Document:

Form of Warrant Agreement

 Exhibit 4.4 
 WARRANT AGREEMENT 
 THIS AGREEMENT, dated as of this _____ day of __________,
2009, by and between Waccamaw Bankshares, Inc., a North Carolina corporation (the “Company”) and First-Citizens Bank & Trust Company, Raleigh, North Carolina (the “Transfer Agent”). 
 WHEREAS, the Company in connection with its offering (the “Offering”) of approximately four hundred thousand (400,000) shares
of its series B mandatory convertible 7% non-cumulative perpetual preferred stock (the “Series B Preferred Stock”) is issuing an aggregate of approximately four hundred thousand (400,000) warrants (the “Warrants”) to
purchase the Company’s no par value common stock (the “Common Stock”), such that one Warrant shall be issued for each share of the Company’s Series B Preferred Stock sold in the Offering. 
 WHEREAS, the Company desires to appoint the Transfer Agent to act on its behalf in connection with the (i) issuance, transfer and exchange of
the certificates representing the Warrants (the “Warrant Certificates”), (ii) the exercise of the Warrants by the holders thereof (together with any registered successors or assigns, the “Holders”) and (iii) the
adjustment of the Warrants in certain events as contained herein; 
 NOW, THEREFORE, the parties hereto hereby agree as follows:

 1. APPOINTMENT OF TRANSFER AGENT. The Company hereby appoints the Transfer Agent as its agent to issue the Warrant
Certificates, as set forth herein at the usual and customary rates under the current agreement between the Company and the Transfer Agent, subject to resignation or replacement as provided herein. The Transfer Agent agrees to accept such
appointment, subject to the terms and conditions as set forth herein and to issue, transfer and exchange the Warrant Certificates pursuant to the terms as provided for herein to issue the certificates representing the appropriate number of shares of
Common Stock (or other consideration) upon exercise of the Warrants. The Company agrees to issue and honor the Warrants on the terms and conditions as herein set forth and to issue its Common Stock (or other securities) upon notice from the Transfer
Agent of the proper exercise of any Warrant. The Transfer Agent is hereby empowered to enforce any rights of the Holders for the benefit of any Holders, subject to the terms and conditions contained herein. 
 2. ISSUANCE OF WARRANT CERTIFICATES. 
 2.1. Form of Warrant Certificate. All Warrants shall be issued substantially in the form of the Warrant Certificate annexed hereto as Exhibit A. The terms of any such Certificate are incorporated herein
by reference. 
 2.2. Execution of Warrants. No Warrants shall have been duly and validly issued until a Holder has
received a Warrant Certificate executed by the chairman or president of the Company and the secretary or treasurer of the Company and such Certificate is countersigned by an authorized officer of the Transfer Agent. Any Warrant Certificates may be
executed by the officers of the Company by means of a facsimile signature. The Transfer Agent shall maintain the register of all Holders. 

 2.3. Maximum Number of Warrants. The Company hereby authorizes the Transfer Agent
to issue an aggregate of approximately                  thousand (            ,000)
Warrants pursuant to the terms hereof subject to adjustment as hereafter provided in Section 4 hereof. 
 2.4. Initial
Holders. The Company shall deliver to the Transfer Agent a list of the names of the persons who shall be the initial Holders of the Warrants and the number of Warrants to which each such person is entitled. The Transfer Agent is hereby
authorized by the Company to promptly issue Warrant Certificates for approximately                  thousand
(            ,000) Warrants upon receipt of the written request of the Company, which shall include the list referred to in the preceding sentence. The Company shall deliver to the
Transfer Agent, along with this Warrant Agreement, a sufficient number of duly executed Warrant Certificates. The Warrant Certificates shall be completed and countersigned by the Transfer Agent and promptly mailed or delivered to the Holders
pursuant to the terms hereof. When requested by the Transfer Agent, from time to time hereafter, the Company will execute additional Warrant Certificates in blank for the Transfer Agent to issue hereunder. 
 3. RIGHTS OF A HOLDER. Subject to adjustment as provided herein, each Warrant shall evidence the right to purchase one share of the
Company’s Common Stock at the purchase price of $5.00 (the “Purchase Price”). Following the Expiration Date, as defined in Section 4.1 below, the Warrant shall be null and void. 
 4. EXERCISE OR TRANSFER OF WARRANT.  
 4.1. Exercise Period. The Warrants may be exercised at any time commencing after __________, 2009 (the “Initial Exercise Date”) but not later than 5:00 P.M., Eastern time, on __________, 2014
(the “Expiration Date”). If the Expiration Date is not a Business Day, it shall automatically be extended to 5:00 P.M. on the next day which is a Business Day. Business Day means any day other than a Saturday, Sunday, or holiday on which
banks in North Carolina are authorized by law to close. 
 4.2. Means of Exercise. In order to exercise a Warrant, the
Holder must present and surrender the Warrant Certificate to the Transfer Agent at its office, with the election to exercise section duly executed and it must be accompanied by payment in full, in the form of cash, by certified or official bank
check payable to the order of the Company or its successor, of the aggregate Purchase Price for the number of shares of Common Stock specified in such election to exercise section of the Warrant Certificate. 
 4.3. Issuance of Common Stock. Upon the request of the Transfer Agent, the Company shall promptly deliver or cause to be delivered
a certificate or certificates evidencing the shares of Common Stock purchased when any Warrant is validly exercised. Upon receipt of any Warrant Certificate by the Transfer Agent, at its office, in proper form for exercise and accompanied by
payments as herein provided, the Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates
representing such shares of Common Stock shall not then be actually delivered to the Holder. 
 4.4 Transfer. Upon
surrender of the Warrant Certificate and similar Warrant Certificates at the principal office of the Transfer Agent, by the Holder hereof in person or by an attorney duly authorized in writing, with the election to transfer section properly
completed and duly 

 
executed, such Warrant Certificates may be transferred or exchanged in the manner provided in the Warrant Certificate and without payment of any service
charge, for another Warrant Certificate or Warrant Certificates of like tenor, evidencing in the aggregate the number of Warrants evidenced by the Warrant Certificates so surrendered and registered in the name or names as requested by the then
registered owner thereof or by an attorney duly authorized in writing. Warrants transferred pursuant to such Section shall be accompanied by a proper payment of any applicable transfer taxes. 
 5. ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF SHARES PURCHASABLE AND OTHER TERMS IN CERTAIN EVENTS. 
 5.1. The Purchase Price and the resulting number of shares of Common Stock issuable under each Warrant shall be subject to adjustment as
follows: 
 (a) If the Company after the date of this Warrant Certificate but before its exercise: 
 (1) pays a dividend or any other distribution payable in shares of its Common Stock otherwise than out of earnings or earned surplus;

