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Exhibit 10.7    
    

 
 

EMPLOYMENT AGREEMENT    
    

        THIS EMPLOYMENT AGREEMENT (this "Agreement") dated as of January 10, 2005, is made by and between Independence Bancshares, Inc., a South Carolina
corporation (the "Company"), which will be the holding company for Independence National Bank (Proposed), a proposed national bank (the "Bank"), and Schaefer M. Carpenter, an individual
resident of South Carolina (the "Executive"). 

        The
Employer is in the process of organizing the Bank, and the Executive has agreed to serve as Retail Banking Director of the Bank and the Company. Upon completion of the organization
of the Bank, the Bank will automatically become a party to this Agreement, and all references to the term "Employer" as used herein shall refer to the Company and the Bank. 

        The
Employer recognizes that the Executive's contribution to the growth and success of the Bank during its organization and initial years of operations will be a significant factor in
the success of the Bank. The Employer desires to provide for the employment of the Executive in a manner which will reinforce and encourage the dedication of the Executive to the Bank and promote the
best interests of the Bank and its shareholders. The Executive is willing to serve the Employer on the terms and conditions herein provided. Certain terms used in this Agreement are defined in
Section 17 hereof. 

        This
Agreement will be submitted to the FDIC and the Office of Comptroller of the Currency in connection with the regulatory applications related to the formation of the Bank. The
parties hereto agree to any amendments to this Agreement as may be required in connection with obtaining such regulatory approvals. 

        In
consideration of the foregoing, the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as follows: 

        1.    Employment.    The Employer shall employ the Executive, and the Executive shall serve the Employer, as Retail
Banking Director of the Bank and the Company upon the terms and conditions set forth herein. The Executive shall have such authority and responsibilities consistent with his position as are set forth
in the Company's or the Bank's Bylaws or assigned by the Company's or the Bank's Chief Executive Officer or Board of Directors (collectively, the "Board") from time to time. The Executive shall devote
his full business time, attention, skill and efforts to the performance of his duties hereunder, except during periods of illness or periods of vacation and leaves of absence consistent with Bank
policy. The Executive may devote reasonable periods to service as a director or advisor to other organizations, to charitable and community activities, and to managing his personal investments,  provided
that such activities do not materially interfere with the performance of his duties hereunder and are not in conflict or competitive with, or
adverse to, the interests of the Company or the Bank. 

        2.    Term.    Unless earlier terminated as provided herein, the Executive's employment under this Agreement shall
commence on the date hereof and be for a term of two years (the "Initial Term"). The employment shall be extended for additional terms of one year each ("Additional Term") unless a Notice of
Termination, as defined hereinafter, shall be delivered by the Bank and the Company to Executive not less than six months prior to the end of the Initial Term or six months prior to the end of the
Additional Term, if applicable. Notwithstanding the foregoing, the term of employment hereunder will end on the date that the Executive attains the retirement age, if any, specified in the Company's
or Bank's Bylaws or by the Board. A Notice of Termination shall mean a written notice of termination from the Company or the Executive which specifies an effective date of termination, indicates the
specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment
under the provision so indicated. 

 

        3.    Compensation and Benefits.    

        (a)   Starting
January 10, 2005, the Employer shall pay the Executive an initial annual base salary of $87,500, plus yearly medical insurance premiums on the same basis
as other employees are paid as determined by the Board. Prior to the date the Bank opens for business to the public (the "Opening Date"), the salary will be paid bi-monthly. Following the
Opening Date, the salary will be paid in accordance with the Bank's standard payroll procedures. The Board (or an appropriate committee of the Board) shall review the Executive's performance and
salary at least annually and may increase the Executive's base salary if it determines in its sole discretion that an additional increase is appropriate. 

        (b)   The
Executive shall receive a cash bonus in the amount of $5,000 upon execution of this Agreement. 

        (c)   The
Executive, along with all other eligible employees of the Company, shall be entitled to participate in a stock option plan as and when such is adopted. As soon as an
appropriate stock option plan is adopted by the Board, the Company shall grant to the Executive an option to purchase 4,000 shares. The award agreement for the stock option shall provide that
one-third of the shares subject to the option will vest on each of the first three anniversaries of the Opening Date, but only if the Executive remains employed by the Company or one of
its subsidiaries on such date, and shall contain other customary terms and conditions. The exercise price of the options will be equal to the fair market value of the stock on the date of grant. 

        (d)   The
Executive shall participate in all retirement, welfare, health, and other benefit plans or programs of the Employer now or hereafter applicable generally to
employees of the Employer or to a class of employees that includes senior executives of the Employer. 

        (e)   The
Employer shall reimburse the Executive for reasonable travel and other expenses related to the Executive's duties, including cell phone expenses, which are incurred
and accounted for in accordance with the normal practices of the Employer. 

        (f)    The
Employer shall provide the Executive with four weeks' paid vacation per year, which shall be taken in accordance with any banking rules or regulations governing
vacation leave. 

        4.    Termination.    

        (a)   The
Executive's employment under this Agreement may be terminated prior to the end of the Term only as provided in this Section 4. 

        (b)   The
Agreement will be terminated upon the death of the Executive. In this event, the Executive's estate shall receive any sums due his as base salary and/or
reimbursement of expenses through the end of the month during which death occurred, plus any bonus earned or accrued through the date of death (including any amounts awarded for previous years but
which were not yet vested). 

        (c)   The
Employer may terminate this Agreement upon the disability of the Executive for a period of 180 days which, in the opinion of the Board of Directors, renders
his unable to perform the essential functions of his job and for which reasonable accommodation is unavailable. For purposes of this Agreement, a "disability" is defined as a physical or mental
impairment that substantially limits one or more major life activities, and a "reasonable accommodation" is one that does not impose an undue hardship on the Employer. During the period of any
incapacity leading up to the termination of the Executive's employment under this provision, the Employer shall continue to pay the Executive his full base salary at the rate then in effect and all
perquisites and other benefits (other than any bonus) until the Executive becomes eligible for benefits under any long-term disability plan or insurance program maintained by the Employer,
provided that the amount of any such payments to the Executive shall be reduced by the sum of the amounts, if any, 

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payable
to the Executive for the same period under any other disability benefit or pension plan covering the Executive. Furthermore, the Executive shall receive any bonus earned or accrued through the
date of incapacity (including any amounts awarded for previous years but which were not yet vested). 

        (d)   The
Employer may terminate this Agreement for Cause upon delivery of a Notice of Termination to the Executive. If the Executive's employment is terminated for Cause
under this provision, the Executive shall receive only any sums due his as base salary and/or reimbursement of expenses through the date of such termination. 

        (e)   The
Employer may terminate this Agreement without Cause upon delivery of a Notice of Termination to the Executive. If the Executive's employment is terminated without
Cause under this provision, the Employer shall pay to the Executive severance compensation in an amount equal to 100% of his then current monthly base salary each month for 6 months from the
date of termination, plus any bonus earned or accrued through the date of termination (including any amounts awarded for previous years but which were not yet vested). 

        (f)    The
Executive may terminate this Agreement at any time by delivering a Notice of Termination. If the Executive resigns under this provision, the Executive shall receive
any sums due his as base salary and/or reimbursement of expenses through the date of such termination. 

        (g)   The
Executive may terminate this Agreement for Good Reason upon delivery of a Notice of Termination to the Employer within a 90-day period beginning on the
30th day after the occurrence of a Change in Control or within a 90-day period beginning on the one year anniversary of the occurrence of a Change in Control. If the Executive's employment
is terminated by the Executive pursuant to this provision, in addition to other rights and remedies available in law or equity, the Executive shall be entitled to the following: 

          (i)  the
Employer shall pay the Executive in cash within fifteen days of the date of termination severance compensation in an amount equal to his then current monthly base
salary multiplied by 12, plus any bonus earned or accrued through the date of termination (including any amounts awarded for previous years but which were not yet vested); 

         (ii)  for
a period of 12 months, the Employer shall at its expense continue on behalf of the Executive (but not the Executive's family) the medical benefits provided
(x) to the Executive at any time during the 90-day period prior to the Change in Control or at any time thereafter or (y) to other similarly situated executives who continue
in the employ of the Employer. Such coverage and benefits (including deductibles and costs) shall be no less favorable to the Executive than the most favorable of such coverages and benefits referred
to above. The Employer's obligation hereunder with respect to the foregoing benefits shall be limited to the extent that the Executive obtains any such benefits pursuant to a subsequent employer's
benefit plans, in which case the Employer may reduce the coverage of any benefits it is required to provide the Executive hereunder as long as the aggregate coverages and benefits of the combined
benefit plans is no less favorable to the Executive than the coverages and benefits required to be provided hereunder. This subsection (ii) shall not be interpreted so as to limit any benefits
to which the Executive may be entitled under any of the Employer's employee benefit plans, programs, or practices following the Executive's termination of employment, including, without limitation,
retiree medical and life insurance benefits; and 

        (iii)  the
restrictions on any outstanding incentive awards (including restricted stock) granted to the Executive under the Company's or the Bank's long-term
equity incentive program or any other incentive plan or arrangement shall lapse and such awards shall become 100% vested, all stock options and stock appreciation rights granted to the Executive shall
become immediately exercisable and shall become 100% vested, all performance units granted 

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to
the Executive shall become 100% vested, and the restrictive covenants contained in Section 9 shall not apply to the Executive. 

