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Exhibit 10.1  

	STATE OF SOUTH CAROLINA	)	 	 
	 	)	 	LEASE AGREEMENT
	COUNTY OF CHARLESTON	)	 	 

        THIS
LEASE AGREEMENT ("Lease") made and entered into on this 24 day of March, 2004, by and between Savings Associates ("Landlord") and Tidelands Bank (f/k/a Liberty
Bankshares, Inc.) ("Lessee"). 

        1.     Summary of Terms and Certain Definitions.

        (a)    Building:    The property hereby leased to the Lessee is the land (the "Land") and the improvements (the
"Improvements") located at 875 Lowcountry Boulevard, in Mount Pleasant, South Carolina, as more particularly described in Exhibit "A" attached hereto. The Land and Improvements leased hereunder,
together with Landlord's rights, if any, in and to all easements and other appurtenances thereto, hereinafter sometimes collectively referred to as the "Leased Property," are demised and let to Lessee
subject to the herein stated terms and conditions. Lessee accepts the Leased Property from Landlord in "as is" "where is" and "with all faults" condition except as noted herein. Landlord shall deliver
the Leased Property to Lessee in "broom clean" condition. Landlord agrees to provide Lessee with a termite inspection letter dated within thirty (30) days of the execution of this Lease stating
that the building at 875 Lowcountry Boulevard, Mount Pleasant, has been inspected and that the inspector
either (i) found no evidence of termite infestation or (ii) if infestation was observed there is either no damage or the damage has been repaired at the expense of the Landlord. 

        (b)    Term:    Ten (10) years plus any partial month from the Commencement Date until the first day of the
first full calendar month during the Term. 

        (c)    Renewal Term:    Two (2) renewal terms of five (5) years each. Landlord must be notified of
Lessee's intent to exercise each renewal six (6) months prior to the termination of the preceding term. 

        (d)    Expiration Date:    See Section 5 

        (e)    Minimum Annual Rent:    $178,076.40 (One Hundred Seventy-Eight Thousand Seventy-Six and no/100)
payable in monthly installments of $14,839.70 (Fourteen Thousand Eight Hundred Thirty-Nine and no/100) increased Nine (9%) Per Cent for one (1) year after the first three
(3) years and Three (3%) Per Cent for every year after as follows:  

	Lease Year
 
	 	Annual
	 	Monthly

	Year 4	 	$	194,103.28	 	$	16,175.27
	Year 5	 	$	199,926.38	 	$	16,660.53
	Year 6	 	$	205,924.17	 	$	17,160.35

        If
the Lease Agreement is renewed by Lessee, then the annual Three (3%) Per Cent increases as stated above will continue yearly during such renewal periods. 

        (f)    Use:    The property is to be used for a savings and loan or other banking or financial service facility or
general office facility, as may be permitted, from time to time, by the governmental regulatory agencies which exercise control over the Lessee, and subject to such other use restrictions, if any, as
set forth in this Lease. Lessee agrees not to use the Leased Property or any part thereof for any disorderly or unlawful purpose and agrees to comply with all governmental laws, ordinances, rules and
regulations applicable to its use, possession and operation 

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of
the Leased Property. Lessee agrees not to use the Leased Property in such a way as to diminish its value, reasonable wear and tear excepted. 

        (g)    Contents:    This Lease consists of pages 1 through 11 containing sections 1 through 31 and the following,
which is attached hereto and made a part of this lease: 

Exhibit A—Legal
Description 

        2.    Building.    Lessee hereby leases from Landlord the Building
specified in Section 1(a) and shown on attached Exhibit "A" within the Building (the Building and the lot on which it is located, the "Property"), together with the right to use all areas and
facilities provided by Landlord including any driveways, sidewalks and parking, loading and landscaped areas. 

        TO
HAVE AND TO HOLD THE Building upon the terms and conditions hereinafter set forth. 

        3.    Landlord's Representations.    The Landlord makes the following
representations as the basis for the undertakings on its part herein contained: 

        (a)   The
Landlord is a corporation duly organized and existing under the laws of the State of South Carolina and is authorized to enter into this Lease Agreement. 

        (b)   Landlord
warrants that (i) it has full right and authority to lease the Building upon the terms and conditions herein set forth; (ii) it has good and
marketable title to the Building; (iii) subject to the terms and conditions of this Lease Agreement, Lessee will have exclusive possession of the Building, free from all claims of any third
parties claiming by, through or under Landlord; (iv) the Building is not subject to the lien of any mortgage or other similar encumbering instrument, except a mortgage to one financial
institution, which is not subordinated to this Lease Agreement, unless Lessee has received a non-disturbance agreement from such lien holder; (v) the Building is properly zoned for
the operation of a bank and first-class office building and related uses in the Building by Lessee;
(vi) the Building contains parking facilities as required by applicable codes or ordinances for the Building, and the Building will be operated in accordance with the provisions of this Lease
Agreement; (vii) as of the Commencement Date, the Building will be in substantial compliance with all applicable federal, state and local statutes, codes, ordinances and rules, including
without limitation, those with respect to (1) hazardous and toxic material and (2) the Americans with Disabilities Act of 1990, as amended; and (viii) the building is free from
defect, in sound condition, and suitable for use as a bank/office building as of the time of execution of this agreement. 

        4.    Lessee's Representations.    The Lessee makes the following
representations as the basis for the undertakings on its part herein contained: 

        (a)   The
Lessee is a corporation organized under the laws of South Carolina and is in good standing under the laws of the State of South Carolina, and by proper action has
been duly authorized to execute and deliver this Lease Agreement, to enter into the transactions contemplated hereby, and to carry out its obligations hereunder. 

        5.     Term.

        (a)    Initial Term.    The term of this lease shall commence on the Commencement Date and shall end at 11:59 pm on
the last day of the Term (the "Expiration Date") unless sooner terminated in accordance with the terms hereof. At Landlord's request, Lessee shall confirm the Commencement Date and Expiration Date by
executing a lease commencement certificate. 

        (b)    Renewal Term.    Lessee shall have the option to renew per Section 1(c) above upon the same terms and
conditions contained herein. In order to exercise the option to renew, Lessee shall provide Landlord written notice of its election to renew the Lease within the time as stated in Section 1(c)
above. 

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        (c)   At
the expiration of the term of this Lease, the Lessee shall surrender the Leased Property in as good condition and repair as it was as of the Commencement Date,
reasonable wear and tear excepted, and shall repair any and all damage caused by the removal of any of Lessee's fixtures, furnishings, equipment and signs. 

        Lessee
agrees that no waste of any kind, solid or liquid, shall remain on the Leased Property upon termination of the Lease. Any personal property of Lessee which shall remain on the
Leased Property after the termination of this Lease may, at the option of the Landlord, be deemed to have been
abandoned by Lessee and, may either be retained by Landlord as its property or be disposed of without accountability. The provisions of this section shall survive the termination of this Lease. 

        6.     Rental.

        (a)   Lessee
agrees to pay Landlord the Minimum Annual Rent in equal monthly installments in the amount set forth in Section 1(e) (as increased at the beginning of each
lease year beginning with the fourth year of the Lease as set forth in Section 1(e), in advance, on the first day of each calendar month during the Term, without notice, demand or setoff, at
Landlord's address designated in Section 25 of this lease unless Landlord designates otherwise; Base Rent for any partial month shall be prorated based on the number of days of the Lease and
the total number of days of the partial month. As used in this lease, the term "lease year" means the period from the Commencement Date through the succeeding 12 full calendar months (including for
the first lease year any partial month from the Commencement Date until the first day of the first full calendar month) and each successive 12 month period thereafter during the Term. 