 (2) subdivides its outstanding shares of Common Stocks into a greater number of shares; 
 (3) combines its outstanding shares of Common Stock into a smaller number of shares; 
 (4) issues by reclassification of its shares of Common Stock any shares of capital stock of the Company (other than a change in par value
or from par value to no par value or from no par value to par value); or 
 (5) issues rights, options or warrants entitling
holders of shares of Common Stock to subscribe for shares of Common Stock at less than the current market price, if any; 
 the Purchase Price in effect
immediately prior to such action shall be adjusted so that the Holder of each Warrant may receive the number of shares of Common Stock of the Company to which it would have been entitled upon such action if such holder had so exercised the Warrant
immediately prior thereto. An adjustment made pursuant to this Section 5 shall become effective immediately after the record date for the determination of owners of Common Stock entitled thereto in the case of a dividend or distribution, and
shall become effective immediately after the effective date in the case of a subdivision, combination, reclassification, or issuance of rights, options or warrants retroactive to the record date, if any, for such event. 
 (b) No payment or adjustment shall be made by or on behalf of the Company on account of any cash dividends on the Common Stock issued upon
any exercise of a Warrant which was declared for payment to the holders of Common Stock of record as of a date prior to the date on which such Warrant is exercised. 
 (c) Upon each adjustment of the Purchase Price made pursuant to this Section 5, each Warrant shall thereafter (until another such
adjustment) evidence the right to purchase that number of shares of Common Stock (calculated to the nearest hundredth) obtained by dividing the initial Purchase Price by the Purchase Price in effect after such adjustment. 
 (d) The Company’s failure to give the notice required by this Section 5.1 or any defect therein shall not affect the validity of
such action listed under this Section 5.1. 

 (e) For the purpose of this Section 5.1, the term “shares of Common Stock”
shall mean (x) the class of stock designated as the Common Stock at the date of this Warrant, or (y) any other class of stock resulting from successive changes or reclassifications of such shares consisting solely of changes in par value,
from no par value to par value or from par value to no par value. In the event that at any time, as a result of an adjustment made pursuant to this Section 5, the Holder shall become entitled to purchase any shares of the Company other than
shares of Common Stock, thereafter the number of such other shares so purchasable upon exercise of each Warrant and the Purchase Price of such shares shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as
practicable to the provisions with respect to the shares of Common Stock contained in this Section 5.1. 
 5.2.
Liquidation, Dissolution or Winding Up. Notwithstanding any other provisions hereof, in the event of the liquidation, dissolution, or winding up of the affairs of the Company (other than in connection with a merger or sale or conveyance of
all or substantially all of its assets outside of the ordinary course of business), the right to exercise each Warrant shall terminate and expire at the close of business on the last full business day before the earliest date fixed for the payment
of any distributable amount on the Common Stock. The Company shall cause a notice to be mailed to each Holder at least 20 days prior to the applicable record date for such payment stating the date on which such liquidation, dissolution or winding up
is expected to become effective, and the date on which it is expected that holders of shares of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities or other property or assets (including cash) deliverable
upon such liquidation, dissolution or winding up, and that each Holder may exercise outstanding Warrants during such 20 day period and, thereby, receive consideration in the liquidation on the same basis as other previously outstanding shares of the
same class as the shares acquired upon exercise. The Company’s failure to give notice required by this Section 5.2 or any defect therein shall not affect the validity of such liquidation, dissolution or winding up. 
 5.3. Merger, Consolidation, etc. 
 (a) In case of any merger of the Company into any other entity or sale or conveyance of all or substantially all of its assets outside of the ordinary course of business (such merger, sale or conveyance, a
“Change”) then, as a condition of such Change, lawful and adequate provisions shall be made whereby the Holders shall thereafter have the right to receive upon payment of the Purchase Price in effect immediately prior to such Change, upon
the basis and upon the terms and conditions specified in this Agreement (including but not limited to all provisions contained in this Section 5), and in lieu of the shares of the Company’s Common Stock purchasable upon the exercise of the
Warrants, such shares of stock, securities, cash or assets which such Holder would have been entitled to receive after the happening of such Change had such Warrant been exercised immediately prior to such Change. The provisions of this
Section 5.3 shall similarly apply to successive Changes. The Company shall cause a notice to be mailed to each Holder at least 20 days prior to the applicable record date for the Change covered by this Section 5.3(a) and shall provide
notice of the Change and shall set forth the first and last date on which the Holder may exercise outstanding Warrants. The Company’s failure to give the notice required by this Section 5.3(a) or any defect therein shall not affect the
validity of the Change covered by this Section 5.3(a). 
 (b) Notwithstanding the foregoing, if as a result of such
Change, holders of the Company Common Stock shall receive consideration other than solely in shares of stock or other securities in exchange for their Company Common Stock, the Company may, at its option, fulfill 

