Document:

<PAGE>

                                                                   Exhibit 10.17

                        THIRD AMENDMENT TO THE AMENDED
                         AND RESTATED CREDIT AGREEMENT

                         dated as of November 18, 1999

                                     among

                           Vintage Petroleum, Inc.,
                               as the Borrower,

                                      and

                   CERTAIN COMMERCIAL LENDING INSTITUTIONS,
                                as the Lenders,

                               BANK OF MONTREAL,
               acting through certain U.S. branches or agencies,
                           as administrative agent,

                            BANK OF AMERICA, N.A.,
             successor-in-interest by merger to Nationsbank, N.A.
                             as syndication agent,

                                      and

                      SOCIETE GENERALE, SOUTHWEST AGENCY,
                            as documentation agent.

                               Bank of Montreal
                                  as Arranger
<PAGE>

         THIRD AMENDMENT TO THE AMENDED AND RESTATED CREDIT AGREEMENT
         ------------------------------------------------------------

THIS THIRD AMENDMENT TO THE AMENDED AND RESTATED CREDIT AGREEMENT, dated as of
November 18, 1999 (the "Third Amendment"), among VINTAGE PETROLEUM, INC., a
                        ---------------
Delaware corporation (the "Borrower"), the various financial institutions as are
                           --------
or may become parties hereto (collectively, the "Lenders"), BANK OF AMERICA,
                                                 -------
N.A., successor-in-interest by merger to Nationsbank, N.A., as syndication
agent, SOCIETE GENERALE, SOUTHWEST AGENCY, as documentation agent, and BANK OF
MONTREAL, acting through certain of its U.S. branches or agencies ("Bank of
                                                                    -------
Montreal"), as administrative agent (the "Agent") for the Lenders.
--------                                  -----

                             W I T N E S S E T H:
                             - - - - - - - - - -

     WHEREAS, the Borrower, the Agent and each of the Lenders have heretofore
entered into that certain Amended and Restated Credit Agreement, dated as of
October 21, 1998 which has been amended by that certain First Amendment to the
Amended and Restated Credit Agreement, dated as of December 10, 1998, and by
that certain Second Amendment to the Amended and Restated Credit Agreement,
dated as of May 19, 1999 (as so amended the "Credit Agreement"); and

     WHEREAS, the Borrower, the Agent and the Lenders now intend to amend the
Credit Agreement in certain respects.

     NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, each of the Borrower, the Agent and the Lenders
agree as follows:

     SECTION 1.  Defined Terms.  Terms defined in the Credit Agreement are used
                 --------------
in this Third Amendment with the same meaning, unless otherwise indicated.

     SECTION 2.  Amendments to Credit Agreement.
                 ------------------------------

A.   The Credit Agreement is amended by replacing Exhibit F and Exhibit I to the
Credit Agreement with the Exhibit F and Exhibit I, respectively, attached to
this Third Amendment.

B.   Each reference in the Credit Agreement to the Notes shall be deemed to
include a reference to the Replacement Notes (as defined in Section 5(ii)
hereof).

C.   The following definition of "Bolivian Letter of Credit Percentage"shall be
inserted in its alphabetically appropriate place in Section 1.1 of the Credit
Agreement:

          "Bolivian Letter of Credit Percentage" means, relative to any Lender,
           ------------------------------------
     the percentage set forth opposite the name of such Lender in Column 3 of
     Exhibit F to this Agreement as such percentage may be adjusted from time to
     ---------
     time pursuant to Lender

                                      -1-
<PAGE>

     Assignment Agreements executed by a Lender and its Assignee Lenders and
     delivered pursuant to Section 10.11 or as a result of an increase of the
                           -------------
     Maximum Commitment Amount as provided in Section 2.1.6."
                                              -------------

D.   The definition of "Maximum Commitment Amount" and "Percentage" appearing in
                                                        ----------
Section 1.1 of the Credit Agreement shall each be amended and restated in their
entirety to read as follows:

          ""Maximum Commitment Amount" means an amount equal to $535,000,000 as
            -------------------------
     such amount may be increased pursuant to Section 2.1.6."
                                              -------------

          ""Percentage" means, relative to any Lender, the percentage set forth
            ----------
     opposite the name of such Lender in Column 1 of Exhibit F to this Agreement
                                                     ---------
     as such percentage may be adjusted from time to time pursuant to Lender
     Assignment Agreements executed by a Lender and its Assignee Lenders and
     delivered pursuant to Section 10.11 or as a result of an increase of the
                           -------------
     Maximum Commitment Amount as provided in Section 2.1.6."
                                              -------------

E.   Section 2.1.4 of the Credit Agreement is hereby amended and restated in its
     -------------
entirety to read as follows:

     "SECTION 2.1.4  Bolivian Letter of Credit. Issuer has issued and each
                     -------------------------
Lender possesses a participation in, to the extent of each Lender's Bolivian
Letter of Credit Percentage, the Bolivian Letter of Credit, in accordance with
the terms of Section 2.8."
             -----------

F.   Clause (iii) of Section 2.1.6 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

     "    (iii) the identity of the then Lenders, if any, which have agreed with
     the Borrower to increase their respective Commitments in an amount such
     that their respective Percentages and Bolivian Letter of Credit
     Percentages, after giving effect to such requested increase, will be the
     same or greater than their respective Percentages and Bolivian Letter of
     Credit Percentages, respectively, prior to giving effect to such requested
     increase (each such then Lender being a then "Increasing Lender"), each
     other Lender which has agreed to increase its Commitment in an amount such
     that its respective Percentage and Bolivian Letter of Credit Percentage
     after giving effect to such a requested increase will be less than its
     respective Percentage or Bolivian Letter of Credit Percentage,
     respectively, prior to giving effect to such requested increase (each such
     Lender being a "Partially Increasing Lender") and the identity of each
     financial institution not already a Lender, if any, which has agreed with
     the Borrower to become a Lender to effect such requested increase in the
     Maximum Commitment Amount (each such assignee shall be reasonably
     acceptable to the Agent and the Issuer and each such assignee being a then
     "New Lender" and each Lender which has not agreed to increase its
     Commitment being a "Reducing Lender"), provided that in no case shall the
                                            -------- ----
     dollar amount or the Percentage of a Lender's share of the

                                      -2-
<PAGE>

     Maximum Commitment Amount or Bolivian Letter of Credit Percentage of the
     Bolivian Letter of Credit be increased without the express written consent
     of such Lender; and"

G.   Section 2.1.6 of the Credit Agreement is hereby further amended by
inserting in the final paragraph of such Section the phrase "or Bolivian Letter
of Credit Percentage, as appropriate," after the words "respective Lender's
Percentages" in the penultimate line of such paragraph.

H.   Section 2.2.4 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     "SECTION 2.2.4    Mandatory as to Bolivian Letter of Credit.
                       -----------------------------------------

          (a)  Each Lender's participation in, and its rights and obligations
     with respect to, the Bolivian Letter of Credit shall be automatically
     terminated on January 15, 2001.

          (b)  Each reduction in the Stated Amount of the Bolivian Letter of
     Credit shall be made ratably among the Lenders in accordance with their
     respective Bolivian Letter of Credit Percentages."

