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Exhibit 10.19

SECOND AMENDMENT
TO 
OCEANEERING RETIREMENT INVESTMENT PLAN
(As Amended and Restated Effective January 1, 2019)
Oceaneering International, Inc., a Delaware corporation (the “Company”), having established the Oceaneering Retirement Investment Plan, as amended and restated effective January 1, 2019, and thereafter amended (the “Plan”), and having reserved the right under Section 7.1 thereof to amend the Plan, does hereby amend the Plan, effective as of January 1, 2021, to read as follows:
1.Section 4.1(b) of the Plan is hereby amended to read as follows:
“(b)    Matching Contributions.  
(1)    Generally. Each Plan Year the Employer may, in its discretion, make a Matching Contribution in such amount, if any, as it may determine for the Plan Year. If the Employer chooses to make a Matching Contribution for a Plan Year, the Employer shall determine the amount that shall be contributed on behalf of each Participant based on the Participant’s Elective Deferrals and/or Roth Contributions and the matching formula approved by the Employer for such Plan Year.  The foregoing notwithstanding, for Plan Years beginning on or after January 1, 2021, the Employer will provide a Matching Contribution in the amount of fifty percent (50%) of a Participant’s Elective Deferrals and Roth Contributions that in total do not exceed six percent (6%) of the Participant’s Compensation paid during a Plan Year, based on a Participant’s Elective Deferrals and/or Roth Contributions during the Plan Year.  
(2)    Automatic Deferrals.  The Automatic Deferral and Automatic Deferral Percentages in Section 4.1(d)(3)(A) (and related definitions in Section 4.1(d)(8)) shall apply to all Participants eligible of Matching Contributions under this Section 4.1(b) in the same manner as it applies for the QACA.
(3)    Forfeitures. To the extent Matching Contributions under this Section 4.1(b) are subject to the vesting schedule in Section 6.4(b), any resulting Forfeitures may be used to pay administrative expenses, and any remaining Forfeitures shall be used to reduce Matching Contribution and any other Employer contributions made for the Plan Year. If not, all Forfeitures can be used in this manner, then any remaining Forfeitures shall be allocated as a Qualified Nonelective Contribution in the proportion that the 

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Compensation of each Participant eligible to make an Elective Deferral contribution bears to the aggregate Compensation of all such Participants.”
2.Section 4.1(d)(1) of the Plan is hereby amended to read as follows:
“(1)    QACA Implementation.
(A)    Plan Years 2008 through 2019.  Effective for Plan Years beginning on or after January 1, 2008, and ending prior to January 1, 2020, the Employer maintained a Plan with automatic enrollment provisions as a Qualified Automatic Contribution Arrangement (“QACA”). Accordingly, the Plan satisfied the automatic enrollment provisions of this Section regarding: (1) the Participants subject to the QACA, as described below; (2) the Automatic Deferral amount requirements described herein; and (3) the uniformity requirements as described below. Except as modified herein, the Plan’s safe harbor 401(k) plan provisions applied to this QACA. The Employer provided a Safe Harbor Contribution in the sum of one hundred percent (100%) of a Participant’s Elective Deferrals that did not exceed six percent (6%) of the Participant’s Compensation, based on Elective Deferrals and Compensation during the entire Plan Year, to the Participants eligible to make Elective Deferrals. For purposes of this Section 4.1(d), but excluding Section 4.1(d)(8), references to Elective Deferrals shall include Roth Contributions. 
(B)    Plan Year 2020.  For the 2020 Plan Year the Plan shall not be a QACA and the Employer will provide a Matching Contribution (“2020 Matching Contribution”) in the sum of (i) one hundred percent (100%) of a Participant’s Elective Deferrals that do not exceed six percent (6%) of the Participant’s Compensation paid during the period beginning on January 1, 2020 and ending on May 31, 2020 and (ii) fifty percent (50%) of a Participant’s Elective Deferrals that do not exceed six percent (6%) of the Participant’s Compensation paid during the period beginning on June 1, 2020 and ending on December 31, 2020, based on a Participant’s Elective Deferrals and Compensation during the 2020 Plan Year.  No Employer contributions for the 2020 Plan Year shall be Safe Harbor Contributions.  The Actual Deferral Percentage and Actual Contribution Percentage tests set forth in Appendix B hereto will apply for the 2020 Plan Year.  Subject to this clause (B) and any provisions of the Code or the Plan that apply only to QACA contributions, a 2020 Matching Contribution shall be considered, treated and subject to the same requirements as a Safe Harbor Contribution, but not limited to, for purposes of vesting and distributions.”

