Document:

Carolina Trust Bank 8-K12G3

 

Exhibit
10.07 

 

AMENDMENT
NUMBER TWO TO

EMPLOYMENT AGREEMENT

 

This
Amendment Number Two is made as of December 1, 2008, to the Employment Agreement dated as of June 6, 2006 (the “Agreement”),
by and between Carolina Trust Bank and Richard Rager (“Officer”). This Amendment is being made solely to conform the
provisions of the Agreement to the requirements of Section 409A and 280G(e) of the Internal Revenue Code of 1986, as amended (“Code”).

 

1.           Paragraph
10(e) of the Agreement is amended to read as follows:

 

“(e)             Such
amounts payable pursuant to this Paragraph 10 shall be paid in one lump sum within sixty (60 days) following termination of
this Agreement.”

 

2.           The
Agreement is amended by adding the following Paragraphs 15, 16 and 17:

 

“15.       Delayed Payments to Specified Employee of Publicly Traded Corporation. If the Officer qualifies
as a “specified employee” within the meaning of Treasury Regulation 1.409A-l(i) and if the Bank determines that any
benefit paid to the Officer hereunder is deferred compensation as defined by Section 409A of the Code, then notwithstanding anything
herein to the contrary, the Bank shall, to the extent necessary to avoid the imposition of additional income taxes or penalties
or interest on the Officer under Section 409A of the Code, accumulate any payments of such benefit due hereunder and pay such
benefit to the Officer in a lump-sum payment on the first day of the seventh month following the date of the Officer’s termination
of employment.

 

16.        
Compliance with Code Section 409A; No Deferral of Compensation. In interpreting,
construing or applying any provisions of the Agreement, the same shall be construed in such manner as shall comply with the terms
of Section 409A of the Code, and in the event of any inconsistency with the terms of Section 409A of the Code, the Corporation
shall reform the violating provision so as to meet such terms. All payments of compensation due to Officer for the performance
of services pursuant to this Agreement, other than those provided for under Section 10 above, shall be paid to Officer no later
than two and one-half months following the year in which the Officer performed such services or, if later, the year in which the
Officer attained a vested right to the payment.

 

17.         Compliance
with ESSA. To the extent that any payment under this Agreement would
constitute a prohibited parachute payment under Section 111(b)(2)(C) of the Emergency Economic Stabilization Act of 2008
(“EESA”), the Bank agrees to pay executive an additional payment equal to the prohibited payment on July 1, 2012,
or if later, the earliest date when Section 111(b)(2)(C) of EESA no longer prohibits such payment. Such payment shall be made
in a single lump sum in cash, without interest. The Executive or Participant may be entitled to severance payments from
multiple agreements and plans with the Bank. The Bank, it its sole discretion, shall determine which payments shall be
delayed in order to comply with ESSA. Notwithstanding anything in this paragraph to the contrary, the additional amounts due
under the Agreement shall not be paid if the Treasury Department or other governmental agency issues guidance subsequent to
the date of this Agreement that would prohibit such payment. A prohibited parachute payment

 

    	 

    	 

    

 

shall be interpreted in a manner that is consistent with Notice 2008- TAAP, Notice 2008-94 and all other current
or future guidance issued pursuant to Section 111(b)(2)(C) of EESA or Section 280G(e) of the Internal Revenue Code of 1986, as
amended.”

 

3.           No
other terms and conditions of the Agreement are affected by this Amendment.

 

IN
WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first written above.

 

	 	CAROLINA TRUST BANK	 	 
	 	 	 	 	 
	 	By:	/s/ John Michael Cline	 	 
	 	 	John Michael Cline, President	 	 
	 	 	 	 	 
	 	OFFICER	 	 
	 	 	 	 	 
	 	By:	/s/ Richard Rager	  (SEAL)	 
	 	 	Richard RagerCarolina Trust Bank 8-K12G3

 

Exhibit
10.08 

 

AMENDMENT
NUMBER THREE TO

EMPLOYMENT
AGREEMENT

 

This
Amendment Number Three is made as of March 1, 2014, to the Employment Agreement dated as of June 6, 2006 (the “Agreement”),
by and between Carolina Trust Bank (the “Bank”) and Richard Rager (“Officer”). All capitalized terms shall
have the same meaning as in the Agreement.

 

1.             Paragraph
5 of the Agreement is amended to read as follows:

 

“Term.
The term of employment under this Agreement shall be for a period of two calendar years ending on June 6, 2015. On
each anniversary date of this Agreement, the term of this Agreement shall automatically be extended for an additional one year
period beyond the then effective expiration date unless written notice from the Bank or the Officer is received 90 days prior
to an anniversary date advising the other that this Agreement shall not be further extended.”