I.   Section 2.8.4 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     "SECTION 2.8.4    Other Lender's Participations.
                       -----------------------------

          SECTION 2.8.4   Other Lenders' Participation. Each Revolving Loan
                          ----------------------------
     Letter of Credit issued pursuant to Section 2.8.2 shall, effective upon its
                                         -------------
     issuance and without further action, be issued on behalf of all Lenders
     (including the Issuer thereof) pro rata according to their respective
     Percentages. Each Lender shall, to the extent of its Percentage, be deemed
     irrevocably to have participated in the issuance of any such Revolving Loan
     Letter of Credit and is hereby deemed to have participated to the extent of
     its Bolivian Letter of Credit Percentage (effective the date hereof) in the
     issuance of the Bolivian Letter of Credit and shall be responsible to
     reimburse promptly the Issuer thereof for Reimbursement Obligations which
     have not been reimbursed by the Borrower in accordance with Section 2.8.5,
                                                                 -------------
     or which have been reimbursed by the Borrower but must be returned,
     restored or disgorged by such Issuer for any reason, and each Lender shall,
     to the extent of its Percentage or Bolivian Letter of Credit Percentage, as
     applicable, be entitled to receive from the Agent a ratable portion of the
     letter of credit fees received by the Agent pursuant to Section 3.3.3, with
                                                             -------------
     respect to each Letter of Credit. In the event that the Borrower shall fail
     to reimburse any Issuer, or if for any reason Revolving Loans shall not be
     made to fund any Reimbursement Obligation, all as provided in Section 2.8.5
                                                                   -------------
     and in an amount equal to the amount of any drawing honored by such Issuer
     under a Letter of Credit issued by it (including without limitation, the
     Bolivian Letter of Credit), or in the event such Issuer must for any reason
     return or disgorge such reimbursement,

                                      -3-
<PAGE>

     such Issuer shall promptly notify each Lender of the unreimbursed amount of
     such drawing and of such Lender's respective participation therein
     calculated on the basis of its Percentage or its Bolivian Letter of Credit
     Percentage, as applicable. Each Lender shall make available to such Issuer,
     whether or not any Default shall have occurred and be continuing, an amount
     equal to its respective participation, calculated on the basis of its
     Percentage or its Bolivian Letter of Credit Percentage, as applicable, in
     same day or immediately available funds at the office of such Issuer
     specified in such notice if the Issuer shall notify the Agent on or before
     11:30 a.m. (U.S. Central time) of any Business Day by the close of business
     on such Business Day or if the Issuer shall notify the Agent after 11:30
     a.m. (U.S. Central time) of any Business Day not later than 11:30 a.m.
     (U.S. Central time) on the Business Day (under the laws of the jurisdiction
     of such Issuer) after the date notified by such Issuer. In the event that
     any Lender fails to make available to such Issuer the amount of such
     Lender's participation in such Letter of Credit as provided herein, such
     Issuer shall be entitled to recover such amount on demand from such Lender
     together with interest at the daily average Federal Funds Rate for three
     Business Days (together with such other compensatory amounts as may be
     required to be paid by such Lender to the Agent pursuant to the Rules for
     Interbank Compensation of the council on International Banking or the
     Clearinghouse Compensation Committee, as the case may be, as in effect from
     time to time) and thereafter at the LIBO Rate plus the Applicable Margin.
     Nothing in this Section 2.8.4 shall be deemed to prejudice the right of any
                     -------------
     Lender to recover from any Issuer any amounts made available by such Lender
     to such Issuer pursuant to this Section 2.8.4 in the event that it is
                                     -------------
     determined by a court of competent jurisdiction that the payment with
     respect to a Letter of Credit by such Issuer in respect of which payment
     was made by such Lender constituted gross negligence or wilful misconduct
     on the part of such Issuer. Each Issuer shall distribute to each other
     Lender which has paid all amounts payable by it under this Section 2.8.4
                                                                -------------
     with respect to any Letter of Credit issued by such Issuer such other
     Lender's Percentage or Bolivian Letter of Credit Percentage, as applicable,
     of all payments received by such Issuer from the Borrower in reimbursement
     of drawings honored by such Issuer under such Letter of Credit when such
     payments are received."

J.   Section 2.8.5 of the Credit Agreement is hereby amended by inserting the
word "(in accordance with each Lender's Percentage without regard to whether the
underlying Disbursement arises with respect to a Revolving Loan Letter of Credit
or the Bolivian Letter of Credit)" after the "Revolving Loans" in the fourth
sentence thereof.

K.   Section 4.8 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     "SECTION 4.8 Sharing of Payments.  If any Lender shall obtain any payment
                  -------------------
     or other recovery (whether voluntary, involuntary, by application of setoff
     or otherwise) on account of any Loan or participation in a Letter of Credit
     (other than pursuant to the terms of Sections 4.3, 4.4 and 4.5) in excess
                                          ------------  ---     ---
     of its pro rata share (calculated by reference to such
            --- ----

                                      -4-
<PAGE>

     Lender's Percentage or Bolivian Letter of Credit Percentage, as applicable)
     of payments then or therewith obtained by all Lenders, such Lender shall
     purchase from the other Lenders such participations in Loans made by them
     and participations in Letters of Credit held by them as shall be necessary
     to cause such purchasing Lender to share the excess payment or other
     recovery ratably (calculated by reference to such Lender's Percentage or
     Bolivian Letter of Credit Percentage, as applicable) with each of them;
     provided, however, that if all or any portion of the excess payment or
     --------  -------
     other recovery is thereafter recovered from such purchasing Lender, the
     purchase shall be rescinded and each Lender which has sold a participation
     to the purchasing Lender shall repay to the purchasing Lender the purchase
     price to the ratable extent of such recovery (calculated by reference to
     such Lender's Percentage or Bolivian Letter of Credit Percentage, as
     applicable) together with an amount equal to such selling Lender's ratable
     share (according to the proportion of (1) the amount of such selling
     Lender's required repayment to the purchasing Lender to (2) the total
                                                          --
     amount so recovered from the purchasing Lender) of any interest or other
     amount paid or payable by the purchasing Lender in respect of the total
     amount so recovered. The Borrower agrees that any Lender so purchasing a
     participation from another Lender pursuant to this Section 4.8 may, to the
                                                        -----------
     fullest extent permitted by law, exercise all its rights of payment
     (including pursuant to Section 4.9) with respect to such participation as
                            -----------
     fully as if such Lender were the direct creditor of the Borrower in the
     amount of such participation. If under any applicable bankruptcy,
     insolvency or other similar law, any Lender receives a secured claim in
     lieu of a setoff to which this Section 4.8 applies, such Lender shall, to
                                    -----------
     the extent practicable, exercise its rights in respect of such secured
     claim in a manner consistent with the rights of the Lenders entitled under
     this Section 4.8 to share in the benefits of any recovery on such secured
          -----------
     claim."

L.   Section 9.2 of the Credit Agreement is hereby amended by replacing the word
"Percentage" therein with the words and punctuation "Percentage or Bolivian
Letter of Credit Percentage, as applicable,".

M.   Section 10.11.1 of the Credit Agreement is hereby amended by inserting the
words and punctuation ", except with the prior written consent of the Agent,"
after the words "(which assignment and delegation shall be" in the full
paragraph appearing between clauses (b) and (c) of such Section.

N.   Section 10.13 of the Credit Agreement is hereby amended by inserting the
words "and Bolivian Letter of Credit Percentages, as applicable" after the word
"Percentages" but before the period in the last sentence of such Section.