 
its obligation hereunder by causing the Notice required by Section 5.3(a) hereof to include notice to Holders of the opportunity to exercise their
Warrants before the applicable record date for the Change, and thereby receive consideration in the Change, on the same basis as other previously outstanding shares of the same class as the shares acquired upon exercise. If the notice specified in
the preceding sentence is provided to Holders, Warrants not exercised in accordance with this Section 5.3(b) before consummation of the Change shall be canceled and become null and void on the effective date of the Change. The notice provided
by the Transfer Agent pursuant to this Section 5.3(b) shall include a description of the terms of this Agreement providing for cancellation of the Warrants in the event that Warrants are not exercised by the prescribed date. The Company’s
failure to give any notice required by this Section 5.3(b) or any defect therein shall not affect the validity of any such Change. 
 5.4. Duty to Make Fair Adjustments in Certain Cases. If any event occurs as to which in the opinion of the Board of Directors of the Company the other provisions of this Section 5 are not strictly
applicable or if strictly applicable would not fairly protect the purchase rights of the Holders in accordance with the essential intent and principles of this Agreement, then the Board of Directors shall make an adjustment in the application of
such provisions, in accordance with such essential intent and principles, as to protect the purchase rights of the Holders. Notwithstanding the foregoing, the issuance of Common Stock or any securities convertible into Common Stock by the Company
either for cash or in a merger, sale of assets, exchange or acquisition shall not, by itself, constitute a basis for requiring any adjustment in the Warrants unless specifically enumerated herein. 
 5.5. Good Faith Determination. Any determination as to whether an adjustment or limitation of exercise is required pursuant to this
Section 5 (and the amount of any adjustment), shall be binding upon the Holders and the Company if made in good faith by the Board of Directors of the Company. 
 5.6. Notice of Adjustment. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants or the
Purchase Price is adjusted, the Company shall promptly file in the custody of its Secretary or an Assistant Secretary at its principal office and with the Transfer Agent, an officer’s certificate setting forth the number of shares of Common
Stock purchasable upon the exercise of the Warrants, the Purchase Price after such adjustment, a statement, in reasonable detail, of the facts requiring such adjustment and the computation by which such adjustment was made. Each such officer’s
certificate shall be made available at all reasonable times for inspection by the Holders, and the Transfer Agent shall, forthwith after each such adjustment, promptly mail a copy of such certificate to such Holders by first class mail, postage
prepaid. 
 5.7. No Change of Warrant Necessary. Irrespective of any adjustment in the Purchase Price or in the number
or kind of shares issuable upon exercise of the Warrants, the Warrant Certificates may continue to express the same price and number and kind of shares as are stated in the Warrant Certificates as initially issued. 
 6. SHARES TO BE FULLY PAID; RESERVATION OF SHARES. The Company covenants and agrees for the benefit of the Holders: 
 6.1. That all shares of Common Stock which may be issued upon the exercise of the rights represented by the Warrant Certificates will,
upon issue and payment of the aggregate Purchase Price therefor, be duly authorized, validly issued, fully paid and non-assessable and free and clear of all liens and encumbrances, with no personal liability attaching to the ownership thereof.

 6.2. That during the period within which the rights represented by the Warrant
Certificates may be exercised, the Company will at all times have authorized and reserved for the purpose of issue upon exercise of the rights evidenced by the Warrant Certificates, a sufficient number of shares of Common Stock to provide for the
exercise of the rights represented by the Warrant Certificates. 
 6.3. That the Company will take all such action as may be
necessary to ensure that the shares of Common Stock issuable upon the exercise of the Warrants may be so issued without violation of any applicable federal or state law or regulation. 
 6.4. That the shares of Common Stock issuable upon exercise of the Warrants shall be registered under the Securities Act of 1933 and shall
register or qualify such Common Stock in every state where such registration or qualification shall be required under the applicable state securities or Blue Sky laws; and 
 6.5 That the Company shall use its best efforts to list the Warrants for trading on the NASDAQ Global Market as soon as practicable.

 7. LOSS OF WARRANT CERTIFICATE. Upon receipt by the Transfer Agent of evidence satisfactory to it of the loss, theft,
destruction or mutilation of a Warrant Certificate, and (i) in the case of such loss, theft or destruction, of reasonably satisfactory indemnification and bonding, or (ii) if mutilated, upon surrender and cancellation of such Warrant
Certificate, the Transfer Agent shall execute and deliver a new Warrant Certificate of like tenor. Any such new Warrant Certificate executed and delivered shall constitute an additional contractual obligation on the part of the Company, whether or
not the Warrant Certificate so lost, stolen, destroyed or mutilated shall be at any time enforceable by anyone. 
 8. NO ISSUANCE OF
FRACTIONAL INTERESTS IN COMMON STOCK. The Company shall not be required to issue fractional shares of Common Stock on the exercise of the Warrants. If any fraction of a share of Common Stock would be issuable upon the exercise of the
Warrants (or any specified portion thereof), the Company shall pay an amount in cash equal to the product of (a) such fraction and (b) the fair market value of the Common Stock, as determined in good faith by the Board of Directors of the
Company, on the Business Day prior to the date the Warrant is exercised. 
 9. NO RIGHTS AS STOCKHOLDERS; CERTAIN NOTICES AND REPORTS
TO HOLDERS. Except as specifically provided in this Agreement, nothing contained in this Agreement or in the Warrant Certificates shall be construed as conferring upon the Holders or any transferees the right to vote or to receive dividends
or to receive notice as stockholders in respect of any meeting of stockholders for the election of directors of the Company or any other matter, or any rights whatsoever as stockholders of the Company. If, however, between the date hereof and the
Expiration Date (or if earlier the occurrence of any event specified in Section 5.2 or 5.3(b) terminating the Warrants), any of the following events shall occur: 
 (a) the Company shall declare any cash dividend upon its shares of Common Stock payable at a rate more than 50% in excess of the rate of
the last cash dividend theretofore paid; or 

 (b) the Company shall declare any dividend payable in any securities upon its shares of
Common Stock, other than a dividend payable in Common Stock or make any distribution (other than a regular cash dividend out of undistributed net income) to the holders of its shares of Common Stock; or 
 (c) the Company shall distribute any rights, options or warrants to the holders of shares of Common Stock; or 
 (d) a capital reorganization or reclassification of the Company’s capital stock shall be proposed; 
 then in any one or more of said events, the Company shall give to the Holders at least 20 days prior written notice of the date fixed as a record date or the date of
closing the transfer books for the determination of the stockholders entitled to receive such dividend or distribution. Any such notice shall also specify, in the case of any such dividend or distribution, the date on which holders of shares of
Common Stock are entitled thereto. Failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of any action taken in connection with such dividend or distribution. 
 The Company shall transmit by mail to all registered Holders, all reports and other documents that the Company transmits to holders of shares of Common
Stock generally, at the same time and in the same manner as such reports and other documents are transmitted to holders of shares of Common Stock. 
 10. AGREEMENT OF HOLDERS. Every Holder of a Warrant, by his acceptance thereof, consents and agrees with the Company, the Transfer Agent and every other Holder of a Warrant that: 
 (a) Warrants are not transferable except as provided herein; and 
 (b) The Company and the Transfer Agent may deem and treat the person in whose name the Warrant Certificate is registered as the Holder and
as the absolute, true and lawful owner of the Warrants represented thereby for all purposes, and neither the Company nor the Transfer Agent shall be affected by any notice or knowledge to the contrary. 
 11. DUTIES OF TRANSFER AGENT. The Transfer Agent acts hereunder as agent and in a ministerial capacity for the Company, and its duties
shall be determined solely by the provisions hereof. The Transfer Agent shall not, by issuing and delivering Warrant Certificates or by any other act hereunder be deemed to make any representations as to the validity, value or authorization of the
Warrant Certificates or the Warrants represented thereby or of any securities or other property delivered upon exercise of any Warrant or whether any stock issued upon exercise of any Warrant is fully paid and nonassessable. 
 The Transfer Agent shall not at any time be under any duty or responsibility to any Holder of Warrant Certificates to make or cause to be made any
adjustment of the Purchase Price provided in this Agreement, or to determine whether any fact exists which may require any such adjustments, or with respect to the nature or extent of any such adjustment, when made, or with 

