Document:

EXHIBIT 10.6

 Exhibit 10.6 
  

					
	STATE OF SOUTH CAROLINA	  	)	  	
		  	)	  	EMPLOYMENT AGREEMENT
	COUNTY OF GREENVILLE	  	)	  	

 THIS EMPLOYMENT AGREEMENT, made and entered into this 2 day of January, 1989, by and between
R. DENNIS HENNETT (hereinafter referred to as “Employee”) and GREER STATE BANK (hereinafter referred to as “Employer”) 
 In consideration of the mutual covenants and promises of the parties hereto, Employee and Employer agree as follows: 
 1. EMPLOYMENT. Employer employs Employee in an executive capacity as President of Greer State Bank and Employee accepts such employment with Employer, subject to the terms and conditions of this Agreement.
Employee’s employment under this Agreement shall be effective and continue until modified or amended by the written mutual agreement of the parties. 
 2. TERM OF EMPLOYMENT. This Agreement and the employment hereunder shall commence and be effective on the date Greer State Bank opens for business to the general public, which is estimated to be January 2,
1989. Employee shall be deemed and considered to be an employee at will to serve at the sole pleasure and election of the Board of Directors of Greer State Bank. Employer’s Board of Directors shall have the absolute right to terminate
this Agreement and Employee’s employment with Greer State Bank 

  

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for any reason or no reason at all upon giving Employee six (6) months written advance notice of its election to terminate his employment under this
Agreement. Employer’s Board of Directors may, in its sole discretion, upon its election to terminate Employee, require Employee for six (6) months to continue to diligently and faithfully discharge his duties hereunder, or in the
alternative, may sever the employment relationship immediately and Employee shall be paid his base salary along with appropriate fringe benefits on a monthly basis for six (6) months. Employee’s employment under this Agreement shall
terminate immediately upon the death of Employee. Employer shall be relieved and discharged of all obligations whatsoever to make further payment to Employee after the date of his death for salary, bonuses and fringe benefits except as to base
salary earned for actual services rendered prior to the date of death. 
 3. DUTIES OF EMPLOYEE. Employee will serve Employer
faithfully and to the best of his ability under the direction of Employer’s Board of Directors. Employee will, at all times, faithfully, industriously and to the best of his ability, experience and talents, perform such services and act in such
executive capacity as the Employer’s Board of Directors shall direct. 
 4. COMPENSATION. For all services rendered by Employee
as President of Greer State Bank under this Agreement, Employer shall pay Employee a base salary of 

  

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Seventy-Five Thousand Dollars ($75,000.00) per year, payable monthly in twelve (12) equal installments of Six Thousand, Two Hundred Fifty Dollars
($6,250.00), beginning on the effective date of this Agreement and payable on the first day of each month during the term of this Agreement. The base salary may be changed by written mutual agreement of the parties at any time. 
 5. BONUS. In addition to the compensation referred to above, Employer may, for the term of this Agreement, award Employee an annual bonus from
zero percent (0%) to fifty percent (50%) of the Employee’s base salary as the Board of Directors of Greer State Bank, in its sole discretion, may deem appropriate. 
 6. FRINGE BENEFITS. As further consideration for performance under this Agreement by Employee, Employer shall, within a reasonable time after the
execution of this Agreement, provide for Employee the following further benefits: 
 (a) A private disability insurance policy
as approved by Employer’s Personnel Committee. Employee shall be paid on a monthly basis his base salary during any waiting period that may be required before disability insurance payments are commenced under the private disability insurance
policy. 
 (b) Medical insurance covering the Employee under a group medical plan as approved by Employer’s Personnel

  