 

2.             No
other terms and conditions of the Agreement are affected by this Amendment.

 

IN
WITNESS WHEREOF, the
parties have executed this Amendment (the Bank by its duly authorized officer) effective as of the day and year first written
above.

 

	 	CAROLINA TRUST BANK	 	 
	 	 	 	 	 
	 	By:	/s/ John Michael Cline	 	 
	 	 	John Michael Cline, President	 	 
	 	 	 	 	 
	 	OFFICER	 	 
	 	 	 	 	 
	 	By:	/s/ Richard Rager	  (SEAL)	 
	 	 	Richard RagerCarolina Trust Bank 8-K12G3

 

Exhibit
10.09

 

SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN AGREEMENT

 

THIS
AGREEMENT, made and entered into this 1st day of January, 2014, by and between Carolina Trust Bank, a bank organized and existing
under the laws of the State of North Carolina (hereinafter referred to as the “Bank”), and Jerry L. Ocheltree, an
Executive of the Bank (hereinafter referred to as the “Executive”).

 

WITNESSETH:

 

WHEREAS,
it is the desire of the Bank and the Executive to enter into this Agreement under which the Bank will agree to make certain payments
to the Executive at retirement or the Executive’s beneficiary(ies) in the event of the Executive’s death pursuant
to this Agreement;

 

WHEREAS,
it is the intent of the parties hereto that this Agreement be considered an unfunded arrangement maintained primarily to provide
supplemental retirement benefits for the Executive, and be considered a nonqualified benefit plan for purposes of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”).

 

NOW
THEREFORE, in consideration of Executive’s employment to be performed in the future as well as the mutual promises and
covenants herein contained it is agreed as follows:

 

I.
EFFECTIVE DATE

 

The
Effective Date of this Agreement shall be January 1, 2014.

 

II.
EMPLOYMENT

 

The
Bank agrees to employ the Executive in such capacity as the Bank may from time to time determine. The Executive will continue
in the employ of the Bank in such capacity and with such duties and responsibilities as may be assigned to him, and with such
compensation as may be determined from time to time by the Board of Directors of the Bank (“Board”).

 

III.
FRINGE BENEFITS

 

The
salary continuation benefits provided by this Agreement are granted by the Bank as a fringe benefit to the Executive and are not
part of any salary reduction plan or an arrangement deferring a bonus or a salary increase. The Executive has no option to take
any current payment or bonus in lieu of these salary continuation benefits except as set forth hereinafter,

 

IV.
DEFINITIONS

 

A.           Retirement
Date:

 

If
the Executive remains in
the continuous employ of the Bank, the Executive shall retire from active employment with the Bank
on the Executive’s sixty-fifth (65th)

 

    	 

    	 

    

 

birthday,
unless by action of the Board of Directors this period of active employment shall be shortened or extended.

 

B.           Normal
Retirement Age:

 

Normal
Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

 

C.           Plan
Year:

 

Any
reference to “Plan Year” shall mean a calendar year from January 1 to December 31. In the year of implementation,
the term “Plan Year” shall mean the period from the effective date to December 31 of the year of the effective date.

 

D.           Termination
of Employment:

 

Termination
of Employment shall mean voluntary resignation of employment by the Executive or the Bank’s discharge of the Executive without
cause (“cause” defined in Subparagraph IV [E] hereinafter), prior
to the Normal Retirement Age (defined in Subparagraph IV [B]).

 

E.           Discharge
for Cause:

 

The
term “for cause” shall mean the good faith determination by the Board that any one or more of the following has occurred:

 

(i)           Executive’s
substantial failure to perforin or material neglect of the material duties of his employment under this Agreement;

 

(ii)          the
conviction of Executive of, or the guilty or nolo contendere plea of Executive with respect to, any crime or offense involving
properly of the Bank (other than a de minimis offense) or involving moral turpitude;

 

(iii)         the
conviction of Executive of, or the guilty or nolo contendere plea of
Executive with respect to, or any crime or offense (A) constituting a felony, or (B) which has a
material adverse impact on the Bank’s reputation or financial condition;

 

(iv)         the
breach of any material provision of the Employment Agreement with the Bank dated January 1, 2014 (including, without limitation,
the provisions of Section 3, Section 7, Section 8 or Section 10 thereof);

 

(v)          Executive’s
dishonesty in connection with the
Bank or appropriating assets or opportunities of the Bank for his own benefit; or

 

(vi)         the
violation of a generally recognized lawful material policy of the Bank, of which Executive is provided a copy or is otherwise
made aware, (after

 

    	 

    	 

    

 

written
notice hereof and a reasonable opportunity to cure if the event the violation is an issue which reasonably is curable).

