Document:

Exhibit 10.5

            NOTICE: THIS AGREEMENT IS SUBJECT TO ARBITRATION PURSUANT
                  TO THE SOUTH CAROLINA UNIFORM ARBITRATION ACT

               NONCOMPETITION, SEVERANCE AND EMPLOYMENT AGREEMENT

         This   Noncompetition,   Severance  and  Employment   Agreement   (this
"Agreement") is made and entered into as of this 23rd day of February,  2005, by
and  among   David  C.  King,   an   individual   (the   "Executive"),   Peoples
Bancorporation,  Inc., a South Carolina  corporation  (the  "Company"),  and the
Company's wholly-owned  subsidiary,  Bank of Anderson,  National Association,  a
national Bank (the "Bank").

         WHEREAS,  the Company and the Executive  entered into a Noncompetition,
Severance  and  Employment  Agreement  dated as of October  19, 1999 (the "Prior
Agreement");

         WHEREAS, the Executive,  the Bank and the Company now desire to replace
the Prior Agreement with this Agreement;

         WHEREAS,  the Boards of Directors of the Company and the Bank  continue
to  believe  that the  Executive  has been  instrumental  in the  success of the
Company and the Bank since his employment;

         WHEREAS,  the Company desires that the Bank continue to employ, and the
Bank desires to continue to employ, the Executive as President of the Bank;

         WHEREAS,  the Executive is willing to continue 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 Bank
hereby employs the Executive and the Executive hereby accepts such employment as
the President of the Bank,  having such duties and  responsibilities  as are set
forth in Section 3 below.

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

         "Change  of  Control"  shall  mean the  occurrence  during the Term (as
defined in Section 4 hereof) of any of the following events:

               (a) An acquisition  (other than directly from the Company) of any
          voting  securities  of the Company  (the "Voting  Securities")  by any
          "Person" (as the term person is used for purposes of Section  13(d) or
          14(d)  of the  Securities  Exchange  Act of  1934  (the  "1934  Act"))
          immediately after which such Person has "beneficial ownership" (within

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          the  meaning of Rule 13d-3  promulgated  under the 1934 Act) of 50% or
          more of the combined  voting power of the Company's  then  outstanding
          Voting Securities;  provided,  however,  that in determining whether a
          Change of Control has occurred,  Voting  Securities which are acquired
          in a  "Non-Control  Acquisition"  (as  hereinafter  defined) shall not
          constitute  an  acquisition  which would cause a Change of Control.  A
          "Non-Control Acquisition" shall mean an acquisition by (i) an employee
          benefit plan (or a trust forming a part thereof) maintained by (x) the
          Company or (y) any  corporation or other Person of which a majority of
          its voting power or its equity  securities or equity interest is owned
          directly  or  indirectly  by the  Company (a  "Subsidiary"),  (ii) the
          Company or any  Subsidiary,  or (iii) any Person in connection  with a
          "Non-Control Transaction" (as hereinafter defined); or

               (b) The individuals  who, as of the date of this  Agreement,  are
          members  of the Board of  Directors  of the  Company  (the  "Incumbent
          Board") cease for any reason to constitute at least  two-thirds of the
          Board of the Company;  provided,  however,  that if the  election,  or
          nomination  for  election by the  Company's  stockholders,  of any new
          director  was  approved  by a  vote  of at  least  two-thirds  of  the
          Incumbent  Board,  such  new  director  shall,  for  purposes  of this
          Agreement, be considered as a member of the Incumbent Board; or

               (c) Consummation of:

                    (1)  A merger, consolidation or reorganization involving the
                         Company, unless

                          i)   the  stockholders  of  the  Company,  immediately
                               before    such    merger,     consolidation    or
                               reorganization,   own,  directly  or  indirectly,
                               immediately following such merger,  consolidation
                               or reorganization,  more than 50% of the combined
                               voting power of the outstanding voting securities
                               of the corporation  resulting from such merger or
                               consolidation or  reorganization  (the "Surviving
                               Corporation")   in    substantially    the   same
                               proportion  as  their  ownership  of  the  Voting
                               Securities   immediately   before  such   merger,
                               consolidation or reorganization, and

                          ii)  the individuals who were members of the Incumbent
                               Board  immediately  prior to the execution of the
                               agreement     providing    for    such    merger,
                               consolidation  or  reorganization  constitute  at
                               least  two-thirds  of the members of the board of
                               directors of the Surviving Corporation.

                    (A transaction described in clauses (c)(1)(i) and (ii) shall
                    herein be referred to as a "Non-Control Transaction"); or

                    (2)  A complete  liquidation  or dissolution of the Company;
                         or

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                    (3)  An agreement for the sale or other  disposition  of all
                         or  substantially  all of the assets of the  Company to
                         any Person (other than a transfer to a Subsidiary); or

               (d) The occurrence of any other event or circumstance that is not
          covered  by  subparagraphs  (a)  through  (c) above  that the Board of
          Directors of the Company determines affects the control of the Company
          and, in order to implement the purposes of this Agreement, as to which
          the  Board  of  Directors  adopts  a  resolution  that  such  event or
          circumstance  constitutes  a Change of Control  for  purposes  of this
          Agreement.

               (e)  Notwithstanding  anything contained in this Agreement to the
          contrary,  if the  Executive's  employment  is  terminated  prior to a
          Change of Control and the Executive reasonably  demonstrates that such
          termination  (i) was at the request of a third party who has indicated
          an intention or taken steps  reasonably  calculated to effect a Change
          of Control and who  effectuates a Change of Control (a "Third  Party")
          or (ii) otherwise  occurred in connection with, or in anticipation of,
          a Change of Control which  actually  occurs,  then for all purposes of
          this  Agreement,  the date of a Change of Control  with respect to the
          Executive  shall mean the date  immediately  prior to the date of such
          termination of the Executive's employment.

         "Cause" shall mean:

                  (a) any act that  constitutes,  on the part of the  Executive,
         willful and  continued  failure to implement or follow the  directives,
         policies or  procedures of the Board of Directors of the Company or the
         Bank,  willful  violation  of any state or  federal  law or  regulation
         applicable  to the  Company  or the Bank,  gross  malfeasance  of duty,
         conduct grossly  inappropriate to the Executive's office, or a material
         willful violation of this Agreement,  and which is demonstrably  likely
         to lead to material injury to the Company or the Bank; or

                  (b) any act that  resulted or was intended to result in direct
         or indirect  gain to or personal  enrichment  of the  Executive  at the
         expense, direct or indirect, of the Company or the Bank; or

                  (c) any act that  constitutes,  on the part of the  Executive,
         fraud, dishonesty,  moral turpitude,  gross negligence,  or intentional
         damage to the property or business of the Bank or the Company; or

                  (d) the  conviction  (from which no appeal may be or is timely
         taken) of the Executive of a felony; or

                  (e) the  suspension  or removal of the Executive by federal or
         state  banking  regulatory  authorities  acting under lawful  authority
         pursuant to provisions of federal or state law or regulation  which may
         be in effect from time to time;

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         provided,  however, that in the case of clauses (a) and (b) above, such
conduct shall not constitute Cause:

                           (x) unless (i) there shall have been delivered to the
                  Executive a written notice setting forth with  specificity the
                  reasons that the Board of the Company believes the Executive's
                  conduct  meets the criteria set forth in clause (a),  (ii) the
                  Executive shall have been provided the opportunity to be heard
                  in person by the Board of the Company (with  assistance of the
                  Executive's  counsel if the  Executive so desires),  and (iii)
                  after  such  hearing,   the  termination  is  evidenced  by  a
                  resolution  adopted in good faith by two-thirds of the members
                  of the Board of the Company (other than the Executive); or

                           (y) if such conduct (i) was believed by the Executive
                  in  good  faith  to have  been  in,  or not  opposed  to,  the
                  interests  of the  Company  and the  Bank,  and  (ii)  was not
                  intended  to, and did not,  result in the  direct or  indirect
                  gain to or personal enrichment of the Executive.

