Document:

Amendment No. 1 to Amended and Restated Executive Employment Agreement

 Exhibit 10.18 
  
 EXECUTION COPY 
  
 AMENDMENT NO. 1 TO 
 AMENDED AND
RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 
  
 THIS
AMENDMENT NO. 1 (the “Amendment”) to the AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT dated as of May 24, 1999 (the “Employment Agreement”; capitalized terms not otherwise defined in this Amendment shall have
the meanings ascribed to such terms in the Employment Agreement), between KENNETH J. HUNNICUTT, an individual resident of the State of Georgia (“Executive”), and ABC BANCORP, a Georgia corporation (“Employer”), is
made as of the 31st day of December, 2003 by and between Executive and Employer. 
  
 W I T N E S S E
T H: 
  
 WHEREAS, Executive and Employer
each desire to amend the Employment Agreement to amend the Term and to provide for the execution and delivery on January 1, 2005 of an Executive Consulting Agreement between Executive and Employer in the form attached hereto as Exhibit A and
incorporated herein by this reference, all as more particularly set forth herein; 
  
 NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements set forth herein, and other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
  
 SECTION 1. Amendment to Section 3 of the Employment Agreement. Section 3 of the Employment Agreement is hereby amended by deleting Section 3
of the Employment Agreement in its entirety and substituting the following in lieu thereof: 
  
 “3. Term. The term of this Agreement shall begin on the date hereof (the “Effective Date”) and, unless
otherwise earlier terminated pursuant to Section 7 hereof, shall end on January 1, 2005 (such term shall herein be referred to as the “Term”), on which date Executive and Employer each agree to execute and deliver the form of Executive
Consulting Agreement attached hereto as Exhibit A and incorporated herein by this reference; provided, however, that the term of this Agreement shall not expire prior to the expiration of twenty-four (24) months after the
occurrence of a Change of Control (as hereinafter defined).” 
  
 SECTION 2. Representations, Warranties and Acknowledgements. Each party hereto represents, warrants and acknowledges to the other party hereto that (a) no interest in the Employment Agreement has been sold, hypothecated,
assigned or otherwise transferred by such party, and there are no defaults by such party under the Employment Agreement as of the date hereof; and (b) except as otherwise expressly set forth herein, such party did not rely and has not relied upon
any representation, warranty, acknowledgement or statement made by such other party or by any of such other party’s agents, representatives or attorneys with regard to the subject matter, basis or effect of this Amendment. 

 SECTION 3. Voluntary Agreement. The parties to this Amendment agree that they have
thoroughly discussed all aspects of this Amendment with their own attorneys, that they have read and fully understand all the provisions of this Amendment, and that they are voluntarily entering into this Amendment. 
  
 SECTION 4. Further Assurances. Executive shall execute and
deliver to Employer such further documents and do such other acts and things as Employer may reasonably require in order to carry out the purposes of this Amendment. 
  
 SECTION 5. Effect on Employment Agreement. Except as otherwise specifically provided herein, the Employment
Agreement shall not be amended and shall remain in full force and effect. 
  
 SECTION 6. Binding Effect; Headings. The covenants contained herein shall bind, and the benefits hereof shall inure to, the respective heirs, personal representatives, successors and permitted assigns,
as the case may be, of the parties hereto. The Section headings contained in this Amendment are for reference purposes only and will not affect in any way the meaning or interpretation of this Amendment. 
  
 SECTION 7. Governing Law. This Agreement shall be governed by,
and construed and enforced in accordance with, the laws of the State of Georgia, without regard to the conflicts of laws principles thereof. 
  
 SECTION 8. Counterparts. This Amendment may be executed simultaneously in counterparts, each of which will be deemed an original, and all of
which together will constitute one and the same instrument. Executed counterparts may be delivered via facsimile transmission. 
  
 IN WITNESS WHEREOF, Executive has executed and delivered this Amendment, and Employer has caused this Amendment to be executed and delivered by its
duly authorized officer, all as of the day and year first above written. 
  

			
	 /s/ Kenneth J. Hunnicutt

	 KENNETH J. HUNNICUTT

	
	ABC BANCORP
		
	 By:
	 	 /s/ Edwin W. Hortman, Jr.

	 Its:
	 	 President

  
  

 2 

 EXHIBIT A 
  
 EXECUTIVE CONSULTING AGREEMENT 
  
 THIS EXECUTIVE CONSULTING AGREEMENT (the “Agreement”) is made and entered into as of the
1st day of January, 2005 between KENNETH J. HUNNICUTT, an individual resident of the State of Georgia
(“Consultant”), and ABC BANCORP, a Georgia corporation (the “Company”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, on December 31, 2003, the Company and Consultant amended that certain Amended and Restated Executive Employment Agreement dated as of May
24, 1999 between the Company and Consultant (the “Employment Agreement”) pursuant to the terms and conditions of Amendment No.1 thereto, to which this Agreement is attached as Exhibit A; 
  
 WHEREAS, Consultant has heretofore served as the Company’s
Chairman of the Board, Chief Executive Officer and President, and Consultant desires to change his role with the Company in order to make himself available to provide consulting services to the Company and facilitate its retention of a new chief
executive officer; 
  
 WHEREAS, simultaneously herewith
Consultant has voluntarily resigned as an executive officer and employee of the Company; and 
  
 WHEREAS, the Company and Consultant each desire to enter into this Agreement to set forth in writing the terms and conditions of Consultant’s relationship with the Company from and after the date hereof;

  
 NOW, THEREFORE, in consideration of the premises and of
the promises and agreements hereinafter set forth, the parties hereto, intending to be legally bound, do hereby agree as follows: 
  
 SECTION 1. Term. The term of this Agreement shall begin on the date hereof (the “Effective Date”) and, unless otherwise
earlier terminated pursuant to Section 3 hereof, shall end on the date of the Company’s annual meeting of shareholders held during calendar year 2007, but in no event later than May 31, 2007 (hereinafter referred to as the
“Term”). 
  
 SECTION 2. Consulting
Services. Consultant hereby agrees to provide such consulting services to the Company during the Term with respect to such matters pertaining to the Company’s business and affairs as may be requested of Consultant from time to time by
the Company’s Board of Directors (the “Board”) or President, provided that Consultant shall not be obligated to consult on any matter that would not be appropriate for an executive-level consultant or a member of senior
management. In this regard, Consultant shall be generally available to provide consulting services to the Board during normal business hours, upon reasonable notice, throughout the Term, it being the intent of the parties that Consultant may provide
such services 
  

 3 

 on or off the Company’s premises, unless it shall be necessary for Consultant to be on-site at a specific Company
location in connection with a specific project (e.g., such as attending management meetings); provided, however, that Consultant may (a) serve as a director or officer of any charitable, religious, civic, educational, or trade
organization, and (b) provide consulting services to any other person or entity that is not engaged in a Competing Business, in each case to the extent that such activities, individually or in the aggregate, do not interfere with the performance of
Consultant’s duties and responsibilities under this Agreement. In performing Consultant’s services hereunder, Consultant shall be an independent contractor and shall not be, or be deemed to be, an employee or agent of the Company. Except
as may be specifically authorized in a writing in advance by the President or the Board of Directors of the Company, Consultant shall have no right or authority to act for or on behalf of the Company or otherwise to enter into any agreements or make
any commitments with third parties binding upon the Company. 
  
 SECTION 3. Early Termination. 
  