 

If
a dispute arises as to discharge “for cause”,
such dispute shall be resolved by arbitration as
set forth in this Agreement.

 

F.           Change
of Control:

 

Change
of Control shall be defined as follows:

 

(i)           After
the effective date of this Agreement, any “person” (as such term is defined in
Section 7(j)(8)(A) of the Change in Bank Control Act of 1978), directly or indirectly, acquires
beneficial ownership of voting stock, or acquires beneficial ownership of voting stock, or acquires irrevocable proxies or any
combination of voting stock and irrevocable proxies, representing thirty-five percent (35%) or more of any class of voting securities
of the Bank, or acquires control of, in any manner, the election of a majority of the Board; or

 

(ii)          The
Bank consolidates or merges with or into another corporation, association or entity, or is otherwise reorganized, where the Bank
is not the surviving corporation in such transaction; or

 

(iii)         All
or substantially all of the assets of the Bank are sold or otherwise transferred to or are acquired by any other corporation,
association or other person, entity or group.

 

A
transaction or event shall not be considered a Change of Control if, prior to the consummation or occurrence of such transaction
or event. Executive and Bank agree in writing that the same shall not be treated
as a Change of Control for purposes of this Agreement.

 

G.           Vesting
Date:

 

Vesting
Date shall mean the date that is five years from the date of this Agreement.

 

V.
RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT

 

The
Bank will annually accrue a liability retirement account on behalf of the Executive equal to or not less than twenty percent (20%)
of the Executive’s base salary consistent with applicable law. The Bank, commencing with the first day of the month following
the Retirement Date (Subparagraph IV [A]) shall pay the Executive the balance in the accrued liability retirement account
in a five equal installments. The first payment shall not be made until the seventh month following his separation from service,
as defined in Section XIII of this Agreement. The next four payments shall be made on each of the next four anniversaries
of the Executive’s Retirement Date. Upon the death of the Executive, if there is a balance in the accrued liability retirement
account, such balance shall be paid in a lump sum to the individual or individuals the Executive may have designated
in writing and filed with the Bank. In the absence of any effective beneficiary designation, any such
amount

 

    	 

    	 

    

  

becoming
due and payable upon the death of the Executive shall be payable to the duly qualified executor or administrator of the Executive’s
estate. Said payment due hereunder shall be made the first day of the second month following the decease of the Executive.

 

VI.
DEATH BENEFIT PRIOR TO RETIREMENT

 

In
the event the Executive should die while actively employed by the Bank at any time after the Vesting Date but prior to the Executive
attaining the age of sixty-five (65) years (or such later date as may be agreed upon), the Bank will pay the accrued balance,
on the date of death, of the Executive’s liability retirement account in one (1) lump sum to such individual or individuals
as (he Executive may have designated in writing and filed with the Bank, at which time this Agreement shall terminate. In the
absence of any effective beneficiary designation,
any such amount becoming due and payable upon the death of the Executive shall be payable to the
duly qualified executor or administrator of the Executive’s estate. Said payment due hereunder shall be made by the first
day of the second month following the decease of the Executive.

 

VII.
BENEFIT ACCOUNTING/ACCRUED LIABILITY RETIREMENT ACCOUNT

 

The
Bank shall account for this benefit using the regulatory accounting principles of the Bank’s primary federal
regulator. The Bank shall establish an accrued liability retirement account for the Executive into which appropriate reserves
shall be accrued.

 

VIII.
VESTING

 

Executive
shall be one hundred percent (100%) vested in the accrued liability retirement account five years from the Effective Date of this
Agreement.

 

IX.
DISABILITY

 

In
the event that there is a finding of any qualified period of disability for the Executive after the Vesting Date (“Period
of Disability”), (he Bank will deposit into a Contingent Disability Trust for Executive (hereafter “Trust”)
an amount equal to the accrued liability retirement account established on the Executive’s behalf pursuant to this Agreement.
No other benefits will be owed to the Executive under this Agreement during the Period of Disability.

