Document:

Exhibit 10.1

No. [ ● ]

GREER BANCSHARES INCORPORATED

SERIES A 5% SUBORDINATED NOTE DUE 2022

Date of Issue: June 11, 2014

$[ ● ],000.00

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF ANY OTHER RELEVANT JURISDICTION, AND
IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, THE COMPANY MAY ALSO REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION
DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.

THE PAYMENT OF THIS NOTE IS NOT GUARANTEED OR INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) OR ANY OTHER GOVERNMENT AGENCY.

GREER BANCSHARES INCORPORATED, a corporation
organized and existing under the laws of South Carolina (the “Corporation”), for value received, hereby promises to pay to [ ● ], or his, her
or its successors or assigns (hereinafter, the “Holder”) the principal sum of [ ● ] Thousand and No/100 Dollars ($[ ●
],000.00) plus accrued but unpaid interest on June 30, 2022 (the ”Maturity Date”). Interest on the principal amount of this Note shall accrue at
the rate of 5% per annum from the Date of Issue, provided that effective July 1, 2017, the interest rate shall increase to 7% per annum. Interest is payable at
the end of each calendar year quarter, provided, however, that no interest shall be paid unless and until written approval for the payment of interest has
been received from the Federal Reserve Bank of Richmond (the “Federal Reserve”). The Corporation has requested such approval, but there can be no
guarantee as to whether or when such approval may be granted. This Note may not be prepaid on or prior to June 30, 2016. After June 30, 2016, the
Corporation may prepay all or any part of the outstanding principal balance of this Note, at any time or from time to time, without penalty.

Payment of the principal of and interest on
this Note will be made at the office of the Corporation in Greer, South Carolina or such other office as the Corporation may in the future designate
(the “Corporation Office”), provided written notice of such designation is provided to the Holder at the time of such designation. Payment on
this Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that, at the option of the Corporation, payment of principal and interest may be made by check mailed to the address of the person
entitled thereto as such address shall appear in the note register of the Corporation. Payments will be applied first to accrued but unpaid interest, then to
principal.

This Note is subject to the further
provisions set forth overleaf, which further provisions shall constitute part of this Note.  This Note shall not be valid for any purpose until it shall
have been signed by the Chief Financial Officer of the Corporation.

IN WITNESS WHEREOF, the Corporation has
caused this instrument to be duly executed.

By: __________________________________

       J. Richard Medlock, Jr.

       Chief
Financial Officer

SERIES OF NOTES.  This Note is
one of a duly authorized issue of Notes of the Corporation designated as its Series A 5% Subordinated Notes due 2022 (herein called the “Notes”),
limited in aggregate principal amount to $3,000,000, all of substantially identical terms and provisions except for numbers, dates of issue and principal
amount.  Notes may only be issued in principal amounts of not less than $50,000 (subject to wavier by the Corporation in its sole discretion) which are an
integer multiple of $10,000. 

PRIORITY; NO COLLATERAL OR GUARANTEE.
The payment of the indebtedness evidenced by the Notes is not secured by the pledge of any assets, any guarantee or insurance, a sinking fund or any other
security or collateral, and the rights of the Holder shall be the same as the rights of any general unsecured creditor of the Corporation. The Corporation
reserves the right to issue indebtedness senior to, or on par with, the indebtedness evidenced by the Notes, including without limitation secured indebtedness.
 Upon the distribution of assets of the Corporation because of distribution, winding up, liquidation, bankruptcy or reorganization, the payment of
principal and interest on the Notes is subordinated to the prior payment in full of all senior indebtedness of the Corporation, but the obligation of the
Corporation to make payment of principal and interest on the Notes is not otherwise affected.

PAYMENTS MAY BE SUBJECT TO REGULATORY
RESTRICTIONS. Payments of interest and principal under this Note may be subject to restrictions or prohibited due to regulatory action or other restrictions
imposed by government agencies and applicable law, including but not limited to regulatory orders issued by the Federal Reserve and regulatory orders issued by
the FDIC or the South Carolina State Board of Financial Institutions limiting the payment of dividends to the Corporation by Greer State Bank (“Regulatory
Action”). Payment of interest under this Note is currently restricted by a Memorandum of Understanding between the Corporation and the Federal Reserve.
 Notwithstanding any other provisions of the Notes, delay of any payment under the Notes prior to the Maturity Date due to Regulatory Action shall not
constitute a default under, or breach of, the terms of the Notes.  

TRANSFER.  Subject to the
restrictions on transfer set forth below, the transfer of this Note may be registered in the Corporation’s register for the Notes (the “Note
Register”), upon surrender of this Note for registration of transfer at the Corporation Office, accompanied by a written instrument of transfer in form
satisfactory to the Corporation duly executed by the Holder hereof or such Holder’s attorney duly author­ized in writing, and thereupon one or more new
Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated trans­feree or transferees. No service
charge shall be made for any such registra­tion of transfer or exchange, but the Corporation may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith. The Corporation shall not have any obligations to a transferee of this Note unless and until it has
been duly transferred in accordance with the terms hereof and the transfer has been registered by the Corporation on the Note Register.

