Document:

Exhibit 10.1

 

 

 

April 10, 2017

 

 

Stephen M. Deitsch, CPA

smdeitsch@gmail.com

 

 

Dear Stephen,

 

We are pleased to confirm your offer of employment for the position
of SVP, Chief Financial Officer (CFO) with BioScrip, Inc. (together with its subsidiaries, the “Company”), reporting
to Dan Greenleaf, President and CEO. As discussed, we would like your employment to begin on or around April 24, 2017.

 

This offer includes an annual salary of $375,000 base (bi-weekly
salary of $14,423.08), subject to applicable taxes and other withholdings. You are also eligible to participate in BioScrip’s
Management Incentive Bonus Program as long as you remain continuously employed with BioScrip through the date that the bonus is
paid. You would be eligible for a bonus up to 80% of your base salary with the pool determined by the Company and the Board of
Directors and subject to corporate, departmental and individual objectives being met. Your participation in the 2017 Management
Incentive Bonus Plan—assuming Company achievement of the objectives established in that plan—will be prorated based
on your hire date. This plan is subject to change. You will not accrue Paid Time Off, but rather will be eligible to take time
off from work, without reduction in salary, in accordance with Company policy applicable to executives. You will be eligible to
take at least 20 days off from work annually (prorated for 2017), in addition to all Company holidays, provided, however, that
any unused time off in any year will not be carried over to any subsequent year and you will not be paid for unused time off when
your employment ends.

 

In the event of the termination of your employment by the Company
(or any successor) other than for “Cause,” as defined in the attached Severance Agreement (attached as Exhibit A),
upon execution of the Company’s standard Separation and Release Agreement, you will be entitled to receive severance payments
in accordance with the terms of the attached Severance Agreement.

 

Subject to approval of the Compensation Committee of the Board
of Directors, you will be granted equity awards consisting of 215,909 options to purchase Company stock, par value $0.0001 per
share, and 133,803 performance-based restricted stock units, subject to the performance goals currently applicable to the Company’s
current LTI plan. In addition, you will receive 35,211 performance-based restricted stock units, the vesting of which will be based
on your successful completion of certain agreed-upon milestones within the first six months of your employment.

 

In the event of a change in control, all performance goals (other
than those relating to the value of BioScrip’s common stock) pertaining to outstanding performance based awards will be deemed
to have been achieved at target and all time-based vesting requirements will lapse in their entirety; provided that the determination
of whether any performance goals related to the value of BioScrip’s common stock have been achieved will be made by reference
to the value of BioScrip’s common stock on or as of the date of the Change in Control.

 

During the term of your employment, you will be permitted to
participate in all employee benefits plans, policies, and practices now or hereafter maintained by or on behalf of the Company,
commensurate with your position and level of individual contribution, if and to the extent you are eligible pursuant to the terms
of such plans, policies, and practices (which may be modified by the Company) at its discretion. As a point of clarification, you
will be eligible for medical coverage under our benefits programs on the first day of the month following 30 days of employment.

 

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This offer is contingent upon the satisfactory results of your
reference check, background check, and confidential drug screening examination.  Following return of your signed offer documents,
you will be provided with a link to complete an online profile, authorize pre-employment screenings and complete a drug test. 
Please be advised you will need to complete your background check profile within two days of accepting your offer of employment
and complete your drug screen within three business days of selecting a site.  Delays may interfere with your anticipated
start date or result in a withdrawal of your offer of employment. 

 

As a condition of employment, you also will be required to review,
complete, and sign the enclosed Confidentiality Agreement and Restrictive Covenants Agreement.

 

In accordance with federal immigration law, you will be required
to provide documentary evidence of your identity and eligibility to work in the United States. You will have three business days
from your first day of employment to complete an I-9 Form and furnish the required documentation as a condition of continued employment.

 

By signing below, you represent and warrant to the Company that
you are not a party to any written or oral agreement, understanding, or arrangement that would prevent you from fully and properly
performing your employment duties for the Company (e.g., you are not subject to any noncompete or nonsolicitation covenants or
agreements, nor are you subject to any invention, proprietary rights, or confidentiality agreements or obligations that would prevent
you from doing what you are supposed to do for the Company). The enclosed Reminder Regarding Proper Treatment of Your Former Employer’s
Property and Information, provides additional information regarding the Company’s understanding and expectations. If you
are unable to make the representations contained in this Paragraph, you must immediately provide to me a written explanation of
your reasons, as well as a copy of any applicable documents, including, but not limited to, any restrictive covenant agreements
to which you are a party. Under these circumstances, the nature and extent of any restrictions on your ability to perform your
job for the Company will need to be evaluated before the Company can hire you.