        (b)    Additional Rent.    The Lessee shall be responsible for the payment of Lessee's Pro Rata Share of all property
taxes for the leased premises during the term hereof, including the building and all other improvements thereon. Landlord represents and warrants that there are no other taxes or other assessments
affecting the Leased Property, other than those of a normal and recurring nature on property substantially similar to the Leased Property, at the time of the execution of this Lease. All such other
taxes or assessments affecting the Leased Property accruing after the Commencement Date but prior to the termination of this Lease shall not coincide with the end of a Real Estate Tax Year, then in
computing the amount payable under this Section 6 for the period between the commencement of the applicable Real Estate Tax Year in question and the Termination Date or sooner termination of
this Lease, the amount that would have been due from Lessee for the full year, if Lessee had been a tenant for the entire Real Estate Tax Year, shall be prorated over the portion of the Real Estate
Tax Year that Lessee is a tenant in the Leased Property. Lessee's obligation to pay increased Real Estate Taxes under this Section 6 for the final period of the Lease (as well as for any
earlier period not paid as of the expiration or sooner termination of the Lease) shall survive the expiration or sooner termination of this Lease. 

        (c)   During
the term of the Lease, Lessee agrees to arrange for and pay all services and charges for any and all utilities used on the Leased Property, including, but not
limited to water and sewer, electricity, gas, waste disposal, telephone and security related services, which may be charged or assessed by a utility or service company or political or utility
subdivision. In no event shall Landlord be liable for any interruption or failure in the supply of any utilities or services to the Leased Property, unless caused by the willful acts or misconduct of
the Landlord. To the extent utilities are not separately metered for the Leased Property, Lessee shall pay Lessee's Pro Rata Share for such utilities furnished to the Leased Property (all the
foregoing, together with any and all penalties, fines and/or interest thereon, being hereinafter sometimes collectively referred to as "Impositions"). 

        (d)   Landlord
shall furnish or cause to be furnished to Lessee, promptly after receipt of same, copies of any notices, statements or invoices with respect to any Impositions. 

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        7.    Use.    The Lessee shall use and occupy the Building solely for
the Use specified in Section 1(f) above and for no other purposes without the express written consent of the Landlord, which consent shall not be unreasonably withheld. Lessee shall comply with
all laws, ordinances, orders, or regulations of any lawful authority having jurisdiction over the Building and the use thereof. 

        8.    Assignment and Subletting.    The Lessee shall not, without the
prior written consent of the Landlord, which consent shall not be unreasonably withheld, assign or sublet the Building or any part thereof, or permit the use of the Building by any party other than
the Lessee. Any permitted assignee shall be liable to landlord for all obligations of the Lessee hereunder, but the Lessee shall not be thereby relieved of such obligations except where, in Landlord's
sole discretion, Lessee has equal or better credit. Lessee shall be entitled to retain any net profits and/or gains as a result of any permitted Lease or assignment by the Lessee. Notwithstanding the
foregoing, the prohibition against assignment and subletting without Landlord's consent shall not apply to transactions with (i) a corporation into or with which Lessee is merged or
consolidated or with a person to which substantially all of Lessee's assets or stock are transferred, provided such merger or transfer of assets or stock is for a good business purpose and not
principally for the purpose of transferring the leasehold estate created by this Lease Agreement and provided further, that the assignee shall have a net worth of not less than Lessee's net worth on
the date immediately preceding the transaction, or (ii) any entity that controls Lessee or is controlled by Lessee or is under common control with Lessee [(either of (i) or
(ii) being referred to herein as "Related Transferee"] Lessee shall notify Landlord before any such transaction is consummated and furnish to Landlord documentation that such
assignee or Lessee qualifies as Related Transferee hereunder. The term "control" as used in this Section 8 shall mean (1) in the case of a corporation, ownership or more than 50% of the
outstanding stock of that corporation and control over the management of such corporation, (2) in the case of a general partnership, ownership of more than 50% of the general partnership
interests of the partnership and control over the management of such partnership, (3) in the case of a limited partnership, ownership of more than 50% of the general partnership interests of
the partnership and control over the management of such limited partnership, and (4) in the case of a limited liability company, ownership of more than 50% of the membership interests and
control over the management of the limited liability company. 

        Further,
notwithstanding the provisions of this Section, the transfer of the outstanding capital stock of any corporate tenant or subtenant as part of an initial public offering of stock
registered under the Securities Act of 1933, as amended, and the increase in the amount of issued and/or outstanding stock of any corporate tenant or of a corporate subtenant, as part of a registered
initial public offering of such capital stock, shall be deemed an assignment of this Lease. Lessee shall notify Landlord that such transaction is contemplated promptly after the registration statement
with respect to such transaction is filed, and thereafter Lessee shall notify Landlord prior to the actual consummation of such transaction. Lessee shall furnish to Landlord documentation indicating
that such transaction meets the above criteria. 

        All
parties acknowledge and agree that Lessee shall have various subtenants as of the time of execution of this agreement. 

        9.    Lessee's Improvements.    Lessee shall not be allowed to make
any alterations, additions, or improvements ("Lessee's Improvements") to the Leased Property, without first obtaining the written consent of the Landlord, which consent will not be unreasonably
withheld, provided same are consistent with the use of the Leased Property described herein and provided that same do not diminish the market value of the Leased Property or conflict with this Lease.
If the improvements, alterations or additions are to be made by a contractor other than Landlord's, Landlord approval shall be required, which approval shall not be unreasonably withheld. In the event
any of the Lessee's Improvements are to be installed on the roof of the Improvements, Lessee shall assume full responsibility for all maintenance and repair of the roof which may be attributed to such
installation. All Lessee Improvements shall be constructed at Lessee's expense and shall be and remain the 

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property
of Lessee, until the termination of this Lease, at which time the Lessee Improvements shall become the property of Landlord. Provided, however, at the option of the Landlord, Landlord may
require Lessee, at the termination of this Lease, to remove any and all of the Lessee Improvements, Lessee shall be responsible for payment of the cost of repairing any damage arising from such
removal. The provisions of this section shall survive the termination of this Lease. It is understood by both parties that this Section shall not require Lessee to obtain Landlord's permission for
Lessee to remove Lessee's fixtures and equipment from the Leased Property before or after the termination of this Lease. 

        10.   Casualty and Insurance.

        (a)   If
the Lease Property is damaged or destroyed by fire, flood, tornado or other element, or by any other casualty, this Lease shall continue in full force and effect and
Lessee shall, as promptly as possible, restore, repair or rebuild the Lease Property to substantially the same condition as it existed before the damage or destruction. Lessee shall for this purpose
use all, or such part as may be necessary, of the insurance proceeds received from insurance policies carried on the Premises under the provision of subparagraph 10(b) hereinbelow. If such insurance
proceeds are not sufficient to pay such costs, Lessee shall pay such deficit. Notwithstanding the foregoing, in the event there is a damage or destruction to the Improvements on the Leased Property to
the extent of fifty percent (50%) or more of the then existing value thereof, the Lessee may, at its option, terminate this Lease and elect not to repair and rebuild the damaged Improvements; but in
any such event, all of the proceeds from the insurance policies required to be obtained pursuant to the provisions in Subparagraph 10(b) herein below shall belong exclusively to the Landlord. If
Lessee elects to so terminate this Lease, written notice must be given to Landlord within thirty (30) days following the damage or destruction to the Improvements. During that period after
destruction until restoration of the Premises, rent shall abate to the extent set forth in the Prime Lease. 