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3.Section 6.4(b)(2) of the Plan shall be amended to read as follows:
“(2)    The Vested portion of the Matching Contribution and Safe Harbor Contribution made to the Matching Contribution and/or QACA Account shall be determined in accordance with the following vesting schedule:
						
	Vesting Schedule
	Periods of Service	Percentage

	Less than 2	0%
	2	100%”

4.Appendix B of the Plan is amended as attached hereto as Exhibit A to this Amendment.
IN WITNESS WHEREOF, Oceaneering International, Inc. has caused these presents to be executed by its duly authorized officer in a number of copies, all of which shall constitute one and the same instrument, which may be sufficiently evidenced by any executed copy hereof, on this 28th day of December 2020, but effective as of the date set forth above.
OCEANEERING INTERNATIONAL, INC.

By:/S/ HOLLY D. KRIENDLER    
Name:    Holly D. Kriendler    
Title:    Senior Vice President and Chief Human    
Resources Officer    

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OCEANEERING RETIREMENT INVESTMENT PLAN
(As Amended and Restated Effective January 1, 2019)

Appendix B

ADP/ACP NONDISCREMINATION TESTING
The provisions of this Appendix B shall apply for any Plan Year the Plan is not a Qualified Automatic Contribution Arrangement as provided under Section 4(d) of the Plan.
B.1.    Definitions.  For purposes of this Appendix B, capitalized terms shall have the meaning ascribed to them in the Plan; provided, however, that the following terms, when capitalized, shall be defined as:
(a)“Actual Contribution Percentage” or “ACP” shall mean, with respect to a Plan Year, for a specified group of Employees (either Highly Compensated Employees or Nonhighly Compensated Employees) the average of the ratios, calculated separately for each Employee, of:
(i)The sum of the Aggregate Contributions paid under the Plan on behalf of each Employee for a Plan Year that are made on account of the Employee’s Contributions for the Plan Year, which are allocated to the Employee’s Account during such Plan year, and are paid to the Trust no later than the end of the next following Plan Year, over
(ii)The Employee’s Compensation for such Plan Year.
An Employee’s Actual Contribution Percentage shall be determined after determining his Excess Deferrals and Excess Contributions, if any.  The Actual Contribution Percentage of an eligible Employee who does not have any Aggregate Contributions for a Plan Year is zero.  The individual ratios and Actual Contribution Percentages shall be calculated to the nearest 1/100 of 1% of an Employee’s Compensation.
(b)“Actual Deferral Percentage” or “ADP” shall mean, with respect to a Plan Year, for a specified group of Employees (either Highly Compensated Employees or Nonhighly Compensated Employees) the average of the ratios, calculated separately for each Employee, of:
i.The amount of Employee Contributions actually paid to the Plan on behalf of each such Employee for a Plan Year that relate to Compensation that either (1) would have been received by the Employee in such Plan Year but for the deferral election or (2) is attributable to services performed by the Employee in the Plan Year and would have been received by the Employee within 21⁄2 months after the close of the Plan Year but for the deferral election and which are allocated to the Employee’s Account and are paid to 
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the Trust no later than the end of the next following Plan Year, over
ii.The Employee’s Compensation for such Plan Year.
The Actual Deferral Percentage of an eligible Employee who does not have any Employee Contributions for a Plan Year is zero.  The individual ratios and Actual Deferral Percentages shall be calculated to the nearest 1/100 of 1% of an Employee’s Compensation.
(c)“Aggregate Contributions” shall mean, as applicable, any of the following:  (i) Matching Contributions; (ii) QNECs that have not been included in the ADP test; (iii) Elective Deferrals that are not needed to satisfy the ADP test, provided such test is satisfied before and after such Elective Deferrals have been included in the ACP test for the current Plan Year; and (vi) with respect to Highly Compensated Employees, Excess Contributions.  Aggregate Contributions shall not include (i) Matching Contributions that are forfeited either to correct Excess Aggregate Contributions or because the contributions to which they relate are Excess Deferrals, Excess Contributions or Excess Aggregate Contributions or (ii) Matching Contributions made pursuant to Code Section 414(u) by reason of a Participant’s qualified military service.
(d)“Compensation” shall mean compensation as defined in Regulation Section 1.414(s)-1(c) for services rendered to an Employer during the Plan Year.
(e)“Employee” shall mean each Employee eligible to participate in the Plan in accordance with Section 3.1 of the Plan, including those eligible Employees who do not elect to make Elective Deferrals, and who is an “eligible employee” as defined in Treasury Regulation Section 1.401(k)-6.