     SECTION 3.  Borrowing Base. The Borrower, the Agent and the Lenders
                 --------------
hereby agree that the amount of the Borrowing Base shall be as set forth in a
letter agreement between the Borrower and the Agent dated November 8, 1999.

                                      -5-
<PAGE>

     SECTION 4.  Reaffirmation of Credit Agreement. This Third Amendment shall
                 ---------------------------------
be deemed to be an amendment to the Credit Agreement, and the Credit Agreement,
as amended hereby, is hereby ratified, approved and confirmed in each and every
respect. All references to the Credit Agreement in any other document,
instrument, agreement or writing shall hereafter be deemed to refer to the
Credit Agreement as amended hereby.

     SECTION 5.  Effectiveness.  This Third Amendment shall become effective as
                 -------------
of November 18, 1999, upon satisfaction of the following conditions:

     (i)  the Agent shall have received counterparts hereof duly executed by
     Borrower, each Lender, each holder of a Note and the Agent (or, in the case
     of any party as to which an executed counterpart shall not have been
     received, facsimile, telegraphic, telex or other written confirmation from
     such party of execution of a counterpart hereof by such party); and,

     (ii) the Borrower shall have delivered to each Lender a promissory note in
     the form of Exhibit A to the Credit Agreement payable to the order of such
     Lender in a maximum principal amount equal to such Lender's Percentage, as
     amended hereby, of the Maximum Commitment Amount, as amended hereby, which
     promissory note shall be in exchange for, but not in payment of, those
     Notes held by each such Lender prior to the effectiveness of this Third
     Amendment (each promissory note delivered pursuant to this Section 5(ii) a
     "Replacement Note").

     SECTION 6.  Severability. Any provision of this Third Amendment, the Credit
                 ------------
Agreement as amended by this Third Amendment or any other Loan Document which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Third
Amendment, the Credit Agreement as amended by this Third Amendment or such Loan
Document or affecting the validity or enforceability of such provision in any
other jurisdiction.

     SECTION 7.  Headings.  The various headings of this Third Amendment are
                 --------
inserted for convenience only and shall not affect the meaning or interpretation
of this Third Amendment or any provisions hereof.

     SECTION 8.  Execution in Counterparts, Effectiveness, etc.  This Third
                 ---------------------------------------------
Amendment may be executed by the parties hereto in several counterparts, each of
which shall be executed by the different parties on different counterparts and
be deemed to be an original and all of which shall constitute together but one
and the same Third Amendment.

     SECTION 9.  Governing Law; Entire Agreement. THIS THIRD AMENDMENT SHALL
                 -------------------------------
BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE
STATE OF ILLINOIS. This Third Amendment constitutes the

                                      -6-
<PAGE>

entire understanding among the parties hereto with respect to the subject matter
hereof and supersedes any prior agreements, written or oral, with respect
thereto.

     THIS WRITTEN THIRD AMENDMENT REPRESENTS THE FINAL AGREEMENT AMONG THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

     THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

     SECTION 10.  Successors and Assigns.  This Third Amendment shall be binding
                  ----------------------
upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns; provided, however, that (i) the Borrower may not assign
                        --------  -------
or transfer its rights or obligations hereunder without the prior written
consent of the Agent and all Lenders; and (ii) the rights of sale, assignment
and transfer of the Lenders are subject to Section 10.11 of the Credit
                                           -------------
Agreement.

     SECTION 11.  Forum Selection and Consent to Jurisdiction.  ANY LITIGATION
                  -------------------------------------------
BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS THIRD
AMENDMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS THIRD AMENDMENT OR ANY OTHER
LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF THE AGENT, THE LENDERS OR THE BORROWER MAY BE
BROUGHT AND MAINTAINED IN THE COURTS OF THE STATE OF ILLINOIS OR IN THE UNITED
STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS. THE BORROWER HEREBY
EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE
OF ILLINOIS AND OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF
ILLINOIS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND
IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
WITH SUCH LITIGATION. THE BORROWER FURTHER IRREVOCABLY CONSENTS TO THE SERVICE
OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR
WITHOUT THE STATE OF ILLINOIS. THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE
OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN
ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT THE BORROWER HAS OR
HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY
LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT,
ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH

                                      -7-
<PAGE>

RESPECT TO ITSELF OR ITS PROPERTY, THE BORROWER HEREBY IRREVOCABLY WAIVES SUCH
IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS THIRD AMENDMENT, THE CREDIT
AGREEMENT AS AMENDED BY THIS THIRD AMENDMENT AND THE OTHER LOAN DOCUMENTS.

     SECTION 12. Waiver of Jury Trial. THE AGENT, THE LENDERS AND THE BORROWER
                 --------------------
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF,
UNDER, OR IN CONNECTION WITH, THIS THIRD AMENDMENT, THE CREDIT AGREEMENT AS
AMENDED BY THIS THIRD AMENDMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF
THE AGENT, THE LENDERS OR THE BORROWER. THE BORROWER ACKNOWLEDGES AND AGREES
THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND
EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND
THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENT AND THE LENDERS
ENTERING INTO THIS THIRD AMENDMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS
THIRD AMENDMENT AND EACH SUCH OTHER LOAN DOCUMENT.

                                      -8-
<PAGE>

     IN WITNESS WHEREOF, the requisite parties hereto have caused this Third
Amendment to be executed by their respective officers thereunto duly authorized
as of the day and year first above written and shall be effective as of such
date.

                                             VINTAGE PETROLEUM, INC.

                                             By: /s/  William C. Barnes
                                                 -----------------------------
                                                 William C. Barnes,
                                                 Executive Vice President and
                                                 Chief Financial Officer

                                             Address:   110 West Seventh Street
                                                        Tulsa, Oklahoma 74119

                                             Facsimile No.: (918) 878-5781

                                             Attention: William C. Barnes,
                                                        Executive Vice President
                                                        and Chief Financial
                                                        Officer

                                      S-1
<PAGE>

                                        BANK OF MONTREAL
                                         acting through its U.S. branches
                                         and agencies, including initially
                                         its Chicago, Illinois branch,
                                         as Agent

                                        By: /s/  Sara J. Teasdale
                                            ------------------------------------
                                        Name:  Sara J. Teasdale, Director

                                        Address:  115 South LaSalle Street,
                                                  11th Floor West
                                                  Chicago, Illinois  60603

                                        Facsimile No.: (312) 750-3456

                                        Attention: Terri Perez-Ford, Specialist

                                        with copy to:

                                        Bank of Montreal
                                        Houston Agency
                                        700 Louisiana Street
                                        4400 Bank of America Center
                                        Houston, Texas  77002

                                        Facsimile No.:  (713) 223-4007

                                        Attention: William Stumpf, Associate

                                      S-2
<PAGE>

                                   LENDERS:
                                   -------

                                   BANK OF MONTREAL, as Lender

                                   By:  /s/  Sara J. Teasdale
                                      -----------------------------------------
                                   Name:          Sara J. Teasdale
                                   Title:         Director

                                   Domestic
                                   Office:        115 South LaSalle Street
                                                  11th Floor West
                                                  Chicago, Illinois 60603

                                   Facsimile No.  (312) 750-3456

                                   Attention:     Terri Perez-Ford, Specialist

                                   LIBOR
                                   Office:        115 South LaSalle Street
                                                  Chicago, Illinois 60603

                                   Facsimile No.: (312) 750-3456

                                   Attention:     Terri Perez-Ford, Specialist

                                   with copy to:

