Document:

Exhibit 10.2 

NON-SOLICITATION
AGREEMENT 

THIS NON-SOLICITATION
AGREEMENT (this “Agreement”) is entered into as of September 25, 2017, between First Reliance
Bancshares, Inc. (“Parent”), a South Carolina
corporation and the holding company of First Reliance Bank (“First Reliance”), and the undersigned Chief Financial Officer
(“Executive”) of Independence Bancshares, Inc., a South
Carolina corporation (“Independence Bancshares”),
and Independence National Bank, a wholly-owned subsidiary of Independence
Bancshares (“Independence
Bank” and, together with
Independence Bancshares, “Independence”), and shall
become effective at the Effective Time of the Merger provided in the Merger
Agreement (as defined below), between Parent and Independence Bancshares.

WHEREAS, the Boards of Directors of Parent and
Independence Bancshares have determined that the acquisition of Independence
Bancshares by Parent (the “Merger”) pursuant to that
certain Agreement and Plan of Merger, dated as of the date hereof (the
“Merger Agreement”), is in the
best interests of Parent and its shareholders (provided that certain material
conditions including, without limitation, Executive agreeing to execute this
Agreement, are satisfied), and of Independence Bancshares and its shareholders,
respectively, and is consistent with, and in furtherance of, their respective
business strategies;

WHEREAS, the parties hereto acknowledge that Executive,
as the Chief Financial Officer of Independence Bancshares and Independence Bank,
occupies a unique position of trust and confidence with respect to Independence
and by virtue of these positions Executive has acquired significant knowledge
relating to the business of Independence;

WHEREAS, the Board of Directors of Parent has determined that it is in the best
interests of Parent and its shareholders to protect the business and goodwill
associated with the business of Independence by strengthening restrictions on
Executive’s ability to recruit employees and solicit customers of Parent or
First Reliance following the completion of the Merger;

WHEREAS, (i) the Merger Agreement contemplates that, as a
condition to Parent entering into the Merger Agreement and completing the
Merger, Executive will enter into and perform this Agreement, and Parent is not
willing to enter into the Merger Agreement or complete the Merger unless, among
other conditions, Executive enters into and performs this Agreement, (ii)
Executive is entering into this Agreement in order to induce Parent to enter
into the Merger Agreement and, subject to the terms and conditions in the Merger
Agreement, to complete the Merger, and (iii) Parent is relying on Executive’s
representations, warranties, covenants, and agreements herein; 

WHEREAS, if the Merger is completed, Executive will
receive a portion of the Merger Consideration as merger consideration for her
ownership of Independence Common Stock and a cash-out payment for Executive’s
outstanding Independence Options pursuant to the terms and conditions of the
Merger Agreement, and will receive a change in control payment pursuant to her
existing change in control agreement with Independence, and so Executive desires
to induce Parent to complete the Merger; and 

WHEREAS, Executive has agreed to accept such limitations
on Executive’s ability to compete with Parent or First Reliance following the
Merger as an inducement for Parent to execute the Merger Agreement and, subject
to the terms and conditions of the Merger Agreement, to complete the Merger.

NOW, THEREFORE, IN CONSIDERATION of the premises and for other good and valuable
consideration, including, without limitation, Parent’s entry into the Merger
Agreement, the sufficiency and receipt of which are hereby acknowledged, the
parties hereto, intending to be legally bound, agree as follows: 

1. Certain Definitions. 

(a) “Affiliated Company” means any company or entity controlled by,
controlling or under common control with Parent or Independence Bancshares,
including, respectively, First Reliance and Independence Bank. 