 

An
Executive is considered disabled if he is unable to perform his duties on account of disability or incapacity for a period of
ninety (90) or more days, whether or not consecutive within any period of twelve (12) consecutive months. The determination of
incapacity or disability under the preceding sentence shall be made in good faith by the Bank and may be based upon information
supplied by a physician selected by the Bank or its insurers and reasonably acceptable to the Executive or his legal representative;
provided that the Executive shall cooperate fully with such physician to permit such physician to make an accurate determination
as to incapacity or disability.

 

    	 

    	 

    

 

If
the Executive is under a Period of Disability on the date the Executive reaches Normal Retirement
Age, this agreement shall automatically terminate and the Executive shall not be entitled to any further benefits under this Agreement.

 

If
the Period of Disability ends prior to Normal Retirement Age and the Executive returns to active employment with the Bank, the
Trust will be terminated and the Bank will resume accruing the retirement benefit in accordance with Paragraph V of this
Agreement.

 

X.
TERMINATION OF EMPLOYMENT

 

Subject
to Subparagraph IV (E), in the event that the employment of the Executive shall terminate after the Vesting Date but prior
to Normal Retirement Age, as provided in Subparagraph IV (B), by the Executive’s voluntary action, or by the Executive’s
discharge by the Bank without cause, then this Agreement shall terminate upon the date of such termination of employment and the
Bank shall cease any further accrual of benefits under this Agreement. An amount equal to the Executive’s accrued liability
retirement account on the date of said termination plus accumulated interest shall be paid to the Executive in a lump sum thirty
(30) days following Normal Retirement Age. Upon Termination of Employment, the Executive’s liability retirement account
shall accrue interest on a monthly basis equal to the average prior years’ tax equivalent yield for the Bank’s cumulative
Bank Owned Life Insurance policies until said payment is made.

 

In
the event the Executive’s death should occur after such termination but prior to the payment provided for in this Paragraph X,
the lump sum shall be paid to such individual or individuals as the Executive may have designated in writing and filed with the
Bank. In the absence of any effective beneficiary designation, any such amount shall be payable to the duly qualified executor
or administrator of the Executive’s estate. Said payment due hereunder shall be made the first day of the second month following
the decease of the Executive.

 

In
the event the Executive shall be discharged for cause at any time in accordance with Subparagraph IV (E), this Agreement
shall terminate and all benefits provided herein shall be forfeited.

 

XI.
CHANGE OF CONTROL

 

If
the Executive subsequently suffers a Termination of Employment (voluntarily or involuntarily) after the Vesting Date, except for
cause, thirty (30) days prior to or twelve (12) months subsequent to a Change of Control as defined in Subparagraph IV
(F), then the Executive shall be paid the balance in the accrued liability retirement account in a lump sum thirty (30) days following
the Change of Control or Termination of Employment, whichever is later.

 

XII.
RESTRICTIONS ON FUNDING

 

The
Bank shall have no obligation to set aside, earmark or entrust any fund or money with which to pay its obligations under this
Agreement. The Executive, his beneficiary(ies), or any successor in interest shall be and remain simply a general creditor of
the Bank in the

 

    	 

    	 

    

  

same
manner as any other creditor having a general claim for matured and unpaid compensation.

 

The
Bank reserves the absolute right, at its sole discretion, to either fund the obligations undertaken by this Agreement or to refrain
from funding the same and to determine the extent, nature and method of such funding. Should the Bank elect to fund this Agreement,
in whole or in part, through the purchase of life insurance, mutual funds, disability policies or annuities, the Bank reserves
the absolute right, in its sole discretion, to terminate such funding at any time, in whole or in part. At no time shall any Executive
be deemed to have any lien, right, title or interest in any specific funding investment or assets of the Bank.

 

If
the Bank elects to invest in a life insurance, disability or annuity policy on the life of the Executive, then the Executive shall
assist the Bank by freely submitting to a physical exam and supplying such additional information necessary to obtain such insurance
or annuities.

 

XIII.
CODE SECTION 409A.

 