 3.1
Right to Terminate. The Term may be terminated prior to its expiration upon the occurrence of any of the following events: 
  
 (a) the mutual written agreement of the parties hereto to terminate the Term; 
  
 (b) the Company’s termination of the Term, upon written notice to Consultant, for “good cause,” which
shall exist (i) if Consultant is convicted of (from which no appeal may be taken), or pleads guilty to, any act of fraud, misappropriation or embezzlement, or any felony, (ii) if Consultant has engaged in conduct or activity materially damaging to
the business of the Company (it being understood, however, that neither conduct nor activity pursuant to Consultant’s exercise of his good faith business judgment nor unintentional physical damage to any property of the Company by Consultant
shall be a ground for such a determination by the Company), or (iii) Consultant breaches the terms of this Agreement and, within ten (10) days following written notice by the Company to Consultant of such breach, the Consultant has failed to cure
such breach; or 
  
 (c) the Consultant’s termination of the
Term, upon written notice to the Company, if the Company breaches the terms of this Agreement and, within ten (10) days following written notice by the Consultant to the Company of such breach, the Company has failed to cure such breach. 

 
 3.2 Consequences of Good Cause Termination and Wrongful
Termination. In the event that the Company terminates the Term for “good cause” pursuant to Section 3.1(b) hereof, then, in addition to other remedies available to the Company at law or in equity, the Company shall have no further
obligation (a) to make any payments to Consultant under Section 4.1 hereof or (b) to provide Consultant with office space or secretarial assistance under Section 4.3 hereof, provided that in such event the Company shall continue to offer
COBRA continuation coverage to Consultant, at Consultant’s expense, for the remainder of the unexpired Term. In the event that the Company terminates Consultant hereunder alleging “good cause” under Section 3.1(b) hereof and it is
subsequently determined pursuant to the arbitration 
  

 4 

 procedure provided for in Section 10.9 hereof that the termination was not for “good cause”, then the Company
shall be obligated to promptly pay Consultant, as liquidated damages and in lieu of all other amounts payable hereunder or damages arising therefrom, (i) a lump-sum amount (retroactive to the date of termination) equal to all remaining unpaid
compensation pursuant to Section 4.1 hereof which would otherwise have been payable to Consultant during the Term had the Agreement not been terminated; and (ii) all of Consultant’s reasonable attorneys’ fees and costs incurred in
connection therewith. In the event that the Consultant terminates the Term in accordance with Section 3.1(c), then, in addition to other remedies available to the Consultant at law or in equity, the Consultant shall have no further obligation (a) to
provide services to the Company pursuant to Section 2 or 5 hereof or (b) to comply with the provisions of Section 6.2 hereof. 
  
 3.3 Consequences of Mutual Early Termination. In the event that the Company and Consultant mutually agree to terminate the Term
pursuant to Section 3.1(a) hereof, the parties’ respective rights and obligations under this Agreement shall terminate unless and except to the extent that the parties expressly agree otherwise at the time of such mutual termination.

  
 SECTION 4. Compensation and Related Matters.

  
 4.1 Compensation. During the Term, the Company
hereby agrees to pay to Consultant the sum of $13,333.00 per month, such payments to be made on or before the 1st
calendar day of each month commencing February 1, 2005. The amounts payable under this Section 4.1 shall be paid without deduction for state or federal withholding taxes, social security or other like sums, and, by virtue of being an independent
contractor hereunder, Consultant alone shall be responsible for the payment of all such taxes and sums levied or assessed with respect to the amounts paid to Consultant hereunder. 
  
 4.2 Out-of-Pocket Expenses. Consultant shall be entitled to receive reimbursement for all reasonable expenses
incurred during the Term in connection with the fulfillment of Consultant’s duties hereunder upon presentation of appropriate vouchers therefor, provided that Consultant has complied with all reasonable policies and procedures relating
to the reimbursement of such expenses as shall, from time to time, be established by the Company for its employees. 
  
 4.3 Office Space and Secretarial Assistance. During the Term, the Company shall provide Consultant with reasonable office space and
secretarial assistance. 
  
 4.4 Acknowledgement of Bylaw
Indemnification. The Company and Consultant acknowledge and agree that nothing herein is intended to modify, diminish or affect Consultant’s right to indemnification in the manner contemplated by the Company’s Bylaws in effect as
of the Effective Date. 
  
  

 5 

 SECTION 5. Board Position and Other Positions. During the Term, Consultant shall continue
to serve as Chairman of the Board (without any additional compensation therefor except for customary directors’ fees). Simultaneously with the execution of this Agreement, Consultant has resigned as an officer and employee of the Company and as
an officer, director, manager, trustee, agent and employee of each of the Company’s subsidiaries and affiliates. 
  
 SECTION 6. Restrictive Covenants 
  
 6.1 Acknowledgments. Consultant acknowledges that the covenants herein are essential to the negotiated consulting arrangements contemplated
hereby, are necessary to protect the goodwill and other value of the Company and are given by Consultant in consideration of the compensation payable hereunder to Consultant by the Company and that irreparable injury would befall the Company should
Consultant breach such covenants. Consultant further acknowledges that (i) his prior services as an employee of the Company were, and his services hereunder are, of a special, unique and extraordinary character and that his positions with the
Company have placed him in a position of confidence and trust with the key relationships and employees of the Company and have allowed him access to Confidential Information (as hereinafter defined), (ii) the type and periods of restrictions imposed
by the covenants in this Section 6 are fair and reasonable and that such restrictions will not prevent Consultant from earning a livelihood, (iii) Consultant is receiving payments hereunder during the operative term of these covenants in
consideration of these covenants, (iv) the Company is engaged in the business of providing banking and bank-related services; (v) the Company conducts its business activity in and throughout the Area (as hereinafter defined); and (vi) Competing
Businesses (as hereinafter defined) are engaged in businesses like and similar to the business of the Company. 
  
 6.2 Covenants. Having acknowledged the foregoing, Consultant covenants and agrees with the Company that, during the Term and for a period of
one (1) year thereafter, he will not, directly or indirectly, (i) disclose or use for his own benefit or the benefit of any other person, except as may be necessary in the performance of his duties hereunder, any Confidential Information disclosed
to the Consultant or of which Consultant became aware by reason of his prior employment with or service as a consultant to the Company; (ii) solicit or divert or appropriate to any Competing Business, directly or indirectly, on his own behalf or in
the service of or on behalf of any Competing Business, or attempt to solicit or divert or appropriate to any such Competing Business, within the Area, any person or entity who was a customer of the Company at any time during the preceding twelve
(12) months of Consultant’s relationship with the Company and with whom Consultant had contact during such period; (iii) employ or attempt to employ or assist anyone else in employing in any Competing Business in the Area any managerial or key
employee of the Company (whether or not such employment is full time or is pursuant to a written contract with the Company); and (iv) engage in or render any services to or be employed by any Competing Business in the Area in the capacity of
officer, managerial or executive employee, director, management consultant or shareholder (other than as the owner of less than five (5%) percent of the shares of a publicly-owned corporation. 
  
 6.3 Return of Information. Consultant agrees that, upon the
termination of this Agreement for any reason whatsoever, he will not take with him or retain without written authorization from the Company’s Chairman of the Board or President, and he will promptly 
  

 6 

 deliver to the Company, originals and all copies of all papers, files or other documents containing any Confidential
Information and all other property belonging to the Company and in his possession or under his control. Notwithstanding the immediately preceding sentence, Consultant shall be permitted to retain any personal memorabilia belonging to him, notes
taken by him as a member of the Board, or any committee thereof, and any other such materials which Consultant deems to be of value to him in the event the same may be needed by Consultant in connection with the defense of any lawsuit, action or
proceeding brought against him for any reason whatsoever. 
  