(f)“Employee Contributions” shall mean, as applicable, any of the following:  (i) Elective Deferrals, including any Excess Deferrals made by Highly Compensated Employees, but excluding Catch-Up Contributions and any Elective Deferrals made pursuant to Code Section 414(u) by reason of a Participant’s qualified military service, and (ii) QNECs that have not been used to satisfy the ACP test for the current Plan Year.
(g)“Excess Aggregate Contributions” shall mean, with respect to any Plan Year, the excess of:
(i)The sum of the Aggregate Contributions actually taken into account in computing the ACP of Highly Compensated Employees for such Plan Year, minus
(ii)The maximum amount of Aggregate Contributions permitted by the ACP test for the Plan Year (determined by hypothetically reducing contributions made on behalf of Highly Compensated 
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Employees in order of their ACP beginning with the highest of such percentages).
(h)“Excess Contributions” shall mean, with respect to any Plan Year, the excess of:
i.The sum of the Employee Contributions actually taken into account in computing the ADP of Highly Compensated Employees for such Plan Year, minus
ii.The maximum amount of such Employee Contributions permitted by the ADP test for the Plan Year (determined by hypothetically reducing contributions made on behalf of Highly Compensated Employees in order of their ADP, beginning with the highest of such percentages).
(i)“QNECs” shall mean qualified non-elective contributions, as defined in Regulation Sections 1.401(k) and 1.401(m), that may be made for a Plan Year in any amount necessary to satisfy or help to satisfy the Actual Deferral Percentage Test in this Appendix B.  
(j)“QMACs” shall mean qualifying matching contributions, as defined under Regulation Section 1.401(k) and 1.401(m), which are Matching Contributions allocated to eligible Participants for a Plan Year in any amount necessary to satisfy or help to satisfy the Actual Deferral Percentage Test in this Appendix B and satisfy the non-forfeitability and distribution requirements for Elective Deferrals at the time allocated to a Participant’s Account.  QMACs used in applying the ADP test may not be used in applying the ACP test.
For purposes of this Appendix B, the term “Elective Deferrals” includes both Elective Deferrals and Roth Contributions made to the Plan by a Participant. 
B.2.    Actual Deferral Percentage Test.  The ADP for the eligible Highly Compensated Employees for the Plan Year shall not exceed the greater of:
(i)The ADP for the eligible Nonhighly Compensated Employees times 1.25; or 
(ii)The lesser of (i) the ADP for the eligible Nonhighly Compensated Employees times 2.0 or (ii) the ADP for the eligible Nonhighly Compensated Employees plus two percentage (2%) points.
The Plan applies the Actual Deferral Percentage test using (i) the “current year testing method” described in Regulation Section 1.401(k)-2 for Highly Compensated Employees and Nonhighly Compensated Employees.  The ADP for any Highly Compensated Employee who is eligible to have Elective Deferrals allocated to his account under two or more plans described in Code Section 401(k) that are maintained by an Employer or an Affiliate in addition to the Plan shall be determined as if the total of all such contributions 
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were made under a single plan.  If a Highly Compensated Employee participates in two or more plans that have different plan years, all Elective Deferrals made during the Plan Year under all such arrangements shall be aggregated.  In the event the Plan satisfies the requirements of Code Section 401(k), 401(a)(4), or 410(b) only if aggregated with one or more other plans, or if one or more other plans satisfy the requirements of such sections of the Code only if aggregated with the Plan, then this Section shall be applied by determining the ADP of Employees as if all such plans were a single plan.  Plans may be aggregated in order to satisfy Code Section 401(k) only if they have the same plan year and use the same ADP testing method.
B.3    QNECs and QMACs.  The Company, in its sole discretion, may elect to make QNECs or QMACs for any Plan Year in any amount it determines is necessary to satisfy or contribute to satisfying the Actual Deferral Percentage test or the Actual Contribution Percentage test.  QNECs and QMACs may be used in lieu of, or in conjunction with, the distributions or recharacterizations described in Section B.4 of this Appendix B or the forfeitures or distributions described in Section B.6 of this Appendix B.  QNECs and QMACs shall be allocated in a manner determined by the Company, in accordance with Regulation Section 1.401(a)(4)-2, among the Elective Deferral Accounts of Non Highly Compensated Employees who were eligible to make Elective Deferrals during the Plan Year for which the QNECs are made at any time during the Plan Year or no later than 12 months after the end of the Plan Year.  Any portion of the QNECs or QMACs taken into account for purposes of the Actual Contribution Percentage test in Section B.5, may not be taken into account for purposes of the Actual Deferral Percentage test in Section B.2 of this Appendix B.  QNECs must satisfy the non-disproportionate contributions requirements of Regulation Sections 1.401(k)-2(a)(6)(iv) and 1.401(m)-2(a)(6)(iv).
