted to hold Stock of the Company, a Participant’s Supplemental ESOP Benefit shall be distributed in shares
of Stock of the Company, if elected by the Participant. Any fractional shares of Stock of the Company attributable to the Participant will be distributed in cash. 

  

	 	    	(B) If no trust is established or if established, such trust is not permitted by applicable law to invest in Stock of the Company, a Participant may elect upon receiving a
distribution from the Supplemental Plan, that the Committee convert the cash benefit attributed to his Supplemental ESOP Benefit into shares of Stock of the Company. The value of a Participant’s Supplemental ESOP Benefit at the time of
distribution shall be converted to shares of the Company’s Stock by dividing the cash credited to the Participant’s Supplemental ESOP Benefit by the last price quoted for the shares of Stock of the Company on the National Association of
Securities Dealers Automated Quotation (“NASDAQ”) System. Such shares of Stock will be issued in the name of the Participant. No shares will be issued in the name of the administrator of the Supplemental Plan. The delivery of the shares to
the Participant will act as a discharge of the administrator’s obligation of payment on the Supplemental ESOP Benefit. Any funds that cannot be converted to shares of Stock of the Company will be distributed in cash. 

 

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	 	5.	Administration of the Supplemental Plan 

 5.1 Committee; Duties. This Supplemental Plan shall be administered by the Committee which shall consist of not less than three (3) persons appointed by the Board of Directors. The Committee shall have the
authority to make, amend, interpret and enforce all appropriate rules and regulations for the administration of the Supplemental Plan and decide or resolve any and all questions including interpretations of this Supplemental Plan, that may arise in
connection with the administration of the Supplemental Plan. A majority vote of the Committee members shall control any decision. Members of the Committee may be Participants under the Supplemental Plan. 
 5.2 Agents. The Committee may, from time to time, employ other agents and delegate to them such administrative duties as it sees
fit, and may from time to time consult with counsel who may be counsel to the Employer. 
 5.3 Binding Effect of
Decisions. The decision or action of the Committee regarding any question arising out of or in connection with the administration, interpretation and application of the Supplemental Plan and the rules and regulations promulgated hereunder shall
be final and conclusive and binding upon all persons having any interest in the Supplemental Plan. 
 5.4 Indemnity of
Committee. The Association shall indemnify and hold harmless the members of the Committee against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to this Supplemental Plan, except in
the case of gross negligence or willful misconduct. 
  

	 	6.	Claims Procedure and Arbitration  

 6.1 Claim. Any person claiming a benefit, requesting an interpretation or ruling under the Supplemental Plan, or requesting information under the Supplemental Plan shall present the request in writing to the Committee which shall
respond in writing within thirty (30) days. 
 6.2 Denial of Claim. If the claim or request is denied, the written
notice of denial shall state: 
 (a) The reason for denial, with specific reference to the Supplemental Plan provisions on
which the denial is based. 
  

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 (b) A description of any additional material or information required and an explanation
of why it is necessary. 
 (c) An explanation of the Supplemental Plan’s claim review procedure. 
 6.3 Review of Claim. Any person whose claim or request is denied or who has not received a response within thirty (30) days
may request review by notice given in writing to the Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant a hearing. On review, the claimant may have representation, examine
pertinent documents, and submit issues and comments in writing. 
 6.4 Final Decision. The decision on review shall
normally be made within sixty (60) days. If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the time limit shall be one hundred twenty (120) days. The decision shall be in
writing and shall state the reason and the relevant plan provisions. 
 6.5 Arbitration. If claimants continue to
dispute the claim request or benefit denial based upon completed performance of this Plan or the meaning and effect of the terms and conditions thereof, then claimants may submit the dispute to mediation, administered by the American Arbitration
Association (“AAA”) (or a mediator selected by the parties) in accordance with the AAA’s Commercial Mediation Rules. If mediation is not successful in resolving the dispute, it shall be settled by arbitration administered by the AAA
under its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 
  

	 	7.	Amendment or Termination 

 7.1 Amendment of Supplemental Plan. A majority of the Board of Directors may amend this Supplemental Plan at any time or from time to time. Any amendment may provide different benefits or amounts of benefits from those herein set
forth. However, no such amendment shall adversely affect the benefits of the Participant which have accrued prior to such action. 
 7.2 Termination of Supplemental Plan. The Supplemental Plan shall not be terminated until all benefits payable under the terms of the Supplemental Plan are either paid or forfeited. 
  