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Committee. Family coverage under the group medical plan will also be made available to Employee, but the responsibility for any additional premiums for such
additional family coverage shall be the sole responsibility of Employee. 
 (c) Term life insurance under a group life
insurance plan approved by Employer’s Personnel Committee in an amount equal to two (2) times the Employee’s base annual salary. 
 (d) Contingent upon shareholder approval, an option to purchase 10,000 shares of common stock of Greer State Bank pursuant to the terms and provisions of the EMPLOYEE INCENTIVE STOCK OPTION PLAN of Greer State Bank
adopted October 27, 1988. 
 (e) Employer will pay Employee an allowance of Three Hundred Dollars ($300.00) per month for
the use of Employee’s automobile for business purposes of Employer. All expenses associated with insuring, maintaining and operating the automobile shall be the sole responsibility of Employee. 
 (f) Employer shall pay the cost associated with Employee’s membership in any Greer civic clubs and shall also pay the costs and fees
associated with Employee’s membership in such other professional and/or banking associations as may be approved by Employer. 
  

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 7. PAID TIME OFF. Employee shall be entitled to three (3) weeks of paid time off each year
for vacation or illness, in addition to any regular bank holidays. Employee will not take more than two (2) consecutive weeks of paid time off at any one time without Board of Directors’ approval, and shall not be compensated for any
unused time off. However, Employee may carry over up to five (5) days of unused paid time off from one year to the next. 
 8.
NON-COMPETITION AFTER TERMINATION. Employee agrees for a period of one (1) year after the termination of his employment with Greer State Bank, Employee will not directly or indirectly engage in, or in any manner be connected with or
employed by any bank, savings and loan or financial institution within a radius of twelve (12) miles of the principal place of business of Greer State Bank. Employer and Employee agree that the aforementioned twelve (12) mile radius serves
as the market area of Greer State Bank. 
 Employee further agrees for a period of one (1 ) year after the termination of his employment
hereunder, he will not, on behalf of himself or on behalf of any other bank, savings and loan, or financial institution, call on any of the customers of Greer State Bank for the purpose of soliciting or providing to any of said customers any banking
or financial services. 
  

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 9. INJUNCTIVE RELIEF. Employee hereby acknowledges that the services to be rendered to Employer
are of a unique, special and extraordinary character which would be difficult or impossible for Employer to replace, and by reason thereof, Employee hereby agrees that for violation of any of the provisions of this Agreement, Employer shall, in
addition to any other rights and remedies available hereunder, at law or otherwise, be entitled to an injunction to be issued by any court of competent jurisdiction enjoining and restraining Employee from committing any violation of this Agreement,
and Employee hereby consents to the issuance of such injunction. 
 10. NONDISCLOSURE OF CONFIDENTIAL INFORMATION. Employee agrees
that for and during the entire term of his employment with Greer State Bank, any information, data, figures, projections, estimates, customer lists, tax records, personnel history, accounting procedures, etc. shall be considered as the private and
privileged records of Employer and will not be divulged to any firm, individual, corporation, savings and loan, banking or financial institution, except on the direct authorization of the Board of Directors of Greer State Bank. Further, upon
termination of this Agreement for any cause, Employee agrees that he will continue to treat as private and privileged any information, data, figures, projections, estimates, customer lists, tax records, personnel history, accounting 

  

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procedures, etc. and will not release any such information to any firm, individual, corporation, savings and loan, banking or financial institution, except
upon written authority of the Board of Directors of Greer State Bank, and Employer shall be entitled to an injunction by any competent court to enjoin and restrain the unauthorized disclosure of such information. 
 11. NON-TRANSFERABILITY. This is a personal employment agreement. Employee’s rights hereunder may not be sold, transferred, assigned, pledged
or hypothecated. 
 12. MISCELLANEOUS. This Agreement constitutes the entire agreement between the parties and shall bind and inure to
the benefit of both Employer and Employee and their respective successors, heirs and Personal Representatives. This Agreement shall be subject to modification only by a written instrument signed by both Employer and Employee. This Agreement further
shall be governed by the laws of the State of South Carolina. 
 IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the
day and year first above written. 
  