RESTRICTIONS ON TRANSFER. THE SALE OF
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAW IN RELIANCE UPON EXEMPTIONS THEREFROM.  THE HOLDER MUST HOLD THIS
NOTE UNTIL MATURITY UNLESS THE SALE OR OTHER TRANSFER THEREOF IS SUBSEQUENTLY REGISTERED UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR
EXEMPTIONS FROM SUCH REGISTRATION ARE AVAILABLE, PROVIDED THAT THE CORPORATION MAY REQUIRE AN OPINION OF LEGAL COUNSEL ACCEPTABLE TO THE CORPORATION THAT
REGISTRATION IS NOT REQUIRED. THE HOLDER FURTHER UNDERSTANDS THAT THE CORPORATION IS UNDER NO OBLIGATION TO REGISTER THE SECURITIES ON THE HOLDER’S BEHALF
OR TO ASSIST THE HOLDER IN COMPLYING WITH ANY EXEMPTION FROM REGISTRATION.

COMPUTATION OF INTEREST.
 Interest on this Note shall be computed on the basis of a 365-day year. In the event that any interest payment is not paid when due for any reason
(including without limitation lack of Federal Reserve approval or other Regulatory Action), interest shall compound at the end of each calendar year quarter.
 In the event that the rate of interest payable under this Note shall be higher than the maximum rate of interest permitted by applicable law, then the
rate of interest payable under this Note shall be automatically adjusted to be the highest rate of interest permitted by applicable law.

NO CONVERSION.  This Note is
not convertible into the common stock or any other securities of the Corporation.

EVENTS OF DEFAULT.  Each of the
following events (“Events of Default”) shall constitute a default under the terms of this Note:

(1)

Failure to timely pay interest as required
under the terms of this Note on any Note in the series when due and payable and continuance of such failure for a period of 30 days, except for a failure to pay
prior to the Maturity Date on account of Regulatory Action. 

(2)

Failure to repay principal as required under
the terms of this Note on any Note in the series when due and payable at the Maturity Date and continuance of such failure for a period of 30 days, provided
that such a failure due to Regulatory Action shall not constitute an Event of Default unless and until it continues past the first anniversary of the Maturity
Date.

(3)

Failure by the Corporation to duly observe
or perform any provision or agreement contained in the Notes (other than payment of interest or principal) within 60 days of receipt by the Corporation of
written notice of such failure from a Holder or Holders requesting the remedy of such failure.

(4)

Filing by the Corporation of a petition or
other pleading by or with respect to the Corporation seeking relief under any bankruptcy or similar law for the benefit of debtors (and if such proceeding is
involuntary with respect to the Corporation, it is not dismissed within a period of 90 days) or consenting to the appointment of a receiver or liquidator or
trustee or assignee in bankruptcy or insolvency of it or all or substantially all of its property, or making an assignment for the benefit of creditors, or
admitting in writing its inability to pay its debts generally as they become due.

Upon the occurrence of an Event of Default,
the principal and interest of the Notes may become or be declared due and payable in accordance with the following procedure.  Unless the principal of all
Notes shall have already become due and payable during the continuance of an Event of Default, the Holders of a majority of the aggregate principal amount of
the Notes then outstanding (the “Required Holders”) may declare the principal and accrued interest to be immediately due and payable by delivery of
written notice to the Corporation.  Upon such declaration, the principal and accrued interest for all Notes shall become immediately due and payable.
 However, if after such a declaration, the Corporation shall pay all matured interest then outstanding or shall have cured such other Event of Default as
may have occurred before maturity of the Notes or before the entry of any judgment or decree for the payment of money against the Corporation, then the Required
Holders may waive such prior Event of Default and rescind such declaration by written notice to the Corporation.

Upon the occurrence of an Event of Default,
the Corporation shall make available at the Corporation Office a list of all Holders of the Notes so that such Holders can communicate with one another for the
purpose of taking protective action.

AMENDMENT. No amendment or waiver of
any provision of the Notes shall be binding on the Corporation without the prior written consent of the Corporation. This Note, and each Note, may be amended
with the prior written consent of the Required Holders. 

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GOVERNING LAW.  The validity,
interpretation and performance of this Note shall be governed by and interpreted in accordance with the laws of the State of South Carolina without regard to
conflicts of laws principals.

3Exhibit 10.2

FORM OF SUBSCRIPTION AGREEMENT

          THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY
STATE OR ANY OTHER JURISDICTION.  THERE ARE FURTHER RESTRICTIONS ON THE TRANSFERABILITY OF THE NOTES DESCRIBED HEREIN. 