	 	8.	Miscellaneous 

 8.1
Unfunded Supplemental Plan. This Supplemental Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of management or highly compensated employees or an excess benefit plan
for the purpose of providing benefits for certain employees in excess of the limitations imposed by 

  

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Section 415 of the Code. However, the Association may elect to establish a trust fund for the benefit of Participants as described in Section 8.3
below. This Supplemental Plan will continue to be unfunded for tax purposes and Title I of ERISA even if benefits are funded by the Association under Section 8.3 below. 
 8.2 Unsecured General Creditor. The Participant and his Beneficiaries, heirs, successors and assigns shall have no legal or
equitable rights, interest or claims in any property or assets of Employer, nor shall they be beneficiaries of, or have any rights, claims or interests in any life insurance policies, annuity contracts or the proceeds therefrom owned or which may be
acquired by Employer. Such policies or other assets of Employer shall not be held under any trust for the benefit of Participants, their Beneficiaries, heirs, successors or assigns, or held in any way as collateral security for the fulfilling of the
obligations of Employer under this Supplemental Plan. Any and all of Employer’s assets shall be, and remain, the general, unpledged, unrestricted assets of Employer. Employer’s obligation under the Supplemental Plan shall be that of an
unfunded and unsecured promise of Employer to pay money in the future. 
 8.3 Trust Fund. The Employer shall be
responsible for the payment of all benefits provided under the Supplemental Plan. At its discretion, the Employer may establish one (1) or more grantor trusts within the meaning of Code Section 671 et. seq., with such
trustees as the Board may approve, for the purpose of providing for payment of such benefits. Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Association’s creditors in the event of the
Company’s or Association’s insolvency, as defined in the trust document and the trust must include a provision that the Employer has the right to substitute assets of equal value for any asset held by the trust. To the extent any benefits
provided under the Supplemental Plan are actually paid from any such trust, the Employer shall have no further obligation with respect thereto, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the
Employer. 
 8.4 Nonassignability. Neither the Participant nor any other person shall have any right to commute, sell,
assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly
declared to be unassignable and nontransferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or
any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency. 
 8.5 Expenses of Supplemental Plan. All expenses of the Supplemental Plan will be paid by the Employer. 
  

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 8.6 Immediately Payable Lump Sum. Notwithstanding any other provision hereof,
there shall become immediately due and payable to or with respect to a Participant a lump sum equal to the Participant’s benefits pursuant to Section 4 if: 
  

	 	(a)	the Employer makes a general assignment for the benefit of creditors; 

  

	 	(b)	any proceedings under the Bankruptcy Act are instituted by the Employer or, if instituted against the Employer, is consented to or acquiesced in by it or remains undismissed for 60
days; or 

  

	 	(c)	a receiver or trustee in bankruptcy is appointed for the Employer. 

 In
addition, in the event of any such proceeding by or against the Employer under the Bankruptcy Act, or any such assignment, a Participant, a contingent annuitant, a Surviving Spouse or Beneficiary shall be entitled to prove a claim for any unpaid
portion of the benefit provided hereunder and, if the claim is not discharged in full in any such proceeding, or assignment, it will survive any discharge of the Employer under any such proceeding or assignment. 
 8.8 Change of Control of the Company or the Association. Notwithstanding any other provision herein, there shall become immediately
due and payable upon a Change of Control of the Company or the Association, a Participant’s Supplemental ESOP Benefit, Salary Reduction Contribution and Matching Contribution in a lump sum payment. 
 For purposes of this Section 8.8, a “Change of Control” shall mean a change in control of a nature that: (i) would be
required to be reported in response to Item 1(a) of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or
(ii) results in a Change in Control of the Association or the Company within the meaning of the Home Owners Loan Act, as amended (“HOLA”), and applicable rules and regulations promulgated thereunder, as in effect at the time of the
Change in Control; or (iii) without limitation such a Change in Control shall be deemed to have occurred at such time as (a) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of Company’s outstanding securities except for any
securities purchased by the Association’s employee stock ownership plan or trust; or (b) individuals who constitute the Board on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority
thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the
Company’s stockholders was approved by the same Nominating Committee serving under an Incumbent Board, shall be, for purposes of this clause (b), considered as though he were a 

  

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member of the Incumbent Board; or (c) a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Association or
the Company or similar transaction in which the Association or Company is not the surviving institution occurs; or (d) a proxy statement soliciting proxies from stockholders of the Company, by someone other than the current management of the
Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Company or similar transaction with one or more corporations as a result of which the outstanding shares of the class of securities then subject to the
Supplemental Plan are to be exchanged for or converted into cash or property or securities not issued by the Company; or (e) a tender offer is made for 25% or more of the voting securities of the Company and the shareholders owning beneficially
or of record 25% or more of the outstanding securities of the Company have tendered or offered to sell their shares pursuant to such tender offer and such tendered shares have been accepted by the tender offeror. 
 8.9 Withholding; Payroll Taxes. The Employer shall withhold from payments made to the Participant from the Supplemental Plan any
taxes required to be withheld from the Participant’s wages for the federal or any state or local government. 
 8.10
Participation by Subsidiaries and Affiliates. If any employer is now or hereafter becomes a subsidiary or affiliated company of the Employer and its employees participate in the 401(k) Plan and/or the ESOP, the Board of Directors may
authorize such subsidiary or affiliated company to participate in this Supplemental Plan upon appropriate action by such employer necessary to adopt the Supplemental Plan. 
 8.11 Delivery of Elections to Committee. All elections, designation, requests, notices, instructions and other communications
required or permitted under the Supplemental Plan from the Employer, a Participant, Beneficiary or other person to the Committee shall be on the appropriate form, shall be mailed by first-class mail or delivered to such address as shall be specified
by such Committee, and shall be deemed to have been given or delivered only upon actual receipt thereof by such Committee at such location. 
 8.12 Delivery of Notice to Participants. All notices, statements, reports and other communications required or permitted under the Supplemental Plan from the Employer or the Committee to any officer,
Participant, Beneficiary or other person, shall be deemed to have been duly given when delivered to, or when mailed by first-class mail, postage prepaid, and addressed to such person at this address last appearing on the records of the Committee.