        (b)   Lessee
shall procure and maintain at all times during the terms of this Lease from companies authorized to do business in South Carolina, and reasonably acceptable to
Landlord, hazard insurance against all risk of physical loss in an amount not less than the full replacement value of the improvements of the Leased Property and shall include loss of rent coverage.
The Landlord and Lessee, as their interest may appear shall be named as insureds. Before Lessee takes possession of the Leased Property, Lessee shall deliver to Landlord an original insurance policy
or a certificate of insurance evidencing coverage as set forth herein. If a certificate is delivered, Lessee agrees to provide to Landlord a true copy of the policy when issued and upon any renewal
thereof. Lessee also agrees to provide a paid statement at the time of occupancy reflecting that all premiums have been paid. Each insurance policy required to be carried under this Lease Agreement by
Lessee shall provide at least thirty (30) days written notice to Landlord of any cancellation of insurance for any reason or any material change in the policy and failure to provide such notice
will preclude the company from canceling the coverage. The proceeds from any claim made pursuant to any such hazard insurance coverage shall be payable to Landlord; provided, however, if Lessee is
required by the terms of this Lease to rebuild or repair the Lease Property, the insurance proceeds shall be used to pay for the cost of replacing and repairing the damaged improvements. In the event
the proceeds from such insurance are insufficient to repair or rebuild, additional funds shall be furnished by the Lessee to the end that the improvements shall be repaired and replaced by Lessee
subsequent to any damage and/or destruction thereto. If Lessee fails to comply with the above property insurance requirement, Landlord may obtain such insurance and keep the same in effect, and Lessee
shall pay Landlord, as Additional Rent, the premium cost thereof upon demand. 

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        Lessee
agrees that it will not do or permit anything to be done on the Leased Property which may prevent the obtaining of any insurance on the Leased Property including, but without
limitation, fire, extended coverage and public liability insurance. 

        11.    Liability Insurance.    During the full term of this Lease or
any renewal or extension thereof, Lessee shall, at its sole expense, procure and maintain in full force Public Liability Insurance (Comprehensive General Liability or Commercial General Liability)
including Contractual Liability Insurance, with a combined personal injury and property damage limit of not less than One Million Dollars ($1,000,000.00) for each occurrence and not less than Two
Million Dollars ($2,000,000.00) in the aggregate, insuring against all liability of Lessee and its representatives arising out of and in connection with Lessee's use or occupancy of the Leased
Property. Said insurance policy shall name the Landlord as an additional insured, and the policy shall provide that it not be canceled for any reason unless and until Landlord is given thirty
(30) days notice in writing by the insurance company of the pending cancellation. Lessee's insurance company shall provide Landlord with a certificate of insurance indicating the terms and
conditions of the policy. 

        All
insurance required under this Lease shall be issued by insurance companies licensed to do business in the jurisdiction where the Leased Property is located. Such companies shall have
a policyholder rating of at lease "A" and be assigned a financial size category of at least "Class X" as rated in the most recent edition of "Best's Key Rating Guide" for insurance companies. Each
policy shall contain an endorsement requiring thirty (30) days written notice from the insurance company to Landlord
before cancellation or any change in the coverage, scope or amount of any policy. Each policy, or a certificate showing it is in effect, together with evidence of payment of premiums, shall be
deposited with Landlord on or before the Commencement Date, and renewal certificates or copies of renewal policies shall be delivered to Landlord at least thirty (30) days prior to the
expiration date of any policy. 

        12.    Maintenance.    Lessee shall, at its risk, cost, and expense,
during the term of this Lease or any extension thereof, be responsible for the maintenance, replacement and repair of the Leased Property including, but not limited to, (i) all permanent,
non-removable improvements or additions made by Lessee, (ii) all structural, interior and exterior replacements and repairs and improvements including, but not limited to paint,
redecoration and renovation, (iii) utility systems, including, but not limited to fixtures, equipment, lines and connections associated with the heating, air conditioning, ventilating,
electrical, plumbing, and sprinkler systems, (iv) all windows, doors (including operational mechanisms and door mountings), (v) floors, (vi) signs, and (vii) grass,
landscaping, and fences, etc., as same become necessary and are required to maintain the Leased Property in as good and proper condition, and in good appearance, as at the date of the Commencement
Date, subject to normal wear and tear for the uses permitted herein. Lessee shall be required to have the HVAC systems kept under a maintenance service contract, which is reasonably satisfactory to
Landlord. Lessee shall keep sidewalks and personnel entranceways free from obstruction of all nature, properly swept, and snow and ice removed therefrom. Lessee agrees that Landlord shall have no
obligation under this Lease to make any repairs or replacements (including the replacement of obsolete components) to the Lease Property or the buildings or improvements thereon, or any alteration,
addition, change, substitution or improvement thereof or thereto, whether structural or otherwise. The terms "repair" and "replacement" include the replacement of any portions of the Lease Property
which have outlived their useful life during the term of the Lease (or any extensions thereof). Landlord and Lessee intend that the rent received by Landlord shall be free and clear of any expense to
Landlord for the construction, care, maintenance (including, if any, common area maintenance charges and charges accruing under easements or other agreements relating to the Lease Property),
operation, repair, replacement, alteration, addition, change, substitution and improvement of or to the Lease Property and any building and improvement thereon. Upon the expiration or earlier
termination of this Lease, Lessee shall remain responsible for, and shall pay to Landlord, any cost, charge or expense for which Lessee is otherwise responsible for hereunder 

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attributable
to any period (prorated on a daily basis) prior to the expiration or earlier termination of this Lease. 

        13.    Eminent Domain.    If the whole of the Building, or such
portion thereof as will make the Building unsuitable for the use contemplated hereby, be taken under the power of eminent domain (including any conveyance in lieu thereof) then the term hereof shall
cease as of the date possession thereof is taken by the condemnor, and rental shall be accounted for as between Landlord and Lessee as of that date. If any lesser portion of the Building is thus
taken, rental shall abate in proportion to the loss of use occasioned thereby. Landlord shall receive the entire award for taking of real property and improvements. Lessee shall be entitled to any
award for the value of the Leasehold estate, its relocation costs and the loss of any personal property. 

        14.    Indemnity.    Lessee shall indemnify Landlord and save it
harmless from and against any and all claims, actions, damages, liability and expense in connection with loss of life, personal injury and/or damage to property arising from or out of the occupancy or
use by Lessee of the Building or any part thereof or any other part of Landlord's property, occasioned wholly or in part by any negligent act of omission of Lessee, its officers, agents, contractors
or employees. 

        15.    Landlord's Entry.    The Landlord and its agents may, after
giving Lessee prior notice, enter the Leased Property at any reasonable time for the purpose of inspecting the Leased Property, performing its obligations under this Lease, performing any work which
the Landlord elects to undertake for the safety, preservation, benefit or welfare of the Leased Property or its occupants, for performing any work which the Landlord elects to undertake made necessary
by reason of the Lessee's default, or to show the Leased Property to prospective purchasers, tenants and lenders. 

        Except
for negligence on the part of Landlord, Landlord shall not be liable for inconvenience, annoyance, disturbance, loss of business or other damage of Lessee by reason of making such
inspections, visits, repairs or the performance of any such work, so long as such actions on Landlord's part are not unreasonable. 