Greer Bancshares Incorporated

1111 W. Poinsett Street

Greer, South Carolina, 29650

Ladies and Gentlemen:

The undersigned purchaser
understands that Greer Bancshares Incorporated, a corporation organized under the laws of South Carolina (the “Company”), is offering an
aggregate of $3,000,000 principal amount of Series A 5% Subordinated Notes due 2022 (the “Notes”) in a private placement.  

This offering is made pursuant to the
Confidential Private Placement Memorandum, dated May 28, 2014, including the form of Note included therein as an appendix (collectively, the “Offering Documents”), all as more particularly described and set forth in the Offering Documents.  The undersigned further understands that the
offering is being made without registration of the Notes under the Securities Act of 1933, as amended (the “Securities Act”), or any securities
law of any state of the United States or of any other jurisdiction, and is being made only to “accredited investors” (as defined in Rule 501 of
Regulation D under the Securities Act).  

1.

Subscription. Subject to the terms and
conditions hereof and the provisions of the Offering Documents, the undersigned hereby irrevocably subscribes for the principal amount of Notes set forth by the
undersigned on the signature page hereto, which is payable as described in Section 4 hereof.  The undersigned acknowledges that the Notes will be subject
to restrictions on transfer as set forth in this subscription agreement (the “Subscription Agreement”).

2.

Acceptance of Subscription and Issuance of
Notes. It is understood and agreed that the Company shall have the sole right, in its complete discretion, to accept or reject this subscription, in whole
or in part, for any reason and that this subscription shall be deemed to be accepted by the Company only if and when it is signed by a duly authorized officer
of the Company and delivered to the undersigned at the Closing referred to in Section 3 hereof.  Subscriptions need not be accepted in the order received,
and the Notes may be allocated among subscribers.  Notwithstanding anything in this Subscription Agreement to the contrary, the Company shall have no
obligation to issue any of the Notes to any person who is a resident of a jurisdiction in which the issuance of Notes to such person would constitute a
violation of the securities, “blue sky” or other similar laws of such jurisdiction (collectively referred to as the “State Securities Laws”).

3.

The Closing. The closing of the
purchase and sale of the Notes (the “Closing”) shall take place at the offices of the Company, at 10:00 a.m. on June 6, 2014, or at such other
time and place as the Company may designate by notice to the undersigned.

4.

Payment for Notes. Payment for the
Notes shall be received by the Company from the undersigned by cashier’s check, wire transfer of immediately available funds or other means approved by the
Company at or prior to the Closing, in the aggregate principal amount for which the Company has accepted this subscription, as set forth on the signature page
hereto.  The Company shall deliver a Note to the undersigned at the Closing, in the aggregate principal amount for which the Company has accepted 

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this subscription, as set forth on the signature page hereto,
and bearing an appropriate legend referring to the fact that the Notes were sold in reliance upon an exemption from registration under the Securities Act.

5.

Representations and Warranties of the
Company. As of the Closing, the Company represents and warrants that:

(a)

The Company is duly formed and validly
existing under the laws of South Carolina, with full power and authority to conduct its business as it is currently being conducted and to own its assets; and
has the corporate power and authority to operate its business as it is currently being conducted and to own, lease and operate its properties, and is duly
qualified and is in good standing as a foreign corporation authorized to do business in each jurisdiction in which the nature of its business or its ownership
or leasing of property requires such qualification, except where the failure to be so qualified would not have a material adverse effect on the Company.

(b)

The Notes have been duly authorized, executed
and delivered by the Company and,  when issued and paid for, will constitute the legal, valid and binding obligations of the Company.  The Notes shall
have the rights and privileges set forth in the form of Note included in the Offering Documents.

6.

Representations, Warranties and Covenants
of the Undersigned. The undersigned hereby represents and warrants to and covenants with the Company that:

(a)

General.

(i)

The undersigned has all requisite authority
(and in the case of an individual, the capacity) to purchase the Notes, enter into this Subscription Agreement and to perform all the obligations required to be
performed by the undersigned hereunder, and such purchase will not contravene any law, rule or regulation binding on the undersigned or any investment guideline
or restriction applicable to the undersigned.

(ii)

The undersigned is a resident of the state
set forth on the signature page hereto and is not acquiring the Notes as a nominee or agent or otherwise for any other person.

(iii)

The undersigned will comply with all
applicable laws and regulations in effect in any jurisdiction in which the undersigned purchases or sells Notes and obtain any consent, approval or permission
required for such purchases or sales under the laws and regulations of any jurisdiction to which the undersigned is subject or in which the undersigned makes
such purchases or sales, and the Company shall have no responsibility therefor.

(b)

Information Concerning the Company.

(i)

The undersigned has received a copy of the
Offering Documents.  The undersigned has not been furnished any offering materials other than the Offering Documents and has relied only on the information
contained therein and in reports filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”).