 
respect to the method employed in making the same. It shall not (i) be liable for any recital or statement of facts contained herein or for any action
taken, suffered or omitted by it in reliance on any Warrant Certificate or other document or instrument believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties, (ii) be responsible for any
failure on the part of the Company to comply with any of its covenants and obligations contained in this Agreement or in any Warrant Certificate, or (iii) be liable for any act or omission in connection with this Agreement except for its own
gross negligence or willful misconduct. 
 The Transfer Agent may at any time consult with counsel satisfactory to it (who may be counsel for
the Company) and shall incur no liability or responsibility for any action taken, suffered or omitted by it in good faith in accordance with the opinion or advice of such counsel. 
 Any notice, statement, instruction, request, direction, order or demand of the Company shall be sufficiently evidenced by an instrument signed by the
President, any Vice President, its Secretary, or Assistant Secretary, (unless other evidence in respect thereof is herein specifically prescribed). The Transfer Agent shall not be liable for any action taken, suffered or omitted by it in accordance
with such notice, statement, instruction, request, direction, order or demand believed by it to be genuine. 
 The Company agrees to pay the
Transfer Agent reasonable compensation for its services hereunder and to reimburse it for its reasonable expenses hereunder and further agrees to indemnify the Transfer Agent and save it harmless against any and all losses, expenses and liabilities,
including judgments, reasonable costs and counsel fees, for anything done or omitted by the Transfer Agent in the execution of its duties and powers hereunder except losses, expenses and liabilities arising as a result of the Transfer Agent’s
gross negligence or willful misconduct. 
 The Transfer Agent may resign its duties and be discharged from all further duties and liabilities
hereunder (except liabilities arising as a result of the Transfer Agent’s own gross negligence or willful misconduct), after giving 30 days’ prior written notice to the Company. At least 15 days prior to the date such resignation is to
become effective, the Transfer Agent shall cause a copy of such notice of resignation to be mailed to the Holder of each Warrant Certificate at the Company’s expense. Upon such resignation, or any inability of the Transfer Agent to act as such
hereunder, the Company shall appoint a new Transfer Agent in writing. The Company shall have complete discretion in the naming of a new Transfer Agent, who may be an affiliate, subsidiary or department of the Company, or any person used by the
Company as transfer agent for the Common Stock. If the Company shall fail to make such appointment within a period of 15 days after it has been notified in writing of such resignation by the resigning Transfer Agent, then the Holder of any Warrant
Certificate may apply to any court of competent jurisdiction for the appointment of a new Transfer Agent. 
 The Company may, upon notice to
the Holders, remove and replace the Transfer Agent for the Company Common Stock for any reason. 
 After acceptance in writing of an
appointment by a new transfer agent is received by the Company, such new transfer agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as the Transfer Agent, without any further
assurance, conveyance, act or deed. Any former Transfer Agent hereby agrees to cooperate with and deliver all records and Warrant Certificates to the new transfer agent at the direction of the new transfer agent and the Company. 

 Not later than the effective date of an appointment of a new transfer agent by the Company, the Company
shall file notice with the resigning or terminated Transfer Agent and shall forthwith cause a copy of such notice to be mailed to each Holder. 
 Any corporation into which the Transfer Agent or any new transfer agent may be converted or merged or any corporation resulting from any consolidation to which the Transfer Agent or any new transfer agent shall be a party or any corporation
succeeding to the trust business of the Transfer Agent shall be a successor transfer agent under this Agreement without any further act. Any such successor transfer agent shall promptly cause notice of its succession as transfer agent to be mailed
to the Company and to each Holder. 
 Nothing herein shall preclude the Transfer Agent from acting in any other capacity for the Company.

 12. MODIFICATION OF AGREEMENT. The Transfer Agent and the Company may by supplemental agreement make any changes or
corrections in this Agreement: (i) that they shall deem appropriate to cure any ambiguity or to correct any defective or inconsistent provision or manifest mistake or error herein contained; or (ii) that they may deem necessary or
desirable and which shall not adversely affect the purchase or other material rights of the Holders of Warrant Certificates. This Agreement shall not otherwise be modified, supplemented or amended in any respect except with the consent in writing of
the Holders of Warrant Certificates representing not less than 50% of the Warrants then outstanding, but no such amendment, modification or supplement which changes the number or nature of the securities purchasable upon the exercise of any Warrant,
the Purchase Price or accelerates the Expiration Date, shall be made without the consent in writing of each and every Holder (but no consent shall be required for such changes as are specifically prescribed by this Agreement as originally executed).

 13. MISCELLANEOUS. 
 13.1. Entire Agreement. This Agreement and the form of Warrant Certificate annexed hereto as Exhibit A contains the entire Agreement between the parties hereto with respect to the transactions
contemplated by this Agreement and supersedes all prior negotiations, arrangements or understandings with respect thereto. 
 13.2. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and each of which shall be deemed an original. 
 13.3. Governing Law. This Agreement shall be governed by the laws of the State of North Carolina, without giving effect to the
principles of conflicts of laws thereof. 
 13.4. Descriptive Headings. The descriptive headings of this Agreement are
for convenience only and shall not control or affect the meaning or construction of any provision of this Agreement. 