									
	IN THE PRESENCE OF:	 		 	GREER STATE BANK (Employer)
				
	/s/ Sandra I. Burdette	 		 	By:	 	/s/ David M. Rogers
	  
 /s/ Kaja
Minus
	 		 		 	 David M. Rogers
 Chairman of the
Board

  

									
				
	/s/ Sandra I. Burdette	 		 		 	/s/ R. Dennis Hennett
	  
 /s/ Kaja
Minus
	 		 		 	 R. Dennis Hennett
 (Employee)

  

 -Page 7-EXHIBIT 10.7

 Exhibit 10.7 
 GREER STATE BANK 
 SALARY CONTINUATION AGREEMENT 
 THIS SALARY CONTINUATION AGREEMENT (the “Agreement”) is made and entered into this 24 day of NOVEMBER, 1997 by and between Greer State
Bank with a principal office in Greer, South Carolina (the “Bank”), and R. Dennis Hennett (the “Executive”). 
 Whereas,
to encourage the Executive to remain an employee of the Bank, the Bank is willing to provide salary continuation benefits to the Executive. 
 Now, Therefore, in consideration of the mutual covenants and agreements herein, the Executive and Bank agree as follows: 
 Article 1 
 Definitions 
  

	1.1	Definitions. Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 

  

	 	1.1.1	“Board” or “Board of Directors” means the Board of Directors of Bank. 

  

	 	1.1.2	“Change of Control” means: 

  

	 	(i)	the acquisition, directly or indirectly, (including beneficial ownership) by any “person” as this term is used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, as amended within any twelve (12) consecutive month period of the Bank’s securities representing an aggregate of fifty (50%) percent or more of the Bank’s combined voting power then outstanding securities; or

  

	 	(ii)	consummation of merger, sale, acquisition, or liquidation of all, or substantially all, of the Bank’s assets or outstanding stock; or 

  

	 	(iii)	the occurrence of any other event or circumstance which is not covered by 1.1.2 (i) through 1.1.2 (ii) which the Board determines affects the Bank’s control and, to
implement the purposes of this Agreement, adopts a resolution that the event or circumstances constitutes a Change in Control for the purposes of this Agreement. 

  

	 	(iv)	 Notwithstanding any other provision in this Agreement, “Change of Control” shall not be construed to mean the formation of a 

  

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bank holding company or other entity approved in advance by the Bank’s Board of Directors or any changes in ownership of the Bank’s assets or stock
as the result of the formation of such an entity. 

  

	 	1.1.3 	“Code” means the Internal Revenue Code of 1986, as amended. References to a Code section shall be deemed to be to that section as it now exists and to any successor
provision. 

  

	 	1.1.4 	“Date of Employment” means October 19, 1987. 

  

	 	1.1.5	 “Disability” means sickness, accident or injury which, in the judgment of a physician appointed and paid by the Bank, prevents the Executive from performing
all of the Executive’s customary duties for the Bank. As a condition to any benefits, the Bank may require the Executive to submit to such physical or mental evaluations and tests as the Bank’s Board of Directors deems appropriate.

  

	 	1.1.6 	“Early Retirement Date “means the first day of the calendar month after Executive has completed ten (10) Years of Service with Bank. 

 

	 	1.1.7	 “Effective Date” means the 1st day of November, 1997. 

  

	 	1.1.8	 “Month of Service” means each completed full month in a Year of Service. 

  

	 	1.1.9 	“Normal Retirement Date” means the date upon which the Executive attains age sixty-five (65) years. 

  

	 	1.1.10 	“Plan Year” means the twelve (12) consecutive month period beginning on each November 1 and ending on October 31. The first Plan Year shall commence
on the Effective Date. 

  

	 	1.1.11 	“Termination of Employment” means the Executive’s ceasing to be an employee of the Bank for any reason whatsoever, voluntary or involuntary.

  

	 	1.1.12 	“Year of Service” means a twelve (12) consecutive month period beginning on November 1 and ending on October 31 during which the Executive is
employed on a full-time basis by the Bank, inclusive of any approved leaves of absence. 