(ii)

The undersigned understands that no public
market now exists for the Notes, and that the Company has made no assurances that a public market will ever exist for the Notes.

(iii)

The undersigned understands and accepts that
the purchase of the Notes involves various risks, including the risks outlined in the Offering Documents and in this Subscription Agreement.  The
undersigned represents that it is able to bear any loss associated with an investment in the Notes.

(iv)

The undersigned confirms that it is not
relying on any communication (written or oral) of the Company or any of its affiliates as investment advice or as a recommendation to purchase the Notes.
 It is understood that information and explanations related to the terms and conditions of the Notes provided in the Offering Documents or otherwise by the
Company or any of its affiliates shall not be considered investment advice or a recommendation to purchase the Notes, and that neither the Company

5

nor any of its affiliates is acting or
has acted as an advisor to the undersigned in deciding to invest in the Notes.  The undersigned acknowledges that neither the Company nor any of its
affiliates has made any representation regarding the proper characterization of the Notes for purposes of determining the undersigned’s authority to invest in
the Notes.

(v)

The undersigned is familiar with the
business and financial condition and operations of the Company, all as generally described in the Offering Documents and the reports filed by the Company with
the Commission.  The undersigned has had access to such information concerning the Company and the Notes as it deems necessary to enable it to make an
informed investment decision concerning the purchase of the Notes.

(vi)

The undersigned understands that, unless the
undersigned notifies the Company in writing to the contrary at or before the Closing, each of the undersigned’s representations and warranties contained in this
Subscription Agreement will be deemed to have been reaffirmed and confirmed as of the Closing.

(vii)

The undersigned acknowledges that the
Company has the right in its sole and absolute discretion to abandon this private placement at any time prior to the completion of the offering.  This
Subscription Agreement shall thereafter have no force or effect and the Company shall return the previously paid subscription price of the Notes, without
interest thereon, to the undersigned.

(viii)

The undersigned understands that no federal
or state agency has passed upon the merits or risks of an investment in the Notes or made any finding or determination concerning the fairness or advisability
of this investment.

(c)

Non-Reliance.

(i)

The undersigned represents that it is not
relying on (and will not at any time rely on) any communication (written or oral) of the Company, as investment advice or as a recommendation to purchase the
Notes, it being understood that information and explanations related to the terms and conditions of the Notes and the other transaction documents that are
described in the Offering Documents shall not be considered investment advice or a recommendation to purchase the Notes.

(ii)

The undersigned confirms that the Company
has not (i) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting
or otherwise) of an investment in the Notes or (ii) made any representation to the undersigned regarding the legality of an investment in the Notes under
applicable legal investment or similar laws or regulations.  In deciding to purchase our Notes, the undersigned is not relying on the advice or
recommendations of the Company and the undersigned has made its own independent decision that the investment in the Notes is suitable and appropriate for the
undersigned.

(d)

Status of Undersigned.

(i)

The undersigned has such knowledge, skill
and experience in business, financial and investment matters that the undersigned is capable of evaluating the merits and risks of an investment in the Notes.
 With the assistance of the undersigned’s own professional advisors, to the extent that the undersigned has deemed appropriate, the undersigned has made
its own legal, tax, accounting and financial evaluation of the merits and risks of an investment in the Notes and the consequences of this Subscription
Agreement.  The undersigned has considered the suitability of the Notes as an investment in light of its own circumstances and financial condition and the
undersigned is able to bear the economic and any other risks associated with an investment in the Notes (including a complete loss of the undersigned’s
investment) and its authority to invest in the Notes.  The undersigned understands that the payment on the Notes at maturity or earlier redemption may be
less, and perhaps significantly less, than the principal amount of the Notes.

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(ii)

The undersigned is an “accredited
investor” as defined in Rule 501(a) under the Securities Act.  The undersigned agrees to furnish any additional information requested by the Company
or any of its affiliates to assure compliance with applicable U.S. federal and State Securities Laws in connection with the purchase and sale of the Notes.
 The undersigned has completed the Confidential Purchaser Questionnaire contained in Appendix A and the information contained therein is complete and
accurate as of the date thereof and is hereby affirmed as of the date hereof. Any information that has been furnished or that will be furnished by the
undersigned to evidence its status as an accredited investor is accurate and complete, and does not contain any misrepresentation or material omission.

(e)

Restrictions on
Transfer or Sale of Notes.

(i)

The undersigned is acquiring the Notes
solely for the undersigned’s own beneficial account, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the
Notes.  The undersigned understands that the Notes have not been registered under the Securities Act or any State Securities Laws by reason of specific
exemptions under the provisions thereof which depend in part upon the investment intent of the undersigned and of the other representations made by the
undersigned in this Subscription Agreement.  The undersigned understands that the Company is relying upon the representations and agreements contained in
this Subscription Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the requirements for such
exemptions.