        16.    Events of Default by Lessee.    Lessee agrees to pay the Annual
Rent and the Additional Rent, as set forth in Section 6, at the time, in the amount and in the manner herein described. Any one of the following events shall be deemed a default by Lessee and a
breach of this Lease, namely: 

        (a)   If
Lessee fails to timely pay any installment of Annual Rent or to pay any Additional Rent within five (5) days of written demand therefore; or 

        (b)   If
Lessee fails to observe or perform any of the other terms, covenants or conditions of this Lease other than paying rents when due, and such failure continues after
the expiration of thirty (30) days from the date Landlord gives written notice to Lessee calling attention to the existence of such failure, provided however, that if Lessee cannot reasonably
correct the default (other than non-payment) within said thirty (30) day period, Lessee shall be given a reasonable period of time to correct the default; or 

        (c)   If
Lessee is declared bankrupt or insolvent by judicial decree; or 

        (d)   If
Lessee takes the benefit of any federal reorganization or composition proceedings; or 

        (e)   If
Lessee makes a general assignment for benefit of creditors; or 

        (f)    If
Lessee's Leasehold interest in this Lease is sold under any process of law; or 

        (g)   If
a trustee in bankruptcy or a receiver is appointed or elected for the Lessee; or 

        (h)   If
Lessee abandons the Leased Property and fails to pay any installment of Base Rent or to pay any Additional Rent; or 

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        (i)    If
any materialman's, mechanic's or other lien is filed against the Leased Property in connection with any improvements, alterations or additions made by Lessee, and
Lessee permits the lien or liens to stand against the Leased Property, not securing the discharge of the Leased Property from such liens by filing an appropriate bond within thirty (30) days
from date of written demand from Landlord pursuant to applicable law. Should Lessee file a bond and elect to contest the lien or liens, no default shall be in effect pending final legal
determination of the disputed lien. 

        17.    Events of Default by Landlord.    If the Landlord shall
(i) fail to perform any of the covenants of this Lease Agreement, or (ii) if any of the Landlord's representations and warranties in Section 3 of this Lease Agreement shall prove
to be materially untrue (individually or collectively, a "default"), then if Landlord does not cure any such default within thirty (30) days after written notice shall be given to Landlord (or
such longer period as may be necessary to cure such default so long as Landlord initiates such cure within said thirty (30) days period and diligently pursues the same to completion, not to
exceed ninety (90) days), unless such default in the reasonable option of the Lessee constitutes an emergency, in which event Landlord shall have a reasonable period of time under the
circumstances to cure such default, then Lessee may as its sole option terminate this Lease Agreement. 

        18.    Remedies on Default.    In the event of any default by Lessee
as herein provided, Landlord at any time thereafter, shall have the following rights: 

        (a)   The
right to terminate this Lease by giving Lessee written notice of such termination, whereupon, this Lease shall be regarded as canceled as of the date of Landlord's
termination notice and Lessee shall then quit and surrender the Leased Property to Landlord, however, Lessee shall remain liable to Landlord for all rentals, charges, payments and other obligations
which have accrued prior to the time of such termination; and 

        (b)   Upon
such termination by Landlord as described herein, Landlord shall have the right to immediately re-enter and take possession of the Leased Property and
upon re-entry, may remove all persons and personal property of the Lessee from the Leased Property; and 

        (c)   The
right to declare the full rental amounts for the entire remaining term of this Lease immediately due and payable; and 

        (d)   The
full right to recover from the Lessee all past due rents and any and all damages, including reasonable court costs and attorneys fees, as a result of the default;
and 

        (e)   Upon
such re-entering and taking of possession of the Leased Property by Landlord, Landlord shall attempt to re-let said Leased Property.
Landlord's only responsibility shall be to offer the Leased Property for rent and make the usual and normal best efforts to re-let said Leased Property. Lessee shall be liable to Landlord
for any deficiency between the amount of rental received, if any, and the amount which Lessee is obligated to pay under the terms of this Lease and for any other reasonable damages, including
reasonable court costs and attorneys fees and real estate commissions, incurred by Landlord in its attempt to re-let the Leased Property. Lessee shall be entitled to a credit against the
amounts owed by it hereunder of the net proceeds from such reletting, or in the event Lessee has paid all such amounts, such net proceeds shall be paid over to Lessee. 

        Landlord
may utilize and pursue such other actions and rights as it may have to protect its interests under the terms of this Lease, the laws of the United States and the State of South
Carolina as may be applicable. The mention in this Lease of any specific right or remedy of Landlord, or the waiver thereof, shall not preclude Landlord from exercising any other right or from having
any other remedy or from maintaining any action to which it may otherwise be entitled in law or in equity. No endorsement or statement on any check or accompanying any payment accepted by Landlord
shall be without prejudice to Landlord's right to obtain the balance due or pursue any other remedy available to Landlord both in law and in equity. 

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        Lessee
shall be liable for all reasonable court costs and attorneys fees and other reasonable expenses incurred by Landlord in enforcing any of the obligations of this Lease. 

        Lessee's
delinquent payments hereunder shall bear interest at a rate of two percent (2%) per annum higher than the average rate announced from time to time by major United States banks
in the Wall Street Journal, Charlotte, North Carolina edition, as a prime rate (the "Prime Rate") (but in no event
higher than the maximum rate allowed by law) until paid in full, which interest shall be deemed Additional Rent. 

        19.    Remedies Cumulative Non-Waiver.    No remedy herein
or otherwise conferred upon or reserved to Landlord or Lessee shall be considered exclusive of any other remedy, but the same shall be distinct, separate and cumulative and shall be in addition to
every other remedy given hereunder, or now or hereafter existing at law or in equity; and every power and remedy given by this Lease Agreement may be exercised from time to time as often as occasion
may arise or as may be deemed expedient. No delay or omission of a party hereto to exercise any right or power arising from any default on the part of the other shall impair any such right or power,
or shall be construed to be a waiver of any such default, or in acquiescence therein. The acceptance of rent by Landlord with knowledge of a default by Lessee hereunder shall not constitute a waiver
of such default. 

        20.    Quiet Enjoyment.    It is understood and agreed that subject to
the terms of this Lease, and to all covenants, additions, easements, liens and mortgages of record, that Lessee, paying the rent hereby reserved, and performing and observing the covenants hereof, may
peacefully hold and enjoy the said Leased Property throughout the duration of this Lease without any interruptions by the Landlord, its successors or assigns. 

        21.    Estoppel Certificate.    The Lessee shall, from time to time,
no later than fifteen (15) days following the written request of the Landlord, furnish Landlord a written statement, signed by Lessee concerning the status of any matter pertaining to the
Lease. 

        22.    Subordination and Attornment.    In the event of assignment of
Landlord's interest in the Leased Property, Lessee shall attorn to such successor of Landlord's interest therein and recognize such successor as Landlord under this Lease and shall promptly execute
and deliver any instrument that may be necessary to evidence such attornment. Such successor shall provide Lessee with an instrument recognizing Lessee's rights under this Lease, including Lessee's
right of quiet enjoyment and non-disturbance. 

        23.    Right of First Refusal.    Lessee has the right of first
refusal if landlord decides to sell the leased premises. Lessee has thirty (30) days after receiving notice from Landlord to inform landlord that it intends to purchase the leased premises. 

        24.    Notices.    A notice which may or shall be given under the
terms of this Lease shall be either delivered by facsimile, by hand or by Federal Express or another similar national, reputable, overnight courier or sent by United States Registered or Certified
Mail, postage prepaid; if for Landlord, to the address given below, or if for Lessee, to the Leased Property. Such address may be changed from time to time by either party by giving notice as provided
herein. Notice shall be deemed given when received 

9

 

(if
by facsimile), when delivered (if delivered by hand) or one (1) day after sending it via overnight courier or three (3) days after depositing in the mails, return receipt requested
(if delivered by mail). 