 6.4 Definitions and Construction. For purposes of this Agreement, (i) “Area” means a fifty (50) mile radius of Moultrie, Georgia; (ii) “Competing Business” means the business of providing banking or
bank-related services; and (iii) “Confidential Information” means any and all data and information relating to the business of the Company (whether or not constituting a trade secret) that is, has been or will be disclosed to the
Consultant or of which Consultant became or becomes aware as a consequence of or though his relationship as an employee of or consultant to the Company and that has value to the Company and is not generally known by its competitors. Confidential
Information shall not include any data or information that has been voluntarily disclosed to the public by the Company (except where such public disclosure has been made without authorization by the Company), that has been independently developed
and disclosed by others, or that otherwise enters the public domain through lawful means. Confidential Information includes, without limitation, information relating to the Company’s financial affairs, processes, services, customers, employees
or employees’ compensation, research, development, purchasing, accounting or marketing. The parties hereto agree that all references to the Company in this Section 6 shall include, unless the context otherwise requires, all subsidiaries and
controlled affiliates of the Company. 
  
 6.5 Survival of
Restrictive Covenants. The covenants and obligations of Consultant under this Section 6 are independent of and separate from the other provisions hereof and shall survive any earlier termination of the Term in accordance with Section 3.1
hereof, unless the parties expressly agree in writing to the contrary. 
  
 SECTION 7. Representations and Warranties of Consultant. The Consultant represents and warrants that: 
  
 (a) this Agreement constitutes the legal, valid and binding obligation of the Consultant, enforceable against him in accordance with its terms;

  
 (b) Consultant has no claims or rights against, or interests
in, the Company, its subsidiaries or its controlled affiliates, other than (i) those cancelled, exchanged, waived, superseded and replaced by this Agreement, and (ii) Consultant’s rights as a holder of the Company’s common stock and of
options to acquire common stock pursuant to employee stock options granted to the Consultant; and 
  
 (c) Consultant has no right, title, interest or claim in, to or under any Confidential Information or trade secrets of the Company. 
  
 SECTION 8. Waivers. Neither party shall be deemed, as a
consequence of any act, 
  

 7 

 delay, failure, omission, forbearance or other indulgences granted from time to time by such party, or for any other
reason, (i) to have waived, or to be estopped from exercising, any of such party’s rights or remedies under this Agreement, or (ii) to have modified, changed, amended, terminated, rescinded, or superseded any of the terms of this Agreement.

  
 SECTION 9. Injunctive Relief. The Consultant
acknowledges (i) that any violation of this Agreement will result in irreparable injury to the Company, (ii) that damages at law would not be reasonable or adequate compensation to the Company for violation of this Agreement, and (iii) that the
Company shall be entitled to have the provisions of this Agreement specifically enforced by preliminary and permanent injunctive relief without the necessity of proving actual damages and without posting bond or other security, as well as to an
equitable accounting of all earnings, profits and other benefits arising out of any such violation. 
  
 SECTION 10. Miscellaneous. 
  
 10.1 Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon Consultant, Consultant’s executor,
administrator, heirs, personal representatives and assigns, and upon the Company and its successors and assigns; provided, however, that the obligations and duties of Consultant may not be assigned or delegated. 
  
 10.2 Governing Law. This Agreement shall be deemed to be made
in, and in all respects shall be interpreted, construed and governed by and in accordance with, the laws of the State of Georgia, without giving effect to any conflicts of laws principles. 
  
 10.3 Invalid Provisions. The parties herein hereby agree that
the agreements, provisions and covenants contained in this Agreement are severable and divisible, that none of such agreements, provisions or covenants depends upon any other provision, agreement or covenant for its enforceability, and that each
such agreement, provision and covenant constitutes an enforceable obligation between the Company and Consultant. Consequently, the parties hereto agree that neither the invalidity nor the unenforceability of any agreement, provision or covenant of
this Agreement shall affect the other agreements, provisions or covenants hereof, and this Agreement shall remain in full force and effect and be construed in all respects as if such invalid or unenforceable agreement, provision or covenant were
omitted. 
  
 10.4 Headings. The section and
paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
  

10.5 Notices. All notices and other communications under this Agreement shall be in writing and may be given by any of the following
methods: (i) personal delivery; (ii) registered or certified mail, postage prepaid, return receipt requested; or (iii) overnight delivery service requiring acknowledgment of receipt. Any such notice or communication shall be sent to the appropriate
party at its address given below (or at such other address for such party as shall be specified by notice given hereunder): 
  

 8 

 If to Consultant, addressed to: 
  
 Mr. Kenneth J. Hunnicutt 
 766 Georgia Highway 111 
 Moultrie, Georgia 31768 
  
 If to the Company, addressed to: 
  
 ABC Bancorp 
 24 Second Ave., S.E. 
 Moultrie, Georgia 31768 
 Attention: Chief Executive Officer 
  
 All such
notices and communications shall be deemed received (i) upon actual receipt thereof by the addressee, or (ii) upon actual delivery thereof to the appropriate address as evidenced by an acknowledged receipt. 
  
 10.6 Facsimile Signature; Counterparts. This Agreement may be
executed by facsimile signature and in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
  
 10.7 Waiver of Breach. The waiver by the Company of a breach of any provision, agreement or covenant of this
Agreement by Consultant shall not operate or be construed as a waiver of any prior or subsequent breach of the same or any other provision, agreement or covenant by Consultant. 
  
 10.8 Amendment. This Agreement may not be amended, modified or supplemented except by written agreement of the
parties hereto. 
  
 10.9 Arbitration. Any
controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in Moultrie, Georgia in accordance with the commercial arbitration rules of the American Arbitration Association then in
effect. The decision of the arbitrators shall be final and binding as to any matter submitted to them under this Agreement, and judgment on any award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
  
 10.10 Entire Agreement; Termination of Employment Agreement.
This Agreement (together with any document or agreement referred to herein) constitutes the full and entire understanding and agreement between the parties with regard to the subject matter hereof and supersedes and replaces all prior agreements
(written or oral) by and between, and all contractual rights of, the Company and Consultant. 
  
 10.11 Representations and Warranties of the Company. The Company hereby represents and warrants to the Consultant that: (i) this Agreement has been duly authorized by the Board, executed and delivered by
the Company, and constitutes the valid and binding agreement of the Company, enforceable against it in accordance with its terms; and (ii) 
  

 9 

 the Company has the full power authority to execute, deliver and perform this Agreement and has taken all necessary
action to secure all approvals required in connection herewith. 
  
 10.12 Attorneys’ Fees. If there is any legal action, arbitration or proceeding between Consultant and the Company arising from or based on this Agreement or the interpretation or enforcement of any provisions hereof, then
the unsuccessful party to such action, arbitration or proceeding shall pay to the prevailing party all costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred by such prevailing party in such action, arbitration
or proceeding, in any appeal in connection therewith and in any action or proceeding taken to enforce any judgment or order so obtained by the prevailing party. If such prevailing party recovers a judgment in any such action, arbitration, proceeding
or appeal, then such costs, expenses and attorneys’ fees shall be included in and as a part of such judgment. 
  
 IN WITNESS WHEREOF, Consultant has executed and delivered this Agreement, and the Company has caused this Agreement to be duly executed and
delivered by its officer thereunto duly authorized, all as of the day and year first written above. 
  

			
	  

 KENNETH J.
HUNNICUTT

	
	ABC BANCORP
		
	 By:
	 	  

	 Name:
	 	 Edwin W. Hortman, Jr.