        (h)   The
Employer may terminate this Agreement if its effort to organize the Bank is abandoned, or if the Company or the Bank receives notice or otherwise has reason to
believe that it will not receive approval of any bank regulatory application in connection with the formation of the Bank and the Board determines in good faith that the Executive's actions,
inactions, lack of experience, or background was a material factor in the failure to obtain such approval. If the Executive's employment is terminated under this provision, the Employer shall pay to
the Executive severance compensation in an amount equal to 100% of his then current monthly base salary each month for six months from the date of termination, but shall not be obligated to pay any
portion of any bonus. 

        (i)    With
the exceptions of the provisions of this Section 4, and the express terms of any benefit plan under which the Executive is a participant, it is agreed that,
upon termination of the Executive's employment, the Employer shall have no obligation to the Executive for, and the Executive waives and relinquishes, any further compensation or benefits (exclusive
of COBRA benefits). Unless otherwise
stated in this Section 4, the effect of termination on any outstanding incentive awards, stock options, stock appreciation rights, performance units, or other incentives shall be governed by
the terms of the applicable benefit or incentive plan and/or the agreements governing such incentives. At the time of termination of employment, the Employer and the Executive shall enter into a
mutually satisfactory form of release acknowledging such remaining obligations and discharging both parties, as well as the Employer's officers, directors and employees with respect to their actions
for or on behalf of the Employer, from any other claims or obligations arising out of or in connection with the Executive's employment by the Employer, including the circumstances of such termination. 

        (j)    The
parties intend that the severance payments and other compensation provided for herein are reasonable compensation for the Executive's services to the Employer and
shall not constitute "excess parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986 and any regulations thereunder. In the event that the Employer's
independent accountants acting as auditors for the Employer on the date of a Change in Control determine that the payments provided for herein constitute "excess parachute payments," then the
compensation payable hereunder shall be reduced to an amount the value of which is $1.00 less than the maximum amount that could be paid to the Executive without the compensation being treated as
"excess parachute payments" under Section 280G. The allocations of the reduction required hereby among the termination benefits payable to the Executive shall be determined by the Executive. In
the event that the Bank becomes in troubled condition, any severance payment will be in conformance with federal and state regulating guidelines. 

        5.    Ownership of Work Product.    The Employer shall own all Work Product arising during the course of the
Executive's employment (prior, present or future). For purposes hereof, "Work Product" shall mean all intellectual property rights, including all Trade Secrets, U.S. and international copyrights,
patentable inventions, and other intellectual property rights in any programming, documentation, technology or other work product that relates to the Employer, its business or its customers and that
the Executive conceives, develops, or delivers to the Employer at any time during his employment, during or outside normal working hours, in or away from the facilities of the Employer, and whether or
not requested by the Employer. If the Work Product contains any materials, programming or intellectual property rights that the Executive conceived or developed prior to, and independent of, the
Executive's work for the Employer, the Executive agrees to point out the pre-existing items to the Employer and the Executive grants the Employer a worldwide, unrestricted,
royalty-free right, including the right to sublicense such items. The Executive agrees to take such actions and execute such further 

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acknowledgments
and assignments as the Employer may reasonably request to give effect to this provision. 

        6.    Protection of Trade Secrets.    The Executive agrees to maintain in strict confidence and, except as necessary
to perform his duties for the Employer, the Executive agrees not to use or disclose any Trade Secrets of the Employer during or after his employment. "Trade Secret" means information, including a
formula, pattern, compilation, program, device, method, technique, process, drawing, cost data or customer list, that: (i) derives economic value, actual or potential, from not being generally
known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value
from its disclosure or use; and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. 

        7.    Protection of Other Confidential Information.    In addition, the Executive agrees to maintain in strict
confidence and, except as necessary to perform his duties for the Employer, not to use or disclose any Confidential Business Information of the Employer during his employment and for a period of
24 months following termination of the Executive's employment. "Confidential Business Information" shall mean any internal, non-public information (other than Trade Secrets already
addressed above) concerning the Employer's financial position and results of operations (including revenues, assets, net income, etc.); annual and long-range business plans; product or
service plans; marketing plans and methods; training, educational and administrative manuals; customer and supplier information and purchase histories; and employee lists. The provisions of Sections 6
and 7 shall also apply to protect Trade Secrets and Confidential Business Information of third parties provided to the Employer under an obligation of secrecy. 

        8.    Return of Materials.    The Executive shall surrender to the Employer, promptly upon its request and in any
event upon termination of the Executive's employment, all media, documents, notebooks, computer programs, handbooks, data files, models, samples, price lists, drawings, customer lists, prospect data,
or other material of any nature whatsoever (in tangible or electronic form) in the Executive's possession or control, including all copies thereof, relating to the Employer, its business, or its
customers. Upon the request of the Employer, the Executive shall certify in writing compliance with the foregoing requirement. 

        9.    Restrictive Covenants.    

        (a)   No Solicitation of Customers.    During the Executive's employment with the Employer and for a period of
12 months thereafter, the Executive shall not (except on behalf of or with the prior written consent of the Employer), either directly or indirectly, on the Executive's own behalf or in the
service or on behalf of others, (A) solicit, divert, or appropriate to or for a Competing Business, or (B) attempt to solicit, divert, or appropriate to or for a Competing Business, any
person or entity that is or was a customer of the Employer or any of its Affiliates at any time during the 12 months prior to the date of termination and with whom the Executive has had
material contact. 

        (b)   No Recruitment of Personnel.    During the Executive's employment with the Employer and for a period of
12 months thereafter, the Executive shall not, either directly or indirectly, on the Executive's own behalf or in the service or on behalf of others, (A) solicit, divert, or hire away,
or (B) attempt to solicit, divert, or hire away, to any Competing Business located in the Territory, any employee of or consultant to the Employer or any of its Affiliates, regardless of
whether the employee or consultant is full-time or temporary, the employment or engagement is pursuant to written agreement, or the employment is for a determined period or is at will. 

        (c)   Non-Competition Agreement.    During the Executive's employment with the Employer and for a period
of 12 months thereafter, the Executive shall not (without the prior written consent of the Employer) compete with the Employer or any of its Affiliates by, directly or indirectly, 

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forming,
serving as an organizer, director or officer of, or consultant to, or acquiring or maintaining more than a 1% passive investment in, a depository financial institution or holding company
therefor if such depository institution or holding company has one or more offices or branches located in the Territory. Notwithstanding the foregoing, the Executive may serve as an officer of or
consultant to a depository institution or holding company therefor even though such institution operates one or more offices or branches in the Territory, if the Executive's employment does not
directly involve, in whole or in part, the depository financial institution's or holding company's operations in the Territory. 

        10.    Independent Provisions.    The provisions of the above Sections 9(a), 9(b) and 9(c) are independent, and the
unenforceability of any one provision shall not affect the enforceability of any other provision. 

        11.    Successors; Binding Agreement.    The rights and obligations of this Agreement shall bind and inure to the
benefit of the surviving corporation in any merger or consolidation in which the Employer is a party, or any assignee of all or substantially all of the Employer's business and properties. The
Executive's rights and obligations under this Agreement may not be assigned by him, except that his right to receive accrued but unpaid compensation, unreimbursed expenses and other rights, if any,
provided under this Agreement which survive termination of this Agreement shall pass after death to the personal representatives of his estate. 

        12.    Notice.    For the purposes of this Agreement, notices and all other communications provided for in the
Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or sent by certified mail, return receipt requested, postage prepaid, addressed to the respective
addresses last given by each party to the other; provided, however, that all notices to the Employer
shall be directed to the attention of the Employer with a copy to the Secretary of the Employer. All notices and communications shall be deemed to have been received on the date of delivery thereof. 

        13.    Governing Law.    This Agreement shall be governed by and construed and enforced in accordance with the laws of
the State of South Carolina without giving effect to the conflict of laws principles thereof. Any action brought by any party to this Agreement shall be brought and maintained in a court of competent
jurisdiction in State of South Carolina. 

        14.    Non-Waiver.    Failure of the Employer to enforce any of the provisions of this Agreement or any
rights with respect thereto shall in no way be considered to be a waiver of such provisions or rights, or in any way affect the validity of this Agreement. 