  

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 Article 2 
 Lifetime Benefits 
  

	2.1	Normal Retirement Benefit. If Executive’s employment terminates with Bank on or after Executive’s Normal Retirement Date for any reason other than Executive’s
death, the Bank shall pay to Executive as a Normal Retirement Benefit the sum of three thousand three hundred thirty three dollars and thirty four cents ($3,333.34) each month for one hundred eighty (180) consecutive calendar months. The first
such monthly payment shall commence on the first day of the calendar month following Executive’s termination of employment after Executive’s Normal Retirement Date and thereafter on the first day of each subsequent calendar month until
paid in full. 

  

	2.2	Early Retirement Benefit. If the Executive’s employment terminates with Bank after Executive’s Early Retirement Date but before Executive’s Normal Retirement
Date and before a Change of Control, and for reasons other than death or Disability, Bank shall pay to the Executive the Early Retirement Benefit described in this Section 2.2. 

  

	 	2.2.1 	Amount of Benefit. The Early Retirement Benefit under this Section 2.2 is the Executive’s vested amount of the final benefit which is listed on Schedule A for the
Plan Year completed immediately prior to the Executive’s Termination of Employment which shall be increased by an amount determined using the following formula: 

  

	 	2.2.1.2 	The vested amount set forth in Schedule A for the Plan Year in which the Executive’s Termination of Employment occurred; less 

  

	 	2.2.1.3 	The amount set forth in Schedule A in the Plan Year completed immediately prior to the date of the Executive’s Termination of Employment; multiplied times

  

	 	2.2.1.4 	A fraction where the numerator is the number of Months of Service completed since Plan Year completed immediately prior to the Executive’s Termination of Employment and the
denominator is 12. 

  

	 	2.2.2 	Payment of Benefit. The Bank shall pay the Early Retirement Benefit to Executive in one hundred eighty (180) consecutive monthly payments. The first such monthly payment
shall commence on the first day of each calendar month following the Executive’s Normal Retirement Date and thereafter on the first day of each subsequent calendar month until paid in full. 

  

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	2.3	Disability Benefit. If Executive’s employment terminates with Bank because of Disability prior to Executive’s Normal Retirement Date, the Bank shall pay to
Executive the Disability Benefit described in this Section 2.3. 

  

	 	2.3.1 	Amount of Disability Benefit. The Disability Benefit under this Section 2.3 is the amount listed in Schedule A determined as of the Plan Year completed immediately prior
to the Executive’s Termination of Employment. 

  

	 	2.3.2 	Payment of Benefit. The Bank shall pay the Disability Benefit to the Executive, at the Bank’s discretion, in either a lump sum payment within sixty (60) days
following Executive’s Termination of Employment, or in one hundred eighty (180) consecutive monthly payments. The first such monthly payment shall commence on the first day of the calendar month following the Executive’s Termination
of Employment and thereafter on the first day of each calendar month until paid in full. If the Disability Benefit is paid in monthly installments it shall be paid as an annuity in substantially equal installments with interest credited over the
payment period at an annual rate of eight percent (8%), compounded monthly. 

  

	2.4	Change of Control Benefit. If Executive’s employment terminates with Bank before Executive’s Normal Retirement Date (other than by reason of death or Disability)
but after a Change of Control, the Bank shall pay to Executive following Executive’s termination of employment a Change of Control Benefit described in this Section 2.4 in lieu of (and not in addition to) any other benefit under this
Agreement. 

  

	 	2.4.1 	Amount of Benefit. The Change of Control Benefit shall be 100% vesting in the Normal Retirement Benefit paid in Section 2.1. 

  

	 	2.4.2 	Payment of Benefit. Within sixty (60) days following Executive’s termination of employment after the Change of Control, the Bank shall pay the Change of Control
Benefit to the Executive, as described in Section 2.1 in a lump sum present value payment based on an 8% discount rate. 