                                   Bank of Montreal
                                   Houston Agency
                                   700 Louisiana Street
                                   4400 Bank of America Center
                                   Houston, Texas 77002

                                   Facsimile No.: (713) 223-4007

                                   Attention: William Stumpf, Associate

                                      S-3

<PAGE>

                                   ABN AMRO BANK N.V.,
                                   as Lender and Co-Agent

                                   By:  /s/  Robert J. Cunningham
                                      ------------------------------------------
                                   Name:          Robert J. Cunningham
                                   Title:         Group Vice President

                                   By:  /s/  Jamie A. Conn
                                      ------------------------------------------
                                   Name:          Jamie A. Conn
                                   Title:         Vice President

                                   Domestic
                                   Office:        208 South LaSalle, Suite 1500
                                                  Chicago, IL 60604-1003

                                   Facsimile No.:  (312) 992-5157

                                   Attention:     Loan Administration

                                   LIBOR
                                   Office:        208 South LaSalle, Suite 1500
                                                  Chicago, IL 60604-1003

                                   Facsimile No.: (312) 992-5111

                                   Attention:     Credit Administration

                                   with a copy to:

                                   ABN Amro Bank N.V.
                                   Three Riverway, Suite 1700
                                   Houston, TX 77056

                                   Facsimile: (713) 961-1699

                                   Attention:     Robert J. Cunningham

                                      S-4

<PAGE>

                                   BANKBOSTON, N.A.,
                                   as Lender and Co-Agent

                                   By:  /s/  Bryon E. Cail
                                      ----------------------------------------
                                   Name:          Bryon E. Cail
                                   Title:         Loan Officer

                                   Domestic
                                   Office:        100 Federal Street
                                                  MS 01-08-04
                                                  Boston, MA 02110

                                   Facsimile No.:  (617) 434-3652

                                   Attention:     Allison Rossi

                                   LIBOR
                                   Office:        100 Federal Street
                                                  MS 01-08-04
                                                  Boston, MA 02110

                                   Facsimile No.: (617) 434-3652

                                   Attention:     Allison Rossi

                                      S-5

<PAGE>

                                   THE BANK OF NEW YORK,
                                   as Lender

                                   By:  /s/  Raymond J. Palmer
                                      -----------------------------------------
                                   Name:          Raymond J. Palmer
                                   Title:         Vice President

                                   Domestic
                                   Office:        One Wall Street
                                                  New York, NY 10286

                                   Facsimile No.:  (212) 635-7923

                                   Attention:     Ray Palmer

                                   LIBOR
                                   Office:        One Wall Street
                                                  New York, NY 10286

                                   Facsimile No.: (212) 635-7923

                                   Attention:     Ray Palmer

                                      S-6

<PAGE>

                                   THE BANK OF NOVA SCOTIA,
                                   as Lender and Lead Manager

                                   By:  /s/  F. C. H. Ashby
                                      -------------------------------------
                                   Name:        F. C. H. Ashby
                                   Title:       Senior Manager Loan Operations

                                   Domestic
                                   Office:      The Bank of Nova Scotia, Atlanta
                                                Office
                                                600 Peachtree Street, N.E.
                                                Suite 2700
                                                Atlanta, GA 30308

                                   Facsimile No. (404) 888-8998
                                   Attention:   Cleve Bushey

                                   LIBOR
                                   Office:      The Bank of Nova Scotia,
                                                Atlanta Office
                                                600 Peachtree Street, N.E.
                                                Suite 2700
                                                Atlanta, GA 30308

                                   Facsimile No.: (404) 888-8998
                                   Attention:   Cleve Bushey

                                   with a copy to:

                                   The Bank of Nova Scotia
                                   1100 Louisiana Street, Suite 3000
                                   Houston, TX 77002

                                   Attention: Spencer Smith

                                      S-7
<PAGE>

                                   BANK OF OKLAHOMA,
                                   NATIONAL ASSOCIATION, as Lender

                                   By:  /s/  Kevin A. Humphrey
                                      ----------------------------------
                                   Name:          Kevin A. Humphrey
                                   Title:         Vice President

                                   Domestic
                                   Office:        One Williams Center, 8th
                                                  Floor
                                                  Tulsa, OK 74172

                                   Facsimile No.: (918) 588-6880

                                   Attention:     Michael Coats

                                   LIBOR
                                   Office:        One Williams Center, 8th
                                                  Floor
                                                  Tulsa, OK 74172

                                   Facsimile No.: (918) 588-6880

                                   Attention:     Michael Coats

                                      S-8
<PAGE>

                                   PARIBAS,
                                   as Lender and Co-Agent

                                   By:  /s/ A. David Dodd
                                      -------------------------------------
                                   Name:       A. David Dodd
                                   Title:      Vice President

                                   By:  /s/ Barton D. Schouest
                                      -------------------------------------
                                   Name:       Barton D. Schouest
                                   Title:      Managing Director

                                   Domestic
                                   Office:     1200 Smith Street, Suite 3100
                                               Houston, TX 77002

                                   Facsimile No. (713) 659-3832

                                   Attention:  Leah Evans-Hughes

                                   LIBOR
                                   Office:     1200 Smith Street, Suite 3100
                                               Houston, TX 77002

                                   Facsimile No. (713) 659-3832

                                   Attention:  Leah Evans-Hughes

                                      S-9
<PAGE>

                                   THE FUJI BANK LTD.
                                   as Lender

                                   By: /s/ Yoshiaki Inoue
                                      ------------------------------------
                                   Name:          Yoshiaki Inoue
                                   Title:         Senior Vice President &
                                                  Manager

                                   Domestic
                                   Office:        1 Houston Bank Center,
                                                  Suite 4100
                                                  1221 McKinney Street
                                                  Houston, Texas 77010

                                   Facsimile No.: (713) 759-0717

                                   Attention:     Tommy Watts

                                   LIBOR
                                   Office:        1 Houston Bank Center,
                                                  Suite 4100
                                                  1221 McKinney Street
                                                  Houston, Texas 77010

                                   Facsimile No.: (713) 759-0717

                                   Attention:     Tommy Watts

                                     S-10
<PAGE>

                                   CHRISTIANIA BANK OG KREDITKASSE ASA,
                                   as Lender

                                   By:  /s/ William S. Phillips
                                      ----------------------------------------
                                   Name:       William S. Phillips
                                   Title:      First Vice President

                                   By:  /s/ Peter M. Dodge
                                      ----------------------------------------
                                   Name:       Peter M. Dodge
                                   Title:      Senior Vice President

                                   Domestic
                                   Office:     New York Branch
                                               11 West 42nd Street
                                               New York, NY 10036

                                   Facsimile No.  (212) 827-4888

                                   Attention:  Peter Dodge

                                   LIBOR
                                   Office:     New York Branch
                                               11 West 42nd Street
                                               New York, NY 10036

                                   Facsimile No.: (212) 827-4888

                                   Attention:  Peter Dodge

                                     S-11
<PAGE>

                                   CREDIT LYONNAIS,
                                   as Lender

                                   By:  /s/ Philippe Soustra
                                      ---------------------------------
                                   Name:       Philippe Soustra
                                   Title:      Senior Vice President

                                   Domestic
                                   Office:     Credit Lyonnais New York Branch
                                               1301 Avenue of the Americas
                                               New York, NY 10019