	 Title:
	 	 President

  

 10Executive Employment Agreement - Edwin Hortman

 Exhibit 10.19 
  
 EXECUTION COPY 
  
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”), is entered into as of the 31st day of December, 2003, by and between ABC BANCORP, a Georgia corporation (“Employer”), and EDWIN W. HORTMAN, JR., an individual
resident of the State of Georgia (“Executive”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Employer wishes to employ Executive as its President and Chief Operating Officer, and Executive wishes to serve in such position, on the
terms and conditions set forth herein; 
  
 WHEREAS,
Executive desires to be assured of a secure minimum compensation from Employer for his services over a defined term; 
  
 WHEREAS, Employer desires to assure the continued services of Executive on behalf of Employer on an objective and impartial basis and without
distraction or conflict of interest in the event of an attempt by any person or entity to obtain control of Employer; 
  
 WHEREAS, Employer desires to provide fair and reasonable benefits to Executive on the terms and subject to the conditions set forth in this
Agreement; and 
  
 WHEREAS, Employer desires reasonable
protection of its confidential business and customer information which it has developed over the years at substantial expense and assurance that Executive will not compete with Employer for a reasonable period of time after termination of his
employment with Employer, except as otherwise provided herein; 
  
 NOW, THEREFORE, in consideration of these premises, the mutual covenants and undertakings herein contained, Employer and Executive, each intending to be legally bound, covenant and agree as follows: 
  
 1. Employment. Upon the terms and subject to the conditions
set forth in this Agreement, Employer employs Executive as its President and Chief Operating Officer, and Executive hereby accepts such employment. 
  
 2. Position and Duties. Executive agrees to serve as the President and Chief Operating Officer of Employer as set forth in Section 1 hereof
and to perform such duties as may reasonably be assigned to him by the Board of Directors (the “Board”) or the Chief Executive Officer of Employer; provided, however, that such duties shall be of the same character as those
generally associated with the office held by Executive. Employee shall be based, and shall 

 perform his duties, at Employer’s principal executive offices, which are currently located in Moultrie, Georgia, and
Employer shall not, without the written consent of Executive, relocate or transfer Executive to a location other than its principal executive offices. During the Term of this Agreement, Executive agrees that he will serve Employer faithfully and to
the best of his ability and that he will devote his full business time, attention and skills to Employer’s business; provided, however, that the foregoing shall not be deemed to restrict Executive from devoting a reasonable amount
of time and attention to the management of his personal affairs and investments, so long as such activities do not interfere with the responsible performance of Executive’s duties hereunder; and provided further, however, that
Executive may serve as a director or officer of any charitable, religious, civic, educational, or trade organizations to the extent that such activities, individually or in the aggregate, do not interfere with the performance of Executive’s
duties and responsibilities under this Agreement. 
  
 3.
Term. The term of Executive’s employment under this Agreement shall commence on the date hereof (the “Effective Date”), and shall continue thereafter for a continuously (on a daily basis) renewing, three (3) year term,
without any further action by either Employer or Executive, unless either Executive or Employer shall provide written notice to the other parties hereto not to renew such term, specifying in such notice the date of such non-renewal, in which case
this Agreement shall expire on the date that is three (3) years after the date specified in such non-renewal notice. Notwithstanding the foregoing, this Agreement may be earlier terminated by Employer or Executive in accordance with the terms of
Section 8 hereof; provided, however, that, notwithstanding any notice by Employer not to extend, the Term shall not expire prior to the expiration of twelve (12) months after the occurrence of a Change of Control (as defined in
Subsection 23(B) hereof); and provided further, however, that this Agreement shall automatically terminate (and the Term shall thereupon end) without notice when Executive attains 65 years of age. For purposes of this Agreement,
references to the “Term” of the Executive’s employment hereunder shall mean the period commencing on the Effective Date and ending at the end of such three-year term. 
  
 4. Compensation. 
  
 (A) Executive shall receive an annual salary of Two Hundred Fifteen Thousand Dollars ($215,000.00) (“Base Compensation”) payable at regular
intervals in accordance with Employer’s normal payroll practices now or hereafter in effect. Employer may consider and declare from time to time increases in the salary it pays Executive and thereby increase the Base Compensation. Any and all
increases in Executive’s salary pursuant to this Section 4(A) shall cause the level of Base Compensation to be increased by the amount of each such increase for purposes of this Agreement. The increased level of Base Compensation as provided in
this Section 4(A) shall become the level of Base Compensation for the remainder of the Term until there is a further increase in Base Compensation as provided herein. 
  
 (B) In addition to his Base Compensation, Executive shall be awarded, during each calendar year during the Term hereof, an
annual bonus (an “Annual Bonus”) either pursuant to a bonus or incentive plan of Employer or otherwise on terms no less favorable than those awarded to other executive officers of Employer. 
  

 2 

 5. Other Benefits. So long as Executive is employed by Employer pursuant to this Agreement,
he shall be included as a participant in all present and future employee benefit, retirement and compensation plans of Employer generally available to its employees, consistent with his Base Compensation and his position with Employer, including,
without limitation, Employer’s 401(k) Profit Sharing Plan, and Executive and his dependents shall be included in Employer’s hospitalization, major medical, disability and group life insurance plans. Executive acknowledges that,
notwithstanding any of the provisions of this Agreement, any of Employer’s benefit plans and programs may be modified from time to time and that Employer is not required to continue any plan or program currently in effect or adopted hereafter;
provided, however, that each of the above benefits shall continue in effect on terms no less favorable than those for other executive officers of Employer (as permitted by law) during the Term hereof. 
  
 6. Expenses. So long as Executive is employed by Employer
pursuant to this Agreement, Executive shall receive reimbursement from Employer for all reasonable business expenses incurred in the course of his employment by Employer upon proper submission to Employer of written vouchers and statements for
reimbursement. In addition, Employer shall (A) provide to Executive an automobile and pay for all costs associated therewith during the Term hereof, and (B) reimburse Executive for all mileage driven by Executive in his personal automobile in
connection with his duties hereunder in accordance with Employer’s mileage reimbursement policy as in effect from time to time. Employer shall also use its reasonable best efforts to provide to Executive a country club membership for business
and personal use and shall pay for all initiation fees and monthly dues related thereto; provided, however, that, if such membership is not already owned by Executive as of the date hereof, then such membership shall be and remain the
sole property of Employer. 
  
 7. Vacation.
Executive shall be entitled to four (4) weeks paid vacation during each calendar year of Executive’s employment hereunder. 
  
 8. Termination. Subject to the respective continuing obligations of the parties hereto, including, without limitation, those set forth in
Subsections 10(A), 10(B), 10(C) and 10(D) hereof, Executive’s employment by Employer hereunder may be terminated prior to the expiration of the Term hereof as follows: 
  
 (A) Employer, by action of the Board and upon written notice to Executive, may terminate Executive’s employment with
Employer immediately for cause. For purposes of this Subsection 8(A), “cause” for termination of Executive’s employment shall exist (a) if Executive is convicted of (from which no appeal may be taken), or pleads guilty or nolo
contendere to, any act of fraud, misappropriation or embezzlement, or any felony, (b) if, in the determination of the Board, Executive has engaged in gross or willful misconduct materially damaging to the business of Employer (it being understood,
however, that neither conduct pursuant to Executive’s exercise of his good faith business judgment nor unintentional physical damage to any property of Employer by Executive shall be a ground for such a determination by the Board), or (c) if
Executive has failed, without reasonable cause, to follow reasonable written instructions of the Board consistent with Executive’s position with Employer and, after written notice from the Board of such failure, Executive at any time thereafter
again so fails. 
  

