Document:

EX-4.33

Exhibit 4.33

ASSIGNMENT AND ASSUMPTION AGREEMENT

This
ASSIGNMENT AND ASSUMPTION AGREEMENT dated as of September 3, 2008 (this
“Agreement”), is made between Hoshin GigaMedia Center Inc., an
ROC company (the“Assignor”) and Hoshin Multimedia Center Inc., an BVI company (the”

Assignee”).

RECITALS

A. The Assignor is a party to the Broadband Internet Service Agreement (the”
Broadband Service Agreement”) as set forth in Exhibit A attached hereto, pursuant to which the
Assignor has acquired exclusive rights and interests to provide broadband internet services

through the cable TV system operated by the respective system operator.

B. The Assignor wishes to transfer, assign, and convey to the Assignee all of
the Assignor’s rights, interests, duties and obligations with respect to the Broadband Service
Agreement, and the Assignee wishes to accept and assume such transfer, assignment, and
conveyance, subject to the terms and conditions set forth herein.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

1. Transfer and Assignment. Subject to the consideration set forth in Section
2, the Assignor hereby agrees to transfer, assign and convey to the Assignee all of the Assignor’s
rights, interests, duties and obligations with respect to the Broadband Service Agreement, provided
that such transfer, assignment and conveyance shall become effective upon receipt of the consent
from the counterparty of the Broadband Service Agreement.

2. Consideration and Assumption. In consideration of the exclusive rights
and interests transferred, assigned and conveyed by the Assignor pursuant to this Agreement, the
Assignee hereby agrees to pay the Assignor a lump sum payment of US$200,000, and assumes and agrees
to discharge, perform or otherwise satisfy, and assumes and agrees to be bound by, the duties and
obligations as set forth in the Broadband Service Agreement. Except as expressly set forth in this
Agreement, Assignee is not assuming and shall not be responsible for any other liabilities or
obligations of Assignor of any nature whatsoever, including without limitation to the liabilities
or obligations incurred under the Broadband Service Agreement, before the effective day of the
transfer and assignment.

3. Further Agreement. Assignor hereby waives any rights, claims, liens,
demands, causes of action, obligations, damages and liabilities, known or unknown, anticipated or
unanticipated, contingent or non-contingent, Assignor has had in the past or may have against the
counter party of the Broadband Service Contract and/or China Network System Co., Ltd. relating to
such Broadband Service Contract.

 

4. Binding Agreement; Successors. This Agreement shall be binding on and
shall inure to the benefit of and be enforceable by and against each party and its respective legal
representatives, executors, administrators, successors, and permitted assigns. Each party shall
require any successor or assignee expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that such party would be required to perform if no such
succession or assignment had taken place; provided that no assignment shall relieve any party of
its obligations hereunder.

5. Notice. Any notice, demand or request required or permitted to be given
under the provisions of this Agreement shall be in writing. All notices hereunder shall be
delivered to the addresses set forth below, or pursuant to such other instructions as may be
designated in writing by the party to receive such notice:

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	Hoshin GigaMedia Center Inc	 	 
	If to the Assignor

	 	 

	 	 
	 

	 	 

Telecopy:
	 	 
	 

	 	Attention:	 	 
	 
	 	 	 	 
	 

	 	Hoshin GigaMedia Center Inc	 	 
	If to the Assignee
	 	 	 	 
	 

	 	 

	 	 
	 

	 	 

Telecopy:
	 	 
	 

	 	Attention:	 	 

6. Severability. Whenever possible, each provision or portion of any
provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision or portion of any provision of this Agreement is held to
be invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision
or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion
of any provision had never been contained herein.

7. Entire Agreement. This Agreement constitutes the entire agreement, and
supersedes all prior written agreements, arrangements, communications and understandings and all
prior and contemporaneous oral agreements, arrangements, communications and

understandings among the parties with respect to the subject matter of this Agreement.

8. Amendment. This Agreement may not be amended, modified or
supplemented in any manner, whether by course of conduct or otherwise, except by an
instrument in writing signed by the parties hereto.

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9. Waiver. No failure or delay of any party in exercising any right or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such
right or power, or any abandonment or discontinuance of steps to enforce such right or power, or
any course of conduct, preclude any other or future exercise thereof or the exercise of any other
right or power. The rights and remedies of the parties hereunder are cumulative and are not
exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on
the part of any party to such waiver shall be valid only if set forth in a written instrument
executed and delivered by such party.

10. Governing Law. This Agreement and all disputes or controversies arising
out of or relating to this Agreement or the transactions contemplated hereby shall be governed by,
and construed in accordance with the internal laws of the Republic of China.