        15.    Enforcement.    The Executive agrees that in the event of any breach or threatened breach by the Executive of
any covenant contained in Section 9(a), 9(b), or 9(c) hereof, the resulting injuries to the Employer would be difficult or impossible to estimate accurately, even though irreparable injury or
damages would certainly result. Accordingly, an award of legal damages, if without other relief, would be inadequate to protect the Employer. The Executive, therefore, agrees that in the event of any
such breach, the Employer shall be entitled to obtain from a court of competent jurisdiction an injunction to restrain the breach or anticipated breach of any such covenant, and to obtain any other
available legal, equitable, statutory, or contractual relief. Should the Employer have cause to seek such relief, no bond shall be required from the Employer, and the Executive shall pay all
attorney's fees and court costs which the Employer may incur to the extent the Employer prevails in its enforcement action. 

        16.    Saving Clause.    The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision or clause of this Agreement, or portion thereof, shall be held by any
court or other tribunal of competent jurisdiction to be illegal, void, or unenforceable in such jurisdiction, the remainder of such provision shall not be thereby affected and shall be given full
effect, 

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without
regard to the invalid portion. It is the intention of the parties that, if any court construes any provision or clause of this Agreement, or any portion thereof, to be illegal, void, or
unenforceable because of the duration of such provision or the area or matter covered thereby, such court shall reduce the duration, area, or matter of such provision, and, in its reduced form, such
provision shall then be enforceable and shall be enforced. The Executive and the Employer hereby agree that they will negotiate in good faith to amend this Agreement from time to time to modify the
terms of Sections 9(a), 9(b), or 9(c) the definition of the term "Territory," and the definition of the term "Business," to reflect changes in the Employer's business and affairs so that the scope of
the limitations placed on the Executive's activities by Section 9 accomplishes the parties' intent in relation to the then current facts and circumstances. Any such amendment shall be effective
only when completed in writing and signed by the Executive and the Employer. 

        17.    Certain Definitions.    

        (a)   "Affiliate" shall mean any business entity controlled by, controlling or under common control with the Employer. 

        (b)   "Business" shall mean the operation of a depository financial institution, including, without limitation, the
solicitation and acceptance of deposits of money and commercial paper, the solicitation and funding of loans and the provision of other banking services, and any other related business engaged in by
the Employer or any of its Affiliates as of the date of termination. 

        (c)   "Cause" shall consist of any of (A) the commission by the Executive of a willful act (including, without
limitation, a dishonest or fraudulent act) or a grossly negligent act, or the willful or grossly negligent omission to act by the Executive, which is intended to cause, causes or is reasonably likely
to cause material harm to the Employer (including harm to its business reputation), (B) the indictment of the Executive for the commission or perpetration by the Executive of any felony or any
crime involving dishonesty, moral turpitude or fraud, (C) the material breach by the Executive of this Agreement that, if susceptible of cure, remains uncured ten days following written notice
to the Executive of such breach, (D) the receipt of any form of notice, written or otherwise, that any regulatory agency having jurisdiction over the Employer intends to institute any form of
formal or informal (e.g., a memorandum of understanding which relates to the Executive's performance) regulatory action against the Executive or the
Employer or the Employer (provided that the Board of Directors determines in good faith that the subject matter of such action involves acts or
omissions by or under the supervision of the Executive or that termination of the Executive would materially advance the Employer's compliance with the purpose of the action or would materially assist
the Employer in avoiding or reducing the restrictions or adverse effects to the Employer related to the regulatory action); (E) the exhibition by the Executive of a standard of behavior within
the scope of his employment that is materially disruptive to the orderly conduct of the Employer's business operations (including, without limitation, substance abuse or sexual misconduct) to a level
which, in the Board of Directors' good faith and reasonable judgment, with the Executive abstaining from participating in the consideration of and vote on the matter, is materially detrimental to the
Employer's best interest, that, if susceptible of cure remains uncured ten days following written notice to the Executive of such specific inappropriate behavior; or (F) the failure of the
Executive to devote his full business time and attention to his employment as provided under this Agreement that, if susceptible of cure, remains uncured 30 days following written notice to the
Executive of such failure. In order for the Board of Directors to make a determination that termination shall be for Cause, the Board must provide the Executive with an opportunity to meet with the
Board in person. 

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        (d)   "Change in Control" shall mean the occurrence during the Term of any of the following events, unless such event is a
result of a Non-Control Transaction: 

          (i)  The
individuals who, as of the date of this Agreement, are members of the Board of Directors of the Company (the "Incumbent Board") cease for any reason to constitute
at least 50% of the Board of Directors of the Company; provided, however, that if the election, or
nomination for election by the Company's shareholders, of any new director was approved in advance by a vote of at least 50% of the Incumbent Board, such new director shall, for purposes of this
Agreement, be considered as a member of the Incumbent Board; provided, further, that no individual shall
be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened election contest, or other actual or threatened solicitation of
proxies or consents by or on behalf of any person other than the Board of Directors of the Company, including by reason of any agreement intended to avoid or settle any election contest or proxy
contest. 

         (ii)  An
acquisition (other than directly from the Company) of any voting securities of the Company (the "Voting Securities") by any "Person" (as the term "person" is used
for purposes of Section 13(d) or
14(d) of the Exchange Act) immediately after which such Person has "Beneficial Ownership" (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the
combined voting power of the Company's then outstanding Voting Securities; provided, however, that in
determining whether a Change in Control has occurred, Voting Securities which are acquired in a Non-Control Acquisition shall not constitute an acquisition which would cause a Change in
Control. 

        (iii)  Consummation
of: (i) a merger, consolidation, or reorganization involving the Company; (ii) a complete liquidation or dissolution of the Company; or
(iii) the sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a Subsidiary). 

        (iv)  A
notice of an application is filed with the South Carolina Board of Financial Institutions or the Federal Reserve Board or any other bank or thrift regulatory approval
(or notice of no disapproval) is granted by the Federal Reserve, South Carolina Board of Financial Institutions, the OCC, the Federal Deposit Insurance Corporation, or any other regulatory authority
for permission to acquire control of the Company or any of its banking subsidiaries; provided that if the application is filed in connection with a transaction which has been approved by the Board,
then the Change in Control shall not be deemed to occur until consummation of the transaction. 

        (e)   "Competing Business" shall mean any business that, in whole or in part, is the same or substantially the same as the
Business. 

        (f)    "Good Reason" shall mean the occurrence after a Change in Control of any of the events or conditions described in
subsections (i) through (viii) hereof: 

          (i)  a
change in the Executive's status, title, position or responsibilities (including reporting responsibilities) which, in the Executive's reasonable judgment, represents
an adverse change from his status, title, position or responsibilities as in effect at any time within ninety days preceding the date of a Change in Control or at any time thereafter; the assignment
to the Executive of any duties or responsibilities which, in the Executive's reasonable judgment, are inconsistent with his status, title, position or responsibilities as in effect at any time within
ninety days preceding the date of a Change in Control or at any time thereafter; any removal of the Executive from or failure to reappoint or reelect his to any of such offices or positions, except in
connection with the termination of his employment for Disability or Cause, as a result of his death, or by the Executive other than for Good Reason, 

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or
any other change in condition or circumstances that in the Executive's reasonable judgment makes it materially more difficult for the Executive to carry out the duties and responsibilities of his
office than existed at any time within ninety days preceding the date of Change in Control or at any time thereafter; 

         (ii)  a
reduction in the Executive's base salary or any failure to pay the Executive any compensation or benefits to which he is entitled within five days of the date due; 

        (iii)  the
Employer's requiring the Executive to be based at any place outside a 30-mile radius from the executive offices occupied by the Executive immediately
prior to the Change in Control, except for reasonably required travel on the Employer's business which is not materially greater than such travel requirements prior to the Change in Control; 

        (iv)  the
failure by the Employer to (A) continue in effect (without reduction in benefit level and/or reward opportunities) any material compensation or employee
benefit plan in which the Executive was participating at any time within ninety days preceding the date of a Change in Control or at any time thereafter, unless such plan is replaced with a plan that
provides substantially equivalent compensation or benefits to the Executive, or (B) provide the Executive with compensation and benefits, in the aggregate, at least equal (in terms of benefit
levels and/or reward opportunities) to those provided for under each other employee benefit plan, program and practice in which the Executive was participating at any time within ninety days preceding
the date of a Change in Control or at any time thereafter; 

         (v)  the
insolvency or the filing (by any party, including the Company or the Bank) of a petition for bankruptcy of the Company or the Bank, which petition is not dismissed
within sixty days; 

        (vi)  any
material breach by the Employer of any material provision of this Agreement; 

       (vii)  any
purported termination of the Executive's employment for Cause by the Employer which does not comply with the terms of this Agreement; or 

      (viii)  the
failure of the Employer to obtain an agreement, satisfactory to the Executive, from any successor or assign to assume and agree to perform this Agreement, as
contemplated in Section 11 hereof. 