	Notice to Landlord:	 	Savings Associates

101 Pumpkin Lane

Sumter, SC 29150
	
Notice to Lessee:	
 	

Robert E. Coffee, Jr., President & Chief Executive Officer

Tidelands Bank

875 Lowcountry Boulevard

Mount Pleasant, SC 29464
	

 	
 	

Facsimile # (843) 388-8081

        Notice
shall also be sent to the holder or holders of any mortgage or deed of trust covering the Building at such address as such holder or holders may have given by notice as herein
provided. Either party hereto, or any such holder, may from time to time, by notice as herein provided, designate a different address to which notices to it shall be sent. 

        25.    Environmental.    Lessee agrees that it shall not, nor shall it
permit others, in violation of environmental laws and regulations, to use, release, store, or dispose of any Hazardous Materials (as defined by environmental laws and regulations) on the Leased
Property nor shall Lessee contaminate the Leased Property or the environment. 

        If
Lessee or its agents, contractors, or employees, have actual knowledge of any release of any Hazardous Materials on the Leased Property, or of any inquiry or action by a government
agency
regarding such materials, Lessee shall immediately notify Landlord. Lessee agrees to abide by all applicable environmental laws and regulations as they apply to Lessee's possession, operation and use
of the Leased Property. 

        In
the event that the Leased Property or the environment becomes contaminated with Hazardous Materials as a result of Lessee's use, occupation, or possession of the Leased Property, it
shall be Lessee's sole responsibility and cost to remediate and take from the Leased Property said contamination. Further, Lessee shall indemnify and hold harmless Landlord from all reasonable claims,
costs and damages as a result of any environmental problems which are the result of Lessee's use, occupation, or possession of the Leased Property. 

        Landlord
specifically prohibits Lessee from installing, or allowing others to install, any underground bulk storage tanks on the Leased Property. 

        All
representations, warranties and indemnification provisions of this Section shall survive the termination of this Lease. 

        26.    Governing Law.    This Lease Agreement shall be construed and
enforced in accordance with the laws of the State of South Carolina. 

        27.    Successors.    This Lease Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective heirs, successors and assigns, except as otherwise provided for in this Lease Agreement. The covenants, conditions and agreements
contained in this Lease shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns; but this provision shall in
no way alter the restrictions and requirements herein in connection with assignment and subletting by Lessee. 

        28.    Name and Extent of Agreement.    This Lease, together with all
exhibits which are attached hereto and by reference made a part hereof, constitutes the sole and entire contract between the 

10

 

parties
relative to the Leased Property. No prior written or contemporaneous oral promises or representations shall be binding. No subsequent alteration, amendment, change or addition to the Lease
shall be binding upon Landlord or Lessee unless reduced to writing and signed by both parties. 

        29.    Holding Over.    This Lease expires at the end of the term
defined herein without need for notice by Landlord, but it is expressly understood that if Lessee holds over for another month at the end of said
term for any purpose and if the Landlord accepts rent for said month, such acceptance shall operate as a renewal of the tenancy for another month and for each additional month for which Landlord
accepts rent. Should Landlord require possession of the Building, it shall give Lessee thirty (30) days notice to vacate the said Building. If Lessee fails to vacate the Building at the end of
such thirty-day period, the monthly rental thereafter shall be double the base rent prior to the holdover period. 

        30.    Time is of the Essence.    Time shall be of the essence with
regard to the dates of performance of all obligations specified herein, except that Landlord shall specifically state in any notice to Lessee which may adversely affect Lessee's rights under this
Agreement the specific deadline date that Landlord contends Lessee's failure to meet would constitute a default by Lessee under this Agreement. 

        31.    Recording.    This Lease Agreement may not be recorded without
Landlord's prior consent; however, Landlord agrees upon request of the Lessee to execute a memorandum hereof for recording purposes. 

        IN
WITNESS WHEREOF, the parties hereto have hereunto set their respective Hands and Seals on the day and year first herein above written. 

	IN THE PRESENCE OF:	 	Lessee:

TIDELANDS NATIONAL BANK	 
	

 	
 	

By:	

 
	
	 	 	

	 	 	Its Authorized Officer	 	 
	 	 	 	 	 	

	

 	
 	

Date signed by Lessee:	
 	

 	

, 2004
	 	 	 	 	 	
	 
	

 	
 	

Landlord:

SAVINGS ASSOCIATES	
 	

 	

 
	

 	
 	

By:	

 
	
	 	 	

	 	 	Its Authorized Officer	 	 
	 	 	 	 	 	

	

 	
 	

Date signed by Landlord:	
 	

 	

, 2004
	 	 	 	 	 	
	 

 
 

EXHIBIT "A"    
    

Property
Description 

        All
that certain piece, parcel or tract of land with all buildings thereon situate, lying and being known as 875 Lowcountry Boulevard, Mount Pleasant, South Carolina 29464, with Tax Map
Number 514-00-00-002. 

11

QuickLinks

EXHIBIT "A"Exhibit 10.1  

FORM OF

2005 LONG-TERM INCENTIVE PLAN

«YEAR» STOCK OPTION AWARD AGREEMENT  

        United States Cellular Corporation, a Delaware corporation (the "Company"), hereby grants to  «NAME» (the "Optionee"), as of
«DATE» (the "Option
Date"), pursuant to the provisions of the United States Cellular Corporation 2005 Long-Term Incentive Plan (the "Plan"), a
Non-Qualified Stock Option (the "Option") to purchase from the Company «# OF SHARES» shares of Stock at the price of  «STRIKE PRICE»
per share upon and subject to the terms and conditions set forth below. Capitalized terms not defined herein
shall have the meanings specified in the Plan. 

1.     Time and Manner of Exercise of Option  

        1.1.    Exercise of Option.    (a) In general. The Option shall
become exercisable according to the following vesting schedule: 

	•
	1/4
of grant vests on «FIRST ANNIVERSARY OF GRANT DATE»

	•
	1/4
of grant vests on «SECOND ANNIVERSARY OF GRANT DATE»

	•
	1/4
of grant vests on «THIRD ANNIVERSARY OF GRANT DATE»

	•
	Remaining
1/4 of grant vests on «FOURTH ANNIVERSARY OF GRANT DATE»

        In
no event may the Option be exercised, in whole or in part, after «TENTH ANNIVERSARY OF GRANT DATE» (the
"Expiration Date"). 

        (b)    Disability.    If the Optionee's employment by or service with the Employers and Affiliates terminates by
reason of Disability, the Option shall be exercisable only to the extent it is exercisable on the effective date of the Optionee's termination of employment or service and after such date may be
exercised by the Optionee (or the Optionee's Legal Representative) for a period of 12 months after the effective date of the Optionee's termination of employment or service, or until the
Expiration Date, whichever period is shorter. If the Optionee shall die within such original exercise period, the Option shall be exercisable by the beneficiary or beneficiaries duly designated by the
Optionee, to the same extent the Option was exercisable by the Optionee on the date of the Optionee's death, for a period ending on the later of (i) the last day of such original exercise
period and (ii) 90 days after the date of the Optionee's death. 

        (c)    Special Retirement.    If the Optionee's employment by or service with the Employers and Affiliates terminates
by reason of Special Retirement (as defined below), the Option immediately shall become exercisable in full and after such date may be exercised by the Optionee (or the Optionee's Legal
Representative) for a period of 12 months after the effective date of the Special Retirement, or until the Expiration Date, whichever period is shorter. If the Optionee shall die within such
original exercise period, the Option shall be exercisable by the beneficiary or beneficiaries duly designated by the Optionee, to the same extent the Option was exercisable by the Optionee on the date
of the Optionee's death, for a period ending on the later of (i) the last day of such original exercise period and (ii) 90 days after the date of the Optionee's death. For
purposes of this Award Agreement, "Special Retirement" shall mean an Optionee's termination of employment or service with the Employers and Affiliates on or after the later of (i) the
Optionee's attainment of age 62 and (ii) the Optionee's Early Retirement Date or Normal Retirement Date, as such terms are defined in the Telephone and Data Systems, Inc. Pension Plan. 