B.4.    Excess Contributions. If neither of the tests described in (a) or (b) of Section B.2 of this Appendix B are satisfied, and the Company decides not to make QNECs or QMACs as a corrective measure, then Excess Contributions, plus any income and minus any loss attributable thereto, of certain Highly Compensated Employees will be recharacterized or distributed and shall be considered taxable income to such Highly Compensated Employees.  Excess Contributions are allocated to the Highly Compensated Employees with the largest amount of Excess Deferrals taken into account in calculating the ADP test for the year in which the excess arose, beginning with the Highly Compensated Employee with the largest amount of such Excess Deferrals and continuing in descending order until all of the Excess Contributions have been allocated.  To the extent a Highly Compensated Employee has not reached his Catch Up Contribution limit under the Plan, Excess Contributions shall be allocated to such Highly Compensated Employee as Catch Up Contributions (not to exceed the Catch Up Contribution limit) and such contributions will not be treated as Excess Contributions.  Excess Contributions shall be treated as Annual Additions under the Plan even if distributed.
If recharacterization is not possible due to Plan limits or if, in its discretion, the Committee decides to correct Excess Contributions through distribution, the amount of Excess Contributions allocated to each Highly Compensated Employee, plus any income and minus any losses through the last day of the Plan Year to which such Excess Contributions relate, and minus the amount of any Excess Deferrals previously distributed, will be distributed to the affected Highly Compensated Employee as soon as 
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administratively feasible but in no event later than 12 months following the end of such Plan Year during which the Excess Contributions were made.
The income or loss attributable to a Highly Compensated Employee’s Excess Contributions for the Plan Year shall be the income or loss attributable to the Highly Compensated Employee’s Elective Deferral Account for the Plan Year multiplied by a fraction, the numerator of which is the Excess Contributions and the denominator of which is the amount of the Highly Compensated Employee’s Elective Deferral Account balance as of the beginning of the Plan Year plus the Employee’s Pre Tax Contributions to the Account during the Plan Year.
If distributions or recharacterizations are made under this Section B.4, the Actual Deferral Percentage is treated as meeting the nondiscrimination test of Code Section 401(k)(3), regardless of whether the Actual Deferral Percentage, if recalculated after such distributions or recharacterizations, would satisfy Code Section 401(k)(3).  The above procedures are used for purposes of distributing Excess Contributions under Code Section 401(k)(8)(A)(i).  Excess Contributions shall be treated as Annual Additions under the Plan.
B. 5.    Actual Contribution Percentage Test. The Contribution Percentage for the eligible Employees for any Plan Year who are Highly Compensated Employees shall not exceed the greater of:
(i)    The ACP for the eligible Nonhighly Compensated Employees times 1.25; or
(ii)    The lesser of (i) the ACP for the eligible Nonhighly Compensated Employees times 2.0 or (ii) the ACP for Nonhighly Compensated Employees plus two percentage (2%) points. 
The Plan applies the Actual Contribution Percentage test using the “current year testing method” described in Regulation Section 1.401(m)-2 for Highly Compensated Employees and Nonhighly Compensated Employees.  In computing the Actual Contribution Percentage, the Company may elect to take into account Elective Deferrals, QNECs and QMACs made under the Plan or any other plan of the Company to the extent that (i) Elective Deferrals and/or QNECs and QMACs are not used for purposes of calculating the ADP test, and (ii) Elective Deferrals, including those treated as Aggregate Contributions for purposes of calculating the Actual Contribution Percentage, satisfy the requirements of Code Section 401(k)(3).  The ACP for any Highly Compensated Employee who is eligible to have Aggregate Contributions allocated to his account under two or more plans described in Code Section 401(a) or 401(k) that are maintained by an Employer or an Affiliate in addition to the Plan shall be determined as if the total of all such contributions were made under a single plan.  If a Highly Compensated Employee participates in two or more such plans or arrangements that have different plan years, all Aggregate Contributions made during the Plan Year under all such plans and arrangements shall be aggregated.