                                   Facsimile No.  (713) 751-0307

                                   Attention:  Christine Smith-Byerly
                                               Credit Lyonnais Houston
                                               Representative Office

                                   LIBOR
                                   Office:     Credit Lyonnais New York Branch
                                               1301 Avenue of the Americas
                                               New York, NY 10019

                                   Facsimile No.: (713) 751-0307

                                   Attention:  Christine Smith-Byerly
                                               Credit Lyonnais Houston
                                               Representative Office

                                     S-12
<PAGE>

                                   FIRST UNION NATIONAL BANK,
                                   as Lender and Lead Manager

                                   By:  /s/ David E. Humphreys
                                      -----------------------------------
                                   Name:       David E. Humphreys
                                   Title:      Vice President

                                   Domestic
                                   Office:     301 South College Street
                                               Charlotte, NC 28288

                                   Facsimile No. (713) 650-6354

                                   Attention:  David E. Humphreys

                                   LIBOR
                                   Office:     301 South College Street
                                               Charlotte, NC 28288

                                   Facsimile No.: (713) 650-6354

                                   Attention:  David E. Humphreys

                                     S-13
<PAGE>

                                   MEES PIERSON CAPITAL CORP.,
                                   as Lender and Lead Manager

                                   By:  /s/ Darrell W. Holley
                                      --------------------------------------
                                   Name:         Darrell W. Holley
                                   Title:        Managing Director

                                   By:  /s/ Kayel Lowthan
                                      --------------------------------------
                                   Name:         Kayel Low than
                                   Title:        Managing Director

                                   Domestic
                                   Office:       MeesPierson Capital Corp.
                                                 300 Crescent Court, Suite 1750
                                                 Dallas, Texas 75201

                                   Facsimile No. (214) 754-5981

                                   Attention:    Yolanda Dittmar/Angela Pross

                                   LIBOR
                                   Office:       MeesPierson Capital Corp.
                                                 300 Crescent Court, Suite 1750
                                                 Dallas, Texas 75201

                                   Facsimile No. (214) 754-5981

                                   Attention:    Yolanda Dittmar/Angela Pross

                                   Wiring
                                   Instructions: Chase Manhattan Bank
                                                 ABA #021000021
                                                 Credit to: MeesPierson New York
                                                 Agency
                                                 Acct.#001-1-624418
                                                 For further Credit: MeesPierson
                                                    Capital Corp.
                                                 Ref: Vintage Petroleum, Inc.
                                                 Acct.#:  100980360

                                     S-14
<PAGE>

                              NATEXIS Banque BFCE,
                              as Lender

                              By: /s/ Timothy L. Polvado
                                 ------------------------------------------
                              Name:       Timothy L. Polvado
                              Title:      Vice President and Group Manager

                              By: /s/ N. Eric Ditges
                                 ------------------------------------------
                              Name:       N. Eric Ditges
                              Title:      Vice President

                              Domestic
                              Office:     NATEXIS Banque
                                          Southwest Representative Office
                                          333 Clay Street, Suite 4340
                                          Houston, TX 77002

                              Facsimile No. (713) 759-9908

                              Attention:  Eric Ditges

                              LIBOR
                              Office:     NATEXIS Banque
                                          Southwest Representative Office
                                          333 Clay Street, Suite 4340
                                          Houston, TX 77002

                              Facsimile No.: (713) 759-9908

                              Attention:  Tanya McAllister

                              with a copy to:

                              NATEXIS Banque
                              New York Branch
                              645 5th Avenue, 20th Floor
                              New York, NY 10022

                              Facsimile No.: (212) 872-5045
                              Attention: Joan Rankine

                                     S-15
<PAGE>

                              BANK OF AMERICA, N.A.
                              as Lender and Syndication Agent

                              By: /s/ Denise A. Smith
                                 --------------------------------------
                              Name:          Denise A. Smith
                              Title:         Managing Director

                              Domestic
                              Office:        901 Main Street, 64th Floor
                                             Dallas, TX 75202

                              Facsimile No. (214) 508-1285

                              Attention:     Denise Smith

                              LIBOR
                              Office:        901 Main Street, 64th Floor
                                             Dallas, TX 75202

                              Facsimile No.: (214) 508-1285

                              Attention:     Denise Smith

                              with copy to:

                              901 Main Street, 14th Floor
                              Dallas, Texas 75202

                              Facsimile No.: (214) 508-1215

                              Attention: Betty Canales

                                     S-16
<PAGE>

                              THE SANWA BANK LIMITED,
                              as Lender and Lead Manager

                              By: /s/ Clyde Redford
                                 -----------------------------------------
                              Name:       Clyde Redford
                              Title:

                              Domestic
                              Office:     55 East 52nd Street, 26th Floor
                                          New York, NY 10055

                              Facsimile No. (212) 754-2360

                              Attention:  C. Lawrence Murphy

                              LIBOR
                              Office:     55 East 52nd Street, 26th Floor
                                          New York, NY 10055

                              Facsimile No.: (212) 754-2360

                              Attention:  C. Lawrence Murphy

                                     S-17
<PAGE>

                              SOCIETE GENERALE, SOUTHWEST AGENCY,
                              as Lender and Documentation Agent

                              By: /s/ Paul Cornell
                                 ------------------------------------
                              Name:       Paul Cornell
                              Title:      Vice President

                              Domestic
                              Office:     4800 Trammell Crow Center
                                          2001 Ross Avenue
                                          Dallas, Texas 75201

                              Facsimile No. (214) 754-0171

                              Attention:   Loan Operations

                              LIBOR
                              Office:     4800 Trammell Crow Center
                                          2001 Ross Avenue
                                          Dallas, Texas 75201

                              Facsimile No.: (214) 754-0171

                              Attention:  Loan Operations

                              with copy to:

                              Societe Generale, Southwest Agency
                              1111 Bagby, Suite 2020
                              Houston, Texas 77002

                              Facsimile No. (713) 650-0824

                              Attention: Paul Cornell

                                     S-18
<PAGE>

                              UNION BANK OF CALIFORNIA, N.A.,
                              as Lender and Lead Manager

                              By: /s/ Gary Shekerjian
                                 ---------------------------------------
                              Name:       Gary Shekerjian
                              Title:      Assistant Vice President

                              Domestic
                              Office:     500 North Akard St. #4200
                                          Dallas, Texas 75201

                              Facsimile No. (214) 922-4209

                              Attention:  Gary Shekerjian

                              LIBOR
                              Office:     Energy Capital Services
                                          445 S. Figueroa Street, 15th Floor
                                          Los Angeles, CA 90071

                              Facsimile No.: (213) 236-4096

                              Attention:  Patricia Gonzales

                                     S-19
<PAGE>

                                   EXHIBIT F
                                  COMMITMENTS

     Omitted. The Registrant agrees to furnish supplementally a copy of this
omitted Exhibit to the Securities and Exchange Commission upon its request.

                                      F-1
<PAGE>

                                    EXHIBIT I

Bank of Montreal
Houston Agency
700 Louisiana Street
4400 Bank of America Center
Houston, Texas 77002
Telecopier: (713) 223-4007

Date:______________

                          Notice of Commitment Increase

     Reference is made to the Amended and Restated Credit Agreement, dated as
of October 21, 1998, among Vintage Petroleum, Inc., a Delaware corporation, (the
"Borrower"), certain financial institutions and the Bank of Montreal (the
 --------
"Agent") (as amended, modified and supplemented to the date hereof, the "Credit
 -----
Agreement"). Capitalized terms used herein but not otherwise defined have the
meanings assigned to them in the Credit Agreement. The undersigned hereby gives
notice pursuant to Section 2.1.6 of the Agreement of its intent to increase the
Maximum Commitment Amount by the amount of $__________, effective ___________
(the "Commitment Increase Effective Date"). The existing Lenders agreeing to
increase their Commitments and the assignees agreeing to become New Lenders to
effect such requested increase are identified below.

