Document:

Independent Contractor Service Agreement

 Exhibit 10.1 
 INDEPENDENT CONTRACTOR SERVICE AGREEMENT 
 THIS INDEPENDENT
CONTRACTOR SERVICE AGREEMENT (the “Agreement”), dated as of January 1, 2011, is entered into by and between WACCAMAW BANK (the “Company”), a North Carolina-chartered commercial bank with its principal place of
business in Whiteville, North Carolina, and BANK SOLUTIONS, LLC, a North Carolina banking corporation (the “Contractor”) (the Company and the Contractor are sometimes referred to herein, collectively, as the
“Parties”). 
 WHEREAS, the Contractor’s principal, James G. Graham, has recently retired from his
role as President of the Company and will retire as Chief Executive Officer of the Company on March 1, 2011 and has expertise, professional experience, and a strong knowledge-base that would continue to be of benefit to the Company; 

WHEREAS, the Company desires to retain the services of the Contractor to assist: (i) during the period during which the
Company is transitioning to a new principal executive officer; (ii) with continuation and completion of the Company’s ongoing capital formation efforts and other strategic initiatives; and (iii) with key customers and investor
relations’ functions (hereinafter, collectively, the “Services”); 
 WHEREAS, the Contractor is
willing to render Services to the Company in accordance with the terms of this Agreement; and 
 WHEREAS, the Company and
the Contractor desire to enter into this Agreement so as to specify their respective rights, obligations, and duties. 
 NOW
THEREFORE, in consideration of the mutual agreements and covenants set forth herein, it is understood and agreed by and between the Parties as follows: 
 Services and Duties. The Contractor shall perform the Services and associated tasks related thereto that are reasonably requested by the Company in keeping with the areas identified above.
The Contractor shall use its best efforts in performing Services for the Company during such times as are mutually agreeable to Company and Contractor. 
 Fees and Expenses. In consideration of the performance of the Services under this Agreement, the Company shall pay to Contractor compensation in the amount of One Hundred Twenty-Five Dollars
($125.00) per hour actually worked during the Term (defined below) of this Agreement, which will be payable in accordance with the Company’s ordinary pay schedule. It is understood and agreed that the Company will not reimburse Contractor for
any costs or expenses incurred by Contractor in performing Services hereunder unless explicitly approved by the Company in writing or otherwise provided in this Agreement. Except as expressly provided herein, Contractor shall not be entitled to any
other compensation or consideration from the Company for Services provided under this Agreement. 
 Term and
Termination. Unless sooner terminated as provided herein, the term of this Agreement shall be for a period of four (4) months (the “Term”), with such Term commencing on March 1, 2011. This Agreement will
automatically terminate upon the occurrence of any of the following events (each, an “Automatic Termination Event”): (i) the death or disability of the Contractor resulting in Contractor’s inability to perform the Services
contemplated in this Agreement or (ii) the expiration of the Term. Upon an 

 
Automatic Termination Event, this Agreement will be of no further effect, and Contractor will be entitled to no additional payments under this Agreement for future services. 

This Agreement may be terminated by Contractor for any reason by giving thirty (30) days written notice to the Company. If
termination is accomplished in this manner, the effective date of termination shall be the thirtieth (30th) day following receipt of the termination notice by the Company. Upon the effective date of any termination by the Contractor of this
Agreement, this Agreement will cease to be of any further effect and Company will have no further monetary obligations to Contractor under this Agreement. 
 Company Early Termination. Contractor acknowledges that Company may terminate this Agreement, without repercussion and with no further payments owed to Contractor, prior to the expiration of
the Term of this Agreement if it is pursuant to a Valid Early Termination. For purposes of this Agreement, a “Valid Early Termination” shall mean the Company terminating this Agreement for any of the following reasons: 

(a) The Company makes the determination, in good faith, that Contractor has breached in any material respect any of the terms or
conditions of this Agreement or is engaged or has engaged in willful misconduct or conduct which is detrimental to the business prospects of the Company or any of its affiliates or which has had or likely will have a material adverse effect on the
business or reputation of the Company or any of its affiliates; 
 (b) The violation by Contractor of any applicable federal or
state law, or any applicable rule, regulation, order or statement of policy promulgated by any governmental agency or authority having jurisdiction over the Company or any of its affiliates or subsidiaries including without limitation the Federal
Deposit Insurance Corporation, the Federal Reserve Bank of Richmond or the Board of Governors of the Federal Reserve System, the Office of the North Carolina Commissioner of Banks, or any other financial regulatory agency, state or federal, having
legal jurisdiction over the Company or its affiliates (each, a “Bank Regulatory Authority”), which results from Contractor’s negligence, willful misconduct, or intentional disregard of such law, rule, regulation, order, or
policy statement and results in any substantial damage, monetary or otherwise, to the Company or any affiliate thereof or to the reputation of the Company or any affiliate thereof; 