 13.5. Notices. Any notice or other communications required hereunder to be given
to a Holder shall be in writing and shall be sufficiently given, if mailed (first class, postage prepaid), or personally delivered, addressed in the name and at the address of such Holder appearing from time to time on the records of the Transfer
Agent. Notices or other communications to the Company shall be deemed to have been sufficiently given if delivered by hand or mailed to the Company at its then principal office, Attention: President, or at such other address as the Company shall
have designated by written notice to the Transfer Agent. Notices or other communications to the Transfer Agent shall be deemed to have been sufficiently given if delivered by hand or mailed (first class, postage prepaid) to its then principal
office. Notice by mail shall be deemed given when deposited in the mail, postage prepaid. 
 13.6 Successors and
Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the Company and the Transfer Agent. 
 IN WITNESS WHEREOF, the Company and the Transfer Agent have executed this Agreement by their duly authorized officers as of the date first set
forth above. 
 [Signature Page follows] 

			
	Waccamaw Bankshares, Inc.
		
	By: 	 	 
		 	[Name]
		 	[Title]

 [Corporate Seal] 
  

			
	First-Citizens Bank & Trust Company
		
	By: 	 	 
		 	[Name]
		 	[Title]

 [Corporate Seal] 

 Exhibit A 
  

			
	CUSIP # _______________	  	_______________ WARRANTS
	No. W _________________	  	

 Waccamaw Bankshares, Inc. 
 WARRANTS TO PURCHASE COMMON STOCK 
 VOID FOR ANY PURPOSE AFTER 5:00 PM, EASTERN
TIME, ON __________, 2014 
 This Certificate certifies that, for value received,
_______________________________________________________________, or registered assigns, is the registered holder of the number of warrants (the “Warrants”) set forth above. Each Warrant entitles the registered holder thereof to receive
from Waccamaw Bankshares, Inc., a North Carolina corporation with its principal office at 110 North J. K. Powell Boulevard, Whiteville, North Carolina 28472 (the “Corporation”), on and after the issuance date one (1) fully paid and
nonassessable share of the common stock, no par value, of the Corporation (the “Common Stock”), at the purchase price of $5.00 (the “Purchase Price”) upon surrender of this Warrant Certificate, with the form of election to
purchase set forth on the reverse hereof properly completed and duly executed and payment of the Purchase Price at the principal office of the Transfer Agent, or its successors as Transfer Agent, as provided in the Warrant Agreement (the
“Warrant Agreement”), dated _________, 2009 by and between the Corporation and First-Citizens Bank & Trust Company (the “Transfer Agent”), a copy of which may be obtained from the Corporation, by a written request from
the registered holder hereof or which may be inspected by any registered holder or his or her agent at the principal office of the Corporation. Payment of the Purchase Price may be made at the option of the registered holder in cash, by certified or
official bank check payable to the order of the Corporation. 
 The Purchase Price and the number of shares of Common Stock purchasable upon
exercise of the Warrants set forth above are based on the Common Stock of the Corporation outstanding as of the issuance date of this Warrant Certificate and are subject to adjustment provided in Section 5 of the Warrant Agreement. 

Upon surrender of this Warrant Certificate and payment of the Purchase Price, the Corporation shall issue and cause to be delivered to the registered
holder of this Warrant Certificate a certificate for the number of shares of Common Stock issuable for the Warrants then being exercised. 
 No Warrant may be exercised after 5:00 P.M., Eastern Time, on __________, 2014 (the “Expiration Date”). If such date is not a Business Day as defined in the Warrant Agreement, the Expiration date shall mean 5:00 P.M., Eastern
Time, the next following Business Day. The Expiration Date may be accelerated as provided in the Warrant Agreement under certain specifically defined circumstances upon notice to the registered holder hereof. To the extent not exercised and
delivered to the Transfer Agent by the Expiration Date, the Warrants shall be null and void. 

 The further provisions of this Warrant Certificate are set forth on the reverse hereof, and the further
provisions of the Warrant Agreement shall for all purposes have the same effect as if set forth fully at this place. 
 This Warrant
Certificate is not valid unless countersigned by the Transfer Agent. 
 IN WITNESS WHEREOF, Waccamaw Bankshares, Inc. has caused this Warrant
Certificate to be duly executed under its corporate seal. 
  

									
	Countersigned:	 		 	
	First-Citizens Bank & Trust Company	 		 	Waccamaw Bankshares, Inc.
	as Transfer Agent	 		 	
					
	By:	 	 	 		 	By: 	 	 
	Authorized Signature	 		 		 	President
					
	Dated: 	 	 	 		 	By: 	 	 
		 		 		 		 	Secretary

 (SEAL) 

 Waccamaw Bankshares, Inc. 
 This Warrant Certificate and each Warrant represented hereby are issued pursuant to and are subject in all respects to the terms and conditions set forth
in the Warrant Agreement, which is incorporated herein by reference. Please refer to the Warrant Agreement for a description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Transfer Agent, the Corporation
and the registered holders of the Warrants. In the event the registered holders do not comply with the terms of the Warrant Agreement, the Warrants shall immediately become null and void. 
 The Warrant Agreement provides that upon the occurrence of certain events, the Purchase Price set forth on the face hereof may, under certain conditions,
be adjusted. If the Purchase Price is adjusted, the Warrant Agreement provides that the Purchase Price in effect immediately prior to such event shall be adjusted so that the registered holder of each Warrant may receive the number of shares of
Common Stock of the Corporation to which it would have been entitled upon such action if such registered holder had so exercised the Warrant immediately prior to the event. No fractional shares of Common Stock will be issued upon exercise of the
Warrant. If any fraction of a share of Common Stock would be issuable upon the exercise of the Warrants (or any specified portion thereof), the Corporation shall pay an amount in cash equal to the product of (a) such fraction and (b) the
fair market value of the Common Stock, as determined in good faith by the Board of Directors of the Corporation, on the Business Day prior to the date the Warrant is exercised. 
 Upon surrender of this Warrant Certificate and similar Warrant Certificates at the principal office of the Transfer Agent, by the registered holder
hereof in person or by an attorney duly authorized in writing, such Warrant Certificates may be transferred or exchanged in the manner and subject to the limitations provided in the Warrant Agreement, for another Warrant Certificate or Warrant
Certificates of like tenor, evidencing in the aggregate the number of Warrants evidenced by the Warrant Certificates so surrendered and registered in the name or names as requested by the then registered owner thereof or by an attorney duly
authorized in writing. In the case of the exercise of less than all the Warrants represented hereby, the registered holder shall be entitled to receive upon surrender of this Warrant Certificate another Warrant Certificate or Warrant Certificates
for the balance of the Warrants evidenced by this Warrant Certificate. 
 Prior to the exercise of any Warrant represented hereby, the
registered holder shall not be entitled to any rights of a stockholder of the Corporation, including, without limitation, the right to vote or to receive dividends or other distributions, and shall not be entitled to receive any notice of any
proceedings of the Corporation, except as provided in the Warrant Agreement. 
 The Corporation and the Transfer Agent shall treat the
registered holder as the absolute owner hereof and of each Warrant represented hereby for all purposes and shall not be affected by any notice to the contrary. 
 This Warrant Certificate shall be governed by and construed in accordance with the laws of the State of North Carolina.Change of Control Agreement with J. Daniel Hardy