(ii)

The undersigned understands that the Notes
are “restricted securities” under applicable federal securities laws and that the Securities Act and the rules of the Commission provide in substance
that the undersigned may dispose of the Notes only pursuant to an effective registration statement under the Securities Act or an exemption therefrom; and the
undersigned understands that the Company has no obligation or intention to register any of the Notes, or to take action so as to permit sales pursuant to the
Securities Act (including Rule 144 thereunder). Accordingly, the undersigned understands that under the Commission’s rules, the undersigned may dispose of the
Notes principally only in “private placements” that are exempt from registration under the Securities Act, in which event the transferee will acquire
“restricted securities” subject to the same limitations as in the hands of the undersigned.  The undersigned understands that the Company has no
obligation to register the Notes or assist the undersigned in complying with any exemption from registration. Consequently, the undersigned understands that the
undersigned must bear the economic risks of the investment in the Notes for an indefinite period of time. 

(iii)

The undersigned agrees:  (A) that the
undersigned will not sell, assign, pledge, give, transfer or otherwise dispose of the Notes or any interest therein, or make any offer or attempt to do any of
the foregoing, except pursuant to a registration of the Notes under the Securities Act and all applicable State Securities Laws, or in a transaction that is
exempt from the registration provisions of the Securities Act and all applicable State Securities Laws, and the Company may require an opinion of legal counsel
acceptable to the Company that such transaction is exempt from registration; (B) that the Notes will bear a legend making reference to the foregoing
restrictions; and (C) that the Company and its affiliates shall not be required to give effect to any purported transfer of such Notes except upon compliance
with the foregoing restrictions. 

(iv)

The undersigned acknowledges that neither
the Company nor any other person offered to sell the Notes to it by means of any form of general solicitation or advertising, including but not limited to: (1)
any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or (2) any
seminar or meeting whose attendees were invited by any general solicitation or general advertising. 

(v)

Either (I) the undersigned is not and, for
so long as the undersigned holds any Notes, will not be, an employee benefit plan or other plan subject to Section 406 of the U.S. Employee Retirement Income
Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Internal Revenue 

7

Code of 1986, as amended (the “Code”), another employee benefit plan subject to U.S. federal, state or local laws, or non-U.S. laws, which are substantially similar to Section 406 of
ERISA or Section 4975 of the Code, or any entity or other person whose assets constitute (or are deemed for purposes of ERISA or the Code to constitute) the
assets of any such plan or (II) the undersigned’s purchase and holding of the Notes will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, or a non-exempt violation of any such substantially similar laws.

(vi)

The undersigned certifies, under penalties
of perjury, that the undersigned is not a foreign person within the meaning of the Internal Revenue Code; that the undersigned’s address and social security
number (or tax identification number, as the case may be) provided herein are correct and complete; and that the undersigned is not subject to backup
withholding because (a) the undersigned has  not been notified that the undersigned is subject to backup withholding as a result of a failure to report all
interest and dividends or (b) the Internal Revenue Service has notified the undersigned that the undersigned is no longer subject to backup withholding. The
undersigned further understands that this certification may be disclosed to the Internal Revenue Service and that any false statement could be punished by a
fine, imprisonment or both. 

7.

Indemnification. To the maximum extent
permitted under applicable law, the undersigned agrees to indemnify and hold harmless the Company and its officers, directors, employees, agents, shareholders
and affiliates from and against all damages, losses, costs and expenses (including reasonable attorneys’ fees) that they may incur by reason of the failure of
the undersigned to fulfill any of the terms or conditions of this Subscription Agreement, or by reason of any breach of the representations and warranties made,
or any inaccurate or incomplete information provided, by the undersigned herein or in the undersigned’s related Confidential Purchaser Questionnaire or in any
document provided by the undersigned to the Company. 

8.

Conditions to Obligations of the
Undersigned and the Company. The obligations of the undersigned to purchase and pay for the principal amount of Notes specified on the signature page hereto
and of the Company, if it accepts this subscription in part or in whole, to sell Notes in the principal amount for which it has accepted this subscription are
subject to the satisfaction at or prior to the Closing of the following conditions precedent:  The representations and warranties of the Company contained
in Section 5 hereof and of the undersigned contained in Section 6 hereof shall be true and correct as of the Closing in all respects with the same effect as
though such representations and warranties had been made as of the Closing.

9.

Obligations Irrevocable. The
obligations of the undersigned hereunder shall be irrevocable.

10.

Legend. The Notes sold pursuant to
this Subscription Agreement will be imprinted with a legend in substantially the following form:

“THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF ANY OTHER
RELEVANT JURISDICTION, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, THE COMPANY MAY ALSO REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.”

8

11.

Waiver, Amendment. Neither this
Subscription Agreement nor any provisions hereof shall be modified, changed, discharged or terminated except by an instrument in writing, signed by the party
against whom any waiver, change, discharge or termination is sought.