(c) The commission in the course of Contractor’s Services under this Agreement of an act of fraud, embezzlement, theft or proven
personal dishonesty (whether or not resulting in criminal prosecution or conviction); or 
 (d) The conviction of Contractor of
any felony or any criminal offense involving dishonesty or breach of trust, or the occurrence of any event described in Section 19 of the Federal Deposit Insurance Act or any other event or circumstance which disqualifies Contractor from
serving as an agent of, or a party affiliated with, the Company or any of its affiliates. 
 Working Facilities and
Equipment. It is understood and agreed that the Company shall not be obligated to provide any working facilities or other equipment to the Contractor, it being the responsibility of the Contractor, at Contractor’s sole cost and expense,
to provide such facilities and equipment as Contractor may need in order to perform Services pursuant to this Agreement. Notwithstanding the foregoing, the Company may, in its sole discretion, elect to provide Contractor access to such equipment,
facilities, files, records, and data as the Company shall, in its sole discretion, deem to be desirable in furtherance of Contractor’s Services to be rendered hereunder. 
 Independent Contractor. The relationship of the Parties established by this Agreement is solely that of independent contractors, and nothing contained in this Agreement shall be construed to
make Contractor (or his 

 
agents or employees) the employee or representative, agent, or co-venturer of the Company or any of its affiliates for any purpose. The Company shall neither have nor exercise any control or
direction over the methods by which Contractor shall perform his duties and functions; provided, however, that Contractor agrees that all work performed pursuant to this Agreement shall be in strict accordance with the highest professional
standards and that Contractor will comply with all applicable federal, state and local laws and regulations, including any applicable law, rule, regulation, or requirement of any state or federal bank or securities regulatory agency. It is further
understood and agreed that Contractor, and/or his employees or agents, shall have no claim under this Agreement against the Company or any of its affiliates for social security benefits, workers’ compensation benefits, disability benefits,
unemployment benefits, retirement benefits, health insurance benefits, vacation pay, sick leave, or any other employee benefit of any kind. 
 Contractor shall be solely responsible for the payment of any and all applicable federal, state, and local taxes, including, without limitation, income taxes, FICA taxes, unemployment, and self-employment
taxes on any and all compensation and reimbursements Contractor receives pursuant to this Agreement. The Company will not withhold for any of Contractor’s tax liabilities under this Agreement. Contractor agrees to indemnify and hold harmless
the Company, and any affiliate of the Company, and any officers, employees, agents, directors, successors, or assigns of the Company or its affiliates, from any liability due to failure to collect or pay any such federal, state, or local taxes owed
under this Agreement. 
 Confidentiality. The Company may provide Contractor with limited access to the
Company’s or its affiliates’ information and computer systems, the use of which shall be governed by the terms of this Agreement. In addition, Contractor will, in some cases, have access to confidential information. Contractor shall not
(and shall not permit any of his agents or employees), at any time, either during or after the term of this Agreement, use for his own benefit, directly or indirectly, or divulge or make known to any individual, partnership, trust, company, business
entity or any other person, any proprietary or confidential information relating to the Company, the Company’s affiliates or any subsidiary, the Company’s customers, or any entities having a contractual relationship with the Company,
including, without limitation, any information relative to the Company’s or such entity’s financial condition, business operations, methods, procedures or systems for providing services, or otherwise engaging in the business affairs of
such entities. Notwithstanding anything else provided for herein, in the event of a breach of the obligations of Contractor under this Section, Contractor hereby acknowledges that the ordinary remedies available at law would be insufficient, and
that accordingly the Company shall be entitled to specific performance and injunctive relief in such event. Contractor agrees and acknowledges that such equitable relief would be in addition to any other legal remedies available to Company. The
confidentiality obligation set forth in this Section is in addition to, and not in place of, any other confidentiality agreement that Contractor may have in place with the Company or any affiliate of the Company pursuant to any other agreement,
contract, or understanding. 
 Limitations On Authority. It is understood by the Parties that Contractor is an
independent agent of the Company and as such, his authority to act in the furtherance of the Company’s business is strictly limited by the terms of this Agreement and cannot be expanded in any manner for any purpose except by the express
written consent of the Company. The Contractor will not make representations or promises on the part of the Company except as expressly authorized by the Company in writing. Contractor does not have the authority to pledge the Company’s, or any
of its affiliates’, credit or extend or solicit credit in the name of or on behalf of the Company or any affiliate. Contractor shall not use the name of the Company or any affiliate in reference to leases, loans, or credit of any kind.
Contractor recognizes and agrees that he has no authority to enter into contracts or agreements on behalf of the Company or any affiliate except as expressly authorized by the Company in writing. Any such contracts or agreements not so authorized by
the Company shall be null and void unless subsequently duly ratified in written form by the Company. 