 Exhibit 10.3 
 STATE OF NORTH CAROLINA 
 COUNTY OF COLUMBUS 
 CHANGE OF CONTROL AGREEMENT 
 THIS CHANGE OF CONTROL AGREEMENT (hereinafter referred to as
this “Agreement”) is entered into as of March 25, 2009, by and between WACCAMAW BANK and WACCAMAW BANKSHARES, INC., both of Whiteville, North Carolina (together “Waccamaw”) and J. Daniel Hardy
(“Officer”). 
 WHEREAS, Officer is employed by Waccamaw as its Senior Vice President and Chief Lending Officer; and

 WHEREAS, the services of Officer, Officer’s experience and knowledge of the affairs of Waccamaw and reputation and contacts in
the industry are extremely valuable to Waccamaw; and 
 WHEREAS, Waccamaw wishes to attract and retain such well-qualified executives
and it is in the best interests of Waccamaw and of Officer to secure the continued services of Officer notwithstanding any Change of Control of Waccamaw; and 
 WHEREAS, Waccamaw considers the establishment and maintenance of a sound and vital management team to be part of its overall corporate strategy and to be essential to protecting and enhancing the best interests
of Waccamaw and its shareholders; and 
 WHEREAS, the parties desire to enter into this Agreement to provide Officer with security in
the event of a Change of Control of Waccamaw and to ensure the continued loyalty of officer during any such Change of Control in order to maximize shareholder value as well as the continued safe and sound operation of Waccamaw. 
 WHEREAS, both Officer and Waccamaw acknowledge and agree that this agreement is not an employment agreement but is limited to circumstances giving
rise to a Change of Control of Waccamaw as set forth herein. 

 NOW, THEREFORE, for and in consideration of the premises and mutual promises, covenants, and
conditions hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereby do agree as follows: 
 1. Term. The initial term of this Agreement shall be for the period commencing upon the date of execution of this Agreement (the
“Effective Date”) and ending three (3) calendar years from the Effective Date of this Agreement. At the end of the first twelve months from the Effective Date of this Agreement, the term shall be extended for an additional
twelve-month period of time unless prior to the expiration of the first twelve months of the term of this Agreement, Waccamaw, through action of its board of directors, shall have given Officer written notice that such twelve-month extension shall
not occur. Similarly, at the end of each twelve-month period of time thereafter, the term of this Agreement shall be extended an additional twelve-month period unless such written notice shall have been given to the Officer. 
 2. Payment in Certain Events. 
 (a) If at the effective time of, or at any time within twelve (12) months following, a “Change of Control”: 
 (i) Waccamaw terminates Officer’s employment other than for “Cause” (as defined in paragraph 4 below), or,

 (ii) a “Termination Event” (as defined below) occurs and, thereafter, Officer voluntarily terminates his
own employment with Waccamaw in the manner described below, then (subject to the limitations set forth herein) Officer shall be entitled to receive from Waccamaw, and Waccamaw shall be obligated to pay or cause to be paid to Officer (i) an
amount equal to 299% of the Officer’s “base amount” as defined in section 280G(b)(3) of the Internal Revenue Code (the “Code”). 
 (b) For purposes of this Agreement, a “Termination Event” shall be deemed to have occurred if Waccamaw’s obligations under this Agreement are not assumed (by agreement, operation of law or
otherwise) by a Successor (as defined in paragraph 2(d) below) in connection with the transaction or event in which such person or entity becomes a Successor to Waccamaw, or if at the effective time of or within twelve (12) months following a
Change of Control: 
 (i) Officer’s executive position, duties, responsibilities or reporting responsibilities
with Waccamaw in effect at the time of the Change of Control are, as the case may be, either eliminated, diminished, lessened or diluted, unless Officer expressly agrees, in writing, to any such change; 

 (ii) Officer’s annual base salary rate is reduced below the amount in effect
as of the effective time of a Change of Control or as the same shall have been increased from time to time following such effective time; 
 (iii) Officer’s life insurance, medical or hospitalization insurance, disability insurance, grants or rights under any stock option plans, stock purchase plans, deferred compensation plans, management
retention plans, retirement plans, or similar plans or benefits being provided by Waccamaw to Officer as of the effective time of the Change of Control are reduced in their level, scope, or coverage, or any such insurance, plans, or benefits are
eliminated, unless such reduction or elimination applies proportionately to all salaried employees of Waccamaw who participated in such benefits prior to such Change of Control; or 
 (iv) Officer is transferred to a job location which is more than 25 miles (by most direct highway route) from his principal work
location at the effective time of the Change of Control, without Officer’s express written consent. 
 A Termination Event shall be
deemed to have occurred on the date such action or event is implemented or takes effect. However, notwithstanding anything contained herein to the contrary, no such action or event shall be considered a “Termination Event” if, prior to the
occurrence of such event, Officer and Waccamaw agree in writing that the same shall not be treated as a Termination Event for purposes of this Agreement. 
 (c) The term “Change of Control” means a change in control as defined in section 409A of the Code and rules, regulations, and guidance of general application thereunder issued by the Department of the
Treasury, including – 
 (i) Change in ownership: a change in ownership of Waccamaw Bankshares, Inc. occurs
on the date any one person or group accumulates ownership of Waccamaw Bankshares, Inc.’s stock constituting more than 50% of the total fair market value or total voting power of Waccamaw Bankshares, Inc.’s stock, 
 (ii) Change in effective control: a change in effective control of Waccamaw Bankshares, Inc. occurs when (x) any one
person or more than one person acting as a group acquires within a 12-month period ownership of stock of Waccamaw Bankshares, Inc. possessing 35% or more of the total voting power of Waccamaw Bankshares, Inc.’s stock, or (y) a majority of
Waccamaw Bankshares, Inc.’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed in advance by a majority of Waccamaw Bankshares, Inc.’s board of directors, or 