 3 

 (B) Executive, by written notice to Employer, may terminate his employment with Employer immediately for
good reason. For purposes of this Subsection 8(B), “good reason” for termination shall mean a good faith determination by Executive, in Executive’s sole and absolute judgment, that any one or more of the following events has occurred,
without Executive’s express written consent: 
  
 (1) after a Change of Control, a change in Executive’s reporting responsibilities, titles or offices as in effect immediately prior to the Change of Control, or any removal of Executive from, or any failure to re-elect Executive to,
any of Executive’s positions that he held immediately prior to the Change of Control, which has the effect of diminishing Executive’s responsibility or authority; 
  
 (2) after a Change of Control, a reduction by Employer in Executive’s Base Compensation as in effect
immediately prior to the Change of Control or as the same may be increased from time to time or a change in the eligibility requirements or performance criteria under any bonus, incentive or compensation plan, program or arrangement under which
Executive is covered immediately prior to the Change of Control which adversely affects Executive; 
  
 (3) at the time of a Change of Control, Employer requires Executive to be based anywhere other than within a fifty (50) mile radius of
Moultrie, Georgia; 
  
 (4) after a Change of
Control and without replacement by a plan providing benefits to Executive substantially equal to or greater than those discontinued, the failure by Employer to continue in effect, within its maximum stated term, any pension, bonus, incentive, stock
ownership, purchase, option, life insurance, health, accident, disability, or any other employee benefit plan, program or arrangement in which Executive is participating at the time of the Change of Control, or the taking of any action by Employer
after a Change of Control that would adversely affect Executive’s participation or materially reduce Executive’s benefits under any of such plans; 
  
 (5) after a Change of Control, the taking of any action by Employer that would materially adversely affect the physical conditions
existing at the time of the Change of Control in or under which Executive performs his employment duties, provided that Employer may take action with respect to such conditions after a Change of Control so long as such conditions are at least
commensurate with the conditions in or under which an officer of Executive’s status would customarily perform his employment duties; or 
  
 (6) after a Change of Control, a material change in the fundamental business philosophy, direction and precepts of Employer and its
subsidiaries, considered as a whole, as the same existed prior to the Change of Control. 
  
 Any event described in Subsection 8(B)(1) through (6) hereof which occurs prior to a Change of Control but which Executive reasonably demonstrates (x) was at the request of a third party who has indicated an
intention, or taken steps reasonably calculated, to effect a Change of Control or 
  

 4 

 (y) otherwise arose in connection with, or in anticipation of, a Change of Control which actually occurs, shall
constitute good reason for purposes hereof, notwithstanding that it occurred prior to a Change of Control. 
  
 (C) Executive, upon ninety (90) days written notice to Employer, may terminate his employment with Employer without good reason. 
  
 (D) Employer, upon ninety (90) days written notice to Executive, may
terminate Executive’s employment with Employer without cause. 
  
 (E) Executive’s employment with Employer shall terminate in the event of Executive’s death or disability. For purposes of this Agreement, “disability” shall be defined as Executive’s inability by reason of illness
or other physical or mental incapacity to perform the duties required by his employment for any consecutive one hundred eighty (180) day period. 
  
 9. Compensation Upon Termination. In the event of termination of Executive’s employment with Employer pursuant to Section 8 hereof,
compensation shall continue to be paid by Employer to Executive as follows: 
  
 (A) In the event of a termination pursuant to Subsection 8(A) or Subsection 8(C) hereof, compensation provided for herein (including, without limitation, Base Compensation and an Annual Bonus) shall continue to be
paid, and Executive shall continue to participate in the employee benefit, retirement, compensation plans and other perquisites as provided in Section 5 hereof, through and including the Date of Termination (as hereinafter defined) specified in the
Notice of Termination (as hereinafter defined). Any benefits payable under insurance, health, retirement and bonus plans as a result of Executive’s participation in such plans through the Date of Termination specified in the Notice of
Termination shall be paid when due under such plans. 
  
 (B) In
the event of a termination pursuant to Subsection 8(B) or Subsection 8(D) hereof, compensation provided for herein (including, without limitation, Base Compensation and an Annual Bonus) shall continue to be paid, and Executive shall continue to
participate in the employee benefit, retirement, compensation plans and other perquisites as provided in Section 5 hereof, through the Date of Termination specified in the Notice of Termination, and any benefits payable under insurance, health,
retirement and bonus plans as a result of Executive’s participation in such plans through the Date of Termination specified in the Notice of Termination shall be paid when due under such plans. In addition, if the event of termination pursuant
to Subsection 8(B) hereof occurs within twelve (12) months after the date of a Change of Control, then, subject to the terms of Section 12 hereof, (1) Executive shall be entitled to continue to receive from Employer for three (3) additional 12-month
periods his Base Compensation at the rates in effect at the time of termination plus an Annual Bonus in an amount equal to at least forty percent (40%) of such Base Compensation as of the date of the event of termination, payable in accordance with
Employer’s standard payment practices then existing; (2) Executive shall be entitled to continue to participate for three (3) additional 12-month periods in each employee welfare benefit plan (as such term is defined in the Employment
Retirement Income Security Act of 1974, as amended) in which Executive was entitled to participate immediately prior to the date of his termination, unless an essentially equivalent and no less 
  

 5 

 favorable benefit is provided by a subsequent employer of Executive, provided that if the terms of any such
employee welfare benefit plan or applicable laws do not permit continued participation by Executive, Employer will arrange to provide to Executive a benefit substantially similar to, and no less favorable than, the benefit he was entitled to receive
under such plan at the end of the period of coverage; (3) Employer shall contribute the maximum contributions allowable under Employer’s 401(k) Profit Sharing Plan, or any successor plans thereto, for the benefit of Executive; and (4) Executive
shall be entitled to receive payment from Employer for reasonable relocation expenses if Executive relocates within five hundred (500) miles of his job location at the time of such Change of Control if such relocation occurs within one hundred
eighty (180) days after the Date of Termination specified in the Notice of Termination. 
  
 (C) In the event of a termination pursuant to Subsection 8(E) hereof, compensation provided for herein (including, without limitation, Base Compensation and an Annual Bonus) shall continue to be paid, and Executive
shall continue to participate in the employee benefit, retirement, and compensation plans and other perquisites as provided in Section 5 hereof, (1) in the event of Executive’s death, through the date of death, or (2) in the event of
Executive’s disability, through the Date of Termination specified in the Notice of Termination. Any benefits payable under insurance, health, retirement and bonus plans as a result of Executive’s participation in such plans through the
date of death or the Date of Termination specified in the Notice of Termination, as the case may be, shall be paid when due under those plans. 
  
 (D) Employer will permit Executive or his personal representative(s) or heirs, during a period of ninety (90) days following the Date of Termination of
Executive’s employment by Employer (as specified in the Notice of Termination) for the reasons set forth in Subsection 8(B) or Subsection 8(D) hereof, to purchase all of the stock of Employer that would be issuable under all outstanding stock
options, if any, previously granted by Employer to Executive under any Employer stock option plan then in effect, whether or not such options are then exercisable, at a cash purchase price equal to the purchase price as set forth in such outstanding
stock options. 
  
 10. Restrictive Covenants.

  
 (A) Executive acknowledges that (1) Employer has separately
bargained and paid additional consideration for the restrictive covenants herein; and (2) Employer will provide certain benefits to Executive hereunder in reliance on such covenants in view of the unique and essential nature of the services
Executive will perform on behalf of Employer and the irreparable injury that would befall Employer should Executive breach such covenants. 
  
 (B) Executive further acknowledges that his services are of a special, unique and extraordinary character and that his position with Employer will place
him in a position of confidence and trust with employees of Employer and its subsidiaries and affiliates and with Employer’s other constituencies and will allow him access to trade secrets and confidential information concerning Employer and
its subsidiaries and affiliates. 
  
 (C) Executive further
acknowledges that the type and periods of restrictions imposed by the covenants in this Section 10 are fair and reasonable and that such restrictions will not prevent Executive from earning a livelihood. 
  