  

	 	9.	Construction of the Supplemental Plan 

 9.1 Construction of the Supplemental Plan. The provisions of this Supplemental Plan shall be construed, regulated, and administered according to the laws of the State of South Carolina, to the extent not
superseded by Federal law. 
  

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 9.2 Counterparts. This Supplemental Plan has been established by the Employer in
accordance with the resolutions adopted by the Board of Directors and may be executed in any number of counterparts, each of which shall be deemed to be an original. All the counterparts shall constitute one instrument, which may be sufficiently
evidenced by any one counterpart. 
 9.3 Validity. In case any provision of this Supplemental Plan shall be held
illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Supplemental Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein

  

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 IN WITNESS WHEREOF, and as evidence of the adoption of the Supplemental Plan by the Employer, it
has caused the same to be signed by its Officer duly authorized, and its corporate seal to be affixed this 11 day of November, 1999. 
  

									
	ATTEST:	 		 	FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF CHERAW
				
	/s/ Johnnie L. Craft	 		 	By:	 	/s/ James C. Crawford, III
		 		 		 		 	Chairman of the Board

  

 15Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT
AGREEMENT (the “Agreement”), made as of the 18th day of September, 2007, is entered into by and between Curis, Inc., a Delaware corporation (the
“Company”), and Daniel R. Passeri (the “Employee”). The Agreement is intended to comply with the applicable provisions of Section 409A of the Internal Revenue Code of 1986, as amended, and the final Treasury regulations and
guidance issued thereunder (“Section 409A”). 
 The Company desires to continue to employ the Employee, and the Employee
desires to continue to be employed by the Company. In consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 1. Term of Employment. The Company hereby agrees to continue to employ the Employee, and the Employee hereby
accepts employment with the Company, upon the terms set forth in this Agreement, for the period commencing on September 18, 2007 (the “Commencement Date”) and ending on December 31, 2012 (such period, as it may be extended, the
“Employment Period”), unless sooner terminated in accordance with the provisions of Section 4. This Employment Agreement will remain in force and effect throughout the term of the Employment Period. The Employee’s employment with
the Company may be terminated by either the Company or the Employee at any time subject only to the severance provisions contained in Section 5 hereof. 
 2. Position. 
 (a) The Employee shall serve as President and Chief Executive Officer of the Company.
The Employee shall have duties and authority consistent with his position as President and Chief Executive Officer and as may be assigned from time to time by the Board of Directors of the Company (the “Board”). The Employee shall report
to, and be subject to the supervision of, the Board. The Employee agrees to devote his entire business time to the business and interests of the Company during the Employment Period. 
 (b) During the Employment Period, the Company shall use its best efforts to cause the election of the Employee to the Board. Upon termination of the
Employment Period, the Employee shall be deemed to have automatically resigned as a member of the Board; such resignation shall be effective immediately without the requirement of any further written notice. 
 (c) The Employee agrees to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein which
may be adopted from time to time by the Company. 
 3. Compensation and Benefits. 
 3.1 Salary. The Company shall pay the Employee, in periodic installments in accordance with the Company’s customary payroll practices, a base
salary of $400,000 per annum. Such salary shall be subject to annual review by the Board. 

 3.2 Bonus. The Compensation Committee has the authority to award discretionary annual cash bonuses
to the executive officers of the Company, including the Employee. Any bonus awarded shall be based on the achievement of specific objectives established by the Board. Such bonus (if any) will be paid in the form of cash or Company stock, as
determined by the Compensation Committee. 
 3.3 Fringe Benefits. The Employee shall be entitled to participate in all medical and
other benefit programs that the Company establishes and makes available to its employees, if any, to the extent that Employee’s position, tenure, salary, age, health and other qualifications make him eligible to participate. The Employee shall
be entitled to four weeks paid vacation per year. 
 3.4 Reimbursement of Expenses. The Company shall reimburse the Employee for all
reasonable travel, entertainment and other expenses incurred or paid by the Employee in connection with, or related to, the performance of his duties, responsibilities or services under this Agreement, upon presentation by the Employee of
documentation, expense statements, receipts, vouchers and/or such other supporting information as the Company may request, provided, however, that the maximum amount available for such travel, entertainment and other expenses may be fixed in advance
by the Board. Notwithstanding the foregoing, (i) the expenses eligible for reimbursement in one taxable year may not affect the expenses eligible for reimbursement in any other taxable year, (ii) such reimbursement must be made on or
before the last day of the calendar year following the calendar year in which the expenses were incurred, and (iii) the right to reimbursement is not subject to liquidation or exchange for another benefit. 
 3.5 Withholding. All salary, bonus and other compensation payable to the Employee shall be subject to applicable withholdings. 
 4. Termination of Employment Period. 
 (a) The employment of the Employee by the Company pursuant to this Agreement shall terminate upon the expiration of the Employment Period. 
 (b) The Company has the right to terminate the Employee’s employment under this Agreement, by notice to the Employee in writing at any time (i) for Cause (as defined below), (ii) without Cause for any or no reason, or
(iii) due to the Disability (as defined below) of the Employee. Any such termination shall be effective upon the date of such notice to the Employee or such other date as may be specified in such notice. 
 (c) Employee’s employment under this Agreement shall terminate immediately upon the Employee’s death. 
 (d) The Employee shall have the right to terminate his employment under this Agreement (i) for any reason or no reason upon sixty
(60) days’ prior written notice to the Company or (ii) for Good Reason (as defined below) upon thirty (30) days’ prior written notice specifying such Good Reason. 
 (e) As used in this Agreement, the terms below shall have the following meanings: 
  