For purposes of determining whether the ACP limits of this Section B.5 are satisfied, all Aggregate Contributions that are made under two or more plans that are aggregated for 
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purposes of Code Section 401(a)(4) or 410(b) are to be treated as made under a single plan and if two or more plans are permissively aggregated for purposes of Code Section 401(m) the aggregated plans must also satisfy Code Sections 401(a)(4) and 410(b) as though they were a single plan.  Plans may be aggregated in order to satisfy Code Section 401(m) only if they have the same Plan Year and use the same ACP testing method.
B.6.    Excess Aggregate Contributions.  If neither of the tests described in (a) or (b) of this Appendix B are satisfied, and the Company decides not to make QNECs and/or QMACs as a corrective measure, Excess Aggregate Contributions, plus any income and minus any loss through the last day of the Plan Year to which such Excess Contributions relate attributable thereto, shall be forfeited, or if not forfeitable, shall be distributed no later than 12 months after the close of a Plan Year to Participants to whose accounts such Excess Aggregate Contributions were allocated.  Excess Aggregate Contributions are allocated to the Highly Compensated Employees with the largest Aggregate Contributions taken into account in calculating the ACP test for the year in which the excess arose, beginning with the Highly Compensated Employee with the largest amount of such Aggregate Contributions and continuing in descending order until all the Excess Aggregate Contributions have been allocated.  Excess Aggregate Contributions shall be treated as Annual Additions under the Plan even if distributed.  
The income or loss attributable to the Highly Compensated Employee’s Excess Aggregate Contributions for the Plan Year shall be the income or loss attributable to the Highly Compensated Employee’s Matching Contributions for the Plan Year multiplied by a fraction, the numerator of which is the Excess Aggregate Contribution, and the denominator of which is the amount of the Highly Compensated Employee’s Matching Contributions without regard to any income or loss occurring during such Plan Year.
Any forfeiture of Excess Aggregate Contributions shall be applied to reduce Matching Contributions for the Plan Year in which the excess arose.  Should the amount of forfeited Excess Aggregate Contributions exceed the amount of Matching Contributions needed for the Plan Year, such forfeitures shall be allocated, after all other forfeitures under the Plan, to the QACA Account of each Nonhighly Compensated Employee who made Elective Deferrals to the Plan, in the ratio that each such Employee’s Elective Deferrals for the Plan Year bears to the total Elective Deferrals of all such Employees for such Plan Year.
If forfeitures or distributions are made under this Section B.6, the Actual Contribution Percentage test is treated as meeting the nondiscrimination test of Code Section 401(m)(2), regardless of whether the Actual Contribution Percentage, if recalculated after such forfeitures and/or distributions, would satisfy Code Section 401(m)(2).  Excess Aggregate Contributions shall be treated as Annual Additions under the Plan.
B-6Exhibit 4.4
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DESCRIPTION OF SOUTH STATE CORPORATION CAPITAL STOCK
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References to “we,” “us” or “our” and the “Company” herein refer to South State Corporation, a South Carolina corporation.
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This summary does not purport to be complete and is subject to and is qualified in its entirety by reference to our amended and restated articles of incorporation, as amended (“Articles of Incorporation”) and our amended and restated bylaws (“Bylaws”), each of which is incorporated herein by reference as an exhibit to our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “Commission”) of which this Exhibit 4.4 is a part.  We encourage you to read our Articles of Incorporation and our Bylaws, which are incorporated herein by reference, and the applicable provisions of the South Carolina Business Corporation Act.
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General
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Our Articles of Incorporation authorize the issuance of capital stock consisting of 160,000,000 shares of common stock, par value $2.50 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share.  As of December 31, 2020, we had 70,973,477 shares of common stock outstanding and had reserved for issuance 256,425 shares underlying options that are or may become exercisable at an average price of $59.01 per share. In addition, as of December 31, 2020, we had the ability to issue 2,069,729 shares of common stock pursuant to options and restricted stock that may be granted in the future under our existing equity compensation plans.  As of December 31, 2020, we had no shares of preferred stock issued and outstanding.
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Pursuant to the provisions of the South Carolina Business Corporation Act, any outstanding shares of capital stock of the Company reacquired by it would be considered authorized but unissued shares. The authorized but unissued shares of our common stock and preferred stock are available for general purposes, including, but not limited to, the possible issuance as stock dividends, use in connection with mergers or acquisitions, cash dividend reinvestments, stock purchase plans, public or private offerings, or our equity compensation plans.  Except as may be required to approve a merger or other transaction in which additional authorized shares of common stock would be issued, no shareholder approval will be required for the issuance of those shares.