        Any
event or condition described in clause (i) through (viii) above which occurs prior to a Change in Control but which the Executive reasonably demonstrates (A) was
at the request of a third party, or (B) otherwise arose in connection with, or in anticipation of, a Change in Control which actually occurs, shall constitute Good Reason for purposes of this
Agreement, notwithstanding that it occurred prior to the Change in Control. The Executive's right to terminate his employment for Good Reason shall not be affected by his incapacity due to physical or
mental illness. 

        (g)   "Non-Control Transaction" shall mean a transaction described below: 

          (i)  the
shareholders of the Company, immediately before such merger, consolidation or reorganization, own, directly or indirectly, immediately following such merger,
consolidation or reorganization, at least 50% of the combined voting power of the outstanding voting securities of the corporation resulting from such merger, consolidation or reorganization (the
"Surviving Corporation") in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or reorganization; and 

         (ii)  immediately
following such merger, consolidation or reorganization, the number of directors on the board of directors of the Surviving Corporation who were members of
the Incumbent Board shall at least equal the number of directors who were affiliated with or appointed by the other party to the merger, consolidation or reorganization. 

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        (h)   "Territory" shall mean a radius of 30 miles from (i) the main office of the Employer or (ii) any branch
office of the Employer. 

        (i)    "Notice of Termination" shall mean a written notice of termination from the Employer or the Executive which specifies an
effective date of termination, indicates the specific termination provision in this Agreement relied upon, and, in the case of a termination for Good Reason or for Cause, sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated. 

        18.    Entire Agreement.    This Agreement constitutes the entire agreement between the parties hereto and supersedes
all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof. 

        19.    Counterparts.    This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument. 

        IN
WITNESS WHEREOF, the Employer has caused this Agreement to be executed and its seal to be affixed hereunto by its officers thereunto duly authorized, and the Executive has signed and
sealed this Agreement, effective as of the date first above written. 

	 	 	 	 	Independence Bancshares, Inc.
	

ATTEST:	
 	

 	
 	

 
	

By:	
 	

    
	
 	

By:	
 	

/s/  LAWRENCE R. MILLER      

	Name:	 	    
	 	Name:	 	Lawrence R. Miller

	 	 	 	 	Title:	 	Chief Executive Officer

	

 	
 	

 	
 	

EXECUTIVE
	

 	
 	

 	
 	

/s/  SCHAEFER M. CARPENTER      
 Schaefer M. Carpenter

10

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Exhibit 10.7

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Exhibit 10.8    
    

INDEPENDENCE BANCSHARES, INC.  

 2,500,000 Shares of Common Stock

($0.01 par value)  

 SELLING AGENCY AGREEMENT  

                        ,
2005 

FIG
Partners, L.L.C.

1545 Peachtree Street

Suite 650

Atlanta, Georgia 30309 

Gentlemen: 

        Independence
Bancshares, Inc., a South Carolina corporation (the "Company") and proposed holding company for Independence National Bank, a national banking association (the
"Bank"), proposes to employ FIG Partners, L.L.C. ("you" or the "Selling Agent"), as agent of the Company, to assist as requested by the Company in the sale on a best-efforts basis of up to
2,500,000 shares (the "Shares") of the Company's common stock, par value $0.01 per share (the "Common Stock"), in a public offering (the "Offering"). 

        You
have advised the Company (a) that you are authorized to enter into this Agreement and (b) that you are willing to sell the Shares on a best-efforts basis as
agent for the Company. 

        In
consideration of the mutual agreements contained herein and of the interests of the parties in the transactions contemplated hereby, the Company and the Selling Agent hereby agree as
follows: 

        1.    Representations, Warranties, and Covenants of the Company.    The Company represents, warrants, and covenants as
follows: 

        (a)   The
Company has prepared and filed with the Securities and Exchange Commission (the "SEC") in accordance with the provisions of the Securities Act of 1933 and the rules
and regulations of the SEC thereunder (collectively, the "Securities Act"), a registration statement on Form SB-2 (File No. 333-            ) for the registration of
the Shares under the Securities Act. Such registration statement as amended at the time that it becomes effective is referred to collectively in this Agreement as the "Registration Statement," and the
prospectus in the form filed with the SEC as part of the Registration Statement or pursuant to its Rule 424(b), if any, after the Registration Statement has been declared effective is referred
to collectively as the "Prospectus." If the Company files an abbreviated registration statement to register additional Shares pursuant to Rule 462(b) under the Securities Act (the "462(b)
Registration Statement") then any reference herein to the Registration Statement shall also be deemed to include such 462(b) Registration Statement. 

        (b)   The
Registration Statement in the form in which it becomes effective and also in such form as it may be when any post-effective amendment thereto shall
become effective, and the Prospectus filed as part of the Registration Statement and in the form first filed with the SEC under its Rule 424(b), if any, and when any supplement thereto is filed
with the SEC, will comply in all material respects with the provisions of the Securities Act and will not contain at any such times an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this representation and warranty does not apply to statements in or omissions
from information relating to the Selling Agent in the section of the Prospectus entitled "Plan of Distribution" that were made in reliance upon and conformity with information furnished to the Company
in writing by the Selling Agent expressly for use therein. 

 

        (c)   No
stop order suspending the effectiveness of the Registration Statement has been issued and no proceeding for that purpose has been instituted or, to the knowledge of
the Company, threatened by the SEC or the securities authority of any state or other jurisdiction. No order preventing or suspending the use of any Prospectus, including any preliminary prospectus,
has been issued and no proceeding for that purpose has been instituted or, to the knowledge of the Company, threatened by the SEC or the securities authority of any state or other jurisdiction. 

        (d)   The
Company has the capitalization set forth in the Prospectus under the caption "Capitalization." All of the outstanding shares of Common Stock conform to the
description of the Common Stock under the caption "Description of Capital Stock" in the Prospectus and are duly authorized and validly issued, fully paid and nonassessable and free of preemptive or
similar rights. The Shares to be issued and sold by the Company have been duly authorized, and upon delivery to the purchasers thereof against payment therefor in accordance with the terms of the
Offering as set forth in the Prospectus and the terms hereof, will have been validly issued and fully paid and will be nonassessable and free of preemptive or similar rights; and the Common Stock
conforms in all material respects to the description thereof in the Registration Statement and the Prospectus (or any amendment or supplement thereto). None of the Company's issued and outstanding
shares of Common Stock were issued in violation of the Securities Act. Except as disclosed in the Prospectus, there are no outstanding warrants, options or similar rights of any kind to acquire shares
of the capital stock of the Company. 

        (e)   The
Company has been duly incorporated, is validly existing as a corporation under the laws of the State of South Carolina and has full power and authority to own or
lease its properties and conduct its business as described in the Prospectus. The Bank is a national banking association in organization under the laws of the United States of America and, upon the
issuance of a charter by the Office of the Comptroller of the Currency (the "OCC"), will have full power and authority to own or lease its properties and conduct its business as described in the
Prospectus. The Company has full power and authority to enter into this Agreement and to perform its obligations hereunder. Neither the Company nor the Bank is required to be qualified to transact
business as a foreign corporation under the laws of any other jurisdiction. 

        (f)    Upon
the issuance of a charter by the OCC and the payment for the capital stock of the Bank, all of the issued shares of the Bank will be duly authorized and validly
issued, fully paid, and, except as may be applicable under the National Bank Act, nonassessable and will be owned beneficially by the Company free and clear of all liens, security interests, pledges,
charges, encumbrances, defects, shareholders' agreements, voting trusts, equities or claims of any nature whatsoever. The Company has made application: 

          (i)  to
the Board of Governors of the Federal Reserve System for approval to become a bank holding company and to acquire all of the shares of the Bank; 

         (ii)  to
the OCC, for approval to charter a national bank; and 

        (iii)  to
the Federal Deposit Insurance Corporation for approval for Federal Deposit Insurance for Bank deposits (each a "Regulatory Approval" and collectively, the
"Regulatory Approvals"). 

        The
Company and the Bank have obtained or have filed for all other material licenses, consents and approvals, and have satisfied or have taken all action required at this time to satisfy
all material eligibility and other similar requirements imposed by federal and state regulatory bodies, administrative agencies or other governmental bodies, agencies or officials, in each case
applicable to the conduct of the business in which they are engaged or are contemplated to be engaged as described in the Registration Statement. With respect to the Regulatory Approvals, as well as
all other material licenses, consents and approvals, and any other similar requirements that 

2

 

the
Company or the Bank does not have at this time, (i) all applications therefor are complete, accurate, and have been filed with the appropriate regulatory authorities, (ii) the
Company has received preliminary notice from the OCC that such application for Regulatory Approval will be approved, and (iii) the Company knows of no reason why all final Regulatory Approvals
will not be received prior to the time required. Other than the Bank, the Company does not own, directly or indirectly, any capital stock or other equity securities of any corporation or any ownership
interest in any partnership, joint venture or other association. 