 2 

 (i) “Cause” shall mean (a) a good faith finding by the Company that (i) the Employee
has breached this Agreement and has failed to remedy such failure within thirty (30) days after notice thereof to the Employee, or (ii) the Employee has engaged in dishonesty, gross negligence or misconduct, or (b) the conviction of
the Employee of, or the entry of a pleading of guilty or nolo contendere by the Employee to, any crime involving moral turpitude or any felony. 
 (ii) “Good Reason” shall mean (a) any material diminution in the Employee’s authority, duties or responsibilities; (b) any material reduction in his annual base salary; (c) any material breach by the Company of
this Agreement; or (d) any requirement by the Company or of any person in control of the Company that the location at which the Employee performs his principal duties for the Company be changed to a new location that is more than forty
(40) miles from the current principal location of the Company, provided that (i) the Employee provides the Company with notice of the condition described above within 90 days after the initial existence of the condition; (ii) such
condition is not remedied by the Company within 30 days after receiving the notice and (iii) the Employee separates from service with the Company within 2 years following the initial existence of the condition. 
 (iii) “Disability” shall be deemed to occur if, as a result of the Employee’s incapacity due to physical or mental illness, the Employee
shall have been absent from the full-time performance of his duties with the Company for six (6) consecutive months. 
 (iv)
“Change in Control Event” shall mean: 
 (1) The acquisition by an individual, entity or group (within the meaning
of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) 50% or more of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then-outstanding securities of the
Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (1), the following acquisitions shall not constitute a Change in Control
Event: (A) any acquisition directly from the Company (excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for common stock or voting securities of the
Company, unless the Person exercising, converting or exchanging such security acquired such security directly from the Company or an underwriter or agent of the Company), (B) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the Company, or (C) any acquisition by any corporation pursuant to a Business Combination (as defined below) which complies with clauses (x) and (y) of subsection
(3) of this definition; or 
 (2) Such time as the Continuing Directors (as defined below) do not constitute a majority
of the Board (or, if applicable, the Board of Directors of a 

  

 3 

 
successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (x) who was a member of
the Board on the date of the initial adoption of this Agreement by the Board or (y) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or
election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or election; or 
 (3) The consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the Company or a sale or
other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business Combination, each of the following two conditions is satisfied: (x) all or
substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring
corporation or other form of entity in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or
through one or more subsidiaries) (such resulting or acquiring corporation or entity is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership of the Outstanding Company Common Stock and
Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination and (y) no Person (excluding the Acquiring Corporation or any employee benefit plan (or related trust) maintained or sponsored by the Company or
by the Acquiring Corporation) beneficially owns, directly or indirectly, 50% or more of the then-outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation
entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination). 
 5. Compensation upon Termination. 
 (a) Subject to Section 5(e), in the event the Employee’s employment terminates
as a result of a voluntary termination by the Employee for Good Reason, or a termination by the Company without Cause, upon execution of a general release of all claims against the Company, its employees, officers, directors and agents, in a form
drafted by the Company, the Employee shall receive: (i) his base salary accrued through the last day of his employment with the Company payable in a lump sum amount with the next regular payroll cycle following his termination of employment,
(ii) twelve (12) monthly payments each equal in amount to one-twelfth (1/12th) of the Employee’s then base salary, reduced by all applicable taxes and withholdings, in accordance with the Company’s then current payroll
policies and 

  