(b) “Confidential Information” means all information regarding Independence
Bancshares, Parent, and their Affiliated Companies and any of their respective
activities, businesses or customers that is not generally known to persons not
employed (whether as employees or independent contractors) by Independence
Bancshares, Parent or their respective Affiliated Companies, that is not
generally disclosed publicly to persons not employed by Independence Bancshares,
Parent or their respective Affiliated Companies (except to their regulatory
authorities and pursuant to confidential or other relationships where there is
no expectation of public disclosure or use by third Persons), and that is the
subject of reasonable efforts to keep it confidential, and/or where such
information is subject to limitations on disclosure or use by applicable Laws.
“Confidential
Information” shall include,
without limitation, all customer information, prospective customer information,
customer lists, prospective customer lists, confidential methods of operation,
lending and credit information, commissions, mark-ups, product/service formulas,
information concerning techniques for use and integration of websites and other
products/services, current and future development and expansion or contraction
plans of Independence Bancshares, Parent or their respective Affiliated
Companies, sale/acquisition plans and contacts, marketing plans and contacts,
information concerning the legal affairs of and information concerning the
pricing of products and services, strategy, tactics and financial affairs of
Independence Bancshares, Parent or their respective Affiliated Companies.
“Confidential
Information” also includes any
“confidential information,” “trade secrets” or any equivalent term under any
other federal, state or local law. “Confidential Information” shall not include information that (a) has
become generally available to the public by the act of one who has the right to
disclose such information without violating any right or privilege of
Independence Bancshares or Parent or their respective Affiliated Companies or
any duty owed to any of them; or (b) is independently developed by a person or
entity without reference to or use of Confidential Information.

(c) Capitalized terms used
but not defined herein shall have the same meanings provided in the Merger
Agreement. 

2 

2. Nondisclosure of Confidential
Information. 

(a) Nondisclosure
of Confidential Information.
Executive hereby agrees that until the later of 24 months following the
Effective Time of the Merger or 12 months following the termination of service
as an employee or consultant of First Reliance (if applicable), Executive shall
not directly or indirectly transmit or disclose any Confidential Information to
any Person, or use or permit others to use any such Confidential Information,
directly or indirectly, without the prior express written consent of Parent’s
Chief Executive Officer, which consent may be withheld in the sole discretion of
Parent’s Chief Executive Officer; provided, that Executive
shall keep the Confidential Information of third parties (such as customers) and
any trade secrets for an indefinite period of time. If required to disclose such
information by law, Executive shall use reasonable efforts to protect and
preserve the confidentiality of such information. Executive also acknowledges
and agrees that trading in Parent or Independence Bancshares securities using
Confidential Information or non-public information may violate federal and state
securities laws and agrees to comply with such securities laws and Parent’s
policies regarding insider trading in effect from time to time.

(b) Enforceability of Covenants. Executive and Parent agree that Executive’s
obligations under these nondisclosure covenants are separate and distinct from
other provisions of this Agreement, and a failure or alleged failure of
Independence Bancshares and Parent to perform their obligations under any
provision of this Agreement or other agreements with Executive shall not
constitute a defense to, or waiver of the enforceability of, these nondisclosure
covenants. Nothing in this provision or this Agreement shall limit any rights or
remedies otherwise available to Independence Bancshares, Parent, or any
Affiliated Company under federal, state or local law. 

3. Non-recruitment and Non-solicitation
Covenants. 

(a) Non-recruitment of Employees. Executive hereby agrees that until the later of
24 months following the Effective Time of the Merger or 12 months following the
termination of service as an employee or consultant of First Reliance (if
applicable), Executive shall not, without the prior written consent of Parent’s
Chief Executive Officer, which consent may be withheld at the sole discretion of
Parent’s Chief Executive Officer, directly or indirectly, on behalf of herself
or any other Person, solicit or recruit for employment or encourage to leave
employment with Parent or any of Parent’s Affiliated Companies, any employee of
Parent’s or of any Parent’s Affiliated Companies with whom Executive worked
during Executive’s services as an employee of Independence Bancshares or any
Affiliated Company of Independence and who performed services for Independence
Bancshares, Parent, or any of their Affiliated Companies’ customers and who has
not thereafter ceased to be employed by Independence Bancshares, Parent, or any
of their Affiliated Companies for a period of not less than one year.