 Article 3 
 Death Benefits 
  

	3.1	Death During Active Service. If the Executive dies while employed with Bank and Executive has completed at least ten (10) Years of Service with Bank, then Bank shall pay
to the Executive’s beneficiary as a Death Benefit the sum of three thousand three hundred thirty three dollars and thirty four cents ($3,333.34) per month for one hundred eighty (180) consecutive calendar months. The first such monthly
payment shall commence on the first day of the calendar month following the Executive’s date of death and thereafter on the first day of each subsequent calendar month until paid in full. 

  

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	3.2	Death During Benefit Period. If the Executive dies after benefit payments have commenced under Section 2 of this Agreement but before receiving all such payments, the
Bank shall pay the remaining benefits to the Executive’s beneficiary at the same time and in the same amounts the benefit would have been paid to the Executive had the Executive survived. 

 Article 4 
 Beneficiaries

  

	 	4.1	Beneficiary Designations. The Executive shall designate a primary and contingent beneficiary by filing a written beneficiary designation with the Bank. The Executive may
revoke or modify the designation at any time by filing a new designation. However, designations will only be effective if signed by the Executive and accepted by the Bank during the Executive’s lifetime. A beneficiary designation shall be
deemed automatically revoked if the beneficiary predeceases the Executive, or if the Executive names a spouse as beneficiary and the marriage is subsequently dissolved through divorce. If the Executive dies without a valid beneficiary designation,
all payments shall be made to the Executive’s surviving spouse, if any, and if none, to the Executive’s surviving descendants, per stirpes, and if no surviving spouse and descendants, to the Executive’s estate. If
Executive dies and subsequently the beneficiary receiving benefit payments dies, then any remaining payments shall be paid pursuant to a written beneficiary designation filed with Bank made by such beneficiary, or if none to such beneficiary’s
estate. 

  

	 	4.2	Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or her property, the
Bank may pay such benefit to the guardian, conservator, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority or guardianship as it may
deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit. 

 Article 5 
 General Limitations 
 Notwithstanding any provision of this Agreement to the contrary, Executive shall irrevocably forfeit and Bank shall not pay any benefit under this Agreement for the following reasons: 
  

	5.1	Termination for Cause. If Bank terminates Executive’s employment for: 

  

	 	5.1.1	 Gross negligence or gross neglect of duties prior to a Change of Control; 

  

	 	5.1.2	 Conviction of a felony; or 

  

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	 	5.1.3	Fraud, disloyalty, dishonesty or willful violation of any law or material Bank policy in connection with the Executive’s employment. 

  

	5.2	Suicide. No benefits shall be payable if the Executive commits suicide within two (2) years after the Effective Date of this Agreement, or if the Executive has made any
material misstatement of fact on any application for life insurance purchased by the Bank. 

  

	5.3	Excess Parachute Payment. Notwithstanding anything in this Agreement to the contrary, in the event that the benefit payable to Executive pursuant to this Agreement should
cause a “parachute payment,” as defined in Code Section 280G(b)(2) of the Code, then such benefit shall be reduced One Dollar ($1.00) at a time until the payment will not constitute a parachute payment. In the event the benefit
Executive receives under this Agreement should be incorrectly calculated so that such amount constitutes a parachute payment, then Executive will promptly refund to Bank the excess amount. Excess amount shall mean the amount in excess of
Executive’s base amount, as defined in Code Section 280G(b)(3), multiplied by 2.999. 