 4 

 
practices and (iii) the medical and other benefits provided to him pursuant to the first sentence of Section 3.3 as an Employee of the Company will
cease upon termination and the Employee will immediately become eligible for continuation of medical/dental coverage pursuant to COBRA. The Company will pay any difference between the COBRA premium and the amount the Employee would otherwise be
responsible for with respect to the medical and dental coverage elected for a period of twelve (12) months from the date of such termination or as long as the Employee is eligible for COBRA, whichever period is shorter. At the end of this
period, the Employee is eligible to continue coverage for the balance of the statutory period under COBRA, provided that the Employee pays the COBRA premium. 
 (b) In the event the Employee’s employment terminates as a result of the expiration of the Employment Period, by the Company for Cause, by the Employee without Good Reason or due to the death or Disability of the
Employee, the Company shall pay to the Employee only his base salary accrued through the last day of his employment. Such payment will be paid in a lump sum with the next regular payroll cycle following his termination of employment. 
 (c) Subject to Section 5(e), in the event the Employee’s employment terminates as a result of termination of the Employee by the Company or its
successor without Cause, or by the Employee for Good Reason, within twelve (12) months following a Change in Control Event, upon execution by the Employee of a general release of all claims against the Company, its employees, officers,
directors and agents, in a form drafted by the Company, the Employee shall receive (i) his base salary accrued through the last day of his employment with the Company payable in a lump sum amount with the next regular payroll cycle following
his termination of employment; (ii) twelve (12) monthly payments each equal in amount to one-twelfth (1/12th) of the Employee’s then base salary, reduced by all applicable taxes and withholdings, in accordance with the
Company’s then current payroll policies and practices and (iii) the medical and other benefits provided to him pursuant to the first sentence of Section 3.3 as an Employee of the Company will cease upon termination and the Employee
will immediately become eligible for continuation of medical/dental coverage pursuant to COBRA. The Company will pay any difference between the COBRA premium and the amount the Employee would otherwise be responsible for with respect to the medical
and dental coverage elected for a period of twelve (12) months from the date of such termination or as long as the Employee is eligible for COBRA, whichever period is shorter. At the end of this period, the Employee is eligible to continue
coverage for the balance of the statutory period under COBRA, provided that Employee pays the COBRA premium. For purposes of this paragraph, the Employee’s “Base Salary” shall be the greater of the amount in effect either immediately
prior to the Change in Control Event or the termination date of Employee’s employment. The benefits provided under this Section 5(c) shall be in lieu of any benefits the Employee would have otherwise been entitled to pursuant to
Section 5(a). 
 (d) The Employee shall not be required to mitigate the amount of any payment provided for in this Section 5 by
seeking other employment or otherwise. 
 (e) The following rules shall apply with respect to distribution of the payments and benefits, if
any, to be provided to the Employee under this Section 5: 
  

 5 

 (i) It is intended that each installment of the payments and benefits provided under Section 5
shall be treated as a separate “payment” for purposes of Section 409A. Neither the Company nor the Employee shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically
permitted or required by Section 409A; 
 (ii) If, as of the date of the “separation from service” of the Employee from the
Company, the Employee is not a “specified employee” (each within the meaning of Section 409A), then each installment of the payments and benefits shall be made on the dates and terms set forth in Section 5; and 
 (iii) If, as of the date of the “separation from service” of the Employee from the Company, the Employee is a “specified employee”
(each, for purposes of this Agreement, within the meaning of Section 409A), then: 
 (1) Each installment of the
payments and benefits due under Section 5 that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service occurs, be paid within the Short-Term Deferral Period (as
hereinafter defined) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A. For purposes of this Agreement, the “Short-Term
Deferral Period” means the period ending on the later of the 15th day of the third month following the end of the Employee’s tax year in which the Employee’s separation from service occurs and the 15th day of the third month following
the end of the Company’s tax year in which the Employee’s separation from service occurs; and 
 (2) Each
installment of the payments and benefits due under Section 5 that is not paid within the Short-Term Deferral Period and that would, absent this subsection, be paid within the six-month period following the “separation from service” of
the Employee of the Company shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, the death of the Employee), with any such installments that are required to be delayed being accumulated
during the six-month period and paid in a lump sum on the date that is six months and one day following the Employee’s separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth
herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments and benefits if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does
not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service) or Treasury Regulation 1.409A-1(b)(9)(iv) (relating to
reimbursements and certain other separation payments). Such delayed payments shall bear interest at an annual rate equal to the prime rate as set forth in the Eastern edition of the Wall Street Journal on the Employee’s date of termination of
employment, from the date of termination of employment to the date of payment. Any installments that qualify 

  

 6 

 
for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the second taxable year of the
Employee following the taxable year of the Employee in which the separation from service occurs. 
 6. Notices. All notices,
instructions, demands, claims, requests and other communications given hereunder or in connection herewith shall be in writing. Any such communication shall be sent either (a) by registered or certified mail, return receipt requested, postage
prepaid, or (b) via a reputable nationwide overnight courier service, in each case to the address set forth below. Any such communication shall be deemed to have been delivered two business days after it is sent by registered or certified mail,
return receipt requested, postage prepaid, or one business day after it is sent via a reputable nationwide overnight courier service. 
  

			
	 To the Company:
	  	 Curis, Inc.
 45 Moulton Street
 Cambridge, Massachusetts 02138
 Facsimile: (617) 503-6501
 Attention: Chief Financial Officer

		
	 To the Employee:
	  	 Daniel R. Passeri
 70 Fox Run
 Duxbury, MA 02332

 Either party hereto may give any notice, instruction, demand, claim, request or other communication hereunder
using any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail or electronic mail), but no such communication shall be deemed to have been duly given unless and until it actually is received
by the party for which it is intended. Either party hereto may change the address to which notices, instructions, demands, claims, requests and other communications hereunder are to be delivered by giving the other party hereto notice in the manner
set forth in this Section 6. 
 7. Entire Agreement. This Agreement hereto in respect of the subject matter contained herein
supersedes all prior agreements, whether oral or written, by any officer, employee or representative of any party hereto in respect of the subject matter contained herein; and any prior agreement of the parties hereto in respect of the subject
matter contained herein is hereby terminated and cancelled. For avoidance of doubt, the parties confirm that the foregoing does not apply to or limit the Employee’s rights under Delaware law or the Company’s Certificate of Incorporation or
By-Laws. 
 8. Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
Employee. 
 9. Governing Law. Except as set forth in Section 13.14, the Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts without giving effect to principles of conflicts of laws. Except as set forth in Section 13.16, any action, suit, or other legal proceeding which is commenced to resolve any matter
arising under or relating to any provision of the Agreement shall be commenced only in a court of the 