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Common Stock
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General
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Each share of common stock has the same relative rights as, and is identical in all respects to, each other share of common stock. All outstanding shares of our common stock are fully paid and nonassessable. Our common stock is listed on The NASDAQ Global Select MarketTM under the symbol “SSB”.
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Voting Rights
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Each outstanding share of our common stock entitles the holder to one vote on all matters submitted to a vote of common shareholders, including the election of directors. The holders of our common stock possess exclusive voting power, except as otherwise provided by law or by articles of amendment establishing any series of preferred stock.
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There is no cumulative voting in the election of directors. The holders of a majority of the votes cast by our common shareholders at a meeting in which a quorum is present can elect all of the directors then standing for election.
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When a quorum is present at any meeting, matters other than the election of directors will generally be approved if the votes cast in favor of the matter exceed the votes against the matter, except with respect to matters requiring the vote of a greater number of affirmative votes under applicable South Carolina law or our Articles of Incorporation.
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Our Articles of Incorporation, Bylaws and the South Carolina Business Corporation Act provide certain provisions that may limit shareholders’ ability to effect a change in control as described under the section below entitled “Anti-Takeover Effects of Certain Articles of Incorporation and Bylaws Provisions.”
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Dividends, Liquidation and Other Rights
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We can pay dividends if, as and when declared by our board of directors, subject to compliance with limitations imposed by law. Holders of shares of common stock are entitled to receive dividends only when, as and if approved by our board of directors from funds legally available for the payment of dividends. If we issue preferred stock, the holders of such preferred stock may have a priority over the holders of the common stock with respect to dividends.
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Our common shareholders are entitled to share ratably in our assets legally available for distribution to our shareholders in the event of our liquidation, dissolution or winding up, voluntarily or involuntarily, after payment of, or adequate provision for, all of our known debts and liabilities. These rights are subject to the preferential rights of any series of our preferred stock that may then be outstanding.
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Holders of shares of our common stock have no preference, conversion, exchange, sinking fund or redemption rights and have no preemptive rights to subscribe for any of our securities. Our board of directors may issue additional shares of our common stock or rights to purchase shares of our common stock without the approval of our shareholders.
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Transfer Agent and Registrar
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Subject to compliance with applicable federal and state securities laws, our common stock may be transferred without any restrictions or limitations. The transfer agent and registrar for shares of our common stock is Computershare, Inc.
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Preferred Stock
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Our board of directors, without shareholder approval, is empowered to authorize the issuance, in one or more series, of shares of preferred stock at such times, for such purposes and for such consideration as it may deem advisable. Our board of directors is also authorized to fix, before the issuance thereof, the designation, voting, conversion, preference and other relative rights, qualifications and limitations of any such series of preferred stock. Accordingly, our board of directors, without shareholder approval, may authorize the issuance of one or more series of preferred stock with voting and conversion rights which could adversely affect the voting power of the holders of common stock and, under certain circumstances, discourage an attempt by others to gain control of the Company.
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The creation and issuance of any additional series of preferred stock, and the relative rights, designations and preferences of such series, if and when established, will depend on, among other things, our future capital needs, then existing market conditions and other factors that, in the judgment of our board of directors, might warrant the issuance of preferred stock.
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No shares of preferred stock are issued and outstanding as of December 31, 2020.
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Anti-Takeover Effects of Certain Articles of Incorporation and Bylaws Provisions
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Our Articles of Incorporation and Bylaws, in addition to the South Carolina Business Corporation Act, contain certain provisions that could make it more difficult to acquire control of us by means of a tender offer, open market purchase, a proxy fight or otherwise. Several of these provisions are designed to encourage persons seeking to acquire control of us to negotiate with our board of directors. We believe that, as a general rule, the interests of our shareholders would be best served if any change in control results from negotiations with our board of directors.
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The following description of certain provisions of our Articles of Incorporation and Bylaws that may have anti-takeover effects is a summary only and is subject to, and is qualified by reference to, applicable provisions of our Articles of Incorporation and our Bylaws as well as applicable provisions of the South Carolina Business Corporation Act.
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Staggered Board of Directors
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Our Articles of Incorporation provide for a staggered board, to which approximately one-third of our board of directors is elected each year at our annual meeting of shareholders. Accordingly, our directors serve three-year terms rather than one-year terms. Our staggered board of directors has the effect of making it more difficult for shareholders to change the composition of our board of directors. At least two annual meetings of shareholders, instead of one, will generally be required to effect a change in a majority of our board of directors. Such a delay may help ensure that our directors, if confronted by a holder attempting to force a proxy contest, a tender or exchange offer, or an extraordinary corporate transaction, would have sufficient time to review the proposal as well as any available alternatives to the proposal and to act in what they believe to be the best interests of our shareholders.