         "Confidential   Information"   shall  mean  all   business   and  other
information  relating  to the  business  of the  Company,  its  Subsidiaries  or
affiliates,  including  without  limitation,  technical or  non-technical  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 any of
the foregoing items which has become publicly known and made generally available
through no wrongful act of Executive or of others who were under confidentiality
obligations  as to the item or items  involved or  improvements  or new versions
thereof.

         "Disability" or "Disabled"  shall mean the  Executive's  inability as a
result of physical or mental incapacity to substantially  perform his duties for
the Bank on a full-time basis for a period of six (6) months as determined by an
independent  physician  selected with the approval of both the Executive and the
Bank.

         "Involuntary Termination" shall mean the termination of the Executive's
employment  by the Executive  within one year  following a Change of Control (a)
which is due to:  (i) a  material  change of the  Executive's  responsibilities,
position  (including  status as a President of a bank Subsidiary of the Company,
the Company's  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 of  Control);  or (ii) a  material  change in the  terms  (including  the
rolling  three year  termination  date) of this  Agreement;  or (iii) a material
reduction  in the  Executive's  compensation  or  benefits;  or  (iv)  a  forced
relocation of the Executive  outside the  Anderson/Easley/Greenville/Spartanburg
metropolitan  area;  or (v) a  significant  increase in the  Executive's  travel

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requirements;  or (vi) the Company's  insolvency;  or (vii) the Company's or the
Bank's  breach  of any  material  provision  of this  Agreement;  and (b)  which
circumstance  has not been  cured  within 30 days after  written  notice of such
circumstance  has been  given  to the  Company  and the  Bank by the  Executive;
provided, however, if Executive has consented in writing to any of the events in
(i) through  (vii)  above,  or has not objected in writing to any of such events
within three months after the occurrence thereof, such event or events shall not
constitute the basis for treating the Executive's  termination of his employment
as an Involuntary Termination.

         "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  within one year  following a Change of Control which is
not  the  result  of any of  clauses  (a)(i)  through  (vii)  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  president  of a company  such as the Bank,
including,  without  limitation,  those  specified  in  the  Bank's  Bylaws  and
applicable  resolutions  and  policies  adopted by the  Company's  or the Bank's
respective Boards of Directors. Executive agrees that during the Term hereof, he
will devote his full time, attention and energies to the diligent performance of
his duties.  Executive  shall not,  without prior written consent of the Company
and the Bank, 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  and the Bank;  (ii)  engage in any  venture or activity
which the Company or the Bank may in good faith consider to be competitive  with
or adverse to the business of the Company, the Bank or of any other 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) engage in any
venture or activity  which the Board of Directors of the Company or the Bank may
in good faith consider to interfere with  Executive's  performance of his duties
hereunder;  provided, however, Executive shall only be deemed to be in breach of
(ii) or (iii) of this  section 3 after he has been given  written  notice by the
Board of  Directors  of the  Company or the Bank that such Board  believes he is
engaging in an impermissible  activity and the Executive has not terminated such
activity within 15 days after such notice.

         4. Term. Unless earlier terminated as provided in this Agreement,  this
Agreement  and the  Executive's  period of 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 the date of this  Agreement.  This Agreement
shall be deemed to  extend  each day for an  additional  day  automatically  and
without any action on behalf of any party hereto;  provided,  however,  that any
party may,  by notice to the  others,  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,  unless  Executive's  employment is
earlier terminated  pursuant to Section 5 hereof. If no such notice is given and
the Executive's  employment is terminated  pursuant to Section 5.1.3 hereof, for

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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.  The Bank may terminate  Executive's  employment under
this Agreement at any time, or Executive may terminate his employment under this
Agreement  at any time.  Executive's  sole  rights to  compensation  under  this
Agreement in the event of such termination are as set forth below:

                  5.1 By the Bank.  The Bank shall  have the right to  terminate
the Executive's  employment hereunder at any time and Executive's only rights to
compensation under this Agreement shall be as follows:

                        5.1.1  If the  Bank  terminates  Executive's  employment
under this Agreement for Cause or as a result of  Disability,  the Company's and
the Bank's  obligations  hereunder  shall  cease as of the date of  termination,
Executive  shall  have no right to  compensation  or other  benefits  under this
Agreement for any period after the date of  termination,  and Executive shall be
subject to the non-competition provisions set forth in section 10 hereof.

                        5.1.2 If the Bank  terminates  Executive  other than for
Cause or as a result of  Disability  and  there  has been a Change  of  Control,
Executive  shall be entitled to receive,  as  severance,  immediately  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.

                        5.1.3 If the Bank  terminates  Executive  other than for
Cause or as a result of  Disability  and in the  absence of a Change of Control,
Executive  shall be entitled to receive,  as  severance,  immediately  upon such
termination,  the compensation and benefits provided in Section 6 hereof for the
remaining Term of this Agreement.

                        5.1.4 If the Bank  terminates  Executive  other than for
Cause,  (A) all  rights of  Executive  pursuant  to  awards  of share  grants or
unexpired  options  granted  by the  Company or the Bank shall be deemed to have
vested  and  become  immediately  exercisable,  and shall be  released  from all
conditions and  restrictions  on transfer,  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 Bank for the same period of time
for which  benefits are  required to be paid under  Section  5.1.2 or 5.1.3,  as
applicable,  for the purposes of the Bank's  benefit plans,  including,  without
limitation,   any  restricted  stock  agreements  hereafter  entered  into  with
Executive.

                  5.2 By Executive.  Executive shall have the right to terminate
his employment  hereunder and Executive's only rights to compensation under this
Agreement shall be as follows:

                        5.2.1 If Executive  terminates  his  employment and such
termination  does not  constitute  a  Voluntary  Termination  or an  Involuntary
Termination, the Company's and the Bank's obligations under this Agreement shall
cease  as of the  date of such  termination,  Executive  shall  have no right to

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compensation  or other  benefits  under this  Agreement for any period after the
date of  termination,  and  Executive  shall be subject  to the  non-competition
provisions set forth in section 10 hereof.

                        5.2.2 If Executive  terminates his employment  hereunder
and such termination constitutes an Involuntary Termination,  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 Involuntary Termination.

                        5.2.3 If Executive  terminates his employment  hereunder
and such  termination  constitutes a Voluntary  Termination,  Executive shall be
entitled to receive  immediately  as  severance  the  compensation  and benefits
provided in Section 6 hereof for one year  following  the date of his  Voluntary
Termination.

                        5.2.4 In addition, in the event of Voluntary Termination
or Involuntary  Termination,  (A) all rights of Executive  pursuant to awards of
share  grants or unexpired  options  granted by the Company or the Bank shall be
deemed to have vested and become immediately exercisable,  and shall be released
from all conditions and  restrictions  on transfer,  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 Bank for the same
period of time for which benefits are required to be paid under Section 5.2.2 or
5.2.3, as applicable,  for the purposes of the Bank's benefit plans,  including,
without limitation,  any restricted stock agreements hereafter entered into with
Executive.

                  5.3 Executive's  Death. Upon Executive's  death, the Company's
and the Bank's  obligations  under this Agreement  shall  immediately  cease and
Executive  shall  have no right to  compensation  or other  benefits  under this
Agreement for any period after the date of death.  Upon  Executive's  death, all
rights of  Executive  pursuant to awards of share  grants or  unexpired  options
granted by the  Company  or the Bank  shall be deemed to have  vested and become
immediately  exercisable  in  accordance  with  the  terms  of the  plan  and/or
agreement  pursuant to which they were  granted,  and shall be released from all
conditions and  restrictions  on transfer,  except for  restrictions on transfer
pursuant to the Securities Act of 1933, as amended.

                  5.4   Calculation  of  Certain   Benefits.   For  purposes  of
determining  severance  payments  pursuant to Sections 5.1.2,  5.1.3,  5.2.2 and
5.2.3,  (i) the  amount of annual  salary  shall be deemed to be the  annualized
salary being paid immediately  prior to the termination,  (ii) the annual amount
of  unfixed  compensation  (such as a bonus)  shall be deemed to be equal to the
average of such compensation over the three year period immediately prior to the
termination,  and (iii) the annual amount of benefits  shall be deemed to be the
sum of the costs to the Company and the Bank of  providing  the  benefits to the
Executive  for  the  twelve  month  period  ending   immediately  prior  to  the
termination.