 

For clarification and the protection of both you and the Company,
you acknowledge that this letter and the enclosed documents represent the sole agreement between you and the Company relating to
the terms of the Company’s offer of employment to you. This letter supersedes all other promises, representations, and/or
understandings relating to the Company’s prospective employment of you. You also acknowledge that your employment with the
Company is “at will,” meaning that both you and the Company may terminate the employment relationship at any time and
for any reason, with or without advance notice. No Company representative has the authority to enter into any agreement with you
to the contrary, with the exception of the Company’s Vice President of Human Resources who may only do so in a writing signed
by both you and the Vice President of Human Resources.

 

Congratulations again on your offer to join BioScrip, Inc.
To confirm your acceptance of this offer, please sign this letter and the applicable enclosures and return to Bet Rosa at bet.rosa@Bioscrip.com
by April 12, 2017. Please be advised that your failure to return the executed documents to me by that date will result in
the withdrawal of this offer. If you have any questions please do not hesitate to call me.

 

Sincerely,

 

 

 

Daniel Greenleaf

President and CEO

BioScrip, Inc.

 

I accept the offer as stated.

 

    2 of 3 

     

    

 

	/s/ Stephen M. Deitsch	 	4-10-17	 
	Stephen M. Deitsch, CPA	 	Date Signed	 

 

 

 

 

		Enclosures:	Confidentiality Agreement

Reminder Regarding Proper Treatment of Your
Former Employer’s Property

and Information

Voluntary Self-Identification of Disability

Invitation to Self-Identify under VEVRAA

Restrictive Covenants Agreement

Severance Agreement

  

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SEVERANCE AGREEMENT 

(Exhibit to Offer Letter of Stephen M.
Deitsch)

 

This will confirm the agreement between
Stephen M. Deitsch (“You”) and BioScrip, Inc. (together with its subsidiaries, the “Company”) that, if
You are terminated by the Company other than for “Cause” (as defined below), upon execution and return to the Company
of the Company’s standard Separation and Release Agreement (provided You execute and return the Separation and Release Agreement
by the 60th day following your date of separation of employment with the Company (the “Separation Date”)
and You do not exercise any right of revocation that You may have under such Separation and Release Agreement), You will be entitled
to receive salary continuation payments in accordance with the terms of this Severance Agreement for Fifty-two (52) weeks following
the effective date of the Separation and Release Agreement (the “Severance Period”).

 

The salary continuation payments shall
be subject to applicable taxes and other lawful withholdings. The payments shall commence as soon as administratively practicable
following the effective date of the Separation and release Agreement (but no later than the 90th day following the Separation
Date), and shall be payable in accordance with the Company’s normal payroll schedule and practices in equal installments
for the Severance Period.

 

For purposes of this Severance Agreement,
“Cause” shall mean any of the following: (a) your gross negligence, insubordination, or intentional misconduct
in connection with the performance of your job duties, (b) your conviction of, or plea of guilty or nolo contendere
to, any felony or crime involving moral turpitude, (c) your violation of the Company’s substance abuse policy, (d) your
breach of any material provision of this or any other agreement between You and the Company, or (e) your violation of any
rule or regulation of any government agency, or self-regulatory body, applicable to the Company’s business.

 

Except as expressly provided herein, upon
separation from employment with the Company for any reason, whether voluntarily or involuntarily, You shall be entitled only to
your base salary earned through the Separation Date and any accrued, but unpaid business expenses owed pursuant to Company policy
and any amounts earned but unpaid under any written retention bonus agreement between you and the Company, and You shall not be
entitled to any further base salary or any applicable bonus, benefits, or other compensation for that year or any future year,
and no other benefits shall accrue or vest subsequent to such date, except as may be required by applicable law or provided in
an applicable benefit plan or program.

 

To the extent that any regulations or other
guidance issued under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), would result
in your being subject to payment of taxes, interest, or penalties under Section 409A, You and the Company agree to use our best
efforts to amend this Severance Agreement in order to avoid or limit the imposition of any such taxes, interest, or penalties,
while maintaining to the maximum extent practicable the original intent of the applicable provisions; provided, however, that the
Company does not guarantee that You will not be subject to taxes, interest, or penalties under Section 409A with respect to any
payments made pursuant to this Severance Agreement.

 

References to termination of employment
or similar terms hereunder shall mean a “separation from service” within the meaning of Section 409A. For purposes
of Section 409A, the right to each salary continuation payment hereunder shall be treated as a right to a separate payment. It
is intended that salary continuation payments (in the order received) shall be considered exempt from the application of Section
409A to the extent they may be characterized as either short-term deferrals (as defined in Treasury Regulation § 1.409A-1(b)(4))
or involuntary separation pay (as defined in Treasury Regulation § 1.409A-1(b)(9)), and this Severance Agreement shall be
construed accordingly.