        (d)    Retirement.    If the Optionee's employment by or service with the Employers and Affiliates terminates by
reason of Retirement (as defined below), the Option immediately shall become exercisable in full and after such date may be exercised by the Optionee (or the Optionee's Legal Representative) for a
period of 90 days after the effective date of the Retirement, or until the Expiration Date, whichever period is shorter. If the Optionee shall die within such original exercise period, the
Option shall be exercisable by the beneficiary or beneficiaries duly designated by the Optionee, to the same extent the Option was exercisable by the Optionee on the date of the Optionee's death, for
a period ending 180 days after the effective date of the Retirement. For purposes of this Award Agreement, "Retirement" shall mean an Optionee's termination of employment or service with the 

Employers
and Affiliates on or after the Optionee's attainment of age 65 that does not satisfy the definition of "Special Retirement" set forth in Section 1.1(c). 

        (e)    Resignation with Prior Consent of the Board.    If the Optionee's employment by or service with the Employers
and Affiliates terminates by reason of the Optionee's resignation of employment or service with the prior consent of the Board (as evidenced in the Company's minute book), the Option shall be
exercisable only to the extent it is exercisable on the effective date of the Optionee's resignation and after such date may be exercised by the Optionee (or the Optionee's Legal Representative) for a
period of 90 days after the effective date of the
Optionee's resignation, or until the Expiration Date, whichever period is shorter. If the Optionee shall die within such original exercise period, the Option shall be exercisable by the beneficiary or
beneficiaries duly designated by the Optionee, to the same extent the Option was exercisable by the Optionee on the date of the Optionee's death, for a period ending 180 days after the
effective date of the Optionee's resignation. 

        (f)    Death.    If the Optionee's employment by or service with the Employers and Affiliates terminates by reason of
death, the Option shall be exercisable only to the extent it is exercisable on the date of death and after such date may be exercised by the beneficiary or beneficiaries duly designated by the
Optionee for a period of 180 days after the date of death, or until the Expiration Date, whichever period is shorter. 

        (g)    Other Termination of Employment or Service.    If the Optionee's employment by or service with the Employers
and Affiliates terminates for any reason other than Disability, Special Retirement, Retirement, resignation of employment or service with the prior consent of the Board (as evidenced in the Company's
minute book) or death, the Option shall be exercisable only to the extent it is exercisable on the effective date of the Optionee's termination of employment or service and after such date may be
exercised by the Optionee (or the Optionee's Legal Representative) for a period of 30 days after the effective date of the Optionee's termination of employment or service, or until the
Expiration Date, whichever period is shorter. If the Optionee shall die within such original exercise period, the Option shall be exercisable by the beneficiary or beneficiaries duly designated by the
Optionee, to the same extent the Option was exercisable by the Optionee on the date of the Optionee's death, for a period of 120 days after the date of death or until the Expiration Date,
whichever period is shorter. Notwithstanding the first sentence of this subsection (g), if the Optionee ceases to be employed by or of service to the Employers and Affiliates on account of the
Optionee's negligence, willful misconduct, competition with an Employer or other Affiliate or misappropriation of confidential information of an Employer or other Affiliate, the Option shall terminate
on the date the Optionee's employment or service terminates, unless such Option terminates earlier pursuant to Section 1.2. 

        1.2.    Termination of Option and Forfeiture of Option Gain Upon Competition or Misappropriation of Confidential
Information.    (a) Notwithstanding any other provision herein, if the Optionee enters into competition with an Employer or other Affiliate or misappropriates
confidential information of an Employer or other Affiliate, as determined by the Committee or the Company in its sole discretion, (i) as of the date of such competition or misappropriation, the
Option granted pursuant to this Award Agreement automatically shall terminate and thereby be forfeited to the extent it has not been exercised and (ii) the Optionee shall pay the Company,
within five business days of receipt by the Optionee of a written demand therefore, an amount in cash determined by multiplying the number of shares of Stock purchased pursuant to each exercise of the
Option within the six months immediately preceding such competition or misappropriation (without reduction for any shares of Stock delivered by the Optionee pursuant to Section 1.3 or
Section 2.4 or withheld by the Company pursuant to Section 2.4) by the difference between (i) the Fair Market Value of a share of Stock on the date of such exercise and
(ii) the purchase price per share of Stock set forth in the first paragraph of this Award Agreement. 

        (b)   The
Optionee may be released from the Optionee's obligations under this Section 1.2 only if and to the extent the Committee determines in its sole discretion that
such release is in the best interests of the Company. 

        (c)   The
Optionee agrees that by executing this Award Agreement the Optionee authorizes the Employers and any Affiliate to deduct any amount owed by the Optionee pursuant to
Section 1.2(a) from any amount payable by the Employers or any Affiliate to the Optionee, including, without limitation, any amount payable to the Optionee as salary, wages, vacation pay or
bonus. This right of setoff shall not be an exclusive remedy and an Employer's or an Affiliate's election not to exercise this right of setoff with respect to any amount payable to the Optionee shall
not constitute a waiver of this right of setoff with respect to any other amount payable to the Optionee or any other remedy. For purposes of Section 1.2(a), the Optionee shall be treated as
entering into competition with an Employer or other Affiliate if the Optionee (i) directly or indirectly, individually or in conjunction with any person, firm or corporation, has contact with
any customer of an Employer or other Affiliate or any prospective customer which has been contacted or solicited by or on behalf of an Employer or other Affiliate for the purpose of soliciting or
selling to such customer or prospective customer any product or service, except to the extent such contact is made on behalf of an Employer or other Affiliate or (ii) otherwise competes with an
Employer or other Affiliate in any manner or otherwise engages in the business of an Employer or other 

Affiliate.
The Optionee shall be treated as misappropriating confidential information of an Employer or other Affiliate if the Optionee (i) uses confidential information (as described below)
for the benefit of anyone other than an Employer or such Affiliate, as the case may be, or discloses the confidential information to anyone not authorized by an Employer or such Affiliate, as the case
may be, to receive such information, (ii) upon termination of employment or service, makes any summaries of, takes any notes with respect to or memorizes or takes any confidential information
or reproductions thereof from the facilities of an Employer or other Affiliate or (iii) upon termination of employment or service or upon the request of an Employer or other Affiliate, fails to
return all confidential information then in the Optionee's possession. "Confidential information" shall mean any confidential and proprietary drawings, reports, sales and training manuals, customer
lists, computer programs and other material embodying trade secrets or confidential technical, business or financial information of an Employer or other Affiliate. 

        1.3.    Method of Exercise.    Subject to the limitations set forth in this Award Agreement, the Option may be
exercised by the holder of the Option (a) by giving written notice to the Chief Financial Officer of the Company (or such other officer as may be designated by him or her) at least seven
(7) days prior to the exercise date specified in such notice (or in accordance with such shorter period of prior notice consented to by the Chief Financial Officer of the Company (or such other
officer as may be designated by him or her)), which notice shall specify the number of whole shares of Stock to be purchased and shall be accompanied by payment therefore in full (unless another
arrangement for such payment which is satisfactory to the Company has been made) either (i) in cash, (ii) in previously owned whole shares of Stock (which the holder has held for at
least six months prior to the delivery of such shares of Stock or which the holder purchased on the open market and for which the holder has good title free and clear of all liens and encumbrances)
having a Fair Market Value, determined as of the date of exercise, equal to the aggregate purchase price payable by reason of such exercise, (iii) to the extent legally permissible, in cash by
a broker-dealer acceptable to the Company to whom the holder has submitted an irrevocable notice of exercise or (iv) a combination of (i) and (ii) and (b) by executing such documents and
taking any other actions as the Company may reasonably request. If holder is subject to section 16 of the Exchange Act, the Committee may require that the method of making such payment be in
compliance with section 16 of the Exchange Act and the rules and regulations thereunder. Any fraction of a share of Stock which would be required to pay such purchase price shall be disregarded
and the remaining amount due shall be paid in cash by the holder. No share of Stock shall be delivered until the full purchase price therefore has been paid (or arrangement has been made for such
payment to the Company's satisfaction). 