  

	5.4	Non-Competition Covenant. While Executive is employed by the Bank and during the period of time the Executive is receiving any benefit payments pursuant to this Agreement,
the Executive will not, for himself or on behalf of, or in conjunction with any other person or persons, company, partnership, limited liability company, proprietorship, trust, company, bank, financial services institution, or other entity, directly
or indirectly, own, manage, operate, control, be employed by, consult with, participate in, or be connected in any manner with the ownership, employment, management, operation, consulting or control of any financial services institution that
competes with Bank. In the event of any actual breach by the Executive of the provisions of this non-competition covenant, all payments under this Agreement payable to the Executive shall irrevocably terminate and no further amount shall be due or
payable to the Executive pursuant to this Agreement. The Executive specifically acknowledges that the restrictions as set forth above are reasonable and bear a valid connection with the business operations of Bank, and specifically admits that
Executive is capable of obtaining suitable employment not in competition with Bank. If any one of the restrictions contained herein shall for any reason be held to be excessively broad as to duration or geographical area, it shall be deemed amended
by limiting and reducing it so as to be valid and enforceable to the extent compatible with applicable state law as it shall then appear. Executive acknowledges that the Bank would not have entered into this Agreement without the non-competition
covenant contained herein. This covenant not to compete shall not prohibit the Executive from owning stock in any publicly traded company provided the Executive’s stock ownership is five (5%) percent or less of the issued and outstanding
stock of such publicly traded company and the Executive has no corporate responsibility other than the Executive’s rights as a stockholder. 

  

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	5.5	No Duplication of Benefits. Each of the benefits described in Article 2 and 3 are intended to be separate benefits and mutually exclusive of the other so that once
benefit payments commence under one Section Executive (or his beneficiary, as the case may be) shall not thereafter receive payments or become entitled to benefits under another Section. 

 Article 6 
 Claims and Review
Procedures 
  

	 	6.1	Claims Procedure. The Bank shall notify the claimant in writing, within ninety (90) days of the claimants written application for benefits, of eligibility or non
eligibility for benefits under the Agreement. If the Bank determines that the claimant is not eligible for benefits or full benefits, the notice shall set forth (1) the specific reasons for such denial, (2) a specific reference to the
provisions of the Agreement on which the denial is based, (3) a description of any additional information or material necessary for the claimant to perfect claimants claim, and a description of why it is needed, and (4) an explanation of
the Agreement’s claims review procedure and other appropriate information as to the steps to be taken if the claimant wishes to have the claim reviewed. If the Bank determines that there are special circumstances requiring additional time to
make a decision, the Bank shall notify the claimant of the special circumstances and the date by which a decision is expected to be made, and may extend the time for up to an additional ninety-day period. 

  

	 	6.2	Review Procedure. If the claimant is determined by the Bank not to be eligible for benefits, or if the claimant believes that claimant is entitled to greater or different
benefits, the claimant shall have the opportunity to have such claim reviewed by the Bank by filing a petition for review with the Bank within sixty (60) days after receipt of the notice issued by the Bank. Said petition shall state the
specific reasons which the claimant believes entitle claimant to benefits or to greater or different benefits. Within sixty (60) days after receipt by the Bank of the petition, the Bank shall afford the claimant (and counsel, if any) an
opportunity to present claimant’s position to the Bank orally or in writing, and the claimant (or counsel) shall have the right to review the pertinent documents. The Bank shall notify the claimant of its decision in writing within the sixty
(60) day period, stating specifically the basis of its decision, written in a manner calculated to be understood by the claimant and the specific provisions of the Agreement on which the decision is based. If, because of the need for a hearing,
the sixty (60) day period is not sufficient, the decision may be deferred for up to another sixty (60) day period at the election of the Bank, but notice of this deferral shall be given to the claimant. 

  

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 Article 7 
 Amendment and Termination 
 The Bank reserves the right to amend or terminate this Agreement at any time. In the
event of termination of this Agreement, the Executive shall be vested in the Disability Benefit described in Section 2.3 as if the Executive had terminated employment because of Disability as of the date of termination of the Agreement. The
Bank shall pay the benefit to the Executive, at the Bank’s discretion, in either a lump sum payment within sixty (60) days of termination of this Agreement, or in one hundred eighty (180) equal consecutive monthly payments. The first
such monthly payment shall commence on the first day of the calendar month following the termination of this Agreement, and thereafter on the first day of each subsequent calendar month until paid in full. In the event of amendment, the vested
benefit amount accrued under Section 2.2 as of the effective date of the amendment shall not be reduced by the amendment. 
 Article 8

 Miscellaneous 
  

	8.1	Binding Effect and Merger. This Agreement shall bind the Executive and the Bank, and their heirs, beneficiaries, legal representatives, executors, administrators, successors
and assigns. The Bank will not merge with any other entity without such entity agreeing to the terms and conditions of this Agreement. 