     From and after the Commitment Increase Effective Date, the respective
Commitments of the existing Lenders agreeing to increase their Commitments and
the New Lenders will be as set forth below:

Existing Lenders:   Share of Maximum    Percentage     Share of      Bolivian
                       Commitment                      Bolivian     Letter of
                         Amount                        Letter of      Credit
                                                        Credit      Percentage

_________________   $________________   ___________  $___________   ___________

_________________   $________________   ___________  $___________   ___________

_________________   $________________   ___________  $___________   ___________

_________________   $________________   ___________  $___________   ___________

_________________   $________________   ___________  $___________   ___________

_________________   $________________   ___________  $___________   ___________

                                      I-1
<PAGE>

New Lenders:        Share of Maximum    Percentage   Share of       Bolivian
                       Commitment                    Bolivian       Letter of
                         Amount                      Letter of      Credit
                                                     Credit         Percentage

_________________   $________________   ___________  $___________   ___________

_________________   $________________   ___________  $___________   ___________

_________________   $________________   ___________  $___________   ___________

_________________   $________________   ___________  $___________   ___________

_________________   $________________   ___________  $___________   ___________

_________________   $________________   ___________  $___________   ___________

_________________   $________________   ___________  $___________   ___________

     The undersigned Authorized Officer represents and warrants that (a) the
increase requested hereby complies with the requirements of Section 2.1.6 of the
Agreement and (b) except [as set forth on Annex A hereto, and]* to the extent
the undersigned gives notice to the Agent to the contrary prior to 5:00 p.m.,
(U.S. central time) on the Business Day before the Commitment Increase Effective
Date, no Default or Event of Default exists as of the date hereof and no Default
will exist on the Commitment Increase Effective Date.

                                               _________________________________

                                               By:______________________________
                                               Name:
                                               Title:

________________
  */  If the representation and warranty in clause (b) would be incorrect,
      include the material in the brackets and set forth the reasons such
      representation and warranty would be incorrect on an attachment labeled
      Annex A.

                                      I-2NONCOMPETITION, SEVERANCE AND EMPLOYMENT AGREEMENT

         This   Noncompetition,   Severance  and  Employment   Agreement   (this
"Agreement")  is made and entered  into as of this 19th day of October,  1999 by
and  between   [Executive],   an  individual  (the  "Executive"),   and  Peoples
Bancorporation,  a South Carolina corporation and financial  institution holding
company headquartered in Easley, South Carolina (the "company"). As used herein,
the term "Company" shall include the Company and any and all of its subsidiaries
where the context so applies.

                               W I T N E S S E T H

         WHEREAS the Board of Directors  believes  that the  Executive  has been
instrumental in the success of the Company since his employment in 1998;

         WHEREAS the company  desires to  continue  to employ the  Executive  as
[Position]  of the  Company and in such other  capacities  as the  Executive  is
currently employed as of the date hereof;

         WHEREAS the Executive is willing to accept the employment  contemplated
herein under the terms and conditions set forth herein;

         NOW,  THEREFORE,  in  consideration  of the  premises  and  the  mutual
covenants  and  agreements   contained   herein  and  other  good  and  valuable
consideration,  the receipt of which is hereby acknowledged,  the parties hereto
agree as follows:

         1. Employment.  Subject to the terms and conditions hereof, the Company
hereby employs the Executive and Executive  hereby accepts such  employment as a
[Position] of the Company having such duties and  responsibilities  as set forth
in Section 3 below.

         2.  Definitions.  For purposes of this  Agreement,  the following terms
shall have the meanings specified below.

         "Change in Control" shall mean:

               (i) the acquisition, directly or indirectly, by any Person within
          any twelve month period of securities of the Company  representing  an
          aggregate of 20% or more of the combined voting power of the Company's
          then outstanding securities; or

                                        1
<PAGE>

                  (ii) during any period of two consecutive  years,  individuals
         who at the beginning of such period constitute the Board, cease for any
         reason to constitute at least a majority  thereof,  unless the election
         of each new  director  was  approved in advance by a vote of at least a
         majority of the  directors  then still in office who were  directors at
         the beginning of the period; or

                  (iii)  consummation  of (A) a merger,  consolidation  or other
         business  combination of the Company with any other Person or affiliate
         thereof,  other than a merger,  consolidation  or business  combination
         which  would  result in the  outstanding  common  stock of the  Company
         immediately prior thereto  continuing to represent (either by remaining
         outstanding  or by being  converted  into common stock of the surviving
         entity  or  a  parent  or  affiliate  thereof)  at  least  67%  of  the
         outstanding  common stock (on a fully diluted  basis) of the Company or
         such  surviving  entity  or  parent or  affiliate  thereof  outstanding
         immediately after such merger,  consolidation or business  combination,
         or (B) a plan of complete  liquidation  of the Company or an  agreement
         for the sale or disposition by the Company of all or substantially  all
         of the Company's assets; or

                  (iv) the occurrence of any other event or  circumstance  which
         is not  covered by (i) through  (iii) above which the Board  determines
         affects  control of the Company and, in order to implement the purposes
         of this  Agreement  as set forth above,  adopts a resolution  that such
         event or circumstance  constitutes a change in Control for the purposes
         of this Agreement.

         "Cause" shall mean (i) fraud, gross negligence,  dereliction of duties,
intentional  material damage to the property or business of the Company,  or the
commission of a felony;  or (ii) the  ineligibility  of the Executive to perform
his duties  because of a ruling,  directive or other action by any agency of the
United States or any state of the United States having regulatory authority over
the Corporation.

         "Confidential   Information"   shall  mean  all   business   and  other
information  relating  to  the  business  of  the  Company,   including  without
limitation,  technical or  nontechnical  data,  programs,  methods,  techniques,
processes,  financial data,  financial plans, product plans, and lists of actual
or potential  customers,  which (i) derives economic value, actual or potential,
from not being generally known to, and not being readily ascertainable by proper
means by, other Persons,  and (ii) is the subject of efforts that are reasonable
under the  circumstances  to  maintain  its  secrecy  or  confidentiality.  Such
information and compilations of information  shall be  contractually  subject to
protection under this Agreement  whether or not such  information  constitutes a
trade  secret  and is  separately  protectable  at law or in  equity  as a trade
secret.   Confidential   information  does  not  include  confidential  business
information  which does not  constitute a trade secret under  applicable law two
years after any expiration or termination of this Agreement.

                                        2
<PAGE>

         "Disability" or "Disabled"  shall mean the  Executive's  inability as a
result of physical or mental incapacity to substantially  perform his duties for
the Company on a fulltime basis for a period of six (6) months.