 (iii) Change in ownership of a substantial portion of assets: a change in
the ownership of a substantial portion of Waccamaw Bankshares, Inc.’s assets occurs if in a 12-month period any one person or more than one person acting as a group acquires assets from Waccamaw Bankshares, Inc. having a total gross fair market
value equal to or exceeding 40% of the total gross fair market value of all of the assets of Waccamaw Bankshares, Inc. immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of Waccamaw
Bankshares, Inc.’s assets, or the value of the assets being disposed of, determined without regard to any liabilities associated with the assets. 
 Notwithstanding the other provisions of this paragraph 2, for purposes of this Agreement, a transaction or event shall not be considered a Change of Control if, prior to the consummation or occurrence of such
transaction or event, Officer and Waccamaw agree in writing that the same shall not be treated as a Change of Control for purposes of this Agreement. 
 (d) For purposes of this Agreement, all references to “Waccamaw” shall include any “Successor” (as defined below) to Waccamaw which shall have assumed and become liable for Waccamaw’s
obligations hereunder (whether such assumption is by agreement, operation of law or otherwise). “Successor” refers to any person or entity (corporate or otherwise) into or with which Waccamaw (or any such Successor) shall be merged or
consolidated or to which all or substantially all of Waccamaw’s (or any such Successor’s) assets shall be transferred in any manner. 
 (e) If Officer’s employment is terminated by Waccamaw without Cause prior to the effective time of a Change of Control but following the date on which the board of directors of Waccamaw takes action to
approve an agreement (including any definitive agreement or an agreement in principle) relating to a Change of Control, then, for purposes of this Agreement, such termination of employment shall be deemed to have occurred at the effective time of
the Change of Control. 
 (f) Cash amounts payable pursuant to this paragraph 2 shall be paid in one lump sum payment
which shall be due and payable by Waccamaw on the earlier of (i) the first day of the seventh month following the “Termination Date” (as defined below); or (ii) the 

 
date of Officer’s death. For purposes of this Agreement, the “Termination Date” will be the effective date of any termination of
Officer’s employment which gives rise to Waccamaw’s payment obligation under this paragraph 2 (whether such termination is effected by Waccamaw without Cause or voluntarily by Officer following the occurrence of a Termination Event).

 (g) In order to become entitled to any payments under this paragraph 2 on account of a Termination Event, Officer
must effectively terminate his employment with Waccamaw within twelve (12) months following the date of occurrence of such Termination Event. For purposes of this Agreement, the Termination Date relating to Officer’s voluntary termination
of his employment following such a Termination Event shall be the date of delivery by Officer to Waccamaw (or to any Successor) of a written notice of termination which describes the Change of Control and Termination Event which have occurred. If
the Officer does not so terminate his employment with Waccamaw within such twelve (12) month period following the date of occurrence of a Termination Event, the Officer shall thereafter have no further rights hereunder with respect to that
Termination Event, but shall retain rights, if any, hereunder with respect to any other Termination Event occurring within twelve (12) months following the Change of Control and as to which such period has not expired. 
 (h) It is the intent of the parties hereto that all payments made pursuant to this Agreement be deductible by Waccamaw for federal
income tax purposes and not result in the imposition of an excise tax on Officer. Notwithstanding anything contained in this Agreement to the contrary, any payments to be made to or for the benefit of Officer which constitute “parachute
payments” as that term is defined in section 280G(b)(2) of the Code, shall be modified or reduced to the extent necessary to avoid the imposition of an excise tax on Officer under section 4999 of the Code or the disallowance of a deduction to
Waccamaw under section 280G of the Code. 
 (i) In the event any dispute shall arise between the Officer and Waccamaw
as to the terms or interpretation of this Agreement, including this paragraph 2, whether instituted by formal legal proceedings, arbitration, or otherwise, including any action taken by the Officer to enforce the terms of this paragraph 2 or in
defending against any action taken by Waccamaw, Waccamaw shall reimburse the Officer for all costs and expenses, proceedings or actions, in the event the Officer prevails in any such action. 

 3. Exclusions. Notwithstanding anything contained herein to the contrary, it is expressly
understood and agreed by Officer that: 
 (a) Officer shall not be entitled to any payments under this Agreement in the
event (i) Waccamaw terminates Officer’s employment for Cause (as defined in paragraph 4(a) below), or (ii) Officer voluntarily terminates his employment with Waccamaw other than as provided in paragraph 2(g) above, or
(iii) Officer’s employment with Waccamaw terminates or is terminated due to his death, “Retirement” (as defined in paragraph 4(c) below), or “Disability” (as defined in paragraph 4(b) below); and, 
 (b) Officer’s employment with Waccamaw is on an “at will” basis and this Agreement does not constitute an employment
contract or an agreement by Waccamaw to employ Officer for any particular period of time or in any particular capacity. Nothing in this Agreement is intended or should be interpreted to confer upon Officer the right to continue in the employ of
Waccamaw or to interfere with or restrict in any way the right of Waccamaw to discharge Officer or terminate his employment at any time or for any reason whatsoever, with or without Cause, and without any obligation or liability to Officer except as
herein provided, it being the intent of the parties hereto only to provide for payment of the severance benefits specified herein in the event of the termination of Officer’s employment with Waccamaw under the circumstances set forth herein.

 4. Other Definitions. 
 (a) For purposes of this Agreement, Waccamaw shall have “Cause” to terminate Officer’s employment as a result of: 
 (i) Officer’s continued failure (following reasonable notice of such failure and an opportunity to correct performance
deficiencies) to perform or discharge the duties of his employment in a reasonably competent and satisfactory manner, or a determination by Waccamaw, in good faith, that Officer is engaging or has engaged in willful misconduct or conduct which is
detrimental to the business prospects of Waccamaw or which has had or likely will have a material adverse effect on Waccamaw’s business or reputation; 
 (ii) The violation by Officer of any applicable federal or state law, or any applicable rule, regulation, order or statement of policy promulgated by any governmental agency or authority having jurisdiction
over Waccamaw or any of its affiliates or subsidiaries (any of the foregoing being hereinafter referred to as a “Regulatory Authority”, 