                  5.5   Applicability   of  Restrictions  on  Resale  under  the
Securities Act of 1933 or Section 16 of the Securities  Exchange Act of 1934 and
Terms of Exercise.  Any exercise of options  pursuant to Sections 5.1.4 or 5.2.4
and sale of shares  acquired on such exercise will continue to be subject to the
restrictions on resale under the Securities Act of 1933 and the rules thereunder

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and to the short swing trading and reporting  requirements  of Section 16 of the
Securities  Exchange Act of 1934 and the rules  thereunder to the extent and for
the period of time  required by such Acts and rules.  Anything  set forth to the
contrary  notwithstanding  herein or in the plan or agreement  pursuant to which
the options were granted, in the event of termination of Executive's  employment
pursuant  to  Sections  5.1.2,  5.1.3 or 5.2.2,  Executive  shall have until the
earlier of (x) one year from the date of termination or (y) the expiration  date
of the options to exercise such stock option rights. In the event of termination
of Executive's employment other than pursuant to Sections 5.1.2, 5.1.3 or 5.2.2,
Executive  shall  have the  period of time  specified  in the plan or  agreement
pursuant to which options were granted to exercise such options.

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

                  6.1 Annual Salary.  During the Term hereof, the Bank shall pay
to Executive a salary at a rate of  $153,000.00  per annum.  Executive's  salary
will be reviewed annually by the Board of Directors of the Bank at the beginning
of each of its  fiscal  years  and,  in the  sole  discretion  of the  Board  of
Directors of the Bank, may be increased for such year.

                  6.2 Annual Incentive Bonus.  During the Term hereof,  the Bank
shall pay to Executive an annual  incentive  cash bonus in  accordance  with the
terms of any incentive plans adopted by the Board of Directors of the Bank.

                  6.3  Stock  Options.  During  the Term  hereof,  the  Board of
Directors of the Company may grant Executive  options to purchase Company common
stock in accordance with the terms of the Company's stock option plans.

                  6.4 Other  Benefits.  Executive  shall be entitled to share in
any other employee  benefits  generally  provided by the Company and the Bank to
their most  highly  ranking  executives  for so long as the  Company or the Bank
provides such benefits.  The Bank shall also provide  Executive with a Bank-paid
automobile and reasonable  club dues for one country club.  Executive shall also
be entitled to participate in all other benefits  accorded  generally to Company
and Bank employees.

                  6.5 Executive's Right To Benefits  Absolute.  The right of the
Executive to receive the benefits set forth in this Agreement  shall be absolute
and not subject to any right of set-off or counterclaim  the Company or the Bank
may have against Executive.

                  6.6 Discharge of Payment Obligation.  The Company's obligation
to make  any  payments  owed to the  Executive  under  this  Agreement  shall be
discharged  to the extent  such  payments  are made by the Bank,  and the Bank's
obligation to make any payments owed to the Executive under this Agreement shall
be discharged to the extent such payments are made by the Company.

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         7.  Accelerated  Vesting of  Executive's  Stock  Options . Anything set
forth herein to the contrary  notwithstanding,  Executive's  stock options shall
vest  immediately  upon the  occurrence  of a  Change  of  Control,  even if the
Executive  remains  employed with the Company,  the Bank or any of the Company's
other Subsidiaries after a Change of Control.  However,  to the extent that this
Agreement  is  inconsistent  with the stock  option  plan  pursuant to which the
options were granted, the terms of such stock option plan shall control.

         8. Parachute Payments.

                  8.1  Golden  Parachute  Payments.  Notwithstanding  any  other
provision  of this  Agreement,  if any payment  provided  for in this  Agreement
would, if paid,  constitute a "golden parachute payment" as defined in 12 C.F.R.
Section  359.1(f) as in effect on the date of this Agreement,  the obligation of
the Company or the Bank to make such payment  shall be subject to an  additional
condition  that the  circumstances  which  cause  the  payment  to be a  "golden
parachute  payment"  shall have ceased to exist,  but such  payment  will become
payable in full at such time as the  condition is met together  with interest at
the prime rate, compounded annually,  from the date such payment would have been
due had it not been a "golden parachute payment" until paid.

                  8.2 Excess  Parachute  Payments.  It is the  intention  of the
parties to this  Agreement  that the severance  payments and other  compensation
provided for herein are reasonable  compensation for Executive's services to the
Bank and shall not constitute "excess parachute  payments" within the meaning of
Section 280G of the Internal Revenue Code of 1986, as amended. In the event that
the Company,  on the date of a Change of Control,  determines  that the payments
provided  for  herein   constitute   "excess   parachute   payments,"  then  the
compensation payable under this Agreement shall be reduced to the point at which
such compensation shall not qualify as an "excess parachute payment."

         9. Confidentiality.

                  9.1  Company  and  Bank  Confidential  Information.  Executive
acknowledges  that, prior to and during the term of this Agreement,  the Company
and the Bank have  furnished  and will furnish to  Executive,  and the Executive
will  develop  for  the  benefit  of the  Company  and  the  Bank,  Confidential
Information  which could be used by Executive  on behalf of a competitor  of the
Company  or the  Bank to the  Company's  or the  Bank's  substantial  detriment.
Executive acknowledges that Confidential Information is the sole property of the
Company  and the Bank.  In view of the  foregoing,  Executive  acknowledges  and
agrees that the restrictive covenants contained in this Agreement are reasonably
necessary to protect the Company's and the Bank's legitimate  business interests
and  goodwill.  Executive  agrees that he shall  protect  and hold in  strictest
confidence the Company's and the Bank'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,  if  permitted  to do so under
applicable  law,  promptly  notify  the  Company  and the Bank of such  order or

                                       9
<PAGE>

subpoena to provide the Company  and the Bank an  opportunity  to protect  their
interests,  and Executive  agrees to cooperate  with the Company and the Bank in
trying to protect their  interests.  Upon the  termination  or expiration of his
employment  hereunder,  the Executive  agrees to deliver promptly to the Company
and the Bank all of their respective files, customer lists,  management reports,
memoranda,  research,  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  and Bank's  equipment  and other  materials in his  possession or
control.  This  section  9.1  shall  survive  for 24  months  after the later of
termination  of employment of Executive  with the Bank, the Company or any other
Subsidiary of the Company.

                  9.2 Third Party Confidential Information. Executive shall also
hold in the strictest  confidence all  confidential  or proprietary  information
that the  Company or the Bank has  received  from any third party to which it is
the Company's or the Bank's obligation to maintain the  confidentiality  of such
information,  and Executive  shall not disclose such  information to any Person,
firm or  corporation  or use it except as necessary in carrying out  Executive's
work for the Company or the Bank  consistent  with the  Company's  or the Bank's
agreement with such third party.

         10. Noncompetition.

                  10.1 In the Event of Termination  Without a Change of Control.
In the event that Executive's  employment with the Bank is terminated  either by
the Board of Directors of the Bank for Cause or by the Executive,  and there has
been no Change of Control,  then  Executive  shall not,  for a period of one (1)
year following such termination of employment:

              (i)    become employed by any insured depository  institution that
                     has customers or does business as follows:

                    (a)  has  an  office  situated  in or  an  agent  or  agents
                         regularly  working in any city in which the Bank has an
                         office  in  which  an  agent  or  agents  of  the  Bank
                         regularly work, or

                    (b)  has a  significant  number of offices  situated in or a
                         significant  number of agents regularly  working in any
                         city in  which  the Bank has a  significant  number  of
                         offices or in which a  significant  number of agents of
                         the Bank regularly work, or

                    (c)  has a  significant  number of customers  located in any
                         county  of  South   Carolina   where  the  Bank  has  a
                         significant number of customers, or

                    (d)  shares a significant number of customers with the Bank.