  

	8.2	No Guaranty of Employment. This Agreement is not an employment policy or contract. This Agreement does not give the Executive the right to remain an employee of the Bank, nor
does it interfere with the Bank’s right to discharge the Executive. This Agreement also does not require the Executive to remain an employee nor interfere with the Executive’s right to terminate employment at any time. Nothing in this
Agreement shall be construed as an employment agreement, either express or implied. 

  

	8.3	Non-Transferability. No amounts payable under this Agreement shall be transferable by the Executive. Further, Executive may not sell, assign, alienate, pledge or otherwise
encumber any benefits under this Plan. 

  

	8.4	Tax Withholding. The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 

  

	8.5	Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of South Carolina, except to the extent preempted by the laws of the United
States of America. 

  

	8.6	 Unfunded Arrangement. The Executive and any beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. This
Agreement shall always be an unfunded arrangement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by creditors. Insurance on the Executive’s life, if any, is a general asset of the Bank to which the Executive and any beneficiary shall have no preferred or secured claim. Title 

  

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to an beneficial ownership of any cash or assets Bank may earmark to pay Executive or his beneficiary shall at all times remain with Bank.

  

	8.7	Named Fiduciary. The Bank shall be the named fiduciary. The Board of Directors of the Bank shall have full power and authority to interpret, construe and administer this
Agreement and the Board’s interpretations and construction thereof, and actions thereunder, or the amount or recipient of the payment to be made hereunder, shall be binding and conclusive on all persons for all purposes. No member of the Board
shall be liable to any person for any action taken or omitted in connection with the interpretation and administration of this Agreement unless attributable to his own willful misconduct or lack of good faith. 

  

	8.8	No Trust Created. Nothing contained in this Agreement, and no action taken pursuant to its provisions by either party hereto, shall create, nor be construed to create, a
trust of any kind or a fiduciary relationship between the Bank and the Executive, his designated beneficiary, any other beneficiary of the Executive or any other person. 

  

	8.9	Date of Birth. Executive hereby represents to Bank that his date of birth is August 3, 1942. 

 IN WITNESS WHEREOF, the Executive and a duly authorized Bank officer have executed and sealed this Agreement as the date first above written. 
  

									
	Witnesses:	 		 	Bank:
		 		 	Greer State Bank
				
	/s/ Gaye Burroughs	 		 	By:	 	/s/ Walter M. Burch
				
	 /s/ J. Richard Medlock, Jr.
	 		 	Its:	 	director
			
	Witnesses:	 		 	EXECUTIVE
			
	 /s/ Gaye Burroughs 
	 		 	/s/ R. Dennis Hennett
			
	 /s/ J. Richard Medlock, Jr.
	 		 	R. DENNIS HENNETT

  

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 1993 Bank Compensation Strategies Group 
 BOARD RESOLUTION 
 ADOPTING SALARY CONTINUATION AGREEMENT 
 The Board desires to retain R. Dennis Hennett (“Executive”), a key employee, in the Bank’s employ. To encourage such retention, the Board desires to enter
into the Salary Continuation Agreement attached to these minutes. Under the Agreement, the Bank promises to pay certain supplemental retirement or death benefits to the Executive, pursuant to the terms and conditions contained therein. 

THEREFORE, IT IS RESOLVED that the Salary Continuation Agreement is Adopted by the Bank effective as of NOVEMBER 1, 1997. 
 RESOLVED FURTHER, that the Bank’s officers are authorized to take any and all necessary financial, legal and accounting actions necessary to implement the
supplemental retirement or death benefit plan. 
  

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