12.

Assignability. Neither this
Subscription Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by either the Company or the
undersigned without the prior written consent of the other party.

13.

Waiver of Jury Trial. TO THE EXTENT
PERMITTED BY APPLICABLE LAW, THE UNDERSIGNED IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE
TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY TO THIS SUBSCRIPTION AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION; (B)
SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY; AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

14.

Submission to Jurisdiction. With
respect to any suit, action or proceeding relating to any offers, purchases or sales of Notes by the undersigned (“Proceedings”), the
undersigned irrevocably submits to the jurisdiction of the federal or state courts located in the County of Greenville, South Carolina, which submission shall
be exclusive unless none of such courts has lawful jurisdiction over such Proceedings.

15.

Applicable Law. This Subscription
Agreement shall be governed by and interpreted in accordance with the laws of the State of South Carolina, without the application of choice of law principles.
Notwithstanding any of the representations, warranties, acknowledgments or agreements made herein by the undersigned, the undersigned does not thereby or in any
other manner waive any non-waivable rights granted to the undersigned under federal or state securities laws.

16.

Section and Other Headings. The
section and other headings contained in this Subscription Agreement are for reference purposes only and shall not affect the meaning or interpretation of this
Subscription Agreement.

17.

Notices. All notices and other
communications provided for herein shall be in writing and shall be deemed to have been duly given if delivered personally or sent by registered or certified
mail, return receipt requested, postage prepaid:

(a)

If to the Company, to the Company at the
following address:

		
	 

	Greer Bancshares Incorporated

1111 W. Poinsett Street

Greer, South Carolina, 29650

Attn:  J. Richard Medlock, Jr., Chief Financial Officer

 

(b)

If to the undersigned, to the undersigned at
the address set forth in Appendix A; or at such other address as the undersigned shall have specified by notice in writing to the Company.

18.

Binding Effect. The provisions of this
Subscription Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal representatives, successors and
assigns.

19.

Survival. All representations,
warranties and covenants contained in this Subscription Agreement shall survive (i) the acceptance of the subscription by the Company and the Closing, (ii)
changes in the

9

transactions, documents and instruments described in the
Offering Documents that are not material or that are to the benefit of the undersigned and (iii) the death or disability of the undersigned.

20.

Notification of Changes. The
undersigned shall notify the Company upon the occurrence of any event prior to the closing of the purchase of the Notes pursuant to this Subscription Agreement
which would cause any representation, warranty, or covenant of the undersigned contained in this Subscription Agreement to be false or incorrect.

21.

Severability. If any term or provision
of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or
provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.

22.

Counterparts. This Subscription
Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which
together shall be deemed to be one and the same agreement.

[SIGNATURE PAGE FOLLOWS]

10

IN WITNESS WHEREOF, the undersigned has executed this Subscription
Agreement as of _________________________, 2014.

 

		
	PURCHASER (if an individual):

	PURCHASER (if an entity):

	_______________________________

Name:

	_________________________________

Legal Name of Entity

By______________________________

Name:

Title:

State/Country of Residence or Formation: _____________________________

Aggregate Note Principal Subscription Amount: $__________________________________

 

(minimum investment $50,000; investments 

in whole multiples of $10,000)

Acceptance:

The offer to purchase Notes as set forth above is confirmed and accepted by the
Company as to $_______________________ principal amount of Notes.

 

		
	 
	GREER BANCSHARES INCORPORATED

	 
	By_________________________________

Name: J. Richard Medlock, Jr.

Title:   Chief Financial Officer

            

11

APPENDIX A

CONFIDENTIAL PURCHASER QUESTIONNAIRE

GREER BANCSHARES INCORPORATED,

a South Carolina corporation

PRIVATE PLACEMENT OF SERIES A 5% SUBORDINATED NOTES DUE
2022

Greer Bancshares Incorporated

1111 W. Poinsett Street

Greer, South Carolina, 29650

Attn:  J. Richard Medlock, Jr., Chief Financial Officer

Ladies and Gentlemen:

The information contained herein is furnished to you in order that you
may determine whether the undersigned’s Subscription Agreement to purchase Series A 5% Subordinated Notes due 2022 (the “Notes”) issued by
Greer Bancshares Incorporated, a corporation organized under the laws of South Carolina (the “Company”), may be accepted by you in light of the
requirements of Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation D under the Act,
and an exemption contained in the securities laws of certain states.  The undersigned prospective investor (the “Investor”) understands
that the information is needed in order to satisfy various suitability requirements, including the requirement that you must have reasonable grounds to believe
that the Investor is an “Accredited Investor,” as defined in Rule 501 of Regulation D (which in the case of a partnership investor formed for the
purpose of investing in the Notes requires each partner to be an Accredited Investor), and that the Investor has knowledge and experience in financial and
business affairs such that the Investor is capable of evaluating the merits and risks of the proposed investment. The Investor understands that (a) you will
rely on the information contained herein for purposes of such determination, (b) the Notes distributed in connection therewith will not be registered under the
Securities Act in reliance upon the exemption from registration afforded by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated
thereunder, (c) the Notes will not be registered under the securities laws of any state in reliance upon a similar exemption, and (d) this Questionnaire is not
an offer of the Notes or any other securities.