3 

(b) Non-solicitation of Customers. Executive hereby agrees that until the later of
24 months following the Effective Time of the Merger or 12 months following the
termination of service as an employee or consultant of First Reliance (if
applicable), Executive shall not, without the prior written consent of Parent’s
Chief Executive Officer, which consent may be withheld at the sole discretion of
Parent’s Chief Executive Officer, directly or indirectly, on behalf of herself
or any other Person, solicit or attempt to solicit for the purpose of providing
any Business Activities any customer of Independence Bancshares, Parent, or any
of their Affiliated Companies with whom Executive had material contact on
behalf of Independence Bancshares or Independence Bank in the course of
Executive’s service as an employee of Independence Bancshares or Independence
Bank. For purposes of this Section 3, “Business Activities” shall
be any of the business activities conducted by Parent, Independence Bancshares,
or any of their Affiliated Companies as of the effective time of the Merger,
which the parties agree include, without limitation, the offering of commercial
or consumer loans and extensions of credit, letters of credit, commercial and
consumer deposits and deposit accounts, securities repurchase agreements and
sweep accounts, cash management services, money transfer and bill payment
services, internet or electronic banking, automated teller machines, IRA and
retirement accounts, mortgage loans, and home equity lines of credit.

(c) Enforceability of Covenants. Executive acknowledges and agrees that the
covenants in this Agreement are direct consideration for a sale of a business
and should be governed by standards applicable to restrictive covenants entered
into in connection with a sale of a business. Executive acknowledges that each
of Parent and its Affiliated Companies have a current and future expectation of
business from the current and proposed customers of Independence Bancshares and
Independence Bank that are derived from the acquisition of Independence
Bancshares by Parent. Executive acknowledges that the term, geographic area, and
scope of the covenants set forth in this Agreement are reasonable, and agrees
that she will not, in any action, suit or other proceeding, deny the
reasonableness of, or assert the unreasonableness of, the premises,
consideration or scope of the covenants set forth herein. Executive agrees that
her position as an employee of Independence Bancshares and Independence Bank
involves information relating to all aspects of the Business Activities and all
of the Restricted Area. Executive further represents and warrants that complying
with the provisions contained in this Agreement will not preclude Executive from
engaging in a lawful profession, trade or business, or from becoming gainfully
employed. Executive and Parent agree that Executive’s obligations under the
above covenants are separate and distinct under this Agreement, and the failure
or alleged failure of Parent to perform its obligations under any other
provisions of this Agreement shall not constitute a defense to the
enforceability of this covenant. Executive and Parent agree that if any portion
of the foregoing covenants is deemed to be unenforceable because the geography,
time or scope of activities restricted is deemed to be too broad, the court
shall be authorized to substitute for the overbroad term an enforceable term
that will enable the enforcement of the covenants to the maximum extent possible
under applicable law. Executive acknowledges and agrees that any breach or
threatened breach of this covenant will result in irreparable damage and injury
to Parent and its Affiliated Companies and that Parent will be entitled to
exercise all rights including, without limitation, obtaining one or more
temporary restraining orders, injunctive relief and other equitable relief,
including specific performance in the event of any breach or threatened breach
of this Agreement, in any federal or state court of competent jurisdiction in
the State of South Carolina without the necessity of posting any bond or
security or proving irreparable damage (all of which are waived by Executive),
and to exercise all other rights or remedies, at law or in equity, including,
without limitation, the rights to damages.

4 

4. Successors. 

(a) This Agreement is personal to Executive and is not
assignable by Executive, and none of Executive’s duties hereunder may be
delegated.

(b) This Agreement may be
assigned by, and shall be binding upon and inure to the benefit of, Parent and
any of its Affiliated Companies and their successors and assigns. 

5. Miscellaneous. 

(a) Waiver. Failure of any party to insist, in one or more instances, on
performance by the other in strict accordance with the terms and conditions of
this Agreement shall not be deemed a waiver or relinquishment of any right
granted in this Agreement or of the future performance of any such term or
condition or of any other term or condition of this Agreement, unless such
waiver is contained in a writing signed by the party making the waiver.

(b) Severability. If any provision or covenant, or any part
thereof, of this Agreement should be held by any court to be invalid, illegal or
unenforceable, either in whole or in part, such invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of
the remaining provisions or covenants, or any part thereof, of this Agreement,
all of which shall remain in full force and effect. 

(c) Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of South Carolina.