2.     Additional Terms and Conditions of Option  

        2.1.    Option Subject to Acceptance of Award Agreement.    The Option shall become null and void unless the Optionee
shall accept this Award Agreement by executing it in the space provided at the end hereof and returning it to the Company. 

        2.2.    Transferability of Option.    The Option may not be transferred other than (i) pursuant to a
beneficiary designation effective on the Optionee's death or (ii) by gift to a Permitted Transferee. During the Optionee's or holder's lifetime, the Option is exercisable only by the Optionee
or holder (or the Optionee's or holder's Legal Representative) or a Permitted Transferee. Except as permitted by the foregoing, the Option may not be sold, transferred, assigned, pledged,
hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign,
pledge, hypothecate, encumber or otherwise dispose of the Option, the Option and all rights hereunder shall immediately become null and void. 

        By
accepting the Option, the Optionee agrees that if all beneficiaries designated on a beneficiary designation form predecease the Optionee or, in the case of corporations, partnerships,
trusts or other entities which are designated beneficiaries, are terminated, dissolved, become insolvent or are adjudicated bankrupt prior to the date of the Optionee's death, or if the Optionee fails
to designate a beneficiary on a beneficiary designation form, then the Optionee hereby designates the following persons in the order set forth herein as the Optionee's beneficiary or beneficiaries:
(i) the Optionee's spouse, if living, or if none, (ii) the Optionee's then living descendants, per stirpes, or if none, (iii) the Optionee's estate. 

        2.3.    Agreement by Holder.    As a condition precedent to the issuance or delivery of any shares of Stock upon any
exercise of the Option, the holder shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance or delivery of the shares and, in
connection therewith, shall execute any documents which the Committee shall in its sole discretion deem necessary or advisable. 

        2.4.    Tax Withholding.    (a) As a condition precedent to the issuance or delivery of any shares of Stock
upon any exercise of the Option, the holder shall, upon request by the Company, pay to the Company in addition to the purchase price of the shares of Stock, such amount as the Company may be required,
under all applicable federal, 

state,
local or other laws or regulations, to withhold and pay over as income or other withholding taxes (the "Required Tax Payments") with respect to such exercise of the Option. If the holder shall
fail to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, withhold whole shares of Stock which would otherwise be delivered to the holder upon
exercise of the Option, having an aggregate Fair Market Value determined as of the date the obligation to withhold or pay taxes arises in connection with the Option (the "Tax Date") in an amount
necessary to satisfy any such obligation. 

        (b)   The
holder may elect to satisfy his or her obligation to advance the Required Tax Payments by any of the following means: (1) a cash payment to the Company,
(2) delivery to the Company of whole shares of Stock the aggregate Fair Market Value of which shall be determined as of the Tax Date, (3) authorizing the Company to withhold whole shares
of Stock which would otherwise be delivered to the holder upon exercise of the Option the aggregate Fair Market Value of which shall be determined as of the Tax Date, (4) to the extent legally
permissible, a cash payment by a broker-dealer acceptable to the Company to whom the holder has submitted an irrevocable notice of exercise or (5) any combination of (1), (2) and (3). If the
Optionee is subject to section 16 of the Exchange Act, the Committee may require that the method of satisfying such an obligation be in compliance with section 16 of the Exchange Act and
the rules and regulations thereunder. Shares of Stock to be delivered or withheld may not have an aggregate Fair Market Value in excess of the amount determined by applying the minimum statutory
withholding rate. Any fraction of a share of Stock which would be required to pay the Required Tax Payments shall be disregarded and the remaining amount due shall be paid in cash by the holder. No
share of Stock shall be delivered until the Required Tax Payments have been satisfied in full. 

        2.5.    Adjustment.    In the event of any conversion, stock split, stock dividend, recapitalization,
reclassification, reorganization, merger, consolidation, combination, exchange of shares, liquidation, spin-off or other similar change in capitalization or event, or any distribution to
holders of Stock other than a regular cash dividend, the number and class of shares of Stock subject to the Option and the purchase price per share shall be appropriately adjusted by the Committee,
such adjustment to be made without an increase in the aggregate purchase price. The decision of the Committee regarding any such adjustment shall be final, binding and conclusive. If any such
adjustment would result in a fractional share being subject to the Option, the Company shall pay the holder of the Option, in connection with the first exercise of the Option in whole or in part
occurring after such adjustment, an amount in cash determined by multiplying (i) the fraction of such share (rounded to the nearest hundredth) by (ii) the excess, if any, of
(A) the Fair Market Value on the exercise date over (B) the exercise price of such Option. 

        2.6.    Change in Control.    (a)(1) Notwithstanding any provision in the Plan or in this Award Agreement, in
the event of a Change in Control, the Board may, but shall not be required to, make such adjustments to the Option as it deems appropriate, including, without limitation, (i) causing the Option
to immediately become exercisable in full or (ii) electing that the Option be surrendered to the Company by the holder thereof, that the Option be immediately canceled by the Company and that
the holder of the Option receive, within a specified period of time from the occurrence of the Change in Control, a cash payment from the Company in an amount equal to the number of shares of Stock
then subject to the Option, multiplied by the excess, if any, of the greater of (x) the highest per share price offered to stockholders of the Company in any transaction whereby the Change in
Control takes place or (y) the Fair Market Value of a share of Stock on the date of the occurrence of the Change in Control, over the purchase price per share of Stock subject to the Option. 

        (2)   In
the event of a Change in Control pursuant to Section (b)(3) or (4) below in connection with which the holders of Stock receive shares of common stock that are
registered under Section 12 of the Exchange Act, the Board may, but shall not be required to, substitute for each share of Stock available under the Plan, whether or not then subject to an
outstanding option, the number and class of shares into which each outstanding share of Stock shall be converted pursuant to such Change in Control. In the event of any such substitution, the purchase
price per share with respect to the Option shall be appropriately adjusted by the Committee (whose determination shall be final, binding and conclusive), such adjustment to be made without an increase
in the aggregate purchase price. 