         "Involuntary  Termination"  shall mean the  termination  of Executive's
employment by the  Executive  following a Change in Control  which,  in the sole
judgment  of  the  Executive,  is  due  to  (i)  a  change  of  the  Executive's
responsibilities,  position (including status as [Position] of the Company,  its
successor or ultimate parent entity, office, title,  reporting  relationships or
working  conditions),  authority or duties (including changes resulting from the
assignment  to the  Executive  of any duties  inconsistent  with his  positions,
duties or  responsibilities  as in  effect  immediately  prior to the  Change in
Control);  or (ii) a change in the terms or status  (including the rolling three
year  termination  date)  of  this  Agreement;  or  (iii)  a  reduction  in  the
Executive's  compensation  or  benefits;  or  (iv) a  forced  relocation  of the
Executive  outside the Upper State of South  Carolina area; or (v) a significant
increase in the Executive's travel requirements.

         "Person" shall mean any  individual,  corporation,  bank,  partnership,
joint  venture,   association,   joint-stock  company,   trust,   unincorporated
organization or other entity.

         "Voluntary  Termination"  shall mean the  termination  by  Executive of
Executive's  employment following a Change in Control which is not the result of
any of  clauses  (i)  through  (v) set forth in the  definition  of  Involuntary
Termination above.

         3. Duties. During the term hereof, the Executive shall have such duties
and  authority as are typical of a [Position] of a company such as the one being
contracted  with,  and employee  will,  so long as he is an employee of, he will
devote his full time,  attention and energies to the diligent performance of his
duties.  Executive shall not, without the written consent of the Company, at any
time during the Term hereof (i) accept  employment with, or render services of a
business,  professional  or  commercial  nature to,  any  Person  other than the
Company,  (ii) engage in any  venture or activity  which the Company may in good
faith consider to be competitive  with or adverse to the business of the Company
or of any  affiliate  of the  Company,  whether  alone,  as a partner,  or as an
officer,  director,  employee  or  shareholder  or  otherwise,  except  that the
ownership  of not more  than 5% of the  stock or other  equity  interest  of any
publicly  traded  corporation or other entity shall not be deemed a violation of
this Section,  or (iii) the Company may in good faith consider to interfere with
Executive's performance of his duties hereunder.

         4. Term. Unless earlier  terminated as provided herein, the Executive's
employment  hereunder  shall be for a rolling  term of three years (the  "Term")
commencing on the date hereof,  with  compensation to be effective as of October
19, 1999.

                                        3
<PAGE>

This  Agreement  shall  be  deemed  to  extend  each day for an  additional  day
automatically and without any action on behalf of either party hereto; provided,
however,  that either party may, by notice to the other, cause this Agreement to
cease to  extend  automatically  and,  upon  such  notice,  the  "Term"  of this
Agreement shall be the three years  following the date of such notice,  and this
Agreement shall terminate upon the expiration of such Term. If no such notice is
given and this  Agreement is  terminated  pursuant to Section 5 hereof,  for the
purposes of calculating any amounts payable to the Executive as a result of such
termination,  the remaining Term of this  Agreement  shall be deemed to be three
years from the date of such termination.

         5. Termination. This Agreement may be terminated as follows:

         5.1 The  Company.  The  Company  shall  have  the  right  to  terminate
Executive's  employment  hereunder  at any time  during the Term  hereof (i) for
Cause, (ii) if the Executive becomes Disabled, (iii) upon the Executive's death.

                  5.1.1 If the Company terminated  Executive's  employment under
this  Agreement  pursuant  to clauses  (i)  through  (iii) of Section  5.1,  the
Company's  obligations  hereunder  shall  cease as of the  date of  termination;
provided,  however,  if  Executive  is  terminated  for Cause  after a change in
Control,  then such termination  shall be treated as a Voluntary  Termination as
contemplated in Section 5.2 below.

                  5.1.2 If the Company terminates  Executive other than pursuant
to  clauses  (i)  through  (iii) of  Section  5.1 and there has been a Change in
Control,  Executive  shall be entitled to receive  immediately as severance upon
such  termination,  the compensation  and benefits  provided in Section 6 hereof
that  would  otherwise  be  payable  over the  three  years  subsequent  to such
termination.  For purposes of determining  compensation which is not fixed (such
as bonus), the annual amount of such unfixed  compensation shall be deemed to be
the  equal to the  average  of such  compensation  over the  three  year  period
immediately prior to the termination.

                  5.1.3 If the Company terminates  Executive other than pursuant
to clauses  (i)  through  (iii) of Section 5.1 and in the absence of a Change in
Control,  Executive  shall be entitled to receive  immediately as severance upon
such termination, the compensation and benefits provided in Section 6 hereof for
the remaining Term of this Agreement.

                  5.1.4 In the event of such termination  other than pursuant to
clauses (i) through  (iii) of Section 5.1, (A) all rights of Executive  pursuant
to awards of share grants or options  granted by the Company  shall be deemed to
have vested and shall be released from all conditions and  restrictions,  except
for restrictions on transfer pursuant to the Securities Act of 1933, as amended,
and (B) the  Executive  shall be deemed to be  credited  with  service  with the
Company for such remaining Term for the purposes of the Company's benefit plans.

         5.2 By  Executive.  Executive  shall  have the right to  terminate  his
employment  hereunder if (i) the Company materially  breaches this Agreement and
such breach is not cured within 30 days after  written  notice of such breach is
given by  Executive to the Company;  (ii) there is a Voluntary  Termination;  or
(iii) there is an Involuntary Termination.

                                       4
<PAGE>

                  5.2.1  If  Executive  terminates  his  employment  other  than
pursuant to clauses (i) through (iii) of Section 5.2, the Company's  obligations
under  this  Agreement  shall  cease  as of the  date  of such  termination  and
Executive shall be subject to the noncompetition provisions set forth in Section
9 hereof.

                  5.2.2  If  Executive   terminates  his  employment   hereunder
pursuant to any clauses (i) or (iii) of Section 5.2, Executive shall be entitled
to receive  immediately as severance the compensation  and benefits  provided in
Section 6 hereof that would otherwise be payable over the three years subsequent
to such termination. For purposes of determining compensation which is not fixed
(such as a bonus), the annual amount of such unfixed compensation over the three
year period immediately prior to the termination.

                  5.2.3 If  Executive  terminates  his  employment  pursuant  to
clause (ii) of Section 5.2,  Executive shall be entitled to receive  immediately
as severance the compensation and benefits provided in Sections 6 hereof for one
year  following  the  date  of  his  Voluntary  Termination.   For  purposes  of
determining compensation which is not fixed (such as a bonus), the annual amount
of such unfixed  compensation shall be deemed to be equal to the average of such
compensation over the three year period immediately prior to the termination.

                  5.2.4 In addition,  in the event of such termination  pursuant
to any of clauses  (i)  through  (iii) of this  Section  5.2,  (A) all rights of
Executive  pursuant to awards of share grants or options  granted by the Company
shall be deemed to have vested and shall be  released  from all  conditions  and
restrictions, except for restrictions on transfer pursuant to the Securities Act
of 1933, as amended,  and (B) the Executive  shall be deemed to be credited with
service  with the  Company  for such  remaining  Term  for the  purposes  of the
Company's benefit plans.