 Records. Contractor shall in a timely manner maintain customary, proper
records related to the Services rendered hereunder. All records and other documents produced or maintained during the course of and related to Contractor’s Services under this Agreement shall be and remain the property of the Company. Upon the
earlier of the request of the Company or termination of this Agreement for any reason, Contractor must immediately return to the Company all property of the Company or its affiliates, including but not limited to customer information, manuals and
originals, copies or summaries of all documents, and records related to the Company or its affiliates, whether produced by the Contractor or his agents or provided to Contractor by the Company or its affiliates. 

Indemnification. Contractor hereby agrees to indemnify, defend, and hold harmless the Company, its owners, officers,
directors, shareholders, employees, affiliates, contractors, and agents, from any claim, loss, damage, liability, cost, or expense (including but not limited to reasonable attorneys’ fees as allowed by law), arising out of his negligence or
willful misconduct or any breach of any representation or covenant made by Contractor in this Agreement. 
 Company hereby
agrees to indemnify, defend, and hold harmless Contractor from any claim, loss, damage, liability, cost, or expense (including but not limited to reasonable attorneys’ fees as allowed by law), arising out of his Services rendered hereunder,
except where such claim, loss, damage, liability, cost, or expense is due, in whole or in part, to Contractor’s negligence or willful misconduct or any breach of any representation or covenant made by Contractor in this Agreement. 

Assignment. This Agreement shall not be assignable by the Contractor. This Agreement shall be binding upon and shall inure
to the benefit of the Parties and their permitted successors and assigns. 
 Notice. Each notice, approval, or
consent required or permitted by this Agreement shall be in writing and shall be given or made by personal delivery, or sent by certified mail, postage prepaid, or by nationally recognized, overnight carrier with signature required, to the following
addresses (or to such other address as shall be furnished by one Party to the other from time to time): 
  

			
	The Company:	 	Contractor:
	Waccamaw Bank	 	Bank Solutions, LLC
	Attn: Alan W. Thompson	 	Attn: James G. Graham
	110 N. J.K. Powell Blvd.	 	1114 Pinckney St.
	Whiteville, NC 28472	 	Whiteville, NC 28472

 All notices,
approvals, or consents shall be deemed effectively given, (i) in the case of personal delivery, on the date delivered, (ii) in the case of certified mail, two (2) business days after the date postmarked as the date of deposit in the
mail, and (iii) in the case of overnight carrier, on the date of delivery indicated in the carrier’s written or electronic records. 
 Amendments. This Agreement may not be modified, amended, altered, or waived except by separate written agreement signed by the Company and Contractor. No change or modification of this
Agreement shall be valid unless it is in writing and signed by the Parties. No waiver of any provision of this Agreement shall be effective if not in writing and signed by an authorized representative of the waiving party. 

Governing Law. The Parties desire and agree that this Agreement and any dispute arising under this Agreement shall be
governed by, and construed in accordance with the laws of the State of North Carolina applicable to contracts made and to be performed within said state without giving effect to conflict of laws principles. Contractor consents to the exclusive
jurisdiction of the North Carolina courts (federal or state) with respect to any dispute arising under this Agreement. 

 Severability. In the event any portion of this Agreement is determined to be
invalid or unenforceable under any applicable law by a court of competent jurisdiction, said portion shall be severed from this Agreement and the remainder of this Agreement shall continue in full force and effect. 

Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Contractor with respect to
the subject matter hereof and supersedes any and all agreements, either oral or in writing, between the Company and the Contractor, with respect to the subject matter of this Agreement, provided however, that the provisions and covenants of
Paragraph 5 of Contractor’s former employment agreement with the Company and Waccamaw Bankshares, Inc., dated as of October 30, 2007, shall continue in full force and effect. 

Dispute Resolution. The Parties shall attempt in good faith to settle any dispute or controversy arising under, out of, or
in connection with or in relation to this Agreement, or any amendment hereof, or the breach hereof, by negotiation and mutual agreement; provided that if the Parties are not able to agree within a reasonable period of time, then any such dispute or
disagreement shall be resolved by submitting such dispute first to mediation and second to binding arbitration in Columbus County, North Carolina or such other county as the Parties may otherwise mutually agree. Either Party may make written demand
for mediation, in which case the Parties shall mediate the dispute or disagreement in Columbus County, North Carolina (or such other county as the Parties may otherwise mutually agree), with the mediator mutually agreed upon by the Parties hereto.
Fees and costs of the mediation shall be borne equally by the Parties, and each Party shall pay its own professional fees and costs. If the dispute or disagreement is not settled by mediation within a reasonable period of time, then either Party may
demand arbitration, in which case the dispute or disagreement shall be arbitrated in accordance with rules and procedures established by the American Arbitration Association’s Commercial Arbitration Rules or the rules of its successor entity,
if any. Any award rendered by the arbitrator shall be final and binding upon each of the Parties, and judgment thereof may be entered in any court having jurisdiction thereof. The costs of the arbitrator shall be borne equally by both Parties.

 Regulatory Matters. Notwithstanding anything contained in this Agreement to the contrary, it is understood and
agreed that the Company (or its successors in interest) shall not be required to make any payment or take any action under this Agreement if (a) the Company is declared by any Bank Regulatory Authority to be insolvent, in default, or
operating in an unsafe or unsound manner, or if (b) in the opinion of counsel to the Company such payment or action (i) would be prohibited by or would violate any provision of state or federal law applicable to the Company,
including without limitation the Federal Deposit Insurance Act and Chapter 53 of the North Carolina General Statutes as now in effect or hereafter amended, (ii) would be prohibited by or would violate any applicable rules, regulations,
orders or statements of policy, whether now existing or hereafter promulgated, of any Bank Regulatory Authority, or (iii) otherwise would be prohibited by any Bank Regulatory Authority. 

The Parties have executed this Agreement as of the date first written above. 

 

					
	WACCAMAW BANK	 	CONTRACTOR: Bank Solutions, LLC
			
	By	 	/s/ Alan W. Thompson	 	/s/ James G. Graham
		 	Alan W. Thompson	 	James G. Graham
		 	Chairman of the Board of Directors	 	MemberRetirement Agreement

 Exhibit 10.2 
 STATE OF NORTH CAROLINA 
 COUNTY OF COLUMBUS 

RETIREMENT AGREEMENT 
 This Retirement Agreement (“Agreement”) is entered into this
31st day of December, 2010, by and between James G.
Graham, a resident of Columbus County, North Carolina (“Graham”), Waccamaw Bankshares, Inc. (“Bankshares”), a North Carolina corporation and Waccamaw Bank (the “Bank”), a North Carolina banking corporation and wholly
owned subsidiary of Bankshares. 
 WITNESSETH: 
 WHEREAS, Graham is the president and chief executive officer of Bankshares and the Bank pursuant to the terms of an Employment Agreement dated October 30, 2007 (the “Employment
Agreement”); and 
 WHEREAS, Graham and the Bank have entered into an Executive Supplemental Retirement Plan
Agreement dated October 30, 2007, and amended September 30, 2010 (the “SERP”), providing for certain benefits upon the retirement of Graham from active employment with Bankshares and the Bank; and 

WHEREAS, Graham and the Bank have entered into a Director Supplemental Retirement Plan Agreement dated April 6, 2007 (the
“Director Retirement Agreement”), providing for certain benefits upon the retirement of Graham from service on the board of directors of Bankshares and the Bank; and 
 WHEREAS, Graham is the recipient of certain options to purchase shares of common stock of Bankshares pursuant to the terms of certain stock option plans adopted by Bankshares and approved by its
shareholders; and 
 WHEREAS, Graham desires to retire from his position of president and chief executive officer of
Bankshares and the Bank and Bankshares and the Bank desire to permit Graham to retire without monetary disadvantage as a result of his retirement. 
 NOW, THEREFORE, for and in consideration of the mutual promises and other consideration, the receipt and sufficiency of which is acknowledged and received, the parties hereto agree as follows:

  

	 	1.	 Graham shall retire as president of Bankshares and the Bank effective 5:00 p.m. on December 31, 2010 and shall retire as chief executive officer
of Bankshares and the Bank effective 5:00 p.m. on March 1, 2011 (the “Retirement Date”). 