 
which will include, without limitation, the Federal Deposit Insurance Corporation, the North Carolina Commissioner of Banks, the North Carolina Banking
Commission, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of Richmond, or any other banking regulator), which results from Officer’s gross negligence, willful misconduct or intentional disregard of such law,
rule, regulation, order or statement of policy and results in any substantial damage, monetary or otherwise, to Waccamaw or any of its affiliates or subsidiaries or to their reputation; 
 (iii) The commission in the course of Officer’s employment with Waccamaw of an act of fraud, embezzlement, theft or proven
personal dishonesty (whether or not resulting in criminal prosecution or conviction); 
 (iv) The conviction of Officer
of any felony or any criminal offense involving dishonesty or breach of trust, or the occurrence of any event described in section 19 of the Federal Deposit Insurance Act or any other event or circumstance which disqualifies Officer from serving as
an employee or executive officer of, or a party affiliated with, Waccamaw; or, in the event Officer becomes unacceptable to, or is removed, suspended or prohibited from participating in the conduct of Waccamaw’s affairs (or if proceedings for
that purpose are commenced) by, any Regulatory Authority; or 
 (v) The occurrence of any event believed by Waccamaw,
in good faith, to have resulted in Officer being excluded from coverage, or having coverage limited as to Officer as compared to other covered officers or employees, under Waccamaw’s then current “blanket bond” or other fidelity bond
or insurance policy covering its directors, officers or employees. 
 (b) “Disability” means the absence of
Officer from his employment duties on a full-time basis for one hundred eighty (180) consecutive business days as a result of incapacity due to physical or mental illness or injury (subject to Waccamaw’s obligations and Officer’s
rights under (i) Title I of the Americans with Disabilities Act, §504 of the Rehabilitation Act, and the Family and Medical Leave Act, and to (ii) the vacation leave, disability leave, sick leave and any other leave
policies of Waccamaw). 
 (c) “Retirement” means Officer’s retirement (whether early, normal or delayed
retirement) under the terms of any retirement benefit plan generally applicable to Waccamaw’s salaried employees. 

 5. Regulatory Requirements. Notwithstanding anything contained in this Agreement to the
contrary, it is understood and agreed that Waccamaw (or any of its successors in interest) shall not be required to make any payment or take any action under this Agreement if: 
 (a) Waccamaw is declared by any Regulatory Authority to be insolvent, in default or operating in an unsafe or unsound manner, or if

 (b) in the opinion of counsel to Waccamaw such payment or action (i) would be prohibited by or would
violate any provision of state or federal law applicable to Waccamaw, including without limitation, the Federal Deposit Insurance Act as now in effect or hereafter amended, (ii) would be prohibited by or would violate any applicable
rules, regulations, orders or formal statements of policy, whether now existing or hereafter promulgated, of any Regulatory Authority, or (iii) otherwise is prohibited by any Regulatory Authority. 
 6. Termination of Agreement. Notwithstanding anything contained herein to the contrary, this Agreement automatically shall terminate and
become null and void upon any termination of Officer’s employment with Waccamaw other than a termination of employment which results in Waccamaw’s payment obligation provided for under paragraph 2(a) above. Following any such termination
of this Agreement, it shall be of no further force or effect and Officer shall have no further rights hereunder. 
 7. Successors and
Assigns. This Agreement shall inure to the benefit of and be binding on Officer and his heirs, successors and assigns, and on Waccamaw and any corporate or other successor to Waccamaw which shall acquire, directly or indirectly, by
conversion, merger, consolidation, purchase, or otherwise, all or substantially all of the assets of Waccamaw. Waccamaw shall cause its obligations under this Agreement to be expressly assumed by any Person or entity that becomes a Successor to
Waccamaw. However, Waccamaw’s failure to obtain any such express assumption shall have no effect on the obligations of any such Successor to the extent that such Successor is deemed to have assumed and become liable for Waccamaw’s
obligations hereunder by operation of law. Notwithstanding anything contained herein to the contrary, in no event may Officer transfer or assign his rights under this Agreement to any other person without the prior written consent of Waccamaw.

 8. Modification; Waiver; Amendments. No provision of this Agreement may be modified, waived
or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Officer and Waccamaw, except as herein otherwise provided. No waiver by either party hereto, at any time, of any breach by the other party hereto
of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No amendments or
additions to this Agreement shall be binding unless in writing and signed by both parties, except as herein otherwise provided. 
 9.
Applicable Law. This Agreement shall be governed in all respects, whether as to validity, construction, capacity, performance, or otherwise, by the laws of North Carolina, except to the extent that federal law shall be deemed to
apply. The parties hereto agree that any action relating to this Agreement shall be instituted and prosecuted in the Courts of Columbus County, North Carolina, and each party hereto does hereby waive any and all defenses relating to venue and
jurisdiction over the person. 
 10. Severability. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 
 11.
Section 409A Compliance. Officer and Waccamaw intend that their exercise of authority or discretion under this Agreement shall comply with section 409A of the Code. In that regard, if any provision of this Agreement is ambiguous as
to its satisfaction of the requirements of section 409A, such provision shall nevertheless be applied in a manner consistent with those requirements. Waccamaw shall maintain to the maximum extent practicable the original intent of the applicable
provision without subjecting Officer to additional tax or interest, and Waccamaw shall not be required to incur additional compensation expense as a result of the reformed provision. References in this Agreement to section 409A of the Code include
rules, regulations and guidance of general application issued by the Department of Treasury under section 409A of the Code.  

 IN TESTIMONY WHEREOF, Waccamaw has caused this instrument to be executed under seal and in such
form as to be binding, all by authority of its board of directors first duly given; and the individual party hereto has set said party’s hand hereto and has adopted as said party’s seal the typewritten word “SEAL” appearing
beside said party’s name, this the day and year first above written. 
  

			
	WACCAMAW BANK
		
	By:	 	/s/ James G. Graham
		 	James G. Graham
		 	President and Chief Executive Officer

  

	
	ATTEST:
	
	/s/ Michelle W. Ward
	Asst Corp.
	Secretary

  

			
	WACCAMAW BANKSHARES, INC.
		
	By:	 	/s/ James G. Graham
		 	James G. Graham
		 	President and Chief Executive Officer

  

	
	ATTEST:
	
	/s/ Michelle W. Ward
	Asst Corp.
	Secretary

			
		
	/s/ J. Daniel Hardy	 	(SEAL)
	J. Daniel Hardy

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