  

 7 

 
Commonwealth of Massachusetts (or, if appropriate, a federal court located within Massachusetts), and the Company and the Employee each consents to the
jurisdiction of such a court. 
 10. Successors and Assigns. The Company shall require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform the Agreement to the same extent that the Company would be required to perform it if no such
succession had taken place. As used in the Agreement, “Company” shall mean the Company as defined above and any successor to its business or assets as aforesaid which assumes and agrees to perform the Agreement, by operation of law or
otherwise. 
 11. Miscellaneous. 
 11.1 No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that
instance and shall not be construed as a bar or waiver of any right on any other occasion. 
 11.2 The captions of the sections of this
Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement. 
 11.3 In case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 
 12. No Duty to Seek Employment. The Employee and the Company acknowledge and agree that nothing contained in this Agreement shall be construed as
requiring the Employee to seek or accept alternative or replacement employment in the event of his termination of employment by the Company for any reason, and no payment or benefit payable hereunder shall be conditioned on the Employee’s
seeking or accepting such alternative or replacement employment. 
 13. Indemnification. Upon the later of (1) six years after
the date that the Employee shall have ceased to serve as an Employee officer of the Company or, at the request of the Company, as a director, officer, partner, trustee, member, employee or agent of another corporation, partnership, joint venture,
trust, limited liability company or other enterprise or (2) the final termination of all Proceedings (as defined below) pending on the date set forth in clause (1) in respect of which the Employee is granted rights of indemnification or
advancement of Expenses (as defined below) hereunder and of any proceeding commenced by the Employee pursuant to Section 13.8 of this Agreement relating thereto, the Company shall provide indemnification to the Employee as follows: 

13.1 Indemnification in Third-Party Proceedings. The Company shall indemnify the Employee in accordance with the provisions of this Section 13.1
if the Employee was or is a party to or threatened to be made a party to or otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company to procure a judgment in its favor) by 

  

 8 

 
reason of the Employee’s Corporate Status or by reason of any action alleged to have been taken or omitted in connection therewith, against all
Expenses, judgments, fines, penalties and amounts paid in settlement actually and reasonably incurred by or on behalf of the Employee in connection with such Proceeding, if the Employee acted in good faith and in a manner which the Employee
reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful. The termination of any Proceeding by judgment,
order, settlement, conviction or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Employee did not act in good faith and in a manner which the Employee reasonably believed to be in, or not opposed
to, the best interests of the Company, and, with respect to any criminal Proceeding, had reasonable cause to believe that his or her conduct was unlawful. 
 13.2 Indemnification in Proceedings by or in the Right of the Company. The Company shall indemnify the Employee in accordance with the provisions of this Section 13.2 if the Employee was or is a party to or
threatened to be made a party to or otherwise involved in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the Employee’s Corporate Status (as defined below) or by reason of any action alleged to
have been taken or omitted in connection therewith, against all Expenses and, to the extent permitted by law, amounts paid in settlement actually and reasonably incurred by or on behalf of the Employee in connection with such Proceeding, if the
Employee acted in good faith and in a manner which the Employee reasonably believed to be in, or not opposed to, the best interests of the Company, except that no indemnification shall be made under this Section 13.2 in respect of any claim,
issue, or matter as to which the Employee shall have been adjudged to be liable to the Company, unless, and only to the extent, that the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon
application that, despite the adjudication of such liability but in view of all the circumstances of the case, the Employee is fairly and reasonably entitled to indemnity for such Expenses as the Court of Chancery or such other court shall deem
proper. 
 13.3 Exceptions to Right of Indemnification. Notwithstanding anything to the contrary in this Agreement, except as set forth in
Section 13.8, the Company shall not indemnify the Employee in connection with a Proceeding (or part thereof) initiated by the Employee unless the initiation thereof was approved by the Board of the Company. Notwithstanding anything to the
contrary in this Agreement, the Company shall not indemnify the Employee to the extent the Employee is reimbursed from the proceeds of insurance, and in the event the Company makes any indemnification payments to the Employee and the Employee is
subsequently reimbursed from the proceeds of insurance, the Employee shall promptly refund such indemnification payments to the Company to the extent of such insurance reimbursement. 
 13.4 Indemnification of Expenses of Successful Party. Notwithstanding any other provision of this Agreement, to the extent that the Employee has been
successful, on the merits or otherwise, in defense of any Proceeding or in defense of any claim, issue or matter therein, the Employee shall be indemnified against all Expenses incurred by or on behalf of Employee in connection therewith. Without
limiting the foregoing, if any Proceeding or any claim, issue or matter therein is disposed of, on the merits or otherwise (including a disposition without prejudice), without (i) the disposition being adverse to the Employee, (ii) an
adjudication 

  