 
Graham shall promptly issue resignation letters with respect to all such positions and shall further sign any other documentation that Bankshares or the Bank may require to effectuate such
resignations. 
  

	 	2.	At the Retirement Date, Graham shall return to Bankshares and the Bank all property, including without limitation computer equipment, mobile devices, software, keys,
access cards, credit cards, files and any documents (including computerized data and any copies made of any computerized data or software) containing information concerning the Bank’s customers, business plans, marketing strategies, products,
or processes which contain proprietary information or trade secrets of Bankshares or the Bank, provided, however, that Graham shall be entitled to retain a copy of the Outlook “contacts” file from his workstation. Graham shall also be
permitted to retain his mobile telephone number following the Retirement Date at his own expense. 

  

	 	3.	Graham shall be entitled to all of the monetary rights, privileges and benefits contained in the Employment Agreement, the SERP, and the Director Retirement Agreement
through and as a result of the Retirement Date and each of the Employment Agreement, the SERP and the Director Retirement Agreement shall be honored in accordance with its terms and the terms of this Agreement. 

 

	 	4.	Graham shall be entitled to reimbursement for the cost of his continuing health insurance in an amount equal to One Thousand Four Hundred Fifty Dollars ($1,450) per
month during the four (4) month period beginning on the Retirement Date and ending June 30, 2011. 

  

	 	5.	Graham shall be entitled to retain any and all unexercised options vested in him as of the Retirement Date or the date of his retirement from the Board of Directors, as
applicable, pursuant to stock option plans adopted by Bankshares for the longest period of time permitted under applicable law and the terms and provisions of the plans under which the options were granted. Graham acknowledges that outstanding
incentive stock options will be exercisable for a maximum of ninety (90) days from the Retirement Date pursuant to applicable law and the terms and provisions of the plan(s) under which such options were granted. 

 

	 	6.	 Notwithstanding anything contained in this Agreement to the contrary, it is understood and agreed that neither Bankshares nor the Bank (nor their
successors in interest) shall be required to make any payment or take any action under this Agreement if (a) the Bank is declared by any Regulatory Authority to be insolvent, in default, or operating in an unsafe or unsound manner,
(b) such payment or action would, in the opinion of Bankshares and the Bank, be prohibited by or would violate any provision of state or federal law applicable to Bankshares or the Bank, including without limitation the Federal Deposit
Insurance Act, the Bank Holding Company Act of 1956, and chapter 53 of the 

	 	 
General Statutes of North Carolina, as now in effect or hereafter amended, (c) would, in the opinion of Bankshares and the Bank, be prohibited by or would violate any applicable rules,
regulations, orders, statements of policy, or guidance, whether now existing or hereafter promulgated, of any Regulatory Authority, or (d) otherwise would, in the opinion of Bankshares and the Bank, be prohibited by any Regulatory Authority.
For purposes of this paragraph, “Regulatory Authority” includes without limitation the Federal Deposit Insurance Corporation, the North Carolina Commissioner of Banks, the Federal Reserve Bank of Richmond, or any other banking regulator
having legal jurisdiction over Bankshares or the Bank. 

  

	 	7.	Graham acknowledges and understands that, in light of the regulatory environment in which Bankshares and the Bank currently operate, it may be necessary to secure the
prior approval of applicable Regulatory Authorities before any payments may be made or actions taken under this Agreement. The process for obtaining such approvals may be lengthy and neither Bankshares nor the Bank can guarantee that such approvals
can be obtained. Neither Bankshares nor the Bank shall be liable to Graham in any manner whatsoever for losses or damages arising from delays in the regulatory approval process or from the denial of any regulatory application by a Regulatory
Authority. 

  

	 	8.	Graham shall retire as a director of Bankshares and the Bank at the end of his current term of office immediately following the 2011 annual meeting of shareholders of
Bankshares. 