(d) Notices. All notices, requests, demands and other communications required or
permitted hereunder shall be in writing and shall be deemed to have been duly
given if delivered or three days after mailing if mailed, first class, certified
mail, postage prepaid: 

	To
    Parent:	First Reliance
      Bancshares, Inc.
		2710 West
      Palmetto St.
		Florence, South
      Carolina 29501
		Attention: Chief
      Executive Officer

To Executive: See signature
page of this Agreement 

Any party may change the
address to which notices, requests, demands and other communications shall be
delivered or mailed by giving notice thereof to the other party in the same
manner provided herein. 

(e) Amendments and Modifications. This Agreement may be amended or modified only
by a writing signed by both parties hereto, which makes specific reference to
this Agreement. 

(f) Entire Agreement. Except as provided herein, this Agreement
contains the entire agreement between Parent and Executive with respect to the
subject matter hereof and, from and after the date hereof, this Agreement shall
supersede any prior agreement between the parties with respect to the subject
matter hereof. 

(g) Counterparts, etc. This
Agreement may be executed in identical counterparts, each of which shall be
deemed to be an original, but all of which together shall constitute one and the
same instrument. A facsimile signature shall constitute and have the same force
and effect as an original signature for all purposes under this
Agreement.

5 

IN WITNESS WHEREOF, the parties hereto have duly executed and
delivered this Agreement as of the date first above written. 

		FIRST RELIANCE BANCSHARES, INC.
		 
		 
		By:	/s/ F.R. Saunders, Jr.                            
		Name: 	F.R. Saunders, Jr.
	 	Title:	Chief Executive Officer
		 
		 
		EXECUTIVE
		 
		 
		/s/ Martha L. Long
		Martha L.
      Long

Signature Page to
Non-Solicitation AgreementExhibit 10.3 

NON-SOLICITATION
AGREEMENT 

THIS NON-SOLICITATION
AGREEMENT (this “Agreement”) is entered into as of September 25, 2017, between First Reliance
Bancshares, Inc. (“Parent”), a South Carolina
corporation and the holding company of First Reliance Bank (“First Reliance”), and the undersigned Chief Credit Officer
(“Executive”) of Independence Bancshares, Inc., a South
Carolina corporation (“Independence Bancshares”),
and Independence National Bank, a wholly-owned subsidiary of Independence
Bancshares (“Independence
Bank” and, together with
Independence Bancshares, “Independence”), and shall
become effective at the Effective Time of the Merger provided in the Merger
Agreement (as defined below), between Parent and Independence Bancshares.

WHEREAS, the Boards of Directors of Parent and
Independence Bancshares have determined that the acquisition of Independence
Bancshares by Parent (the “Merger”) pursuant to that
certain Agreement and Plan of Merger, dated as of the date hereof (the
“Merger Agreement”), is in the
best interests of Parent and its shareholders (provided that certain material
conditions including, without limitation, Executive agreeing to execute this
Agreement, are satisfied), and of Independence Bancshares and its shareholders,
respectively, and is consistent with, and in furtherance of, their respective
business strategies;

WHEREAS, the parties hereto acknowledge that Executive,
as the Chief Credit Officer of Independence Bancshares and Independence Bank,
occupies a unique position of trust and confidence with respect to Independence
and by virtue of these positions Executive has acquired significant knowledge
relating to the business of Independence;

WHEREAS, the Board of Directors of Parent has determined that it is in the best
interests of Parent and its shareholders to protect the business and goodwill
associated with the business of Independence by strengthening restrictions on
Executive’s ability to recruit employees and solicit customers of Parent or
First Reliance following the completion of the Merger;

WHEREAS, (i) the Merger Agreement contemplates that, as a
condition to Parent entering into the Merger Agreement and completing the
Merger, Executive will enter into and perform this Agreement, and Parent is not
willing to enter into the Merger Agreement or complete the Merger unless, among
other conditions, Executive enters into and performs this Agreement, (ii)
Executive is entering into this Agreement in order to induce Parent to enter
into the Merger Agreement and, subject to the terms and conditions in the Merger
Agreement, to complete the Merger, and (iii) Parent is relying on Executive’s
representations, warranties, covenants, and agreements herein; 