 9 

 
that the Employee was liable to the Company, (iii) a plea of guilty or nolo contendere by the Employee, (iv) an adjudication that Employee did not
act in good faith and in a manner the Employee reasonably believed to be in or not opposed to the best interests of the Company, and (v) with respect to any criminal proceeding, an adjudication that the Employee had reasonable cause to believe
his or her conduct was unlawful, the Employee shall be considered for the purposes hereof to have been wholly successful with respect thereto. 
 13.5 Notification and Defense of Claim. As a condition precedent to the Employee’s right to be indemnified, the Employee must notify the Company in writing as soon as practicable of any Proceeding for which indemnity will or could be
sought. With respect to any Proceeding of which the Company is so notified, the Company will be entitled to participate therein at its own expense and/or to assume the defense thereof at its own expense, with legal counsel reasonably acceptable to
the Employee. After notice from the Company to the Employee of its election so to assume such defense, the Company shall not be liable to the Employee for any legal or other expenses subsequently incurred by the Employee in connection with such
Proceeding, other than as provided below in this Section 13.5. The Employee shall have the right to employ his or her own counsel in connection with such Proceeding, but the fees and expenses of such counsel incurred after notice from the
Company of its assumption of the defense thereof shall be at the expense of the Employee unless (i) the employment of counsel by the Employee has been authorized by the Company, (ii) counsel to the Employee shall have reasonably concluded
that there may be a conflict of interest or position on any significant issue between the Company and the Employee in the conduct of the defense of such Proceeding or (iii) the Company shall not in fact have employed counsel to assume the
defense of such Proceeding, in each of which cases the fees and expenses of counsel for the Employee shall be at the expense of the Company, except as otherwise expressly provided by this Agreement. The Company shall not be entitled, without the
consent of the Employee, to assume the defense of any claim brought by or in the right of the Company or as to which counsel for the Employee shall have reasonably made the conclusion provided for in clause (ii) above. The Company shall not be
required to indemnify the Employee under this Agreement for any amounts paid in settlement of any Proceeding effected without its written consent. The Company shall not settle any Proceeding in any manner which would impose any penalty or limitation
on the Employee without the Employee’s written consent. Neither the Company nor the Employee will unreasonably withhold or delay their consent to any proposed settlement. 
 13.6 Advancement of Expenses. Subject to the provisions of Section 13.7 of this Agreement, in the event that the Company does not assume the defense
pursuant to Section 13.5 of this Agreement of any Proceeding of which the Company receives notice under this Agreement, any Expenses incurred by or on behalf of the Employee in defending such Proceeding shall be paid by the Company in advance
of the final disposition of such Proceeding; provided, however, that the payment of such Expenses incurred by or on behalf of the Employee in advance of the final disposition of such Proceeding shall be made only upon receipt of an undertaking by or
on behalf of the Employee to repay all amounts so advanced in the event that it shall ultimately be determined that the Employee is not entitled to be indemnified by the Company as authorized in this Agreement. Such undertaking shall be accepted
without reference to the financial ability of the Employee to make repayment. 
  

 10 

 13.7 Procedure for Indemnification. In order to obtain indemnification or advancement of Expenses
pursuant to Sections 13.1, 13.2, 13.4 or 13.6 of this Agreement, the Employee shall submit to the Company a written request. Any such indemnification or advancement of Expenses shall be made promptly, and in any event within 30 days after receipt by
the Company of the written request of the Employee, unless with respect to requests under Sections 13.1, 13.2 or 13.6 the Company determines within such 30-day period that the Employee did not meet the applicable standard of conduct set forth in
Section 13.1 or 13.2, as the case may be. Such determination, and any determination that advanced Expenses must be repaid to the Company, shall be made in each instance (i) by a majority vote of the directors of the Company consisting of
persons who are not at that time parties to the Proceeding (“disinterested directors”), whether or not a quorum, (ii) by a committee of disinterested directors designated by a majority vote of disinterested directors, whether or not a
quorum, (iii) if there are no disinterested directors, or if the disinterested directors so direct, by independent legal counsel (who may, to the extent permitted by applicable law, be regular legal counsel to the Company) in a written opinion,
or (iv) by the stockholders of the Company. 
 13.8 Remedies. The right to indemnification or advancement of Expenses as provided by
this Agreement shall be enforceable by the Employee in any court of competent jurisdiction. Unless otherwise required by law, the burden of proving that indemnification is not appropriate shall be on the Company. Neither the failure of the Company
to have made a determination prior to the commencement of such action that indemnification is proper in the circumstances because the Employee has met the applicable standard of conduct, nor an actual determination by the Company pursuant to
Section 13.7 that the Employee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the Employee has not met the applicable standard of conduct. The Employee’s expenses (of the type
described in the definition of “Expenses” below) reasonably incurred in connection with successfully establishing the Employee’s right to indemnification, in whole or in part, in any such Proceeding shall also be indemnified by the
Company. 
 13.9 Partial Indemnification. If the Employee is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of the Expenses, judgments, fines, penalties or amounts paid in settlement actually and reasonably incurred by or on behalf of the Employee in connection with any Proceeding but not, however, for the total amount thereof, the
Company shall nevertheless indemnify the Employee for the portion of such Expenses, judgments, fines, penalties or amounts paid in settlement to which the Employee is entitled. 
 13.10 Subrogation. In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of the Employee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 13.11 Indemnification Hereunder Not Exclusive. The indemnification and advancement of Expenses provided by this Agreement shall not be deemed exclusive
of any other rights to which the Employee may be entitled under the Company’s Certification of Incorporation, the By-Laws, any other agreement, any vote of stockholders or disinterested 