 

     

     

    

 

This Severance Agreement shall remain in
effect and be binding upon any successor or assign of the Company, including any entity that (whether directly or indirectly, by
purchase, merger, reorganization, consolidation, acquisition of property or stock, liquidation, or otherwise) is the survivor of
the Company or that acquires the Company and/or substantially all the assets of the Company, and such successor entity shall be
deemed the “Company” for purposes of this Severance Agreement.

 

This Severance Agreement constitutes the
entire understanding of the parties with respect to the subject matter hereof. This Severance Agreement shall be construed in accordance
with, and its interpretation shall otherwise be governed by, the laws of the State of Colorado, where the Company is headquartered,
without giving effect to principles of conflicts of law.

 

Kindly signify your agreement to the foregoing
by signing below and forwarding an executed copy for our files.

 

	By:	/s/ Bettyanne Rosa	 
	 	Bettyanne Rosa	 
	 	Senior Vice President, Human Resources	 

 

 

Agreed and Accepted

on this 10th day of April, 2017

 

 

/s/ Stephen M. Deitsch____________

Stephen M. Deitsch

 

		cc:	Kathryn Stalmack, Senior Vice President and General Counsel

 

     2Execution Version

AMENDMENT

TO

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

 

This amendment
(the “Amendment”) is made by and among HCSB Financial Corporation, a South Carolina corporation (the “Company”),
Horry County State Bank (the “Bank”), a South Carolina state-chartered commercial bank, which is a wholly owned subsidiary
of the Company (the Company and the Bank collectively referred to herein as the “Employer”), and Janet H. Hollar,
an individual resident of South Carolina (the “Executive”). This Agreement amends that certain Amended and Restated
Employment Agreement between the Employer and the Executive, dated March 21, 2017. This Amendment is dated April 19, 2017 and
takes effect on the consummation of the Merger (the “Effective Date”) referenced below; provided, however, that in
the event this Amendment becomes void because of a failure to consummate the Merger, the Amended and Restated Employment Agreement
shall not be amended and shall remain in full force and effect as before this Amendment.

 

WHEREAS, the
Employer and the Executive entered into an employment agreement, dated February 29, 2016, whereby the Executive agreed to serve
as Chief Executive Officer of the Company and the Bank;

 

WHEREAS, the
Employer and the Executive entered into an noncompete agreement, dated May 26, 2016, whereby the Executive agreed to certain restrictive
covenants;

 

WHEREAS, the
Employer and the Executive entered into an Amended and Restated Employment Agreement, dated March 21, 2017, whereby the parties
consolidated the noncompete agreement into the employment agreement and amended certain other severance provisions;

 

WHEREAS, the
Company has entered into an Agreement and Plan of Merger dated April 19, 2017 (the “Merger Agreement”) with United
Community Banks, Inc. (“UCBI”), a Georgia corporation, pursuant to which the Company will merge with and into UCBI,
with UCBI as the surviving entity (the “Merger”); and

 

WHEREAS, the
parties now desire to amend the Amended and Restated Agreement to extend the term of the restrictive covenants thereunder for
an additional year assuming the closing of the Merger.

 

NOW, THEREFORE,
the Company, the Bank, and the Executive do hereby agree as follows:

 

1.Section 9 of the Amended
and Restated Agreement is hereby amended by replacing all references to “12 months” within such section with “24
months.”

 

2.All other
terms and conditions of the Amended and Restated Agreement, except as modified herein, shall remain in full force and effect and
shall be binding on the parties hereto, their heirs, successors and assigns.

 

[Signatures
appear on following page.]

    	 

    	 

    
Execution Version

IN WITNESS WHEREOF,
the Company and the Bank have caused this Amendment to be executed and its respective seals to be affixed hereunto by its respective
officers thereunto duly authorized, and the Executive has signed and sealed this Amendment, effective as of the date described
above.

	 	 	HCSB
    FINANCIAL CORPORATION
	 	 	 
	ATTEST:	 	 	 
	 	 	 	 
	By:	/s/ J.
    Rick Patterson 	 	By:	/s/
    Michael S. Addy
	 	 	 	 
	Name:  	J.
    Rick Patterson 	 	Name: 	Michael
    S. Addy
	 	 	 	 
	 	 	Title:	Board
    Chairman
	 	 	 	 
	 	 	 	 
	 	 	HORRY
    COUNTY STATE BANK
	ATTEST:	 	 	 
	 	 	 	 
	By:	/s/
Michael S. Addy	 	By:	/s/
    J.
    Rick Patterson
	 	 	 	 
	Name:	Michael
    S. Addy	 	Name:	J.
    Rick Patterson
	 	 	 	 
	 	 	Title:	Chief Operating Officer
	 	 	 	 
	 	 	EXECUTIVE
	 	 	 	 
	 	 	/s/
    Janet H. Hollar
	 	 	Janet
    H. Hollar

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