 6 

 (D) Having acknowledged the foregoing, Executive covenants and agrees with Employer as follows:

  
 (1) For a period of two (2) years after the
termination of Executive’s employment by Employer for any reason or for no reason, Executive shall not divulge or furnish any confidential information of Employer acquired by him while employed by Employer to any person, firm or corporation,
other than to Employer or upon its written request, or use any such confidential information (which shall at all times remain the property of Employer) directly or indirectly for Executive’ own benefit or for the benefit of any person, firm or
corporation other than Employer. For purposes hereof, the term “confidential information” means data and information relating to the Banking Business (as hereinafter defined) (which does not rise to the status of a Trade Secret, as such
term is defined in Section 10-1-761 of the Official Code of Georgia Annotated) which is or has been disclosed to Executive or of which Executive became aware as a consequence of or through Executive’s relationship to Employer and which has
value to Employer and is not generally known to its competitors. Without limiting the foregoing, “confidential information” shall include: (a) all items of information that could be classified as a Trade Secret pursuant to Georgia law; (b)
the names, addresses and banking requirements of the customers of Employer or its subsidiaries and the nature and amount of business done with such customers; (c) the names and addresses of employees and other business contacts of Employer or its
subsidiaries; (d) the particular names, methods and procedures utilized by Employer or its subsidiaries in the conduct and advertising of their business; (e) application, operating system, communication and other computer software and derivatives
thereof, including, without limitation, sources and object codes, flow charts, coding sheets, routines, subrouting and related documentation and manuals of Employer or its subsidiaries; and (f) marketing techniques, purchasing information, pricing
policies, loan policies, quoting procedures, financial information, customer data and other materials or information relating to Employer’s or its subsidiaries’ manner of doing business. Confidential information shall not include any data
or information that has been voluntarily disclosed to the public by Employer (except where such public disclosure has been made by Executive without authorization) or that has been independently developed and disclosed by others, or that otherwise
enters the public domain through lawful means. 
  
 (2) Executive hereby agrees that he will not directly or indirectly disclose to anyone, or use or otherwise exploit for his own benefit or for the benefit of anyone other than Employer and its subsidiaries any trade secrets (as defined in
§10-1-761 of the Official Code of Georgia Annotated) of Employer for as long as they remain trade secrets. 
  
 (3) While Executive is employed by Employer and for a period of one (1) year after termination of Executive’s employment pursuant to
Subsection 8(A), 8(C) or 8(E) hereof, Executive shall not (except on behalf of or with the prior written consent of Employer), on Executive’s own behalf or in the service or on behalf of others, solicit, divert or appropriate, or attempt to
solicit, divert or appropriate, directly or by assisting 
  

 7 

 others, any Banking Business from any of the customers of Employer or its subsidiaries, including
actively sought prospective customers, with whom Executive has or had material contact during the last two (2) years of Executive’s employment, for purposes of providing products or services that are competitive with those provided by Employer
or its subsidiaries. The term “Banking Business” shall mean the business conducted by Employer and its subsidiaries, which is the business of banking, including the solicitation of time and demand deposits and the making of residential,
consumer, commercial and corporate loans. 
  
 (4)
While Executive is employed by Employer and for a period of one (1) year after termination of Executive’s employment pursuant to Subsection 8(A), 8(C) or 8(E) hereof, Executive shall not, either directly or indirectly, on his own behalf or in
the service or on behalf of others, as an executive employee or in any other capacity which involves duties and responsibilities similar to those undertaken for Employer, engage in any business which is the same as or essentially the same as the
Banking Business within a fifty (50) mile radius of Moultrie, Georgia. 
  
 (5) While Executive is employed by Employer and for a period of one (1) year after termination of Executive’s employment pursuant to Subsection 8(A), 8(C) or 8(E) hereof, Executive will not on Executive’s
own behalf or in the service or on behalf of others, solicit, recruit or hire away, or attempt to solicit, recruit or hire away, directly or by assisting others, any employee of Employer or its subsidiaries, whether or not such employee is a
full-time employee or a temporary employee of Employer or its subsidiaries and whether or not such employment is pursuant to written agreement and whether or not such employment is for a determined period or is at will. 
  
 (6) If Executive’s employment is terminated pursuant to
Subsection 8(A), 8(C) or 8(E) hereof, and Executive subsequently (a) solicits, diverts or appropriates, or attempts to solicit, divert or appropriate, directly or by assisting others, on Executive’s own behalf or in the service or on behalf of
others, any Banking Business from any of the customers of Employer or its subsidiaries, including actively sought prospective customers, with whom Executive has or had material contact during the last two (2) years of Executive’s employment,
for purposes of providing products or services that are competitive with those provided by Employer or its subsidiaries, (b) engages, either directly or indirectly, on his own behalf or in the service or on behalf of others, as an executive employee
or in any other capacity which involves duties and responsibilities similar to those undertaken for Employer, in any business which is the same as or essentially the same as the Banking Business within a fifty (50) mile radius of Moultrie, Georgia,
or (c) solicits, recruits or hires away, or attempts to solicit, recruit or hire away, directly or by assisting others, on Executive’s own behalf or in the service or on behalf of others, any employee of Employer or its subsidiaries, whether or
not such employee is a full-time employee or a temporary employee of Employer or its subsidiaries and whether or not such employment is pursuant to written agreement and whether or not such employment is for a determined period or is at will, then,
in addition to any other remedies available to Employer hereunder, Employer may immediately terminate and shall not be required to continue on behalf of the Executive or his dependents and 
  

 8 

 beneficiaries any compensation provided for herein (including, without limitation, Base Compensation and
any Annual Bonus) and any employee benefit, retirement and compensation plans and other prerequisites provided in Section 5 hereof other than those benefits that Employer may be required to maintain for Executive under applicable federal or state
law. 
  
 (7) If Executive’s employment is
terminated pursuant to Subsection 8(B) or Subsection 8(D) hereof, then Executive may thereafter (a) solicit, divert or appropriate, or attempt to solicit, divert or appropriate, directly or by assisting others, on Executive’s own behalf or in
the service or on behalf of others, any Banking Business from any of the customers of Employer or its subsidiaries, including actively sought prospective customers, with whom Executive has or had material contact during the last two (2) years of
Executive’s employment, for purposes of providing products or services that are competitive with those provided by Employer or its subsidiaries, (b) engage, either directly or indirectly, on his own behalf or in the service or on behalf of
others, as an executive employee or in any other capacity which involves duties and responsibilities similar to those undertaken for Employer, in any business which is the same as or essentially the same as the Banking Business within a fifty (50)
mile radius of Moultrie, Georgia, or (c) solicit, recruit or hire away, or attempt to solicit, recruit or hire away, directly or by assisting others, on Executive’s own behalf or in the service or on behalf of others, any employee of Employer
or its subsidiaries, whether or not such employee is a full-time employee or a temporary employee of Employer or its subsidiaries and whether or not such employment is pursuant to written agreement and whether or not such employment is for a
determined period or is at will; provided, however, that if Executive engages in the activities described in clause (a), (b) or (c) of this Subsection 10(D)(7), then Employer may immediately terminate and shall not be required to
continue on behalf of Executive or his dependents and beneficiaries any compensation provided for herein (including, without limitation, Base Compensation, any Annual Bonus and any payments pursuant to Subsection 9(B) hereof) and any employee
benefit, retirement and compensation plans and other perquisites provided in Section 5 hereof other than those benefits that Employer may be required to maintain for Executive under applicable federal or state law. 
  
 (8) If Executive’s employment by Employer is terminated
for any reason or for no reason, Executive will turn over immediately thereafter to Employer all business correspondence, letters, papers, reports, customer lists, financial statements, credit reports or other confidential information or documents
of Employer in the possession or control of Executive, all of which writings are and will continue to be the sole and exclusive property of Employer. 
  