The Investor understands that, although this Questionnaire and the responses provided
herein will be kept confidential, you may need to present it to such parties as you deem advisable in order to establish the applicability under any federal or
state securities laws of an exemption from registration.

In accordance with the foregoing, the following representations and information are
hereby made and furnished:

(Please answer all questions.  If the answer to any question is
“None” or “Not Applicable,” please so state.  Each partner of an investing partnership formed for the purpose of investing in the Notes
must submit a completed Questionnaire.)

 

1.         General Information.

Name of Prospective Investor:  _________________________________

   

State of Primary Residence (individual investors):
 __________________________________

State of Organization (non-individual investors): __________________________________

Type of Prospective Investor.  The undersigned is:

o          An individual

o          A
corporation

o          A
partnership or limited liability company

o          A
trust

o          Other (including individual retirement account (IRA))

Address. The permanent address of the undersigned
is: 

___________________________

_______________________________________________

_______________________________________________

Contact Information.  The contact information of the undersigned is:

Address (if different than
above):________________________________________

_______________________________________________

_______________________________________________

Telephone:___________________________________

Email:______________________________________

Contact Person (if the undersigned is an
entity):____________________________

Tax I.D. Number.  The social security number or federal tax identification
number 

(Employer Identification Number) of the undersigned is: ____________________

Entities.  If the undersigned is any type of investor other than an
individual, was the undersigned formed for the specific purpose of acquiring the Notes?

o
          Yes             o          No

               

2.            Representations as to
Accredited Investor Status. The undersigned has read the definition of “Accredited Investor” from Rule 501 of Regulation D as set forth in Exhibit
A, and certifies that either (check either A. or B.; if A., check all reasons that that apply):

A.          o          The undersigned
is an “Accredited Investor” for one or more of the following reasons:

o          (a)         The undersigned is an
individual (not a partnership, corporation, etc.) whose individual net worth (excess of total assets at fair market value, including homes (but excluding the
value of the primary residence of such individual), automobiles and personal property, over total liabilities (but excluding the amount of indebtedness secured
by the individual’s primary residence up to its fair market value, and including the amount of any such indebtedness in excess of such fair market value)), or
joint net worth with his or her spouse, presently exceeds $1,000,000;

o          (b)         The undersigned is an
individual (not a partnership, corporation, etc.) who had an income in excess of $200,000 in each of the two most recent years, or joint income with his or her
spouse in excess of $300,000 in each of those years (in each case including foreign income, tax exempt income and full amount of capital gains and losses but
excluding any income of other family members and any unrealized capital appreciation) and has a reasonable expectation of reaching the same income level in the
current year;

o          (c)         The undersigned is a
director or executive officer (e.g., President or any vice president in charge of a principal business unit, division or function such as sales, administration
or finance) of the Company;

o          (d)         The undersigned is a
corporation, partnership, Massachusetts business trust, or non-profit organization within the meaning of Section 501(c)(3) of the Internal Revenue Code, in each
case not formed for the specific purpose of acquiring the Notes and with total assets in excess of $5,000,000;

______________________________________________

______________________________________________

(describe entity)

o          (e)         The undersigned is a
trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Notes, whose purchase would be directed by a
“sophisticated person” as described in Rule 506(b)(2)(ii);

o          (f)          The undersigned
is a revocable trust which may be amended or revoked by the grantors, and all of the grantors satisfy the conditions of clauses (a), (b) or (c) above and have
completed copies of this Questionnaire, which copies are delivered to the Company herewith;

o          (g)         The undersigned is an
entity all the equity owners of which are “accredited investors” within one or more of the above categories (including a self-directed IRA whose owner
is an “accredited investor”).  If relying upon this category alone, each equity (or IRA) owner must complete a separate copy of this
Questionnaire;

______________________________________________

______________________________________________

(describe
entity)

B.          o          The undersigned
is not an “Accredited Investor”.

               

3.            Individual Representations
as to Sophistication. The information requested in this Section 3 must be provided by each prospective investor that is an individual, each individual
shareholder of a prospective investor that is a corporation, each individual partner or member of a prospective investor that is a partnership or limited
liability company, each individual grantor of a prospective investor that is a revocable trust and each sophisticated person as described in Rule 506(b)(2)(ii)
under the Securities Act that will direct the investment by a prospective investor that is an irrevocable trust (attach additional sheets if necessary):

A.   

General Information.