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The provisions of our Articles of Incorporation regarding the staggered board of directors could also have the effect of discouraging a third party from initiating a proxy contest, making a tender offer or otherwise attempting to obtain control of us, even though such an attempt might be beneficial to us and our shareholders. The staggered board of directors could thus increase the likelihood that incumbent directors will retain their positions. In addition, because the staggered board of directors may discourage accumulations of large blocks of our stock by purchasers whose objective is to take control of us and remove a majority of our board of directors, the staggered board of directors could tend to reduce the likelihood of fluctuations in the market price of our common stock that might result from accumulations of large blocks of our common stock for such a purpose. Accordingly, our shareholders could be deprived of certain opportunities to sell their shares at a higher market price than might otherwise be the case.
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Supermajority Vote Required for Removal of Directors

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Our Articles of Incorporation provide that a director may be removed with or without cause by the affirmative vote of the holders of at least 80% of our outstanding common shares.
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Factors to be Considered in Certain Transactions
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Our Articles of Incorporation provide that, when evaluating any proposed plan of merger, consolidation, exchange or sale of all, or substantially all, of our assets, the board of directors shall consider the interests of our employees and the community or communities in which we and our subsidiaries do business in addition to the interest of our shareholders.
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Supermajority Vote Required if the Board Does not Recommend in Favor of Certain Transactions
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Our Articles of Incorporation provide that a merger, exchange or consolidation of the Company with, or the sale, exchange or lease of all or substantially all of our assets to, any person or entity (referred to herein as a “Fundamental Change”), must be approved by the holders of at least 80% of our outstanding voting common stock if the board of directors does not recommend a vote in favor of the Fundamental Change. In addition, the Articles of Incorporation further provide that a Fundamental Change involving a shareholder that owns or controls 20% or more of our common shares at the time of the proposed transaction (a “Controlling Party”) must be approved by the holders of at least (i) 80% of our outstanding common shares, and (ii) 67% of our outstanding common shares held by shareholders other than the Controlling Party, unless (x) the transaction has been recommended to the shareholders by a majority of the entire board of directors or (y) the consideration per share to be received by our shareholders generally is not less than the highest price per share paid by the Controlling Party in the acquisition of its holdings of our common stock during the preceding three years (which we sometimes refer to as the “fair price” provision) . The approval by the holders of at least 80% of our outstanding common shares is required to amend or repeal these provisions contained in our Articles of Incorporation.  If the 80% and 67% vote requirements described above do not apply because the board of directors recommends the transaction or the consideration satisfies the fair price provision, as applicable, then pursuant to the provisions of the South Carolina Business Corporation Act, the Fundamental Change generally must be approved by two-thirds of the votes entitled to be cast with respect thereto.  A special or annual shareholders meeting called to consider a vote in favor of a merger or consolidation of the Company with, or a sale, exchange or lease of substantially all of the assets of the Company to, any person or entity, which is not recommended by our board of directors, must have in attendance in person or by proxy holders of 80% of the common shares outstanding and entitled to vote for a quorum for the conduct of business to exist.
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Supermajority Vote Required for Certain Amendments to the Articles of Incorporation
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Our Articles of Incorporation include a requirement that a change to our Articles of Incorporation relating to the structure of our board of directors or to certain other specified provisions that could have anti-takeover effects (including provisions relating to issuing our capital stock; the approval of certain business combinations not approved by our board of directors; and amendments to our Bylaws by shareholders) must be approved by the affirmative vote of holders of 80% of the common shares outstanding and entitled to vote.
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Amendments to Bylaws by the Board of Directors or a Supermajority of Shareholders
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Our Bylaws may be amended either by a majority of the entire board of directors of the Company or by a vote of the holders of at least 80% of out outstanding common shares entitled to vote.
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Action by Written Consent of the Shareholders Would Require Unanimous Consent
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Under our Bylaws, the Company’s shareholders may act without a shareholder meeting by written consent. However, under the South Carolina Business Corporation Act, such a written consent must set forth the action so taken and be signed by the holders of all our outstanding shares entitled to vote upon such action or their attorneys-in-fact or proxy holders.
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Limitation of Personal Liability of Officers and Directors
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Our Articles of Incorporation provide for the elimination or limitation of director liability for monetary damages to the maximum extent allowed by South Carolina law.