  

	 	9.	Graham will serve as an envoy and ambassador of goodwill for Bankshares and the Bank and will not disparage, defame or otherwise interfere with the contracts and
relationships of Bankshares or the Bank. Similarly, Bankshares and the Bank, for and on behalf of itself, its directors, officers and employees will not disparage or defame Graham or otherwise interfere with the contracts and relationships of
Graham. 

  

	 	10.	The Employment Agreement shall be terminated effective as of the Retirement Date, provided, however, that Graham, Bankshares and the Bank acknowledge that the terms and
conditions contained in the Employment Agreement regarding non-competition by Graham remain in full force and effect pursuant to its terms until January 1, 2012 (the “Non-Compete Period”). Notwithstanding the foregoing, the parties
acknowledge and agree that Graham may consult with competing banks during the Non-Compete Period regarding issues of a non competitive nature, after full disclosure to the Company and upon receipt of permission of the Company, which permission shall
not be unreasonably withheld. The confidentiality provision in the Employment Agreement shall remain in full force and effect and shall not be terminated, superseded or modified in any way by the execution of this Agreement.

  

	 	11.	Graham hereby releases and forever discharges Bankshares, the Bank, their operating entities, subsidiaries, parent companies or entities, affiliated companies or
entities, their shareholders, officers, directors, trustees, employees, associates, agents, benefit plans, successors and assigns from any and all claims, demands, or rights of action which exist as of the Retirement Date, whether contractual,
common law, or statutory, of every name or nature, whether known or unknown, including but not limited to claims arising under the Age Discrimination in Employment Act. 

 

	 	12.	In consideration for, among other terms, Graham’s release of claims in paragraph 11 hereof, Bankshares and the Bank voluntarily release and forever discharge
Graham from any and all claims, demands, or rights of action which exist as of the Retirement Date, whether contractual, common law, or statutory, of every name or nature, whether known or unknown; provided that Bankshares and the Bank do not
release Graham from or for any claims based on actions or omissions that satisfy the elements of a criminal offense. 

  

	 	13.	Graham, Bankshares, and the Bank acknowledge that certain disclosures are required by Bankshares to securities and banking regulatory authorities and that the terms of
this Agreement shall be made a public document by filing with the Securities and Exchange Commission. 

  

	 	14.	Graham acknowledges that he has been advised by this writing to consult with an attorney and has had the opportunity to review and consider this Agreement and to
consult with legal counsel with respect thereto. Graham further acknowledges that he has entered into this Agreement voluntarily and of his own free will. In signing this Agreement, Graham acknowledges that he is not relying on any promises or
representations made by anyone at or on behalf of Bankshares or the Bank, except as expressly set forth in this Agreement 

  

	 	15.	This Agreement shall not be construed in any manner as an admission by Bankshares or the Bank that they have violated any law, policy, or procedure or acted wrongfully
with respect to Graham or any other person, or that Graham has any rights whatsoever against Bankshares or the Bank. Graham acknowledges that Bankshares and the Bank specifically disclaim any liability to Graham arising from their employment
relationship with Graham or the termination of the relationship. 

  

	 	16.	If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this
Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law. 

  

	 	17.	No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the
performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

  

	 	18.	This Agreement shall be governed by the laws of the State of North Carolina without reference to its principles of conflicts of law. 

 

	 	19.	Graham, Bankshares and the Bank agree to take whatever action deemed lawful by counsel to Bankshares and the Bank to fully effect the intent of the provisions of this
Agreement. 

  

	 	20.	This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original, but all of which together
shall constitute one and the same document. 

 [Signatures on following page] 

 IN WITNESS WHEREOF, James G. Graham has adopted the below seal as his own and
executed this Agreement in his individual capacity and the chairman of the board of directors of Bankshares and the Bank has executed this Agreement on behalf of Bankshares and the Bank, respectively, by authority duly granted by action of the board
of directors, each as of the date first above written. 
  

			
	WACCAMAW BANKSHARES, INC.,
		
	By:	 	/s/ Alan W. Thompson
		 	Alan W. Thompson
		 	Chairman of the Board of Directors
	
	WACCAMAW BANK
		
	By:	 	/s/ Alan W. Thompson
		 	Alan W. Thompson
		 	Chairman of the Board of Directors

  

					
	 	 	/s/ James G. Graham (SEAL)	 	 
		 	James G. Graham

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