        (g)   The
Company and the Bank have good and marketable title to all property described in the Prospectus as being owned by them, free and clear of all liens, claims, security
interests or other encumbrances except such as are described in the Registration Statement and the Prospectus (or any amendment or supplement thereto or in a document filed as an exhibit to the
Registration Statement) or such as are not material and do not interfere in any material respect with the use of the property or the conduct of the business of the Company and the Bank taken as a
whole, and any property held under lease by the Company or the Bank is held by them under valid and enforceable leases with only such exceptions as in the aggregate are not material and do not
interfere in any material respect with the conduct of the business of the Company and the Bank taken as a whole; provided that no representation or warranty is made hereby to the title of the lessor
of any such property. 

        (h)   There
are no legal or governmental proceedings pending, or, to the knowledge of the Company, threatened, required to be described in the Registration Statement or the
Prospectus (or any amendment or supplement thereto) that are not described as required, and there is no contract or document of a character required to be described in the Registration Statement or
the Prospectus or to be filed as an exhibit to the Registration Statement that is not described or filed as required. 

        (i)    Neither
the Company nor the Bank is in violation of its articles of incorporation or bylaws or articles of association, as the case may be. Neither the Company nor the
Bank is in default in the performance of any obligation, agreement or condition contained in any bond, debenture, note or any other evidence of indebtedness or in any agreement, indenture, lease or
other instrument to which the Company or the Bank is a party or by which its assets are bound, or in violation of any law, administrative regulation or ruling or court decree applicable to the Company
or the Bank or any of their properties,
which default or violation would, individually or in the aggregate, have a material adverse impact on (a) the financial position, business, or results of operations of the Company or the Bank,
taken as a whole, or (b) the ability of the Company to perform its obligations under this Agreement or to consummate the transactions contemplated by this Agreement ("Material Adverse Effect").
Neither the issuance nor the sale of the Shares nor the execution and delivery of this Agreement nor the performance of the obligations of the Company set forth herein nor the consummation of the
transactions herein contemplated requires any consent, approval, authorization or other order of any court, regulatory body, administrative agency or other governmental body (except such as may be
required in connection with the Regulatory Approvals and under the Securities Act, the rules of the National Association of Securities Dealers, Inc. ("NASD"), or other securities laws or Blue
Sky laws) or will conflict with the articles of incorporation or bylaws or articles of association, as the case may be, of the Company or the Bank, or constitute a breach or default under any
agreement, indenture or other instrument to which the Company or the Bank is a party or by which either of them or any of their property is bound, or any law, administrative regulation or ruling or
court decree applicable to the Company or the Bank or any of their properties, except for any such conflict, breach or default that would not have a Material Adverse Effect. 

        (j)    Except
as disclosed in the Registration Statement and the Prospectus (or any amendment or supplement thereto), subsequent to the respective dates as of which such
information is given in 

3

 

the
Registration Statement and the Prospectus (or any amendment or supplement thereto), the Company has not incurred any liability or obligation, direct or contingent, or entered into any transaction,
not in the ordinary course of business, that is material to the Company and the Bank taken as a whole, and there has not been any material change in the capital stock, or material increase in the
short-term debt or long-term debt, of the Company or the Bank, or any change or development that has or could reasonably be expected to have a Material Adverse Effect. 

        (k)   Elliott
Davis, LLC, which has audited certain of the financial statements filed with the SEC as part of the Registration Statement and the Prospectus, has consented in
writing to the inclusion of its report in the Prospectus and is an independent registered public accounting firm as required by the Securities Act. 

        (l)    The
Company's financial statements, together with related schedules and notes, forming part of the Registration Statement and the Prospectus, conform to the requirements
of the Securities Act and present fairly the financial position and the results of operations of the Company and the Bank at the respective dates or for the respective periods to which they apply;
such statements and related notes have been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods involved, except as disclosed therein; and
the other financial and statistical information and data set forth in the Registration Statement and the Prospectus is fairly presented and prepared on a basis consistent with such financial
statements and the books and records of the Company and the Bank. The Company and the Bank have no material contingent obligations that are not disclosed in the Registration Statement and the
Prospectus, as they may be amended or supplemented. 

        (m)  No
holders of securities of the Company have rights to the registration of such securities in the Offering. 

        (n)   The
Company and the Bank have filed all federal, state and foreign income tax returns that have been required to be filed and have paid all taxes indicated by such
returns and all assessments received by them to the extent that such taxes have become due, and are not being contested in good faith. 

        (o)   No
labor dispute with the employees of the Company or the Bank exists, or, to the knowledge of the Company, is imminent or threatened. 

        (p)   Prior
to the opening of the Bank, the Company and the Bank will be insured by insurers of recognized financial responsibility against such losses and risks and in such
amounts as are prudent and customary in the business in which it is engaged; all policies of insurance and fidelity or surety bonds insuring the Company and the Bank and their businesses, assets,
employees, officers and directors will be in full force and effect; the Company and the Bank will be in compliance with the terms of such policies and instruments in all material respects; and there
will be no claims by the Company or the Bank under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; the Company
and the Bank have not been refused any insurance coverage sought or applied for; and the Company and the Bank have no reason to believe that they will not be able to renew the insurance coverage which
will be in place when the Bank opens as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue their businesses at a cost that would not
have a material adverse effect on the condition (financial or otherwise), prospects, earnings, business or properties of them, whether or not arising from transactions in the ordinary course of
business, except as set forth in or contemplated in the Prospectus (exclusive of any amendment or supplement thereto). 

        (q)   Prior
to the opening of the Bank, the Company and the Bank will maintain a system of internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are 

4

 

executed
in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and
(iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

        (r)   The
Company has not taken, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the
Exchange Act or otherwise,
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares. 

        (s)   No
relationship, direct or indirect, exists between or among the Company on the one hand, and the directors, officers, shareholders, customers or suppliers of the
Company on the other hand, that is required to be described in the Prospectus that is not so fully and accurately described. 

        (t)    To
the knowledge of the Company, except as previously disclosed to the Selling Agent, there are no affiliations or associations (as such terms are defined by the NASD)
between any member of the NASD and any of the Company's executive officers or directors. 

        (u)   The
Company is not and, after giving effect to the offer and sale of the Shares, will not be an "investment company" or an entity "controlled" by an "investment
company," as such terms are defined in the Investment Company Act of 1940. 

        (v)   Any
statistical and market-related data included in the Prospectus are based on or derived from sources that the Company believes to be reliable and accurate, and the
Company has obtained the written consent to the use of such data from such sources to the extent required. 

        (w)  The
Company does not have any employee benefit plans subject to the Employee Retirement Income Security Act of 1974. 

        (x)   The
Company has not distributed any offering materials or made any representation in connection with the Offering, written or oral, other than as contained in, or in the
case of oral communications, consistent with, the Prospectus or the Registration Statement and other than advertisements permitted under Rule 134 under the Securities Act. 

        (y)   There
is no person or entity, other than the Selling Agent or any dealer selected by the Selling Agent (which dealers shall be compensated by the Selling Agent), that is
entitled to a finder's fee or any type of brokerage commission in connection with the transactions contemplated by this Agreement as a result of any agreement or understanding with the Company. 

        (z)   Prior
to the date that the Company is required to commence filing reports pursuant to the Securities Exchange Act of 1934 (the "Exchange Act") and the rules and
regulations of the SEC thereunder, the Company will establish and maintain disclosure controls and procedures (as such term is defined in Rule 13a-15 and 15d-15 under
the Exchange Act); such disclosure controls and procedures (i) will be designed to ensure that material information relating to the Company and its Subsidiaries is made known to the Company's
Chief Executive Officer and its Chief Financial Officer by others within those entities, particularly during the periods in which the periodic reports required under the Exchange Act are being
prepared; (ii) will be evaluated for effectiveness as of the end of the period covered by the Company's most recent annual or quarterly report filed with the SEC; and (iii) will be
effective to perform the functions for which they are established; the Company's auditors and the Audit Committee of the Board of Directors will be advised of: (A) any significant deficiencies
in the design or operation of the Company's internal control over financial reporting which could adversely affect the Company's ability to 

5

 

record,
process, summarize, and report financial data and (B) any fraud, whether or not material, that involves management or other employees who have a role in the Company's internal control
over financial reporting. 

        (aa)    This
Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding obligation of the Company, enforceable in accordance with its
terms subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws relating to or affecting the enforcement of creditors' rights generally and to
general equitable principles, and except as the enforceability of rights to indemnity and contribution under this Agreement may be limited under applicable securities laws or the public policy
underlying such laws. 