                                       10
<PAGE>

              (ii)   interfere  or  attempt  to  interfere   with  any  business
                     relationship of the Company or the Bank, including, without
                     limitation, employee and customer relationships, whether by
                     lawful competition or otherwise; or

              (iii)  engage, directly or indirectly, in any business or activity
                     which requires  Executive,  or any person or party employed
                     by him or  whom  he  represents,  to  provide  Confidential
                     Information or other data obtained by Executive as a result
                     of his  employment  with the Bank to any  other  person  or
                     party who is then engaged in providing  similar services to
                     those of the Company or the Bank for use in competing  with
                     the Company or the Bank; or

              (iv)   solicit  from any  customer of the Bank any  business  that
                     such customer has customarily  done or  contemplates  doing
                     with the Bank; or

              (v)    solicit any  business  that could be done by the Company or
                     the  Bank  from any  customer  of the  Bank  with  whom the
                     Executive had contact while employed by the Bank; or

              (vi)   solicit  any  business on the basis of, or  advertise,  the
                     Executive's  former  affiliation  with the  Company  or the
                     Bank; or

              (vii)  solicit, encourage or assist any other person to solicit or
                     encourage  any  employee  of the Bank,  the  Company or any
                     other   Subsidiary   of  the  Company  to  terminate   such
                     employment; or

              (viii) otherwise compete against the Bank, directly or indirectly,
                     whether  as  principal,  agent,  employee,  or owner of any
                     entity (if the  percentage or ownership  exceeds 10% of the
                     entity).

The parties hereto intend the geographic  areas and all other  restrictions  set
forth  herein  to be  completely  severable  and  independent;  if  any  of  the
restrictions  set forth  above are  determined  to be either  unenforceable,  or
unenforceable in any of the geographic areas set forth above, the parties intend
that the  restrictions  set forth above shall continue to apply to the remaining
geographic areas set forth above and that the other restrictions set forth above
shall continue to apply.

                  10.2 In the  Event  of  Termination  in  Anticipation  of,  or
Following,  a Change of Control.  In the event that  Executive's  employment  is
terminated  for any reason other than for Cause either (i) following a Change of
Control (whether by the Bank or Executive), or (ii) prior to a Change of Control
and the Executive  reasonably  demonstrates that such termination (x) was at the
request  of a  third  party  who has  indicated  an  intention  or  taken  steps
reasonably calculated to effect a Change of Control and who effectuates a Change
of Control or (y) otherwise  occurred in connection with, or in anticipation of,
a Change of Control which  actually  occurs,  then it is expressly  acknowledged
that there shall be no  limitation  on any  competitive  activity of  Executive,
including direct  competition with the Company or the Bank or their  successors,

                                       11
<PAGE>

and neither the Company nor the Bank shall be entitled to injunctive relief with
respect  to any  such  competitive  activities  of  Executive.  In the  event of
termination of Executive's  employment for Cause  following a Change of Control,
the noncompetition provisions of Section 10.1 shall apply to Executive.

         11. Trust. The Company shall establish an irrevocable trust to fund the
obligations  hereunder  (which  may  be a  "rabbi  trust"  if  so  requested  by
Executive),  which trust (i) shall have as trustee an  individual  acceptable to
Executive,  (ii) shall be funded  upon the earlier of a Change of Control or the
approval of any  regulatory  application  filed by a  potential  acquiror of the
Company seeking to acquire control of the Company,  and (iii) shall contain such
other  terms  and  conditions  as  are   reasonably   necessary  in  Executive's
determination  to  ensure  the  Company's  and the  Bank's  compliance  with its
obligations hereunder.

         12.  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 the Company and the Bank.

         13. 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 Bank:               Bank of Anderson, National Association
                           201 East Greenville Street
                           Anderson, S.C. 29621
                           Attn:    Chairman of the Board

To the Company:            Peoples Bancorporation
                           P.O. Box 1989
                           Easley, S.C. 29641
                           Attn:    Chairman of the Board

To Executive:              David C. King
                           116 Cherokee Circle
                           Anderson, S.C.  29621

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.

         14.  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 covenants,  or any part thereof, of this Agreement,
all of which shall remain in full force and effect.

                                       12
<PAGE>

         15.  Remedies.  The  Executive  acknowledges  that  if he  breaches  or
threatens to breach his  covenants  and  agreements in Sections 9 and 10 of this
Agreement,  such actions may cause irreparable harm and damage to the Company or
the Bank which could not be compensated by monetary damages alone.  Accordingly,
if Executive  breaches or  threatens  to breach  Section 9 or Section 10 of this
Agreement,  the Company and the Bank shall be entitled to injunctive relief from
a court of competent  jurisdiction,  in addition to any other rights or remedies
of the Company or the Bank.

         16. Arbitration.

                  16.1 Generally. Any dispute or controversy, other than a claim
for  injunctive  relief  pursuant  to  Section 15  hereof,  arising  under or in
connection  with this Agreement  shall be settled  exclusively by arbitration in
Easley, South Carolina, by three arbitrators in accordance with the rules of the
American  Arbitration  Association  then in effect.  The  arbitrators  may grant
injunctions or other relief in such dispute or controversy.  The decision of the
arbitrators  shall be  final,  conclusive  and  binding  on the  parties  to the
arbitration,  and judgment may be entered on the decision of the  arbitrators in
any court  having  jurisdiction.  Executive  shall be entitled to seek  specific
performance  of the right to be paid  until the date of  termination  during the
pendency of any dispute or controversy  arising under or in connection with this
Agreement.

                  16.2  Interim  Relief.  The  parties may apply to any court of
competent   jurisdiction  for  a  temporary   restraining   order,   preliminary
injunction,  or other interim or  conservatory  relief,  as  necessary,  without
breach of this  arbitration  agreement and without  abridgement of the powers of
the arbitrator.

                  16.3  Payment of Costs.  The Company  shall bear all costs and
expenses arising in connection with any arbitration  proceeding pursuant to this
Section.

                  EXECUTIVE  HAS  READ  AND  UNDERSTANDS  THIS  SECTION,   WHICH
DISCUSSES  ARBITRATION.  EXECUTIVE  UNDERSTANDS  THAT BY SIGNING THIS AGREEMENT,
EXECUTIVE AGREES TO SUBMIT ANY CLAIMS,  OTHER THAN A CLAIM FOR INJUNCTIVE RELIEF
PURSUANT TO SECTION 15 HEREOF,  ARISING OUT OF,  RELATING  TO, OR IN  CONNECTION
WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE,
BREACH OR TERMINATION THEREOF TO BINDING ARBITRATION,  UNLESS OTHERWISE REQUIRED
BY LAW, AND THAT THIS  ARBITRATION  CLAUSE  CONSTITUTES A WAIVER OF  EXECUTIVE'S
RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES  RELATING TO
EXECUTIVE'S RELATIONSHIP WITH THE COMPANY AND THE BANK.

                  16.4 Survival.  This Section 16 relating to arbitration  shall
survive termination of this Agreement

         17. Waiver.  Except for the one year and three month limitations in the
definition  of  "Involuntary  Termination"  and the one year  limitation  in the
definition of  "Voluntary  Termination"  in Section 2 hereof,  failure of either
party to insist, in one or more instances, on performance by the other in strict

                                       13
<PAGE>

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.

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

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

         20.  Integration.  This Agreement  represents the entire  agreement and
understanding  among the parties as to the subject  matter herein and supersedes
all prior or contemporaneous  agreements whether written or oral. This Agreement
also specifically replaces and supercedes the Prior Agreement.

         21.  Notification  of New  Employer.  In  the  event  that  Executive's
employment   with  the  Bank  is  terminated,   Executive   hereby  consents  to
notification  by the Bank to Executive's  new employer or  prospective  employer
about Executive's rights and obligations under this Agreement.

         22. Right to Advice of Counsel.  Executive acknowledges that he has had
the right to consult with counsel and is fully aware of  Executive's  rights and
obligations under this Agreement.