WHEREAS, if Executive remains employed by Independence at
the Effective Time but is thereafter terminated and executes a release of claims
in a form reasonably satisfactory to Parent and First Reliance, then Executive
will receive a severance payment as set forth in Section 7.8(a) of the Merger
Agreement and, notwithstanding anything to the contrary set forth in this
Agreement, the effectiveness of this Agreement shall be subject in all respects
to Executive remaining employed by Independence as of the Effective Time and
receiving such severance payment; and 

1 

WHEREAS, Executive has agreed to accept such limitations
on Executive’s ability to compete with Parent or First Reliance following the
Merger as an inducement for Parent to execute the Merger Agreement and, subject
to the terms and conditions of the Merger Agreement, to complete the Merger.

NOW, THEREFORE, IN CONSIDERATION of the premises and for other good and valuable
consideration, including, without limitation, Parent’s entry into the Merger
Agreement and Executive’s receipt of the severance payment referenced above, the
sufficiency and receipt of which are hereby acknowledged, the parties hereto,
intending to be legally bound, agree as follows: 

1. Certain Definitions. 

(a) “Affiliated Company” means any company or entity controlled by,
controlling or under common control with Parent or Independence Bancshares,
including, respectively, First Reliance and Independence Bank. 

(b) “Confidential Information” means all information regarding Independence
Bancshares, Parent, and their Affiliated Companies and any of their respective
activities, businesses or customers that is not generally known to persons not
employed (whether as employees or independent contractors) by Independence
Bancshares, Parent or their respective Affiliated Companies, that is not
generally disclosed publicly to persons not employed by Independence Bancshares,
Parent or their respective Affiliated Companies (except to their regulatory
authorities and pursuant to confidential or other relationships where there is
no expectation of public disclosure or use by third Persons), and that is the
subject of reasonable efforts to keep it confidential, and/or where such
information is subject to limitations on disclosure or use by applicable Laws.
“Confidential
Information” shall include,
without limitation, all customer information, prospective customer information,
customer lists, prospective customer lists, confidential methods of operation,
lending and credit information, commissions, mark-ups, product/service formulas,
information concerning techniques for use and integration of websites and other
products/services, current and future development and expansion or contraction
plans of Independence Bancshares, Parent or their respective Affiliated
Companies, sale/acquisition plans and contacts, marketing plans and contacts,
information concerning the legal affairs of and information concerning the
pricing of products and services, strategy, tactics and financial affairs of
Independence Bancshares, Parent or their respective Affiliated Companies.
“Confidential
Information” also includes any
“confidential information,” “trade secrets” or any equivalent term under any
other federal, state or local law. “Confidential
Information” shall not include information that (a) has
become generally available to the public by the act of one who has the right to
disclose such information without violating any right or privilege of
Independence Bancshares or Parent or their respective Affiliated Companies or
any duty owed to any of them; or (b) is independently developed by a person or
entity without reference to or use of Confidential Information.

(c) Capitalized terms used
but not defined herein shall have the same meanings provided in the Merger
Agreement. 

2

2. Nondisclosure of Confidential
Information. 

(a) Nondisclosure
of Confidential Information.
Subject to Section 5(a), Executive hereby agrees that until the later of 24
months following the Effective Time of the Merger or 12 months following the
termination of service as an employee or consultant of First Reliance (if
applicable), Executive shall not directly or indirectly transmit or disclose any
Confidential Information to any Person, or use or permit others to use any such
Confidential Information, directly or indirectly, without the prior express
written consent of Parent’s Chief Executive Officer, which consent may be
withheld in the sole discretion of Parent’s Chief Executive Officer;
provided, that Executive shall keep the Confidential
Information of third parties (such as customers) and any trade secrets for an
indefinite period of time. If required to disclose such information by law,
Executive shall use reasonable efforts to protect and preserve the
confidentiality of such information. Executive also acknowledges and agrees that
trading in Parent or Independence Bancshares securities using Confidential
Information or non-public information may violate federal and state securities
laws and agrees to comply with such securities laws and Parent’s policies
regarding insider trading in effect from time to time.