        2.    Appointment of Selling Agent; Sale of the Shares.    

        (a)   The
Company hereby appoints the Selling Agent as its nonexclusive agent for the purpose of selling, in accordance with the terms and conditions hereof, the Shares in
states selected by the Company which require the sale to be made through a registered broker/dealer and on an as-requested basis with respect to other sales in the Offering. On the basis
of the representations, warranties and agreements herein contained, but subject to the terms and conditions hereof, the Selling Agent hereby accepts such agency and agrees to sell the Shares on these
terms and conditions. Until the conditions for breaking escrow described in the Prospectus are met, all subscription funds, other than from the Company's organizers, shall be directed to the Company's
escrow agent, The Bankers Bank (the "Escrow Agent"), and the Selling Agent will be obligated to transmit any subscription funds it receives to the Escrow Agent by noon of the next business day after
receipt. After the such conditions for breaking escrow have been met, the Selling Agent will be obligated to transmit any subscription funds it receives to the Company by noon of the next business day
after receipt. For purposes of this Agreement, a "business day" is any day other than a Saturday, Sunday or day when the New York Stock Exchange is not open for normal trading. If any action is
required to occur on a day that is not a business day, it shall be required to occur on the next day which is a business day. The obligations of the Selling Agent shall terminate upon the sooner of:
(i) if any Shares are sold in the Offering and the Company terminates such Offering thereafter; (ii) upon the
termination or abandonment of the Offering by the Company; or (iii) upon the final expiration date of the Offering, December 31, 2005. In addition, the Selling Agent may terminate this
Agreement at any time in its sole discretion if the Company fails to satisfy the following conditions: (i) the Company shall give the Selling Agent access to its books, records and management
as the Selling Agent deems necessary or appropriate to the Selling Agent's satisfaction; or (ii) from and after December 31, 2004 through the last closing date of the Offering, the
Company shall furnish to the Selling Agent unaudited quarterly financial statements as well as the other reports required herein, which financial statements and reports shall be satisfactory to the
Selling Agent. 

        (b)   The
Registration Statement covers the issuance of up to 2,500,000 shares in the Offering. However, the Company retains the right in its sole discretion to determine the
number of shares to issue and sell in the Offering. The Selling Agent acknowledges that the Offering will be made primarily by the Company's executive officers and directors. The Selling Agent agrees
to serve as the qualifying broker/dealer to sell the Shares in states selected by the Company which require that the sale be made through a registered broker/dealer. The Company currently contemplates
that these states will include North Carolina, Virginia, Oklahoma, Florida, and Texas. In addition, the Company may request in writing that the Selling Agent assist in selling Shares in additional
states in which the Company has registered to close out the Offering. Shares shall be offered and sold in the Offering only to persons approved by the Company and only in states selected by the
Company. All sales in the Offering will be made at the price per share set forth on the cover page of the final Prospectus for the Offering (the "Offering Price"). In consideration for the Selling 

6

 

Agent's
efforts under this Agreement, and subject to the release to the Company of subscription proceeds for the Shares by the Escrow Agent, the Company agrees to pay the Selling Agent a fee equal to
the greater of $100,000 or 5.5% of the Offering Price of all Shares sold through the Selling Agent in the Offering (the "Selling Agent Fee"), payable upon the Closing Date (as defined in
Section 3). The Selling Agent will not receive any fee or other payment with respect to Shares sold by the Company's executive officers or directors or by any other sales agents which may
participate in the Offering. 

        3.    Payment and Delivery.    Unless otherwise agreed by the Company and the Selling Agent, once the Company achieves
the conditions to the Offering set forth in the Prospectus, the initial closing ("Closing") of the sale of the Shares will occur at the offices of the Company or at such other place as shall be
mutually agreed upon by the Company and the Selling Agent at a time mutually agreed upon by the Company and the Selling Agent ("Closing Date"). At the Closing, all funds held by the Escrow Agent in
payment for the Shares shall be disbursed to the Company, and the Company shall pay to the Selling Agent its commissions and out-of-pocket expenses incurred through such date
in accordance with Section 6 and not previously reimbursed to the Selling Agent. In addition, the Company will deliver to the Selling Agent or mail to the purchasers of such Shares on the
Selling Agent's instructions all certificates evidencing all such Shares. Certificates for such Shares shall be in such denominations and registered in such name or names as requested by the
subscribers therefor. The Company will permit the Selling Agent, upon its written request, on or before the first business day prior to the Closing Date, to examine and package such certificates for
delivery. However, the Selling Agent shall have no obligation to inspect, confirm or verify the delivery of share certificates at the Closing. Any such certificates will be delivered by the Company to
its transfer agent. If Shares are sold and paid for after the Closing Date, then on a weekly basis or from time to time as agreed by you and the Company, the Company shall pay the Selling Agent Fee
due, if any, with respect to such
Shares by wire transfer or certified check drawn to the order of the Selling Agent in immediately available funds. The Company shall cause the issuance and delivery of definitive stock certificates
for any Shares sold and paid for after the Closing Date in accordance with the instructions of the subscriber therefor. On the Closing Date, the Company shall deliver to the Selling Agent:
(i) the certificates required hereby and other documents deemed reasonably necessary by the Selling Agent and (ii) payment of the Selling Agent Fee due to the Selling Agent by wire
transfer or certified check drawn to the order of the Selling Agent in immediately available funds. The Selling Agent shall pay any portion of the Selling Agent Fee due to each selected dealer by wire
transfer or certified or bank cashier's check drawn to the order of such selected dealer in immediately available funds. 

        4.    Sales by the Selling Agent.    The Selling Agent represents, covenants, and agrees with the Company as follows: 

        (a)   It
is understood that, after the Registration Statement becomes effective and at the request of the Company, the Selling Agent proposes to sell the Shares to the public
as agent for the Company upon the terms and conditions set forth in the Prospectus in states selected by the Company which require that the sale be made through a registered broker/dealer and
otherwise as requested in writing by the Company. 

        (b)   The
Sales Agent will maintain an accurate record of all orders to purchase Shares and funds received, including the name, address and social security or taxpayer
identification number of each prospective purchaser and the manner in which the stock certificate is to be issued. 

        (c)   The
Sales Agent is registered with the SEC as a broker-dealer and is a member in good standing with the NASD, and the Sales Agent and all its agents and representatives
have or will have all required licenses and registrations to perform its obligations under this Agreement; and such registrations, membership and licenses will remain in effect during the term of this
Agreement. The Selling Agent acknowledges that the Company currently contemplates that using 

7

 

the
Selling Agent to sell Shares in North Carolina, Virginia, Oklahoma, Florida, and Texas. The Selling Agent confirms that it is licensed to sell securities in each of these states. 

        (d)   The
Sales Agent agrees that, in performing its obligations under this Agreement, the Sales Agent will comply with all applicable statutes and the rules and regulations
of the NASD and any other federal or state governmental agency which are applicable to it, including Rule 15c2-4 and interpretations thereunder, including Notice to Members
84-7. With the Company's prior written consent, the Selling Agent may engage one or more other broker/dealers to participate in the Offering as selected dealers. Only broker/dealers who
are either (i) members in good standing of the NASD that are registered with the NASD and maintain net capital pursuant to Rule 15c3-1 promulgated under the Exchange Act of
not less than $25,000 or (ii) dealers
with their principal places of business located outside the United States, its territories and its possessions and not registered as brokers or dealers under the Exchange Act, who have agreed not to
make any sales within the United States, its territories or its possessions or to persons who are nationals thereof or residents therein, shall be designated selected dealers by the Selling Agent. The
Selling Agent shall require all selected dealers to comply with Rule 15c2-4 and such interpretations. 

        (e)   This
Agreement has been duly and validly authorized, executed and delivered by the Sales Agent and is its valid and binding agreement and obligation. 

        5.    Covenants of the Company.    The Company covenants and agrees with the Selling Agent as follows: 

        (a)   The
Company will notify you promptly and, if requested by you, will confirm such advice in writing: (i) when the Registration Statement and any amendment thereto
shall have become effective or any supplement to the Prospectus shall have been filed; (ii) of any request by the SEC for amendments or supplements to the Registration Statement or the
Prospectus or for additional information; (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or of the suspension of qualification of
the Shares for offering or sale in any jurisdiction, or the initiation or contemplation of any proceeding for such purposes; and (iv) within the period of time referred to in
Section 5(d) below, of the happening of any event that makes any statement made in the Registration Statement or the Prospectus (as then amended or supplemented) untrue in any material respect
or that requires the making of any addition to or change in the Registration Statement or the Prospectus (as then amended or supplemented) to state a material fact required to be stated therein or
necessary to make the statements therein not misleading or of the necessity to amend or supplement the Prospectus (as then amended or supplemented) to comply with the Securities Act or any other law.
If at any time the SEC shall issue any stop order suspending the effectiveness of the Registration Statement, the Company will use its reasonable best efforts to obtain the withdrawal of such order at
the earliest possible time. 

        (b)   The
Company will furnish you, without charge, as many copies of the Registration Statement as originally filed with the SEC and of each amendment thereto, including
financial statements and all exhibits thereto as you may reasonably request. 

        (c)   The
Company will permit the Selling Agent to review any proposed amendment or supplement to the Prospectus, and if the Company files any amendment to the Registration
Statement or makes any amendment or supplement to the Prospectus of which you shall not have been advised previously or to which you shall reasonably object in writing promptly after being so advised,
then the Selling Agent may terminate this Agreement. 