                         

State where registered to vote: __________________________

                        

Date of Birth: ________________________________________

Country of citizenship, if other than the United States: ____________________________

B.       

Business Experience.

Current occupation (if retired, please describe your last
occupation):

                        

Employer: ___________________________________________

Nature of Business: ____________________________________

Position and/or duties: __________________________________

Length of Employment: _________________________________

If current employment is less than five years, please complete the following chart on
your employment history for the past five years:

Employer and Title
             

Primary Duties  

From  

To

________________________     _____________________________          _________          _________

________________________     _____________________________          _________          _________

________________________     _____________________________          _________          _________

                         

Please list all professional qualifications that you have held or currently hold,
including bar admissions, accounting certificates, brokerage licenses and other professional licenses or certificates:

Professional Qualifications
               Year Received
                    Still Effective

_______________________         _______________            Yes o         No o

_______________________         _______________            Yes o         No o

_______________________         _______________            Yes o         No o

C.    

Education.

                     

Please state your education and degrees earned:

Degree
                         

School
                                                   Year

_________________         _______________________             _________

_________________         _______________________             _________

_________________         _______________________             _________

D.  

Affiliation.

If the undersigned has any pre-existing personal or business relationship with the
Company or any of its officers or directors, please identify and describe the nature and duration of such relationship:

____________________________________________________________

____________________________________________________________

____________________________________________________________

                         

E. 

 Investment Experience.

Indicate how often you invest in :

Restricted Securities (securities for which no market exists)

Often
o                 Occasionally
o                 Seldom
o                 Never o

Marketable Securities

Often
o                 Occasionally
o                 Seldom
o                 Never o

Government Securities

Often
o                 Occasionally
o                 Seldom
o                 Never o

Commodities

Often
o                 Occasionally
o                 Seldom
o                 Never o

Venture Capital Funds (limited partnerships or limited liability
companies)

Often
o                 Occasionally
o                 Seldom
o;                 Never o

                                                

4.            Entity Representations as
to Sophistication.  The information requested in this Section 4 must be provided by each prospective investor that is a corporation, partnership,
limited liability company or trust (attach additional sheets if necessary):

A.    

Total Assets.

Please indicate the approximate current value of the total assets of the entity:
 $_____________

B.     

Business.

Please describe the nature of the business conducted by the entity:

                        

______________________________________________________

______________________________________________________

______________________________________________________

Please indicate the date that such business was commenced:
 _________________________

C.   

Investment Experience.

Please provide information regarding the business, financial and investment
experience of the entity and the persons who make investment decisions for such entity:

                         

______________________________________________________

______________________________________________________

______________________________________________________

______________________________________________________

                         

[Page Ends; Signature Page Follows]

[Confidential Purchaser Questionnaire; Signature Page]

By signing below, the undersigned hereby acknowledges that the
representations set forth in this Questionnaire are accurate and complete in all respects, and undertakes to immediately notify the Company in writing regarding
any material change in the information set forth herein prior to the date and time that the undersigned purchases any Notes.  The undersigned understands
that the Company and its legal counsel will rely on the accuracy and completeness of these representations for the purpose of determining my suitability as a
prospective investor under applicable securities laws, and that a false representation may constitute a violation of law and that any person who suffers damage
as a result of a false representation may have a claim against the undersigned for damages.

Dated:  _________________________

IF THE INVESTOR IS AN INDIVIDUAL

        
                      
                      
                      Name (Print)

*

___________________________________

Signature

___________________________________

Name (Print)(if ownership will be joint)

*

___________________________________

Signature

IF THE INVESTOR IS NOT AN INDIVIDUAL

___________________________________

Name of Investor (Print)

___________________________________

Authorized Signer (Print)

*

___________________________________

Signature

___________________________________

Authorized Signer (Print)(if dual signature is required)

*

___________________________________

Signature

EXHIBIT A

Rule 501.

Definitions and Terms Used in Regulation D.

As used in Regulation D, the following terms have the meaning indicated:

            (a)       Accredited Investor.
 “Accredited investor” shall mean any person who comes within any of the following categories, or who the issuer reasonably believes comes within
any of the following categories, at the time of the sale of the securities to that person:

(1)       Any bank
as defined in section 3(a)(2) of the Act or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Act whether acting in
its individual or fiduciary capacity; any broker dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; insurance company as defined
in Section 2(13) of the Act; investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section
2(a)(48) of that Act; Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958; employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment decision
is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered
investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000; or, if a self-directed plan, with investment decisions made solely
by persons that are accredited investors;

(2)       Any private business
development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

(3)       Any
organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for
the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

(4)       Any
director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of
a general partner of that issuer;

(5)       Any
natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000;

(6)       Any
natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of
$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

(7)       Any trust
with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a
sophisticated person as described in Rule 506(b)(2)(ii); and

(8)       Any
entity in which all of the equity owners are accredited investors.

[Remainder omitted]

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