 (E) Executive acknowledges that irreparable loss and injury would result to Employer upon the breach of any of the covenants contained in this Section 10
and that damages arising out of such breach would be difficult to ascertain. Executive hereby agrees that, in addition to all other remedies provided at law or in equity, Employer may petition and obtain from a court of law or equity, without the
necessity of proving actual damages and without posting any bond or other security, both temporary and permanent injunctive relief to prevent a breach by Executive 
  

 9 

 of any covenant contained in this Section 10, and shall be entitled to an equitable accounting of all earnings, profits
and other benefits arising out of any such breach. In the event that the provisions of this Section 10 should ever be deemed to exceed the time, geographic or any other limitations permitted by applicable law, then such provisions shall be deemed
reformed to the maximum extent permitted thereby. 
  
 11.
Notice of Termination and Date of Termination. Any termination of Executive’s employment with Employer as contemplated by Section 8 hereof, except in the circumstances of Executive’s death, shall be communicated by written
notice of termination (the “Notice of Termination”) by the terminating party to the other party hereto. Any Notice of Termination given pursuant to Subsections 8(A), 8(B) or 8(E) hereof shall indicate the specific provisions of this
Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for such termination. Any Notice of Termination given pursuant to Subsection 8(D) hereof shall indicate the provision of this
Agreement relied upon, but need not state any basis for such termination. For purposes of this Agreement, “Date of Termination” shall mean: (A) if Executive’s employment is terminated because of disability, thirty (30) days after
Notice of Termination is given (unless Executive shall have returned to the performance of Executive’s duties on a full-time basis during such thirty (30) day period); or (B) if Executive’s employment is terminated for cause, good reason
or pursuant to Subsection 8(C) or Subsection 8(D) hereof, the date specified in the Notice of Termination; provided, however, that if within thirty (30) days after any such Notice of Termination is given, the party receiving such
Notice of Termination notifies the other party that a dispute exists concerning the termination, the Date of Termination shall be the date on which the dispute is finally resolved, either by mutual agreement of the parties or by a final judgment,
order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been perfected). 
  
 12. Excess Parachute Payments and One Million Dollar Deduction Limit. 
  
 (A) Notwithstanding anything contained herein to the contrary, if any portion of the payments and benefits provided
hereunder and benefits provided to, or for the benefit of, Executive under any other plan or agreement of Employer (such payments or benefits are collectively referred to as the “Payments”) would be subject to the excise tax (the
“Excise Tax”) imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or would be nondeductible by Employer pursuant to Section 280G of the Code, the Payments shall be reduced (but not below
zero) if and to the extent necessary so that no portion of any Payment to be made or benefit to be provided to Executive shall be subject to the Excise Tax or shall be nondeductible by Employer pursuant to Section 280G of the Code (such reduced
amount is hereinafter referred to as the “Limited Payment Amount”). Unless Executive shall have given prior written notice specifying a different order to Employer to effectuate the Limited Payment Amount, Employer shall reduce or
eliminate the Payments, by first reducing or eliminating those payments or benefits which are not payable in cash and then by reducing or eliminating cash payments, in each case in reverse order beginning with payments or benefits which are to be
paid the farthest in time from the Determination (as hereinafter defined). Any notice given by Executive pursuant to the preceding sentence shall take precedence over the provisions of any other plan, arrangement or agreement governing
Executive’s rights and entitlements to any benefits or compensation. 
  

 10 

 (B) An initial determination as to whether the Payments shall be reduced to the Limited Payment Amount
pursuant to the Code and the amount of such Limited Payment Amount shall be made by an accounting firm at Employer’s expense selected by Employer which is designated as one of the four largest accounting firms in the United States (the
“Accounting Firm”). The Accounting Firm shall provide its determination (the “Determination”), together with detailed supporting calculations and documentation to Employer and Executive within thirty (30) days of the Termination
Date, if applicable, and if the Accounting Firm determines that no Excise Tax is payable by Executive with respect to a Payment or Payments, it shall furnish Executive with an opinion reasonably acceptable to Executive that no Excise Tax will be
imposed with respect to any such Payment or Payments. Within ten (10) days of the delivery of the Determination to Executive, Executive shall have the right to dispute the Determination (the “Dispute”). If there is no Dispute, the
Determination shall be binding, final and conclusive upon Employer and Executive subject to the application of Subsection 12(C) below. 
  
 (C) As a result of the uncertainty in the application of Sections 4999 and 280G of the Code, it is possible that the Payments to be made to, or provided
for the benefit of, Executive either have been made or will not be made by Employer which, in either case, will be inconsistent with the limitations provided in Section 12(A) hereof (hereinafter referred to as an “Excess Payment” or
“Underpayment”, respectively). If it is established pursuant to a final determination of a court or an Internal Revenue Service (the “IRS”) proceeding which has been finally and conclusively resolved that an Excess Payment has
been made, such Excess Payment shall be deemed for all purposes to be a loan to Executive made on the date Executive received the Excess Payment, and Executive shall repay the Excess Payment to Employer on demand (but not less than ten (10) days
after written notice is received by Executive), together with interest on the Excess Payment at the “Applicable Federal Rate” (as defined in Section 1274(d) of the Code) from the date of Executive’s receipt of such Excess Payment
until the date of such repayment. In the event that it is determined (1) by the Accounting Firm, Employer (which shall include the position taken by Employer, or together with its consolidated group, on its federal income tax return) or the IRS; (2)
pursuant to a determination by a court; or (3) upon the resolution of the Dispute to Executive’s satisfaction, that an Underpayment has occurred, Employer shall pay an amount equal to the Underpayment to Executive within ten (10) days of such
determination or resolution, together with interest on such amount at the Applicable Federal Rate from the date such amount would have been paid to Executive until the date of payment. 
  
 (D) Notwithstanding anything contained herein to the contrary, if any portion of the Payments would be nondeductible by
Employer pursuant to Section 162(m) of the Code, the Payments to be made to Executive in any taxable year of Employer shall be reduced (but not below zero) if and to the extent necessary so that no portion of any Payment to be made or benefit to be
provided to Executive in such taxable year of Employer shall be nondeductible by Employer pursuant to Section 162(m) of the Code. The amount by which any Payment is reduced pursuant to the immediately preceding sentence, together with interest
thereon at the Applicable Federal Rate, shall be paid by Employer to Executive on or before the fifth business 
  

 11 

 day of the immediately succeeding taxable year of Employer, subject to the application of the limitations of the
immediately preceding sentence and this Section 12. Unless Executive shall have given prior written notice specifying a different order to Employer to effectuate this Section 12, Employer shall reduce or eliminate the Payments in any one taxable
year of Employer by first reducing or eliminating those payments or benefits which are not payable in cash and then by reducing or eliminating cash payments, in each case in reverse order beginning with payments or benefits which are to be paid the
farthest in time from the Section 162(m) Determination (as hereinafter defined). Any notice given by Executive pursuant to the immediately preceding sentence shall take precedence over the provisions of any other plan, arrangement or agreement
governing Executive’s rights and entitlements to any benefits or compensation. 
  
 (E) The determination as to whether the Payments shall be reduced pursuant to Section 12(D) hereof and the amount of the Payments to be made in each taxable year after the application of Section 12(D) hereof shall be
made by the Accounting Firm at Employer’s expense. The Accounting Firm shall provide its determination (the “Section 162(m) Determination”), together with detailed supporting calculations and documentation to Employer and Executive
within thirty (30) days of the termination date specified in the Notice of Termination. The Section 162(m) Determination shall be binding, final and conclusive upon Employer and Executive. 
  