        (d)   On
the effective date of the Registration Statement and thereafter from time to time, for such period as in the opinion of counsel for the Selling Agent a prospectus is
required by law to be delivered in connection with sales by a Selling Agent or a dealer, the Company will deliver to you and each dealer through whom Shares may be sold without charge (except as
provided below) 

8

 

as
many copies of the Prospectus (and of any amendment or supplement thereto) as they may reasonably request. The Company consents to the use of such Prospectus (and of any amendment or supplement
thereto) in accordance with the provisions of the Securities Act and with the securities or Blue Sky laws of the jurisdictions in which the Shares are offered by the Selling Agent and by selected
dealers through whom Shares may be sold as authorized pursuant to this Agreement, both in connection with the offering or sale of the Shares and for such period of time thereafter as the Prospectus is
required by law to be delivered in connection therewith. If during such period of time any event shall occur that in the judgment of the Company, or in the opinion of counsel for the Selling Agent,
requires that a material fact be stated in the Prospectus (as then amended or supplemented) in order to make the statements therein, in light of the circumstances under which they were made, not
misleading, or if it is necessary to amend or supplement the Prospectus to comply with the Securities Act or any other law, the Company at its own expense (except as provided below) will forthwith
prepare and file with the SEC an appropriate amendment or supplement thereto, and will furnish to the Selling Agent and each dealer through whom Shares may be sold without charge (except as provided
below), a reasonable number of copies thereof. 

        (e)   The
Company will register or qualify the Shares for offer and sale by you and by selected dealers through whom Shares may be sold under the securities or Blue Sky laws
of such jurisdictions as the Company may designate and will file such consents to service of process or other documents as may be necessary in order to effect such registration or qualification. The
selection of the states in which to offer and sell Shares is within the Company's sole discretion. 

        (f)    The
Company will make generally available to its security holders an earnings statement, which need not be audited, covering a 12-month period commencing
after the effective date of the Registration Statement and ending no later than 15 months thereafter, as soon as practicable after the end of such period, which earnings statement shall satisfy
the provisions of Section 11(a) of the Securities Act and any applicable regulation. 

        (g)   During
the period of five years hereafter, the Company will furnish to you without charge: (i) as soon as available, a copy of each report of the Company mailed
to shareholders or filed with the SEC if such report is not immediately available on the SEC's EDGAR website and (ii) from time to time such other proper information concerning the business and
financial condition of the Company as you may reasonably request, subject to the requirements of Regulation FD. 

        (h)   The
Company will apply the net proceeds of the Offering in the manner set forth in the Prospectus, and any amendments or supplements thereto. 

        6.    Costs and Expenses.    Whether or not the transactions contemplated hereunder are consummated, the Company will
pay all costs and expenses incident to the performance by it of its obligations hereunder, including: (i) the preparation, printing and filing of the Registration Statement (including financial
statements and exhibits), each preliminary prospectus, the Prospectus and all amendments and supplements to any of the foregoing, during the period specified in Section 5(d) above but not
exceeding nine months after the date on which the Shares are first offered to the public; (ii) the preparation, printing, authentication, issuance and delivery of certificates for the Shares,
including any stamp tax in connection with the original issuance of the Shares; (iii) any filing fees and the fees and disbursements of counsel for the Company in connection with the
registration or qualification of the Shares for offer and sale under the securities or Blue Sky laws of the several states as provided in Section 5(e) above; (iv) the fees and expenses
of the Company's accountants and the fees and expenses of counsel for the Company; (v) during the period specified in Section 5(d) above but not exceeding nine months after the date on
which the Shares are first offered to the public, delivery to the Selling Agent and selected dealers through whom Shares may be sold (including 

9

 

postage,
air freight and the expenses of counting and packaging) of such copies of the Registration Statement, the Prospectus, each preliminary prospectus and amendments or supplements to the
Registration Statement and the Prospectus as may be requested for use by the Selling Agent or by selected dealers through whom Shares may be sold in connection with the offering and sale of the Shares
and during such period of time thereafter as the Prospectus is required, in the judgment of the Company or in the opinion of counsel for the Selling Agent, to be delivered in connection with the offer
and sale of the Shares by you and by selected dealers; (vi) filing fees with the NASD in connection with the Offering; (vii) the Company's expenses in connection with all informational
and/or investor due diligence meetings; and (viii) the performance by the Company of its other obligations under this Agreement. 

        Whether
or not the transactions contemplated hereunder are consummated, the Company will reimburse the Selling Agent for its costs and expenses in connection with the Offering, including
fees of counsel to the Selling Agent, travel and out-of-pocket expenses, up to an amount not to exceed $10,000 without the prior written consent of the Company. 

        7.    Conditions to the Obligations of the Selling Agent.    Your obligations hereunder are subject to the following
conditions: 

        (a)   That
the Registration Statement shall have become effective not later than 5:00 p.m. March 31, 2005 or at such later date and time as shall be consented to
by you. 

        (b)   That
subsequent to the effective date of the Registration Statement, there shall not have occurred any change, or any development involving a prospective change, in or
affecting particularly the condition (financial or otherwise), business, prospects, properties, net worth or results of operations of
the Company or the Bank not contemplated by the Prospectus (or any amendment or supplement thereto) that, in your opinion, would materially adversely affect the market for the Shares. 

        (c)   That
(i) no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been
instituted or, to the knowledge of the Company, shall be contemplated by the SEC at or prior to the Closing Date; (ii) there shall not have been any material change in the capital stock of the
Company nor any material increase in long-term debt of the Company or the Bank from that set forth or contemplated in the Registration Statement and the Prospectus (or any amendment or
supplement thereto); (iii) there shall not have been, since the respective dates as of which information is given in the Registration Statement and the Prospectus (or any amendment or
supplement thereto), except as may otherwise be stated in the Registration Statement and the Prospectus (or any amendment or supplement thereto), any material adverse change in the condition
(financial or otherwise), business, properties, net worth or results of operations of the Company and the Bank, taken as a whole; (iv) neither the Company nor the Bank shall have any material
liability or obligation, direct or contingent, other than those liabilities or obligations reflected in the Registration Statement and the Prospectus (or any amendment or supplement thereto) or
incurred or arising in the ordinary course of business; and (v) all of the representations and warranties of the Company contained in this Agreement shall be true and correct in all material
respects on and as of the date hereof and on and from the Closing Date through the date on which this Agreement is terminated, as if made on and as of such dates (provided that representations and
warranties which are confined to a specific date shall speak only as of such date), and you shall have received a certificate, dated the Closing Date and signed by the principal executive officer and
the principal financial officer of the Company, to the effect set forth in this Section 7(c) and Section 7(d) below. 

10

 

        (d)   That
the Company shall not have failed at or prior to the Closing Date to have performed or complied in any material respect with any of the agreements herein contained
and required to be performed or complied with by it at or prior to the Closing Date. 

        (e)   The
Company shall have furnished you such further certificates and documents confirming the representations and warranties contained herein and related matters as you
may reasonably have requested. 

        (f)    That
you shall have received on the Closing Date an opinion dated the Closing Date from Nelson Mullins Riley & Scarborough, L.L.P., counsel to the Company, in
form reasonably satisfactory to you and your counsel, as to matters reasonable and customary in transactions like the Offering contemplated by this Agreement. 

        8.    Conditions to the Obligations of the Company.    The obligations of the Company to pay any commissions to the
Selling Agent under this Agreement are subject to the conditions that the Registration Statement shall have become effective; at the Closing Date, no stop order suspending the effectiveness of the
Registration Statement shall have been issued and be then in effect or proceedings therefor initiated or threatened; the Selling Agent shall have transmitted to the Company or the Escrow Agent payment
for the Shares being sold by the Selling Agent; and the Company shall have approved at the Closing the sale to each such purchaser. The Company shall have the right in its sole discretion to determine
not to sell Shares to any particular proposed investor for any reason, whether the investor had been located by the Selling Agent or any other person, and in any such event the Company shall not owe
any sales commission or other payment to the Selling Agent (other than the minimum fee described in Section 2(b) to be paid upon the Closing) with respect to such proposed purchaser. 

        9.    Indemnification and Contribution.    

        (a)   The
Company agrees to indemnify and hold harmless the Selling Agent and each person, if any, who controls the Selling Agent within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages, liabilities or expenses (including reasonable costs of investigation) arising out of
or based upon any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or in the Registration Statement or the Prospectus or in any amendment or
supplement thereto, or arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as such losses, claims, damages, liabilities or expenses arise out of or are based upon any untrue statement or omission or alleged untrue statement based upon information
relating to the Selling Agent in the section of the Prospectus entitled "Plan of Distribution" that was made in reliance upon and conformity with information furnished in writing to the Company by or
on behalf of the Selling Agent expressly for use in connection therewith; provided that the indemnification contained in this paragraph with respect to any preliminary prospectus shall not inure to
the benefit of the Selling Agent (or any person controlling the Selling Agent) on account of any such loss, claim, damage, liability or expense arising from the sale of the Shares by the Selling Agent
to any person if a copy of the Prospectus shall not have been delivered or sent to such person with or prior to the written confirmation of the sale involved (or any supplement to the Prospectus at
the time of such confirmation was not so delivered or sent) and the statement or omission giving rise to such loss, claim, damage, liability or expense was contained in the preliminary prospectus and
corrected in the Prospectus (or any supplement thereto at the time such confirmation was delivered or sent). 