11. Counterparts. This Agreement may be executed in two or more
counterparts, all of which shall be considered one and the same instrument and shall become

effective when one or more counterparts have been signed by each of the parties and delivered to
the other party.

[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first
written above.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Hoshin GigaMedia Center Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Hoshin Multimedia Center Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

 

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The undersigned is the counterparty of the Broadband Internet Service Agreement entered into by and
between the Assignor and the undersigned and hereby consents to the transfer, assignment, and
conveyance all of the Assignor’s rights, interests, duties and obligations to the Assignee as
described herein as of the date set forth herein.

	 	 	 	 	 
	 	

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  

Date:	 	 

 

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Exhibit A

Broadband Service Agreement

	 	 	 	 	 
	Counterparty	 	Date of Execution	 	Term of the Contract
	

	 	July 12, 2001
	 	9 years and renewableExhibit 10.1

Exhibit 10.1

SEVERANCE PROTECTION AGREEMENT

This Severance Protection Agreement (“Agreement”) is made by and between FIRST BANK OF
GEORGIA, a banking corporation chartered under the laws of the State of Georgia (the “Bank”) and
THOMAS J. FLOURNOY, an employee of the Bank (the “Employee”).

W I T N E S S E T H:

WHEREAS, the Employee is currently an officer of the Bank holding the title of Senior Vice
President and Chief Financial Officer; and

WHEREAS, the Bank and the Employee desire to provide for the payment of severance pay to the
Employee in the event of termination of Employee’s employment with the Bank following a change in
control of the Bank and/or the Bank’s parent holding company, Georgia-Carolina Bancshares, Inc.
(the “Company”), on the terms and conditions set forth in this Agreement;

WHEREAS, the parties also wish to exempt the payments under this Agreement from coverage under
Section 409A of the Internal Revenue Code, enacted by Congress effective January 1, 2005;

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and
conditions set forth herein, the Bank and the Employee agree herein as follows:

1. OPERATION OF AGREEMENT. This Agreement shall be effective immediately upon its execution,
but its provisions shall not be operative, for any reason, unless and until a “Change in Control”
(as such term is defined in paragraph 2 hereof) has occurred.

2. CHANGE IN CONTROL.

(a) Unless otherwise provided, the term “Change in Control” as used in this Agreement shall
mean the first to occur of any of the following:

	 	(i)	 	The effective date of any transaction or series of transactions
(other than a transaction to which only the Company and one or more of its
subsidiaries are parties) pursuant to which (a) the Company merges into or
becomes a subsidiary of another corporation, or (b) one or more of the
Company’s subsidiaries (including but not limited to the Bank) becomes a
subsidiary of or merges with another entity, or (c) substantially all of the
assets of the Company are sold to or acquired by a person, corporation or group
of associated persons acting in concert who are not members of the present
Board of Directors of the Company;

	 
	 	(ii)	 	The date upon which any person, corporation, or group of
associated persons acting in concert becomes a direct or indirect beneficial
owner of shares of stock of the Company representing an aggregate of more than
twenty-five percent (25%) of the votes then entitled to be cast at an election
of directors of the Company; or

	 
	 	(iii)	 	The date upon which the persons who were members of the Board
of Directors of the Company as of the date of this Agreement (the “Original
Directors”) cease to constitute a majority of the Board of Directors of the
Company; provided, however, that any new director whose nomination or selection
has been approved by the unanimous affirmative vote of the Original Directors then in office
shall also be deemed an Original Director.

 

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(b) Notwithstanding the foregoing and for purposes of paragraph 4(b) below only, the term
“Change in Control” shall mean the date upon which any person, corporation, or group of associated
persons acting in concert becomes a direct or indirect beneficial owner of shares of stock of the
Company representing an aggregate of fifty percent (50%) or more of the votes then entitled to be
cast at an election of directors of the Company.

3. SEVERANCE PAY UPON TERMINATION BY THE BANK WITHOUT CAUSE OR BY EMPLOYEE FOR CAUSE. If,
during the three (3) year period immediately following a Change in Control, the Employee’s
employment with the Bank is terminated either:

(a) by the Bank for no reason or for any reason other than as a result of:

	 	(i)	 	the gross negligence or willful misconduct by the Employee
which is materially damaging to the business of the Bank or the Company;

	 	(ii)	 	the conviction of the Employee of any crime involving breach of
trust or moral turpitude;

	 	(iii)	 	a consistent pattern of failure by the Employee to follow the
reasonable written instructions or policies of the Employee’s supervisor or the
Board of Directors of the Bank or Company; or

	 	(iv)	 	receipt by the Bank or the Company of any written notice from
the Georgia Department of Banking and Finance, the Federal Deposit Insurance
Corporation or the Board of Governors of the Federal Reserve System requiring
the removal of the Employee; or