         23.  General  Matters.  Submission of this  Agreement for  examination,
negotiation, or signature does not constitute an offer, and this Agreement shall
not be  effective  until it is duly  executed and  delivered,  if at all, by the
Bank,  the Company  and  Executive.  The  language  of this  Agreement  shall be
construed as a whole, according to its fair meaning and intent, and not strictly
for or against  either  party,  regardless  of who  drafted  or was  principally
responsible  for drafting  this  Agreement or any  specific  term or  conditions
hereof.  This Agreement shall be deemed to have been drafted by each party,  and
neither  party  shall urge  otherwise.  Either  party's  failure to review  this
Agreement  or any  related  documents,  or to  obtain  legal or other  advice in
connection with this transaction, constitutes a waiver of any objection or claim
that may be based upon such failure.

(The remainder of this page is intentionally  left blank.  Signatures are on the
following page.)

                                       14
<PAGE>

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

                              [SIGNATURES OMITTED]

                                       15Exhibit 10.6

            NOTICE: THIS AGREEMENT IS SUBJECT TO ARBITRATION PURSUANT
                  TO THE SOUTH CAROLINA UNIFORM ARBITRATION ACT

               NONCOMPETITION, SEVERANCE AND EMPLOYMENT AGREEMENT

         This   Noncompetition,   Severance  and  Employment   Agreement   (this
"Agreement") is made and entered into as of this 23rd day of February,  2005, by
and among R.  Riggie  Ridgeway,  an  individual  (the  "Executive")  and Peoples
Bancorporation, Inc., a South Carolina corporation (the "Company").

         WHEREAS,  the Company and the Executive  entered into a Noncompetition,
Severance  and  Employment  Agreement  dated as of August  7,  1995 (the  "Prior
Agreement");

         WHEREAS,  the Executive and the Company now desire to replace the Prior
Agreement with this Agreement;

         WHEREAS,  the Board of  Directors  of the Company  continues to believe
that the Executive has been instrumental in the success of the Company since his
employment;

         WHEREAS,  the Company  desires to continue to employ the  Executive  as
President and Chief Executive Officer of the Company;

         WHEREAS,  the Executive is willing to continue 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 the Executive hereby accepts such employment as
President  and Chief  Executive  Officer of the Company,  having such duties and
responsibilities as are set forth in Section 3 below.

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

         "Change  of  Control"  shall  mean the  occurrence  during the Term (as
defined in Section 4 hereof) of any of the following events:

               (a) An acquisition  (other than directly from the Company) of any
          voting  securities  of the Company  (the "Voting  Securities")  by any
          "Person" (as the term person is used for purposes of Section  13(d) or
          14(d)  of the  Securities  Exchange  Act of  1934  (the  "1934  Act"))
          immediately after which such Person has "beneficial ownership" (within
          the  meaning of Rule 13d-3  promulgated  under the 1934 Act) of 50% or

<PAGE>

          more of the combined  voting power of the Company's  then  outstanding
          Voting Securities;  provided,  however,  that in determining whether a
          Change of Control has occurred,  Voting  Securities which are acquired
          in a  "Non-Control  Acquisition"  (as  hereinafter  defined) shall not
          constitute  an  acquisition  which would cause a Change of Control.  A
          "Non-Control Acquisition" shall mean an acquisition by (i) an employee
          benefit plan (or a trust forming a part thereof) maintained by (x) the
          Company or (y) any  corporation or other Person of which a majority of
          its voting power or its equity  securities or equity interest is owned
          directly  or  indirectly  by the  Company (a  "Subsidiary"),  (ii) the
          Company or any  Subsidiary,  or (iii) any Person in connection  with a
          "Non-Control Transaction" (as hereinafter defined); or

               (b) The individuals  who, as of the date of this  Agreement,  are
          members  of the Board of  Directors  of the  Company  (the  "Incumbent
          Board") cease for any reason to constitute at least  two-thirds of the
          Board of the Company;  provided,  however,  that if the  election,  or
          nomination  for  election by the  Company's  stockholders,  of any new
          director  was  approved  by a  vote  of at  least  two-thirds  of  the
          Incumbent  Board,  such  new  director  shall,  for  purposes  of this
          Agreement, be considered as a member of the Incumbent Board; or

               (c) Consummation of:

                    (1)  A merger, consolidation or reorganization involving the
                         Company, unless

                         i)   the  stockholders  of  the  Company,   immediately
                              before    such    merger,     consolidation     or
                              reorganization,   own,   directly  or  indirectly,
                              immediately  following such merger,  consolidation
                              or  reorganization,  more than 50% of the combined
                              voting power of the outstanding  voting securities
                              of the  corporation  resulting from such merger or
                              consolidation  or  reorganization  (the "Surviving
                              Corporation") in substantially the same proportion
                              as  their  ownership  of  the  Voting   Securities
                              immediately  before such merger,  consolidation or
                              reorganization, and

                         ii)  the  individuals who were members of the Incumbent
                              Board  immediately  prior to the  execution of the
                              agreement providing for such merger, consolidation
                              or  reorganization  constitute at least two-thirds
                              of the  members of the board of  directors  of the
                              Surviving Corporation.

                    (A transaction described in clauses (c)(1)(i) and (ii) shall
                    herein be referred to as a "Non-Control Transaction"); or

                    (2)  A complete  liquidation  or dissolution of the Company;
                         or

                                       2
<PAGE>

                    (3)  An agreement for the sale or other  disposition  of all
                         or  substantially  all of the assets of the  Company to
                         any Person (other than a transfer to a Subsidiary); or

               (d) The occurrence of any other event or circumstance that is not
          covered  by  subparagraphs  (a)  through  (c) above  that the Board of
          Directors of the Company determines affects the control of the Company
          and, in order to implement the purposes of this Agreement, as to which
          the  Board  of  Directors  adopts  a  resolution  that  such  event or
          circumstance  constitutes  a Change of Control  for  purposes  of this
          Agreement.

               (e)  Notwithstanding  anything contained in this Agreement to the
          contrary,  if the  Executive's  employment  is  terminated  prior to a
          Change of Control and the Executive reasonably  demonstrates that such
          termination  (i) was at the request of a third party who has indicated
          an intention or taken steps  reasonably  calculated to effect a Change
          of Control and who  effectuates a Change of Control (a "Third  Party")
          or (ii) otherwise  occurred in connection with, or in anticipation of,
          a Change of Control which  actually  occurs,  then for all purposes of
          this  Agreement,  the date of a Change of Control  with respect to the
          Executive  shall mean the date  immediately  prior to the date of such
          termination of the Executive's employment.

         "Cause" shall mean:

               (a) any  act  that  constitutes,  on the  part of the  Executive,
          willful and continued  failure to implement or follow the  directives,
          policies  or  procedures  of the Board of  Directors  of the  Company,
          willful violation of any state or federal law or regulation applicable
          to  the  Company,   gross   malfeasance  of  duty,   conduct   grossly
          inappropriate  to  the  Executive's  office,  or  a  material  willful
          violation of this Agreement,  and which is demonstrably likely to lead
          to material injury to the Company; or

               (b) any act that  resulted or was intended to result in direct or
          indirect  gain  to or  personal  enrichment  of the  Executive  at the
          expense, direct or indirect, of the Company; or

               (c) any  act  that  constitutes,  on the  part of the  Executive,
          fraud, dishonesty,  moral turpitude,  gross negligence, or intentional
          damage to the property or business of the Company; or

               (d) the  conviction  (from  which no  appeal  may be or is timely
          taken) of the Executive of a felony; or

               (e) the  suspension  or  removal of the  Executive  by federal or
          state banking  regulatory  authorities  acting under lawful  authority
          pursuant to provisions of federal or state law or regulation which may
          be in effect from time to time;

          provided, however, that in the case of clauses (a) and (b) above, such
          conduct shall not constitute Cause:

                                       3
<PAGE>

                           (x) unless (i) there shall have been delivered to the
                  Executive a written notice setting forth with  specificity the
                  reasons that the Board of  Directors  of the Company  believes
                  the Executive's conduct meets the criteria set forth in clause
                  (a),  (ii)  the   Executive   shall  have  been  provided  the
                  opportunity   to  be  heard  in  person  by  the  Board  (with
                  assistance  of the  Executive's  counsel if the  Executive  so
                  desires),  and (iii) after such hearing,  the  termination  is
                  evidenced by a resolution  adopted in good faith by two-thirds
                  of the members of the Board (other than the Executive); or

                           (y) if such conduct (i) was believed by the Executive
                  in  good  faith  to have  been  in,  or not  opposed  to,  the
                  interests  of the  Company,  and (ii) was not intended to, and
                  did not,  result in the direct or indirect gain to or personal
                  enrichment of the Executive.