(b) Enforceability of Covenants. Executive and Parent agree that Executive’s
obligations under these nondisclosure covenants are separate and distinct from
other provisions of this Agreement, and a failure or alleged failure of
Independence Bancshares and Parent to perform their obligations under any
provision of this Agreement or other agreements with Executive shall not
constitute a defense to, or waiver of the enforceability of, these nondisclosure
covenants. Nothing in this provision or this Agreement shall limit any rights or
remedies otherwise available to Independence Bancshares, Parent, or any
Affiliated Company under federal, state or local law. 

3. Non-recruitment and Non-solicitation
Covenants. 

(a) Non-recruitment of Employees. Subject to Section 5(a), Executive hereby agrees
that until the later of 24 months following the Effective Time of the Merger or
12 months following the termination of service as an employee or consultant of
First Reliance (if applicable), Executive shall not, without the prior written
consent of Parent’s Chief Executive Officer, which consent may be withheld at
the sole discretion of Parent’s Chief Executive Officer, directly or indirectly,
on behalf of himself or any other Person, solicit or recruit for employment or
encourage to leave employment with Parent or any of Parent’s Affiliated
Companies, any employee of Parent’s or of any Parent’s Affiliated Companies with
whom Executive worked during Executive’s services as an employee of Independence
Bancshares or any Affiliated Company of Independence and who performed services
for Independence Bancshares, Parent, or any of their Affiliated Companies’
customers and who has not thereafter ceased to be employed by Independence
Bancshares, Parent, or any of their Affiliated Companies for a period of not
less than one year. 

3 

(b) Non-solicitation of Customers. Subject to Section 5(a), Executive hereby agrees
that until the later of 24 months following the Effective Time of the Merger or
12 months following the termination of service as an employee or consultant of
First Reliance (if applicable), Executive shall not, without the prior written
consent of Parent’s Chief Executive Officer, which consent may be withheld at
the sole discretion of Parent’s Chief Executive Officer, directly or
indirectly, on behalf of himself or any other Person, solicit or attempt to
solicit for the purpose of providing any Business Activities any customer of
Independence Bancshares, Parent, or any of their Affiliated Companies with whom
Executive had material contact on behalf of Independence Bancshares or
Independence Bank in the course of Executive’s service as an employee of
Independence Bancshares or Independence Bank. For purposes of this Section 3,
“Business
Activities” shall be any of the
business activities conducted by Parent, Independence Bancshares, or any of
their Affiliated Companies as of the effective time of the Merger, which the
parties agree include, without limitation, the offering of commercial or
consumer loans and extensions of credit, letters of credit, commercial and
consumer deposits and deposit accounts, securities repurchase agreements and
sweep accounts, cash management services, money transfer and bill payment
services, internet or electronic banking, automated teller machines, IRA and
retirement accounts, mortgage loans, and home equity lines of credit.

(c) Enforceability of Covenants. Executive acknowledges and agrees that the
covenants in this Agreement are direct consideration for a sale of a business
and should be governed by standards applicable to restrictive covenants entered
into in connection with a sale of a business. Executive acknowledges that each
of Parent and its Affiliated Companies have a current and future expectation of
business from the current and proposed customers of Independence Bancshares and
Independence Bank that are derived from the acquisition of Independence
Bancshares by Parent. Executive acknowledges that the term, geographic area, and
scope of the covenants set forth in this Agreement are reasonable, and agrees
that he will not, in any action, suit or other proceeding, deny the
reasonableness of, or assert the unreasonableness of, the premises,
consideration or scope of the covenants set forth herein. Executive agrees that
his position as an employee of Independence Bancshares and Independence Bank
involves information relating to all aspects of the Business Activities and all
of the Restricted Area. Executive further represents and warrants that complying
with the provisions contained in this Agreement will not preclude Executive from
engaging in a lawful profession, trade or business, or from becoming gainfully
employed. Executive and Parent agree that Executive’s obligations under the
above covenants are separate and distinct under this Agreement, and the failure
or alleged failure of Parent to perform its obligations under any other
provisions of this Agreement shall not constitute a defense to the
enforceability of this covenant. Executive and Parent agree that if any portion
of the foregoing covenants is deemed to be unenforceable because the geography,
time or scope of activities restricted is deemed to be too broad, the court
shall be authorized to substitute for the overbroad term an enforceable term
that will enable the enforcement of the covenants to the maximum extent possible
under applicable law. Executive acknowledges and agrees that any breach or
threatened breach of this covenant will result in irreparable damage and injury
to Parent and its Affiliated Companies and that Parent will be entitled to
exercise all rights including, without limitation, obtaining one or more
temporary restraining orders, injunctive relief and other equitable relief,
including specific performance in the event of any breach or threatened breach
of this Agreement, in any federal or state court of competent jurisdiction in
the State of South Carolina without the necessity of posting any bond or
security or proving irreparable damage (all of which are waived by Executive),
and to exercise all other rights or remedies, at law or in equity, including,
without limitation, the rights to damages.