        (b)   If
any action or claim shall be brought against the Selling Agent or any person controlling the Selling Agent, in respect of which indemnity may be sought against the
Company in accordance with Section 9(a) above, the Selling Agent shall promptly notify the Company in 

11

 

writing,
and the Company shall assume the defense thereof, including the employment of counsel and payment of all reasonable fees and expenses. The Selling Agent or any such person controlling the
Selling Agent shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the reasonable fees and expenses of such counsel shall be at the expense of
the Selling Agent or such controlling person unless (i) the Company has agreed in writing to pay such fees and expenses; (ii) the Company has failed to assume the defense and employ
counsel; or (iii) the named parties to any such action (including any impleaded party) include both the Selling Agent or controlling person and the Company and representations of both parties
by the same counsel would be inappropriate due to actual or potential differing interests between them (in which case, if such Selling Agent or controlling person notifies the Company in writing that
it elects to employ separate counsel at the expense of the Company, the Company shall not have the right to assume the defense of such action on behalf of the Selling Agent or such controlling person,
it being understood, however, that the Company shall not, in connection with any such action or separate but substantially related actions in the same jurisdiction arising out of the same general
allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for the Selling Agent and controlling persons, which firm shall be
designated in writing by you). The Company shall not be liable for any settlement of any such action effected without the written consent of the Company, but if settled with such written consent, or
if there be a final judgment for the plaintiff in any such action, the Company agrees to indemnify and hold harmless the Selling Agent and any such controlling person from and against any loss,
liability, damage or expense by reason of such settlement or judgment. 

        (c)   The
Selling Agent agrees to indemnify and hold harmless the Company, its directors, its officers who sign the Registration Statement and any person controlling the
Company to the same extent as the foregoing indemnity from the Company to the Selling Agent, but only with respect to information in the section of the Prospectus entitled "Plan of Distribution" that
was furnished by or on behalf of the Selling Agent expressly for use in the Registration Statement, the Prospectus or any preliminary prospectus, or any amendment or supplement thereto. If any action
or claim shall be brought or asserted against the Company, its directors, any such officer or any such controlling person based on the Registration Statement, the Prospectus or any preliminary
prospectus, or any amendment or supplement thereto and in respect of which indemnity may be sought against the Selling Agent, the Selling Agent shall have the rights and duties given to the Company by
Section 9(b) above (except that if the Company shall have assumed the defense thereof, the Selling Agent shall not be required to do so, but may employ separate counsel therein and participate
in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Selling Agent), and the Company, its directors, any such officer, any such controlling person shall have
the rights and duties given to the Selling Agent by Section 9(b) above. 

        (d)   If
the indemnification of the Selling Agent or the Company provided for in this Section 9 is unavailable as a matter of law to the Selling Agent or the Company,
as the case may be, in respect of any loss, claim, damage, liability or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall
contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage, liability or expense (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company, as the case may be, on the one hand and the Selling Agent on the other from the Offering or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one
hand and of the Selling Agent on the other in connection with the statements or omissions that resulted in such loss, claim, damage, liability or expense, as well as any other relevant equitable
considerations. The relative benefits received by the Company on the one hand and the Selling Agent on the other shall be deemed to 

12

 

be
in the same proportion as the total net proceeds from the Offering (before deducting expenses) received by the Company, bear to the total selling commissions received by the Selling Agent as set
forth in the table on the cover page of the Prospectus (as amended or supplemented). The relative fault of the Company on the one hand and of the Selling Agent on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact related to information supplied by the
Company on the one hand or by the Selling Agent on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

        The
Company and the Selling Agent agree that it would not be just and equitable if contribution pursuant to this Section 9(d) were determined by pro rata allocation or by any
other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result
of the losses, claims, damages, liabilities and expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other
expenses actually and reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 9(d),
the Selling Agent shall not be required to contribute any amount in excess of the amount by which the total price at which the Shares sold by it as agent for the Company exceeds the amount of any
damages that the Selling Agent has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentations. 

        (e)   In
any proceeding relating to the Registration Statement, any preliminary prospectus, the Prospectus or any supplement or amendment thereto, each party against whom
contribution may be sought under this Section 9 hereby consents to the jurisdiction of any court having jurisdiction over any other contributing party, agrees that process issuing from such
court may be served upon him or it by any other contributing party and consents to the service of such process and agrees that any other contributing party may join him or it as an additional
defendant in any such proceeding in which such other contributing party is a party. 

        (f)    The
indemnity and contribution agreements contained in this Section 9 and the respective agreements, representations, warranties and other statements of the
Company or its officers and the Selling Agent set forth in or made pursuant to this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation made by or
on behalf of the Selling Agent or the Company or any person controlling the Selling Agent, the Company or its directors, officers (or any person controlling the Company), (ii) acceptance of any
Shares and payment therefor hereunder and (iii) any termination of this Agreement. A successor of the Selling Agent or the Company or its directors or officers referred to above (or of any
person controlling the Selling Agent or the Company) shall be entitled to the benefits of the indemnity, contribution and reimbursement agreements contained in this Section 9. 

        10.    Effective Date of Agreement.    This Agreement shall become effective when signed by the parties to it. 

        11.    Termination of Agreement.    

        (a)   This
Agreement shall be subject to termination pursuant to Section 2(a) hereof, or otherwise in your sole discretion, without liability on your part, by notice
given to the Company, if prior to the Closing Date: (i) trading in securities generally on the New York Stock Exchange or Nasdaq shall have been suspended or materially limited; (ii) a
general moratorium on commercial banking or thrift activities in South Carolina or the United States shall have been declared by 

13

 

either
federal or state authorities; or (iii) there shall have occurred any major outbreak or escalation of hostilities or other international or domestic calamity or crisis or major change in
political, financial or economic conditions, the effect of which on the financial markets of the United States is such as to make it, in your sole judgment, impracticable or inadvisable to proceed
with the Offering. Notice of such cancellation shall be given to the Company by telephone but shall be subsequently confirmed by letter. 

        (b)   If
this Agreement is terminated pursuant to this Section 11, such termination shall be without liability of any party to any other party except as provided in
Section 6 hereof relating to the payment of expenses and except that the provisions of Section 9 shall survive any termination of this Agreement. 

        12.    Notices.    All communications hereunder shall be in writing and, except as otherwise provided herein, will be
mailed, delivered or telecopied and confirmed as follows: if to the Selling Agent, to FIG Partners, L.L.C., 1545 Peachtree Street, Suite 650, Atlanta, Georgia 30309, Attention: Eric Lawless; if to the
Company, to Independence Bancshares, Inc., P.O. Box 1776, Greenville, South Carolina 29601, Attention: Lawrence R. Miller. 

        13.    Successors.    This Agreement has been and is made solely for the benefit of the Selling Agent, the Company and
their respective successors, executors, administrators, heirs and assigns, and the officers, directors and controlling persons referred to herein, and no other person will have any right or obligation
hereunder. The term "successor" shall not include any purchaser of the Shares merely because of such purchase. 

        14.    Entire Agreement; Amendment.    This Agreement represents the entire understanding of the parties hereto with
reference to the transactions contemplated hereby and supersedes any and all other oral or written agreements heretofore made. No waiver, amendment or other modification of this Agreement shall be
effective unless in writing and signed by the parties hereto. 

        15.    Severability.    Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction
shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or
affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the
provision shall be interpreted to be only so broad as is enforceable. 

        16.    Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 

        17.    Governing Law.    This Agreement shall be governed by, and construed in accordance with, the laws of the State
of South Carolina without reference to the conflict of laws principles thereof. 

[signature page follows ] 

14

 

        If
the foregoing letter is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicates hereof, whereupon it will become a binding
agreement between the Company and the Selling Agent in accordance with its terms. 

	 	 	 	 	Very truly yours,
	

 	
 	

 	
 	

INDEPENDENCE BANCSHARES, INC.
	

 	
 	

 	
 	

By:	
 	

    

	 	 	 	 	Name:	 	    

	 	 	 	 	Title:	 	    

	

The foregoing Selling Agency Agreement is hereby confirmed and accepted as of the date first above written.	
 	

 	
 	

 
	

FIG PARTNERS, L.L.C.	
 	

 	
 	

 
	

By:	
 	

    
	
 	

 	
 	

 
	Name:	 	    
	 	 	 	 
	Title:	 	    
	 	 	 	 

15

QuickLinks

Exhibit 10.8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]