         "Confidential   Information"   shall  mean  all   business   and  other
information  relating  to the  business  of the  Company,  its  Subsidiaries  or
affiliates,  including  without  limitation,  technical or  non-technical  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 any of
the foregoing items which has become publicly known and made generally available
through no wrongful act of Executive or of others who were under confidentiality
obligations  as to the item or items  involved or  improvements  or new versions
thereof.

         "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 full-time basis for a period of six (6) months as determined by
an  independent  physician  selected with the approval of both the Executive and
the Company.

         "Involuntary Termination" shall mean the termination of the Executive's
employment  by the Executive  within one year  following a Change of Control (a)
which is due to:  (i) a  material  change of the  Executive's  responsibilities,
position  (including  status as  President  and Chief  Executive  Officer 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 of  Control);  or (ii) a  material  change in the  terms  (including  the
rolling  three year  termination  date) of this  Agreement;  or (iii) a material
reduction  in the  Executive's  compensation  or  benefits;  or  (iv)  a  forced
relocation of the Executive  outside the  Anderson/Easley/Greenville/Spartanburg
metropolitan  area;  or (v) a  significant  increase in the  Executive's  travel
requirements; or (vi) the Company's insolvency; or (vii) the Company's breach of
any material  provision of this Agreement;  and (b) which  circumstance  has not

                                       4
<PAGE>

been cured within 30 days after  written  notice of such  circumstance  has been
given to the Company by the  Executive;  provided,  however,  if  Executive  has
consented in writing to any of the events in (i) through (vii) above, or has not
objected  in  writing  to any of such  events  within  three  months  after  the
occurrence  thereof,  such event or events  shall not  constitute  the basis for
treating  the  Executive's  termination  of  his  employment  as an  Involuntary
Termination.

         "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  within one year  following a Change of Control which is
not  the  result  of any of  clauses  (a)(i)  through  (vii)  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  President  and Chief  Executive  Officer of
companies such as the Company, including, without limitation, those specified in
the Company's  bylaws and  applicable  resolutions  and policies  adopted by the
Company's Board of Directors.  Executive agrees that during the Term hereof,  he
will devote his full time, attention and energies to the diligent performance of
his duties.  Executive shall not,  without prior 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 Subsidiary or other  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) engage in any venture or activity  which
the Board of  Directors  of the Company may in good faith  consider to interfere
with  Executive's  performance  of  his  duties  hereunder;  provided,  however,
Executive  shall only be deemed to be in breach of (ii) or (iii) of this section
3 after he has been  given  written  notice  by the  Board of  Directors  of the
Company that such Board believes he is engaging in an impermissible activity and
the Executive has not terminated such activity within 15 days after such notice.

         4. Term. Unless earlier terminated as provided in this Agreement,  this
Agreement  and the  Executive's  period of 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 the date of this  Agreement.  This Agreement
shall be deemed to  extend  each day for an  additional  day  automatically  and
without any action on behalf of any party hereto;  provided,  however,  that any
party may,  by notice to the  others,  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,  unless  Executive's  employment is
earlier terminated  pursuant to Section 5 hereof. If no such notice is given and
the Executive's  employment is terminated  pursuant to Section 5.1.3 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
<PAGE>

         5. Termination.  The Company may terminate Executive's employment under
this Agreement at any time, or Executive may terminate his employment under this
Agreement  at any time.  Executive's  sole  rights to  compensation  under  this
Agreement in the event of such termination are as set forth below:

                  5.1 By the  Company.  The  Company  shall  have  the  right to
terminate the Executive's  employment hereunder at any time and Executive's only
rights to compensation under this Agreement shall be as follows:

                        5.1.1 If the Company terminates  Executive's  employment
under  this  Agreement  for Cause or as a result of  Disability,  the  Company's
obligations hereunder shall cease as of the date of termination, Executive shall
have no right to  compensation  or other  benefits  under this Agreement for any
period  after the date of  termination,  and  Executive  shall be subject to the
non-competition provisions set forth in section 10 hereof.

                        5.1.2 If the Company terminates Executive other than for
Cause or as a result of  Disability  and  there  has been a Change  of  Control,
Executive  shall be entitled to receive,  as  severance,  immediately  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.

                        5.1.3 If the Company terminates Executive other than for
Cause or as a result of  Disability  and in the  absence of a Change of Control,
Executive  shall be entitled to receive,  as  severance,  immediately  upon such
termination,  the compensation and benefits provided in Section 6 hereof for the
remaining Term of this Agreement.

                        5.1.4 If the Company terminates Executive other than for
Cause,  (A) all  rights of  Executive  pursuant  to  awards  of share  grants or
unexpired  options  granted by the  Company  shall be deemed to have  vested and
become  immediately  exercisable,  and shall be released from all conditions and
restrictions on transfer,  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 the same period of time for which
benefits are required to be paid under  Section 5.1.2 or 5.1.3,  as  applicable,
for the purposes of the Company's benefit plans, including,  without limitation,
any restricted stock agreements hereafter entered into with Executive.

                  5.2 By Executive.  Executive shall have the right to terminate
his employment  hereunder and Executive's only rights to compensation under this
Agreement shall be as follows:

                        5.2.1 If Executive  terminates  his  employment and such
termination  does not  constitute  a  Voluntary  Termination  or an  Involuntary
Termination,  the Company's  obligations  under this Agreement shall cease as of
the date of such  termination,  Executive shall have no right to compensation or
other   benefits  under  this  Agreement  for  any  period  after  the  date  of
termination,  and Executive shall be subject to the  non-competition  provisions
set forth in section 10 hereof.

                                       6
<PAGE>

                        5.2.2 If Executive  terminates his employment  hereunder
and such termination constitutes an Involuntary Termination,  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 Involuntary Termination.

                        5.2.3 If Executive  terminates his employment  hereunder
and such  termination  constitutes a Voluntary  Termination,  Executive shall be
entitled to receive  immediately  as  severance  the  compensation  and benefits
provided in Section 6 hereof for one year  following  the date of his  Voluntary
Termination.

                        5.2.4 In addition, in the event of Voluntary Termination
or Involuntary  Termination,  (A) all rights of Executive  pursuant to awards of
share grants or unexpired options granted by the Company shall be deemed to have
vested  and  become  immediately  exercisable,  and shall be  released  from all
conditions and  restrictions  on transfer,  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 the same period of
time for which benefits are required to be paid under Section 5.2.2 or 5.2.3, as
applicable, for the purposes of the Company's benefit plans, including,  without
limitation,   any  restricted  stock  agreements  hereafter  entered  into  with
Executive.

                  5.3 Executive's  Death. Upon Executive's  death, the Company's
obligations  under this Agreement  shall  immediately  cease and Executive shall
have no right to  compensation  or other  benefits  under this Agreement for any
period after the date of death. Upon Executive's  death, all rights of Executive
pursuant to awards of share grants or unexpired  options  granted by the Company
shall be deemed to have vested and become immediately  exercisable in accordance
with the terms of the plan and/or agreement pursuant to which they were granted,
and shall be released from all conditions and  restrictions on transfer,  except
for restrictions on transfer pursuant to the Securities Act of 1933, as amended.

                  5.4   Calculation  of  Certain   Benefits.   For  purposes  of
determining  severance  payments  pursuant to Sections 5.1.2,  5.1.3,  5.2.2 and
5.2.3,  (i) the  amount of annual  salary  shall be deemed to be the  annualized
salary being paid immediately  prior to the termination,  (ii) the annual amount
of  unfixed  compensation  (such as a bonus)  shall be deemed to be equal to the
average of such compensation over the three year period immediately prior to the
termination,  and (iii) the annual amount of benefits  shall be deemed to be the
sum of the costs to the Company of providing  the benefits to the  Executive for
the twelve month period ending immediately prior to the termination.