  

 11 

 
directors, the General Corporation Law of Delaware, any other law (common or statutory), or otherwise, both as to action in the Employee’s official
capacity and as to action in another capacity while holding office for the Company. Nothing contained in this Agreement shall be deemed to prohibit the Company from purchasing and maintaining insurance, at its expense, to protect itself or the
Employee against any expense, liability or loss incurred by it or the Employee in any such capacity, or arising out of the Employee’s status as such, whether or not the Employee would be indemnified against such expense, liability or loss under
this Agreement; provided that the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Employee has otherwise actually received such payment under any
insurance policy, contract, agreement or otherwise. 
 13.12 Definitions. As used in this Section 13: 
 (i) The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternative dispute resolution
proceeding, administrative hearing or other proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, and any appeal therefrom. 
 (ii) The term “Corporate Status” shall mean the status of a person who is or was a director or officer of the Company, or is or was serving,
or has agreed to serve, at the request of the Company, as a director, officer, partner, trustee, member, employee or agent of another corporation, partnership, joint venture, trust, limited liability company or other enterprise. 
 (iii) The term “Expenses” shall include, without limitation, attorneys’ fees, retainers, court costs, transcript costs, fees and expenses
of experts, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and other disbursements or expenses of the types customarily incurred in connection with investigations, judicial or
administrative proceedings or appeals, but shall not include the amount of judgments, fines or penalties against the Employee or amounts paid in settlement in connection with such matters. Notwithstanding any provision of this Section to the
contrary, (i) the expenses eligible for reimbursement may not affect the expenses eligible for reimbursement in any other taxable year, (ii) such reimbursement must be made on or before the last day of the year following the year in which
the expenses was incurred, and (iii) the right to reimbursement is not subject to liquidation or exchange for another benefit. 
 (iv)
References to “other enterprise” shall include employee benefit plans; references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the
Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants,
or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not
opposed to the best interests of the Company” as referred to in this Agreement. 
  

 12 

 13.13 Savings Clause. If this Section 13 or any portion thereof shall be invalidated on any ground
by any court of competent jurisdiction, then the Company shall nevertheless indemnify the Employee as to Expenses, judgments, fines, penalties and amounts paid in settlement with respect to any Proceeding to the full extent permitted by any
applicable portion of this Section 13 that shall not have been invalidated and to the fullest extent permitted by applicable law. 
 13.14 Applicable Law. Notwithstanding anything herein to the contrary, this Section 13 shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Employee may elect to have the right to
indemnification or reimbursement or advancement of Expenses interpreted on the basis of the applicable law in effect at the time of the occurrence of the event or events giving rise to the applicable Proceeding, to the extent permitted by law, or on
the basis of the applicable law in effect at the time such indemnification or reimbursement or advancement of Expenses is sought. Such election shall be made, by a notice in writing to the Company, at the time indemnification or reimbursement or
advancement of Expenses is sought; provided, however, that if no such notice is given, and if the General Corporation Law of Delaware is amended, or other Delaware law is enacted, to permit further indemnification of the directors and officers, then
the Employee shall be indemnified to the fullest extent permitted under the General Corporation Law, as so amended, or by such other Delaware law, as so enacted. 
 13.15 Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement in order to induce the Employee to continue to serve as an officer of the Company, among other things, and
acknowledges that the Employee is relying upon this Agreement in continuing in such capacity. 
 13.16 Consent to Suit. In the case of any
dispute under or in connection with this Section 13, the Employee may only bring suit against the Company in the Court of Chancery of the State of Delaware. The Employee hereby consents to the exclusive jurisdiction and venue of the courts of
the State of Delaware, and the Employee hereby waives any claim the Employee may have at any time as to forum non conveniens with respect to such venue. The Company shall have the right to institute any legal action arising out of or relating to
this Section 13 in any court of competent jurisdiction. Any judgment entered against either of the parties in any proceeding hereunder may be entered and enforced by any court of competent jurisdiction. 
 14. Section 409A of the Internal Revenue Code. This Agreement is intended to comply with the provisions of Section 409A and the
Agreement shall, to the extent practicable, be construed in accordance therewith. Terms defined in the Agreement shall have the meanings given such terms under Section 409A if and to the extent required in order to comply with
Section 409A. Notwithstanding the foregoing, to the extent that the Agreement or any payment or benefit hereunder shall be deemed not to comply with Section 409A, then neither the Company, the Board of Directors nor its or their designees
or agents shall be liable to the Employee or any other person for any actions, decisions or determinations made in good faith. 
 15.
Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 
  

 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year set forth
above. 
  

			
	CURIS, INC.
		
	By:	 	 /s/ Michael P. Gray

	Name:	 	Michael P. Gray
	Title:	 	Chief Financial Officer
	
	EMPLOYEE
		
	By:	 	 /s/ Daniel R. Passeri

		 	Daniel R. Passeri

  

 14

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