4 

4. Successors. 

(a) This Agreement is
personal to Executive and is not assignable by Executive, and none of
Executive’s duties hereunder may be delegated.

(b) This Agreement may be
assigned by, and shall be binding upon and inure to the benefit of, Parent and
any of its Affiliated Companies and their successors and assigns. 

5. Miscellaneous. 

(a) Severance Payment; Conditions to
Effectiveness. Notwithstanding
anything to the contrary set forth in this Agreement, the effectiveness of
Sections 2 and 3 of this Agreement shall be expressly conditioned upon (i)
Executive remaining employed by Independence as of the Effective Time; and (ii)
Executive’s receipt of a severance payment from Parent or First Reliance
following the termination of Executive’s employment by Parent or First Reliance
and Executive’s execution of a release of claims in favor of Parent or First
Reliance in a form reasonably satisfactory to Parent and First
Reliance.

(b) Waiver. Failure of any party to insist, in one or more instances, on
performance by the other in strict accordance with the terms and conditions of
this Agreement shall not be deemed a waiver or relinquishment of any right
granted in this Agreement or of the future performance of any such term or
condition or of any other term or condition of this Agreement, unless such
waiver is contained in a writing signed by the party making the waiver.

(c) Severability. If any provision or covenant, or any part
thereof, of this Agreement should be held by any court to be invalid, illegal or
unenforceable, either in whole or in part, such invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of
the remaining provisions or covenants, or any part thereof, of this Agreement,
all of which shall remain in full force and effect. 

(d) Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of South Carolina.

(e) Notices. All notices, requests, demands and other communications required or
permitted hereunder shall be in writing and shall be deemed to have been duly
given if delivered or three days after mailing if mailed, first class, certified
mail, postage prepaid: 

	To
    Parent:	First Reliance
      Bancshares, Inc.
		2710 West
      Palmetto St.
		Florence, South
      Carolina 29501
		Attention: Chief
      Executive Officer

To Executive: See signature
page of this Agreement 

Any party may change the
address to which notices, requests, demands and other communications shall be
delivered or mailed by giving notice thereof to the other party in the same
manner provided herein. 

(f) Amendments and Modifications. This Agreement may be amended or modified only
by a writing signed by both parties hereto, which makes specific reference to
this Agreement. 

5 

(g) Entire Agreement. Except as provided herein, this Agreement
contains the entire agreement between Parent and Executive with respect to the
subject matter hereof and, from and after the date hereof, this Agreement shall
supersede any prior agreement between the parties with respect to the subject
matter hereof. 

(h) Counterparts, etc. This
Agreement may be executed in identical counterparts, each of which shall be
deemed to be an original, but all of which together shall constitute one and the
same instrument. A facsimile signature shall constitute and have the same force
and effect as an original signature for all purposes under this Agreement.

[Signature page follows]

6 

IN WITNESS WHEREOF, the parties hereto have duly executed and
delivered this Agreement as of the date first above written. 

		FIRST RELIANCE BANCSHARES, INC.
		 
		 
		By:	/s/ F.R. Saunders, Jr.
		Name: 	F.R. Saunders, Jr.
	 	Title:	Chief Executive Officer                    
		 
		 
		EXECUTIVE
		 
		 
		/s/ Fred Moore
		Fred
    Moore

Signature Page to
Non-Solicitation Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]