 13. Payments After Death. Should Executive die after
termination of his employment with Employer while any amounts are payable to him hereunder, this Agreement shall inure to the benefit of and be enforceable by Executive’s executors, administrators, heirs, distributees, devisees and legatees,
and all amounts payable hereunder shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee or other designee or, if there is no such designee, to his estate. 
  
 14. Full Settlement. The respective obligations of the parties
hereto to make payments or otherwise to perform hereunder shall not be affected by any rights of set-off, counterclaim, recoupment, defense or other claim, right or action which one party hereto may have against the other party hereto. In no event
shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts which may be payable to Executive by Employer hereunder. 
  
 15. Notices. For purposes of this Agreement, notices and all other communications provided for herein shall be
in writing and shall be deemed to have been given when delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	 If to Executive:
	  	 Edwin W. Hortman, Jr.

	 	  	 39 Cherokee Road

	 	  	 Moultrie, Georgia 31768

  

 12 

			
	 If to Employer:
	  	 ABC Bancorp

	 	  	 24 Second Avenue, S.E.

	 	  	 Moultrie, Georgia 31768

	 	  	 Attention: Chief Executive Officer

  
 or to such address as either party
hereto may have furnished to the other party in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
  

16. Governing Law. The validity, interpretation and performance of this Agreement shall be governed by the laws of the State of Georgia,
without giving effect to the conflicts of laws principles thereof. 
  
 17. Successors. Employer shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Employer, by agreement in form and
substance reasonably satisfactory to Executive, to expressly assume and agree to perform this Agreement in the same manner and same extent that Employer would be required to perform it if no such succession had taken place. Failure of Employer to
obtain such agreement prior to the effectiveness of any such succession shall be a material, intentional breach of this Agreement and shall entitle Executive to terminate his employment with Employer for good reason pursuant to Subsection 9(B)
hereof. All references to Employer in this Agreement shall include, unless the context otherwise requires, all subsidiaries and controlled affiliates of Employer. 
  
 18. Modification and Waiver. No provision of this Agreement may be modified, waived or discharged unless such
waiver, modification or discharge is agreed to in writing signed by Executive and Employer. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of dissimilar provisions or conditions at the same or any prior subsequent time. No agreements or representation, oral or otherwise, express or implied, with respect to the subject matter
hereof have been made by either party which are not set forth expressly in this Agreement. 
  
 19. Severability. The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, which shall remain in
full force and effect. 
  
 20. Counterparts. This
Agreement may be executed (and delivered via facsimile) in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same Agreement. 
  
 21. Assignment. This Agreement is personal in nature, and
neither party hereto shall, without the prior written consent of the other, assign or transfer this Agreement or any rights or obligations hereunder except as provided in Sections 13 and 17 above. Without limiting the foregoing, Executive’s
right to receive compensation hereunder shall not be assignable or transferable, whether by pledge, creation of a security interest or otherwise, other than a transfer 
  

 13 

 by his will or by the laws of descent or distribution as set forth in Section 13 hereof, and in the event of any
attempted assignment or transfer contrary to this Section 21, Employer shall have no liability to pay any amounts so attempted to be assigned or transferred. 
  
 22. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements,
understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof. 
  
 23. Construction; Definition of Change of Control. 
  

(A) Whenever the singular number is used in this Agreement and when required by the context, the same shall include the plural and vice versa, and the
masculine gender shall include the feminine and neuter genders and vice versa. The headings in this Agreement are for convenience only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement
or any of its provisions. All references to Employer in this Agreement shall include, unless the context otherwise requires, all subsidiaries and controlled affiliates of Employer. 
  
 (B) For purposes of this Agreement, a “Change of Control” shall have occurred if: 
  
 (a) a majority of the directors of Employer shall be persons
other than persons: (A) for whose election proxies shall have been solicited by the Board, or (B) who are then serving as directors appointed by the Board to fill vacancies on the Board caused by death or resignation (but not by removal) or to fill
newly-created directorships; 
  
 (b) twenty-five
percent (25%) of the outstanding voting power of Employer shall have been acquired or beneficially owned (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended, or any successor rule thereto) by any person (other than
Employer, a subsidiary of Employer or Executive) or by any two or more persons acting as a partnership, limited partnership, syndicate or other group acting in concert for the purpose of acquiring, holding or disposing of any voting stock of
Employer (hereinafter a “Group”), which Group does not include Executive; or 
  
 (c) there shall have occurred: 
  
 (A) a merger or consolidation of Employer with or into another corporation (other than (1) a merger or consolidation with a subsidiary of
Employer or (2) a merger or consolidation in which (aa) the holders of voting stock of Employer immediately prior to the merger as a class continue to hold immediately after the merger at least a majority of all outstanding voting power of the
surviving or resulting corporation or its parent and (bb) all holders of each outstanding class or series of voting stock of Employer immediately prior to the merger or consolidation have the right to receive substantially the same cash, securities
or other property in exchange for their voting stock of Employer as all other holders of such class or series); 
  

 14 

 (B) a statutory exchange of shares of one or more classes or series of outstanding voting
stock of Employer for cash, securities or other property; 
  
 (C) the sale or other disposition of all or substantially all of the assets of Employer (in one transaction or a series of transactions); or 
  
 (D) the liquidation or dissolution of Employer; 
  
 unless twenty-five percent (25%) or more of the voting stock (or the voting equity interest)
of the surviving corporation or the corporation or other entity acquiring all or substantially all of the assets of Employer (in the case of a merger, consolidation or disposition of assets) or of Employer or its resulting parent corporation (in the
case of a statutory share exchange) is beneficially owned by the Executive or a Group that includes the Executive. 
  
 24. Representations and Warranties of Employer. Employer hereby represents and warrants to Executive that: (i) this Agreement has been duly
authorized by the Board, executed and delivered by Employer, and constitutes the valid and binding agreement of Employer, enforceable against Employer in accordance with its terms; and (ii) Employer has the full power authority to execute, deliver
and perform this Agreement and has taken all necessary action to secure all approvals required in connection herewith. 
  
 25. Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by
arbitration in Moultrie, Georgia in accordance with the commercial arbitration rules of the American Arbitration Association then in effect. The decision of the arbitrators shall be final and binding as to any matter submitted to them under this
Agreement, and judgment on any award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
  
 26. Attorneys’ Fees. If there is any legal action, arbitration or proceeding between Executive and the Employer arising from or based
on this Agreement or the interpretation or enforcement of any provisions hereof, then the unsuccessful party to such action, arbitration or proceeding shall pay to the prevailing party all costs and expenses, including, without limitation,
reasonable attorneys’ fees, incurred by such prevailing party in such action, arbitration or proceeding, in any appeal in connection therewith and in any action or proceeding taken to enforce any judgment or order so obtained by the prevailing
party. If such prevailing party recovers a judgment in any such action, arbitration, proceeding or appeal, then such costs, expenses and attorneys’ fees shall be included in and as a part of such judgment. 
  
 [Signatures next page] 
  

 15 

 IN WITNESS WHEREOF, Executive has executed, sealed and delivered this Agreement, and Employer has
caused this Agreement to be executed, sealed and delivered, all as of the day and year first above set forth. 
  

					
	ABC BANCORP
		
	 By:
	 	 /s/ Kenneth J. Hunnicutt

	 Name:
	 	 Kenneth J. Hunnicutt
	 	 
	 Title:
	 	 Chief Executive Officer
	 	 
		
	 /s/ Edwin W. Hortman, Jr.

	 	 (SEAL)

	EDWIN W. HORTMAN, JR.	 	 

  
  

 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]