(b) by the Employee as a result of, and within ninety (90) days following:

	 	(i)	 	a reduction in the Employee’s rate of regular compensation from
the Bank to an amount below the rate of the Employee’s regular compensation as
in effect immediately prior to the Change in Control; or

	 
	 	(ii)	 	a requirement that the Employee relocate to a county other than Columbia, McDuffie
or Richmond County; or

	 	(iii)	 	a reduction in the Employee’s duties, title, and/or
responsibilities, as were previously set prior to the Change in Control,

then the Bank shall pay the Employee an amount equal to two (2) times the rate of the Employee’s
annual regular compensation (not including bonuses, benefits, grant of options or any other
compensation other than regular periodic salary payments) as in effect immediately prior to the
Change in Control. Such compensation shall be paid in a lump sum no later than March 15 of the
calendar year following the calendar year of Employee’s termination.

4. SEVERANCE PAY UPON TERMINATION BY THE EMPLOYEE. Within ninety (90) days after the date upon
which a Change in Control occurs as defined in:

 

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(a) paragraphs 2(a)(i)-(iii) above, Employee may terminate his employment and the Bank shall
pay Employee an amount equal to Employee’s regular annual compensation (not including bonuses,
benefits, grant of options, or any other compensation other than regular periodic salary payments)
as in effect immediately prior to the Change in Control as set forth in paragraphs 2(a)(i)-(iii)
hereof. Such compensation shall be paid in a lump sum no later than March 15 of the calendar year
following the calendar year of Employee’s termination; or

(b) paragraph 2(b) above, Employee may terminate his employment and the Bank shall pay
Employee an amount equal to one and one half (1 1/2) times the rate of Employee’s regular annual
compensation (not including bonuses, benefits, grant of options, or any other compensation other
than regular periodic salary payments) as in effect immediately prior to the Change in Control as
set forth in paragraph 2(b) hereof. Such compensation shall be paid in a lump sum no later than
March 15 of the calendar year following the calendar year of Employee’s termination.

5. NO SEVERANCE PAY UPON OTHER TERMINATION. Upon any termination of Employee’s employment with
the Bank other than a termination specified in paragraphs 3 and 4, the sole obligation of the Bank
to the Employee shall be to pay Employee’s regular compensation up to the effective date of the
termination.

6. SEPARATION FROM SERVICE. For purposes of this Agreement, termination of employment shall
mean a “separation from service” as defined in Section 409A of the Internal Revenue Code and
regulations issued thereunder.

7. ENTIRE OBLIGATION. Payment to the Employee pursuant to paragraph 3 or 4 of this Agreement
shall constitute the entire obligation of the Bank to the Employee in full settlement of any claim
at law or in equity that the Employee may otherwise assert against the Bank or any of its
employees, officers or directors on account of the Employee’s termination of employment.

8. NO OBLIGATION TO CONTINUE EMPLOYMENT. This Agreement does not create any obligation on the
part of the Bank to continue to employ the Employee following a Change in Control or in the absence
of a Change in Control.

9. TERM OF AGREEMENT. This Agreement shall
remain in effect for a term of three (3) years
from the date hereof and shall automatically
renew for an additional three (3) years on each
anniversary thereof, unless Employee is
otherwise notified to the contrary thirty (30)
days prior to such anniversary by the Bank, in which case this Agreement shall terminate two (2)
years from such anniversary.

10. SEVERABILITY. Should any clause, portion or section of this Agreement be unenforceable or
invalid for any reason, such unenforceability or invalidity shall not affect the enforceability or
validity of the remainder of this Agreement.

11. ASSIGNMENT, SUCCESSOR IN INTEREST. This Agreement being personal to the Employee, it may
not be assigned by the Employee. The terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the successors and assigns of the Bank and/or the Company and the
heirs, executors and personal representatives of the Employee.

12. WAIVER. Failure to insist upon strict compliance with any terms, covenants, and
conditions of this Agreement shall not be deemed a waiver of such term, covenant or condition, nor
shall any waiver or relinquishment of any right or power hereunder at any one or more times be
deemed a waiver or relinquishment of such right or power at any other time or times.

 

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IN WITNESS WHEREOF, this Agreement has been executed by the undersigned duly authorized on
this 24th day of June, 2009.

	 	 	 	 	 
	 	BANK:

FIRST BANK OF GEORGIA

 	 
	 	By:  	/s/ Samuel A. Fowler, Jr.
 	 
	 	 	Chairman of the Board 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	EMPLOYEE:

 	 
	 	/s/ Thomas J. Flournoy
 	 
	 	Thomas J. Flournoy 	 
	 	 	 
	 

 

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