         6. Compensation. In consideration of Executive's services and covenants
hereunder,  Company  shall  pay  to  Executive  the  compensation  and  benefits
described below (which  compensation shall be paid in accordance with the normal
compensation  practices  of the Company and shall be subject to such  deductions
and  withholdings  as are  required  by law or policies of the Company in effect
from time to time,  provided  that his salary  pursuant  to Section 6.1 shall be
payable not less frequently than monthly);

                                        5
<PAGE>

         6.1 Annual  Salary.  During the Term hereof,  the Company  shall pay to
Executive  a salary at the rate of [ $ ] per annum.  Executive's  salary will be
reviewed by the Board of  Directors  of the Company at the  beginning of each of
its fiscal years and, in the sole  discretion of the Board of Directors,  may be
increased for such year.  Salary  continuation  and/or life  insurance  plans in
existence  at the time of the change in  control  will also be kept in force for
the benefit of the executive and/or his heirs for life.

         6.2  Annual  Incentive  Bonus.  During  the Term  hereof,  the Board of
Directors may pay to Executive an annual incentive cash bonus in accordance with
the terms of the Short Term Incentive Compensation Plan.

         6.3 Other  Benefits.  Executive shall be entitled to share in any other
executive  officer/employee  benefits  generally  provided by the Company to its
most highly  ranking  executives  (including  but not limited to the  following;
major medical and dental  insurance,  short and long term disability  insurance,
bonus  plans,  etc.) for so long as the  Company  provides  such  benefits.  The
Company  also  agrees  to  provide  Executive  with a  Company-paid,  full-sized
automobile,  reasonable  club dues for one area country club of their choice and
two business clubs. Executive shall also be entitled to participate in all other
benefits accorded general Company executive officers and/or employees.

         7. Excess Parachute Payments. It is the intention of the parties hereto
that the  severance  payments  and other  compensation  provided  for herein are
reasonable  compensation  for Executive's  services to the Company and shall not
constitute "excess parachute payments" within the meaning of Section 280G of the
Internal Revenue Code of 1986, as amended,  and any regulations  thereunder.  In
the event that the Company on the date of a Change of Control determine that the
payments provided for herein constitute  "excess parachute  payments",  then the
compensation  payable  hereunder  shall  be  reduced  to  the  point  that  such
compensation shall not qualify as "excess parachute payments".

         8.  Confidentiality.  Executive  acknowledges that, prior to and during
the term of this  Agreement,  the  Company  has  furnished  and will  furnish to
Executive Confidential Information which could be used by Executive on behalf of
a competitor of the Company to the Company's substantial  detriment.  In view of
the foregoing,  Executive acknowledges and agrees that the restrictive covenants
contained in this  Section are  reasonably  necessary  to protect the  Company's
legitimate  business  interests  and  goodwill.  Executive  agrees that he shall
protect the  Company's  Confidential  Information  and shall not disclose to any
person,  or otherwise  use,  except in connection  with his duties  performed in
accordance with this Agreement, any Confidential Information provided,  however,
that Executive may make disclosures required by a valid order or subpoena issued
by a court or administrative  agency of competent  jurisdiction,  in which event
Executive will promptly  notify the Company of such order or subpoena to provide
the Company an  opportunity to protect its  interests.  Upon the  termination or
expiration  of this  employment  hereunder,  the  Executive  agrees  to  deliver
promptly to the Company all Company files,  customer lists,  management reports,
memoranda,  research,  Company  forms,  financial  data and  reports  and  other
documents  supplied  to or  created  by him in  connection  with his  employment
hereunder  (including  all copies of the foregoing) in his possession or control
and all of the  Company's  equipment  and other  materials in his  possession or
control.

                                        6
<PAGE>

         9.  Noncompetition.  In the event that Executive's  employment with the
Company is terminated before a Change in Control voluntarily by the Executive or
by the Board of Directors  pursuant to clause (i) of Section 5.1, then Executive
shall not, for a period of one year following such termination of employment (i)
become employed by any insured  depository  institution  which conducts business
activities  in Pickens  County;  (ii)  attempt to  interfere  with any  business
relationship of the Company, including without limitation, employee and customer
relationships;  or (iii) or otherwise  compete against the Company,  directly or
indirectly,  either as principal,  agent, employee,  owner (if the percentage of
ownership exceeds 10% of the entity).  In the event that Executive's  employment
is  terminated  for any reason  following  a Change in Control  (whether  by the
Company or  Executive),  it is  expressly  acknowledged  that there  shall be no
limitation on any activity of Executive,  including direct  competition with the
Company or its successor, and Company shall not be entitled to injunctive relief
with respect to any such activities of Executive.

         10.  Assignment.  The parties  acknowledge that this Agreement has been
entered into due to, among other things,  the special  skills of Executive,  and
agree that this Agreement may not be assigned or  transferred  by Executive,  in
whole or in part, without the prior written consent of Company.

         11. Notices. All notices,  requests,  demands, and other communications
required or permitted  hereunder shall be in writing and shall be deemed to have
been duly given if delivered or seven days after mailing if mailed, first class,
certified mail postage prepaid:

To the Company:   Peoples Bancorporation
                  Post Office Box 1989
                  Easley, South Carolina 29641
                  Attn:  Chairman of the Board

To Executive:     [Executive's name
                   and address]

                                        7
<PAGE>

Any party may change the address to which notices, requests,  demands, and other
communications  shall be  delivered  or mailed by giving  notice  thereof to the
other party in the same manner provided herein.

         12.  Provisions  Severable.  If any provision or covenant,  or any part
thereof, of this Agreement should be held by any court to be invalid, illegal or
unenforceable,  either  in whole  or in part,  such  invalidity,  illegality  or
unenforceability  shall not affect the validity,  legality or  enforceability of
the remaining provisions or convenants,  or any part thereof, of this Agreement,
all of which shall remain in full force and effect.

         13.  Remedies.  The  Executive  acknowledges  that  if he  breaches  or
threatens to breach his covenants and agreements in this Agreement, such actions
may  cause  irreparable  harm and  damage  to the  Company  which  could  not be
compensated  in damages.  Accordingly,  if  Executive  breaches or  threatens to
breach this Agreement,  the Company shall be entitled to injunctive  relief,  in
addition  to any other  rights or  remedies  of the  Company.  In the event that
Executive is  reasonably  required to engage legal counsel to enforce his rights
hereunder  against the Company,  Executive shall be entitled to receive from the
Company his reasonable  attorney's fees and costs; provided that Executive shall
not be entitled  to receive  those fees and costs  related to  matters,  if any,
which were the  subject of  litigation  and with  respect to which a judgment is
rendered against Executive.

         14.  Waiver.  Failure  of  either  party  to  insist,  in one  or  more
instances,  on performance by the other in strict  accordance with the terms and
conditions of this Agreement shall not be deemed a waiver or  relinquishment  of
any right  granted in this  Agreement or of the future  performance  of any such
term or condition or of any other term or  condition of this  Agreement,  unless
such waiver is contained in a writing signed by the party making the waiver.

         15.  Amendments  and  Modifications.  This  Agreement may be amended or
modified only by a writing signed by other parties hereto.

         16.  Governing Law. The validity and effect of this Agreement  shall be
governed by and construed and enforced in accordance  with the laws of the State
of South Carolina.

         IN WITNESS WHEREOF,  the parties have executed this Agreement as of the
day and year first above written.

                                                     EXECUTIVE

                                                     --------------------------

                                                     ---------------------------
                                                     BY: Chairman of the Board

                                        8

                           APPENDIX A TO EXHIBIT 10.8

Name of Executive              Position                               Salary
-----------------              --------                               ------

William B. West                Senior Vice President and CFO          $95,000
David C. King                  Subsidiary President                   $90,000
F. Davis Arnette, Jr.          Subsidiary Presndent                   $90,000

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