        (b)   For
purposes of the Plan and this Award Agreement, "Change in Control" shall mean: 

        (1)   the
acquisition by any Person, including any "person" within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, of beneficial ownership within the
meaning of Rule 13d-3 promulgated under the Exchange Act, of 25% or more of the combined voting power of the then outstanding securities of the Company entitled to vote generally on
matters (without regard to the election of directors) (the "Outstanding Voting Securities"), excluding, however, the following: (i) any acquisition directly from the Company or an Affiliate
(excluding any acquisition resulting from the exercise of an exercise, conversion or exchange privilege, unless the security being so exercised, converted or exchanged was acquired directly from the
Company or an Affiliate), (ii) any acquisition by the Company or an Affiliate, (iii) any acquisition by an employee benefit plan (or related trust) sponsored or 

maintained
by the Company or an Affiliate, (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (3) of
this Section 2.6(b), or (v) any acquisition by the following persons: (A) LeRoy T. Carlson or his spouse, (B) any child of LeRoy T. Carlson or the spouse of
any such child, (C) any grandchild of LeRoy T. Carlson, including any child adopted by any child of LeRoy T. Carlson, or the spouse of any such grandchild, (D) the estate
of any of the persons described in clauses (A)-(C), (E) any trust or similar arrangement (including any acquisition on behalf of such trust or similar arrangement by the trustees or similar
persons) provided that all of the current beneficiaries of such trust or similar arrangement are persons described in clauses (A)-(C) or their
lineal descendants, or (F) the voting trust which expires on June 30, 2035, or any successor to such voting trust, including the trustees of such voting trust on behalf of such voting
trust (all such persons, collectively, the "Exempted Persons"); 

        (2)   individuals
who, as of February 22, 2005, constitute the Board (the "Incumbent Board") cease for any reason to constitute at least a majority of such Board;  provided that any individual who becomes a director
of the Company subsequent to February 22, 2005, and whose election or nomination for election
by the Company's stockholders was approved by the vote of at least a majority of the directors then comprising the Incumbent Board, shall be deemed a member of the Incumbent Board; and  provided further,
that any individual who was initially elected as a director of the Company as a result of an actual or threatened solicitation by a
Person other than the Board for the purpose of opposing a solicitation by any other Person with respect to the election or removal of directors, or any other actual or threatened solicitation of
proxies or consents by or on behalf of any Person other than the Board shall not be deemed a member of the Incumbent Board; 

        (3)   consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a "Corporate
Transaction"), excluding, however, a Corporate Transaction pursuant to which (i) all or substantially all of the individuals or entities who are the beneficial owners of the Outstanding Voting
Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding securities of the corporation
resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns, either directly or indirectly, the Company or all or substantially
all of the Company's assets) which are entitled to vote generally on matters (without regard to the election of directors), in substantially the same proportions relative to each other as the shares
of Outstanding Voting Securities are owned immediately prior to such Corporate Transaction, (ii) no Person (other than the following Persons:  (v) the Company or an Affiliate, (w) any employee benefit plan (or related trust)
sponsored or maintained by the Company or an Affiliate, (x) the corporation resulting from such Corporate Transaction,  (y) the Exempted Persons
and (z) any Person which beneficially owned, immediately prior to
such Corporate Transaction, directly or indirectly, 25% or more of the Outstanding Voting Securities) will beneficially own, directly or indirectly, 25% or more of the combined voting power of the
outstanding securities of such corporation entitled to vote generally on matters (without regard to the election of directors) and (iii) individuals who were members of the Incumbent Board will
constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or 

        (4)   approval
by the stockholders of the Company of a plan of complete liquidation or dissolution of the Company. 

        2.7.    Compliance with Applicable Law.    The Option is subject to the condition that if the listing, registration or
qualification of the shares of Stock subject to the Option upon any securities exchange or under any law, the consent or approval of any governmental body or the taking of any other action is
necessary or desirable as a condition of, or in connection with, the delivery of shares, such shares may not be delivered, in whole or in part, unless such listing, registration, qualification,
consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such
listing, registration, qualification, consent, approval or other action. 

        2.8.    Delivery of Certificates.    Upon the exercise of the Option, in whole or in part, the Company shall, subject
to Section 2.4, deliver or cause to be delivered to the holder one or more certificates representing the number of shares of Stock purchased against full payment therefore. The Company may
require that certificates evidencing shares of Stock delivered pursuant to the Option bear a legend indicating that the sale, transfer or other disposition thereof by the holder is prohibited except
in compliance with the Securities Act of 1933, as amended, and the rules and regulations thereunder. The Company shall pay all original issue or transfer taxes and all fees and expenses incident to
such delivery, except as otherwise provided in Section 2.4. 

        2.9.    Option Confers No Rights as a Stockholder.    The holder of the Option shall not be entitled to any privileges
of ownership with respect to shares of Stock subject to the Option unless and until such shares are purchased and delivered upon an exercise of the Option and the holder becomes a stockholder of
record with 

respect
to such delivered shares. The holder shall not be considered a stockholder of the Company with respect to any shares not so purchased and delivered. 

        2.10.    Company to Reserve Shares.    The Company shall at all times prior to the expiration or termination of the
Option reserve and keep available, either in its treasury or out of its authorized but unissued shares of Stock, the full number of shares subject to the Option from time to time. 

3.     Miscellaneous Provisions  

        3.1.    Option Confers No Rights to Continued Employment or Service.    In no event shall the granting of the Option
or the acceptance of this Award Agreement and the Option by the Optionee give or be deemed to give the Optionee any right to continued employment by or service with the Company or any of its
subsidiaries or affiliates. 

        3.2.    Decisions of Committee.    The Committee shall have the right to resolve all questions which may arise in
connection with the Option or its exercise. Any interpretation, determination or other action made or taken by the Committee regarding the Plan or this Award Agreement shall be final, binding and
conclusive. 

        3.3.    Award Agreement Subject to the Plan.    This Award Agreement is subject to the provisions of the Plan, and
shall be interpreted in accordance therewith. The Plan shall be submitted to the stockholders of the Company for approval, and in the event that the Plan is not approved by such stockholders, the
Option shall be null and void. The Optionee hereby acknowledges receipt of a copy of the Plan. 

        3.4.    Successors.    This Award Agreement shall be binding upon and inure to the benefit of any successor or
successors of the Company and any person or persons who shall, upon the death of the Optionee or transfer of such Option, acquire any rights hereunder. 

        3.5.    Notices.    All notices, requests or other communications provided for in this Award Agreement shall be made
in writing either (a) by actual delivery to the party entitled thereto, (b) by mailing in the United States mails to the last known address of the party entitled thereto, via certified
or registered mail, postage prepaid and return receipt requested or (c) by telecopy with confirmation of receipt. The notice shall be deemed to be received in case of delivery, on the date of
its actual receipt by the party entitled thereto, in case of mailing by certified or registered mail, five days following the date of such mailing and in the case of telecopy, on the date of
confirmation of receipt. 

        3.6.    Governing Law.    The Option, this Award Agreement and all determinations made and actions taken pursuant
thereto, to the extent otherwise not governed by the Code or the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without regard
to principles of conflicts of laws. 

        3.7.    Counterparts.    This Award Agreement may be executed in two counterparts each of which shall be deemed an
original and both of which together shall constitute one and the same instrument. 

	 	 	UNITED STATES CELLULAR CORPORATION
	

 	
 	

By:	
 	

    
 «NAME»

«TITLE»
	

Accepted this        day of

                        , 20    .	
 	

 	
 	

 
	

    
 Optionee	
 	

 	
 	

 

2005 LONG-TERM INCENTIVE PLAN

«YEAR» STOCK OPTION AWARD AGREEMENT  

Beneficiary Designation Form  

        You may designate a primary beneficiary and a secondary beneficiary. You can name more than one person as a primary or secondary beneficiary. For example, you may
wish to name your spouse as primary beneficiary and your children as secondary beneficiaries. Your secondary beneficiary(ies) will receive nothing if any of your primary beneficiaries survive you. All
primary beneficiaries will share equally unless you indicate otherwise. The same rule applies for secondary beneficiaries. 

Designate
Your Beneficiary(ies): 

	Primary Beneficiary(ies) (give name, address and relationship to you):
	

    

	

    

	

    

	

    

	

Secondary Beneficiary(ies) (give name, address and relationship to you):
	

    

	

    

	

    

	

    

I certify that my designation of beneficiary set forth above is my free act and deed. 

	    
 Name (please print)	 	    
 Signature
	

 	
 	

    
 Date

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