                  5.5   Applicability   of  Restrictions  on  Resale  under  the
Securities Act of 1933 or Section 16 of the Securities  Exchange Act of 1934 and
Terms of Exercise.  Any exercise of options  pursuant to Sections 5.1.4 or 5.2.4
and sale of shares  acquired on such exercise will continue to be subject to the
restrictions on resale under the Securities Act of 1933 and the rules thereunder
and to the short swing trading and reporting  requirements  of Section 16 of the
Securities  Exchange Act of 1934 and the rules  thereunder to the extent and for
the period of time  required by such Acts and rules.  Anything  set forth to the
contrary  notwithstanding  herein or in the plan or agreement  pursuant to which

                                       7
<PAGE>

the options were granted, in the event of termination of Executive's  employment
pursuant  to  Sections  5.1.2,  5.1.3 or 5.2.2,  Executive  shall have until the
earlier of (x) one year from the date of termination or (y) the expiration  date
of the options to exercise such stock option rights. In the event of termination
of Executive's employment other than pursuant to Sections 5.1.2, 5.1.3 or 5.2.2,
Executive  shall  have the  period of time  specified  in the plan or  agreement
pursuant to which options were granted to exercise such options.

         6. Compensation. In consideration of Executive's services and covenants
hereunder,  the 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):

                  6.1 Annual Salary.  During the Term hereof,  the Company shall
pay to Executive a salary at a rate of $275,000.00 per annum. Executive's salary
will be reviewed  annually by the Board of  Directors of the Company and, in the
sole  discretion of the Board of Directors of the Company,  may be increased for
such year.

                  6.2  Annual  Incentive  Bonus.  During  the Term  hereof,  the
Company shall pay to Executive an annual incentive cash bonus in accordance with
the  terms of any  incentive  plans  adopted  by the Board of  Directors  of the
Company.

                  6.3  Stock  Options.  During  the Term  hereof,  the  Board of
Directors of the Company may grant Executive  options to purchase Company common
stock in accordance with the terms of the Company's stock option plans.

                  6.4 Other  Benefits.  Executive  shall be entitled to share in
any other employee benefits generally provided by the Company to its most highly
ranking  executives  for so long as the  Company  provides  such  benefits.  The
Company  shall  also  provide  Executive  with  a  Company-paid  automobile  and
reasonable  club dues for one country club.  Executive shall also be entitled to
participate in all other benefits accorded generally to Company employees.

                  6.5 Executive's Right To Benefits  Absolute.  The right of the
Executive to receive the benefits set forth in this Agreement  shall be absolute
and not  subject to any right of set-off or  counterclaim  the  Company may have
against Executive.

         7.  Accelerated  Vesting of  Executive's  Stock  Options . Anything set
forth herein to the contrary  notwithstanding,  Executive's  stock options shall
vest  immediately  upon the  occurrence  of a  Change  of  Control,  even if the
Executive  remains  employed  with the  Company  or one of its  Subsidiaries  or
affiliates after a Change of Control. However, to the extent that this Agreement
is  inconsistent  with the stock option plan  pursuant to which the options were
granted, the terms of such stock option plan shall control.

                                       8
<PAGE>

         8. Parachute Payments.

                  8.1  Golden  Parachute  Payments.  Notwithstanding  any  other
provision  of this  Agreement,  if any payment  provided  for in this  Agreement
would, if paid,  constitute a "golden parachute payment" as defined in 12 C.F.R.
Section  359.1(f) as in effect on the date of this Agreement,  the obligation of
the Company to make such  payment  shall be subject to an  additional  condition
that the  circumstances  which  cause  the  payment  to be a  "golden  parachute
payment"  shall have ceased to exist,  but such payment  will become  payable in
full at such time as the  condition is met together  with  interest at the prime
rate, compounded annually, from the date such payment would have been due had it
not been a "golden parachute payment" until paid.

                  8.2 Excess  Parachute  Payments.  It is the  intention  of the
parties to this  Agreement  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.  In the event
that the  Company,  on the  date of a Change  of  Control,  determines  that the
payments  provided for herein constitute  "excess parachute  payments," then the
compensation payable under this Agreement shall be reduced to the point at which
such compensation shall not qualify as an "excess parachute payment."

         9. Confidentiality.

                  9.1   Company,    Subsidiary   and   Affiliate    Confidential
Information.  Executive  acknowledges that, prior to and during the term of this
Agreement,  the Company,  its Subsidiaries or affiliates have furnished and will
furnish to  Executive,  and the  Executive  will  develop for the benefit of the
Company, its Subsidiaries and affiliates,  Confidential  Information which could
be used by Executive on behalf of a competitor of the Company,  its Subsidiaries
or affiliates to the Company's,  its  Subsidiaries'  or affiliates'  substantial
detriment.  Executive  acknowledges  that  Confidential  Information is the sole
property  of the  Company,  its  Subsidiaries  and  affiliates.  In  view of the
foregoing,  Executive  acknowledges  and agrees that the  restrictive  covenants
contained in this Agreement are  reasonably  necessary to protect the Company's,
its Subsidiaries' and affiliates'  legitimate  business  interests and goodwill.
Executive  agrees that he shall  protect and hold in  strictest  confidence  the
Company's,  its Subsidiaries' and affiliates' 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, if permitted to do so
under  applicable law,  promptly notify the Company of such order or subpoena to
provide the Company,  its  Subsidiaries and affiliates an opportunity to protect
their  interests,  and  Executive  agrees to  cooperate  with the  Company,  its
Subsidiaries  and  affiliates  in trying to protect  their  interests.  Upon the
termination or expiration of his employment  hereunder,  the Executive agrees to
deliver  promptly to the Company,  its  Subsidiaries and affiliates all of their
respective  files,  customer lists,  management  reports,  memoranda,  research,
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

                                       9
<PAGE>

foregoing)  in  his  possession  or  control  and  all  of  the  Company's,  its
Subsidiaries' and affiliates' equipment and other materials in his possession or
control.  This  section 9.1 shall  survive for 24 months  after  termination  of
employment of Executive with the Company or any of its Subsidiaries.

                  9.2 Third Party Confidential Information. Executive shall also
hold in the strictest  confidence all  confidential  or proprietary  information
that the Company,  its  Subsidiaries  or affiliates have received from any third
party to which it is the Company's,  its Subsidiaries' or affiliates' obligation
to maintain the  confidentiality  of such  information,  and Executive shall not
disclose such information to any Person, firm or corporation or use it except as
necessary in carrying out Executive's  work for the Company  consistent with the
Company's, its Subsidiaries' or affiliates' agreement with such third party.

         10. Noncompetition. As used in this Section 10, "Company" shall include
the Company and its Subsidiaries.

                  10.1 In the Event of Termination  Without a Change of Control.
In the event that Executive's  employment with the Company is terminated  either
by the Board of Directors for Cause or by the  Executive,  and there has been no
Change  of  Control,  then  Executive  shall  not,  for a period of one (1) year
following such termination of employment:

              (i)    become  employed by any insured  depository  institution or
                     insured  depository  institution  holding  company that has
                     customers or does business as follows:

                    (a)  has  an  office  situated  in or  an  agent  or  agents
                         regularly  working in any city in which the Company has
                         an office  in which an agent or  agents of the  Company
                         regularly work, or

                    (b)  has a  significant  number of offices  situated in or a
                         significant  number of agents regularly  working in any
                         city in which the Company has a  significant  number of
                         offices or in which a  significant  number of agents of
                         the Company regularly work, or

                    (c)  has a  significant  number of customers  located in any
                         county  of  South  Carolina  where  the  Company  has a
                         significant number of customers, or

                    (d)  shares  a  significant  number  of  customers  with the
                         Company.