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Indemnification of Directors and Officers and Insurance
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Our Bylaws provide for the indemnification of any current and former directors to the fullest extent authorized by law. We may advance reasonable expenses to directors, provided that if required by law, such advancement of expenses shall only be made if the director seeking such advancement provides us with a written affirmation of his or her good faith belief that he or she met the standard of conduct required by law and a written undertaking to repay the advance if it is ultimately determined that he or she did not meet that standard of conduct. Our Bylaws further provide that we may, to the extent authorized from time to time by our board of 

directors, grant rights of indemnification and the advancement of expenses to any officer, employee or agent of the Company consistent with the other provisions of our Bylaws concerning the indemnification and advancement of expenses to our directors.
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Our Bylaws provide that we may maintain insurance, at our expense, to protect us and any director, officer, employee or agent of ours or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not we would have the power to indemnify such person against such expense, liability or loss under applicable law.
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Authorized but Unissued Preferred Stock
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The authorization of the preferred stock could have the effect of making it more difficult or time consuming for a third party to acquire a majority of our outstanding voting stock or otherwise effect a change in control. Shares of the preferred stock may also be sold to third parties that indicate that they would support the board of directors in opposing a hostile takeover bid. The availability of the preferred stock could have the effect of delaying a change in control and of increasing the consideration ultimately paid to our shareholders.  Our board of directors may authorize the issuance of preferred stock for capital-raising activities, acquisitions, joint ventures or other corporate purposes that have the effect of making an acquisition of the Company more difficult or costly, as could also be the case if our board of directors were to issue additional common stock for such purposes.
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Business Combinations with Interested Shareholders
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The South Carolina business combinations statute provides that a 10% or greater shareholder of a resident domestic corporation cannot engage in a “business combination” (as defined in the statute) with such corporation for a period of two years following the date on which the 10% shareholder became such, unless the business combination or the acquisition of shares is approved by a majority of the disinterested members of such corporation’s board of directors before the 10% shareholder’s share acquisition date. This statute further provides that at no time (even after the two-year period subsequent to such share acquisition date) may the 10% shareholder engage in a business combination with the relevant corporation unless certain approvals of the board of directors or disinterested shareholders are obtained or unless the consideration given in the combination meets certain minimum standards set forth in the statute. The law is very broad in its scope and is designed to inhibit unfriendly acquisitions but it does not apply to corporations whose Articles of Incorporation contain a provision electing not to be covered by the law. Our Articles of Incorporation do not contain such an opt-out provision, though our Articles of Incorporation could be amended to include such an opt-out provision.
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Advance Notice Requirements for Shareholder Proposals and Director Nominations
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Our Bylaws establish advance notice procedures with regard to shareholder proposals. Our Bylaws generally provide that, in connection with an annual meeting of shareholders, a shareholder generally must submit notice of such shareholder’s proposal or director nominations not earlier than 120 days and not later than 90 days prior to the first anniversary of the preceding year’s annual meeting. In connection with any such notice, a shareholder must provide certain information, including: (i) the shareholder’s name and address; (ii) information about the shareholder’s stock ownership in the Company and certain interests and relationships; (iii) a description of the business the shareholder desires to bring before the meeting if the notice relates to business other than the nomination of directors; and (iv) information with respect to the proposed director nominees if the business relates to the nomination of directors. We may reject a shareholder proposal that is not made in accordance with the procedures set forth in our Bylaws. These provisions could reduce the likelihood that a third party would nominate and elect individuals to serve on our board of directors or propose other business to be brought before an annual meeting.
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Exclusive Forum Provision
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Our Bylaws contain an exclusive forum provision.  Under such provision, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director or officer or other employee of the Company to the Company or its shareholders, (iii) any action asserting a claim against the Company or any director or officer or other employee of the Company arising pursuant to any provision of the South Carolina Business Corporation Act or our Articles of Incorporation or Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim against the Company or any director or officer or other employee of the Company governed by the internal affairs doctrine shall be a state court located within the State of South Carolina (or, if no state court located within the State of South Carolina has jurisdiction, the federal district court for the District of South Carolina).  This exclusive forum bylaw is intended to assist us in avoiding costly and unnecessary sometimes lawyer-driven litigation, where multiple lawsuits are being filed in multiple jurisdictions regarding the same matter.  By limiting the ability of third parties and our shareholders to file lawsuits relating to intracorporate disputes in the forum of their choosing, this exclusive forum bylaw could increase the costs to a plaintiff of bringing such a lawsuit and could have the effect of deterring such lawsuits, which could include potential takeover-related lawsuits.

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