              (ii)   interfere  or  attempt  to  interfere   with  any  business
                     relationship of the Company, including, without limitation,
                     employee  and  customer  relationships,  whether  by lawful
                     competition or otherwise; or

              (iii)  engage, directly or indirectly, in any business or activity
                     which requires  Executive,  or any person or party employed
                     by him or  whom  he  represents,  to  provide  Confidential

                                       10
<PAGE>

                     Information or other data obtained by Executive as a result
                     of his  employment  with the Company to any other person or
                     party who is then engaged in providing  similar services to
                     those of the Company for use in competing with the Company;
                     or

              (iv)   solicit from any customer of the Company any business  that
                     such customer has customarily  done or  contemplates  doing
                     with the Company; or

              (v)    solicit any business that could be done by the Company from
                     any  customer of the Company  with whom the  Executive  had
                     contact while employed by the Company; or

              (vi)   solicit  any  business on the basis of, or  advertise,  the
                     Executive's former affiliation with the Company; or

              (vii)  solicit, encourage or assist any other person to solicit or
                     encourage  any  employee of the Company to  terminate  such
                     employment; or

              (viii) otherwise   compete   against  the  Company,   directly  or
                     indirectly, whether as principal, agent, employee, or owner
                     of any entity (if the  percentage or ownership  exceeds 10%
                     of the entity).

The parties hereto intend the geographic  areas and all other  restrictions  set
forth  herein  to be  completely  severable  and  independent;  if  any  of  the
restrictions  set forth  above are  determined  to be either  unenforceable,  or
unenforceable in any of the geographic areas set forth above, the parties intend
that the  restrictions  set forth above shall continue to apply to the remaining
geographic areas set forth above and that the other restrictions set forth above
shall continue to apply.

                  10.2 In the  Event  of  Termination  in  Anticipation  of,  or
Following,  a Change of Control.  In the event that  Executive's  employment  is
terminated  for any reason other than for Cause either (i) following a Change of
Control (whether by the Company or the Executive),  or (ii) prior to a Change of
Control and the Executive reasonably  demonstrates that such termination (x) was
at the request of a third party who has  indicated  an  intention or taken steps
reasonably calculated to effect a Change of Control and who effectuates a Change
of Control or (y) otherwise  occurred in connection with, or in anticipation of,
a Change of Control which  actually  occurs,  then it is expressly  acknowledged
that there shall be no  limitation  on any  competitive  activity of  Executive,
including direct competition with the Company or its successors, and the Company
shall not be entitled to injunctive  relief with respect to any such competitive
activities of Executive.  In the event of termination of Executive's  employment
for Cause  following  a Change of  Control,  the  noncompetition  provisions  of
Section 10.1 shall apply to Executive.

         11. Trust. The Company shall establish an irrevocable trust to fund the
obligations  hereunder  (which  may  be a  "rabbi  trust"  if  so  requested  by
Executive),  which trust (i) shall have as trustee an  individual  acceptable to

                                       11
<PAGE>

Executive,  (ii) shall be funded  upon the earlier of a Change of Control or the
approval of any  regulatory  application  filed by a  potential  acquiror of the
Company seeking to acquire control of the Company,  and (iii) shall contain such
other  terms  and  conditions  as  are   reasonably   necessary  in  Executive's
determination to ensure the Company's compliance with its obligations hereunder.

         12.  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 the Company.

         13. 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
                           P.O. Box 1989
                           Easley, S.C. 29641
                           Attn:    Chairman of the Board

To Executive:              R. Riggie Ridgeway
                           401 Four Lakes Drive
                           Easley, S. C. 29642

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.

         14.  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 covenants,  or any part thereof, of this Agreement,
all of which shall remain in full force and effect.

         15.  Remedies.  The  Executive  acknowledges  that  if he  breaches  or
threatens to breach his  covenants  and  agreements in Sections 9 and 10 of this
Agreement,  such actions may cause  irreparable  harm and damage to the Company,
its  Subsidiaries  or  affiliates  which  could not be  compensated  by monetary
damages alone. Accordingly, if Executive breaches or threatens to breach Section
9 or Section 10 of this Agreement,  the Company, its Subsidiaries and affiliates
shall be entitled to injunctive  relief from a court of competent  jurisdiction,
in addition to any other rights or remedies of the Company, its Subsidiaries and
affiliates.

         16. Arbitration.

                  16.1 Generally. Any dispute or controversy, other than a claim
for  injunctive  relief  pursuant  to  Section 15  hereof,  arising  under or in
connection  with this Agreement  shall be settled  exclusively by arbitration in

                                       12
<PAGE>

Easley, South Carolina, by three arbitrators in accordance with the rules of the
American  Arbitration  Association  then in effect.  The  arbitrators  may grant
injunctions or other relief in such dispute or controversy.  The decision of the
arbitrators  shall be  final,  conclusive  and  binding  on the  parties  to the
arbitration,  and judgment may be entered on the decision of the  arbitrators in
any court  having  jurisdiction.  Executive  shall be entitled to seek  specific
performance  of the right to be paid  until the date of  termination  during the
pendency of any dispute or controversy  arising under or in connection with this
Agreement.

                  16.2  Interim  Relief.  The  parties may apply to any court of
competent   jurisdiction  for  a  temporary   restraining   order,   preliminary
injunction,  or other interim or  conservatory  relief,  as  necessary,  without
breach of this  arbitration  agreement and without  abridgement of the powers of
the arbitrator.

                  16.3  Payment of Costs.  The Company  shall bear all costs and
expenses arising in connection with any arbitration  proceeding pursuant to this
Section.

                  EXECUTIVE  HAS  READ  AND  UNDERSTANDS  THIS  SECTION,   WHICH
DISCUSSES  ARBITRATION.  EXECUTIVE  UNDERSTANDS  THAT BY SIGNING THIS AGREEMENT,
EXECUTIVE AGREES TO SUBMIT ANY CLAIMS,  OTHER THAN A CLAIM FOR INJUNCTIVE RELIEF
PURSUANT TO SECTION 15 HEREOF,  ARISING OUT OF,  RELATING  TO, OR IN  CONNECTION
WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY, CONSTRUCTION, PERFORMANCE,
BREACH OR TERMINATION THEREOF TO BINDING ARBITRATION,  UNLESS OTHERWISE REQUIRED
BY LAW, AND THAT THIS  ARBITRATION  CLAUSE  CONSTITUTES A WAIVER OF  EXECUTIVE'S
RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES  RELATING TO
EXECUTIVE'S RELATIONSHIP WITH THE COMPANY.

                  16.4 Survival.  This Section 16 relating to arbitration  shall
survive termination of this Agreement

         17. Waiver.  Except for the one year and three month limitations in the
definition  of  "Involuntary  Termination"  and the one year  limitation  in the
definition of  "Voluntary  Termination"  in Section 2 hereof,  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.

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

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

         20.  Integration.  This Agreement  represents the entire  agreement and
understanding  among the parties as to the subject  matter herein and supersedes

                                       13
<PAGE>

all prior or contemporaneous  agreements whether written or oral. This Agreement
also specifically replaces and supercedes the Prior Agreement.

         21.  Notification  of New  Employer.  In  the  event  that  Executive's
employment  with  the  Company  is  terminated,  Executive  hereby  consents  to
notification by the Company to Executive's new employer or prospective  employer
about Executive's rights and obligations under this Agreement.

         22. Right to Advice of Counsel.  Executive acknowledges that he has had
the right to consult with counsel and is fully aware of  Executive's  rights and
obligations under this Agreement.

         23.  General  Matters.  Submission of this  Agreement for  examination,
negotiation, or signature does not constitute an offer, and this Agreement shall
not be effective until it is duly executed and delivered,  if at all, by Company
and  Executive.  The language of this  Agreement  shall be construed as a whole,
according to its fair meaning and intent, and not strictly for or against either
party,  regardless of who drafted or was  principally  responsible  for drafting
this Agreement or any specific term or conditions  hereof.  This Agreement shall
be deemed to have been  drafted by each  party,  and  neither  party  shall urge
otherwise.  Either  party's  failure to review  this  Agreement  or any  related
documents,  or  to  obtain  legal  or  other  advice  in  connection  with  this
transaction,  constitutes  a waiver of any  objection or claim that may be based
upon such failure.

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

                              [SIGNATURES OMITTED]

                                       14

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