Notwithstanding
any other provision in the Agreement to the contrary, if and to the extent that Section 409A of the Internal Revenue Code
of 1986 (“Code Section 409A”), as amended, is deemed to apply to any benefit under this Agreement, it is the
general intention of the Bank that such benefits shall, to the extent practicable, comply with, or be exempt from. Code Section 409A,
and this Agreement shall, to the extent practicable, be construed in accordance therewith. Deferrals of benefits distributable
pursuant to this Agreement that are otherwise exempt from Code Section 409A in a manner that would cause Code Section 409A
to apply shall not be
permitted unless such deferrals are in compliance with Code Section 409A. In the event that the Bank (or
a successor thereto) has any stock which is publicly traded on an established securities market or otherwise and the Executive
is determined to be a “specified employee” (as defined under Code Section 409A), any payment to be made to the
Executive upon a separation from service may not be made before the date that is six months after the Executive’s separation
from service (or death, if earlier). To the extent that the Executive becomes subject to the six-month delay rule, all payments
that would have been made to the Executive during the six months following his separation from service that are not otherwise
exempt from Code Section 409A, if any, will be accumulated and paid to the Executive during the seventh month following his
separation from service, and any remaining payments due will be made in their ordinary course as described in this Agreement.
For the purposes herein, the phrase “termination of employment” or similar phrases will be interpreted in accordance
with the term “separation from service” as defined under Code Section 409A if and to the extent required under
Code Section 409A. Further, (i) in the event that Code Section 409A requires that any special terms, provisions or conditions
be included in this Agreement, then such terms, provisions and conditions shall, to the extent practicable, be deemed to be made
a part of this Agreement, and (ii) terms used in this Agreement shall be construed in accordance with Code Section 409A if
and to the extent required. Further, in the event that this Agreement or any benefit hereunder shall be deemed not to comply with
Code Section 409A, then neither the Bank, the Board, the Compensation Committee nor its or their designees or agents shall
be liable to any participant or other person for actions, decisions or determinations made in good faith.

 

    	 

    	 

    

  

XIV.
MISCELLANEOUS

 

A.           Alienability
and Assignment Prohibition:

 

Neither
the Executive, nor the Executive’s surviving spouse, nor any other beneficiary(ies) under this Agreement shall have any
power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of
the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony
or separate maintenance owed by the Executive or the Executive’s beneficiary(ies), nor be transferable by operation of law
in the event of bankruptcy, insolvency or otherwise. In the event the Executive or any beneficiary attempts assignment, commutation,
hypothecation, transfer or disposal of the benefits hereunder, the Bank’s liabilities shall forthwith cease and terminate.

 

B.           Binding
Obligation of the Bank and any Successor in Interest:

 

The
Bank shall not merge or consolidate into or with another bank or sell substantially all of its assets to another bank, firm or
person until such bank, firm or person expressly agree, in writing, to assume and discharge the duties and obligations of the
Bank under this Agreement. This Agreement shall be binding upon the parties hereto, their successors, beneficiaries, heirs and
personal representatives.

 

C.           Amendment
or Revocation:

 

Subject
to Paragraph XIV, it is agreed by and between the parties hereto that, during the lifetime of the Executive, this Agreement
may be amended or revoked at any time or times, in whole or in part, by the mutual written consent of the Executive and the Bank.

 

D.           Gender:

 

Whenever
in this Agreement words are used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine
or neuter gender, whenever they should so apply.

 

E.           Effect
on Other Bank Benefit Plans:

 

Nothing
contained in this Agreement shall affect the right of the Executive to participate in or be covered by any qualified or non-qualified
pension, profit-sharing, group, bonus or other supplemental compensation or fringe benefit plan constituting a part of the Bank’s
existing or future compensation structure.

 

F.           Headings:

 

Headings
and subheadings in this Agreement are inserted for reference and convenience only and shall not be deemed a part of this Agreement.

 

    	 

    	 

    

  

G.           Applicable
Law:

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, exclusive of the conflicts
of laws provisions thereof.

 

H.           Partial
Invalidity:

 

If
any term, provision, covenant, or condition of this Agreement is determined by an arbitrator or a court, as the case may be, to
be invalid, void, or unenforceable, such determination shall not render any other term, provision, covenant, or condition invalid,
void, or unenforceable, and the Agreement shall remain in full force and effect notwithstanding such partial invalidity.

 

I.             Not
a Contract of Employment:

 

This
Agreement shall not be deemed lo constitute a contract of employment between the parties hereto, nor shall any provision hereof
restrict the right of the Bank to discharge the Executive, or restrict the right of the Executive to terminate employment.

 

XV.
ADMINISTRATIVE AND CLAIMS PROVISION

 

A.           Named
Fiduciary and Plan Administrator:

 

The
“Named Fiduciary and Plan Administrator” of this Agreement shall be the Bank. As Named Fiduciary and Plan Administrator,
the Bank shall be responsible for the management, control and administration of the provisions of this Agreement. The Named Fiduciary
and Plan Administrator may delegate to others certain aspects of the management and operation responsibilities of this Agreement
including the employment of advisors and the delegation of ministerial duties to qualified individuals.

 

B.           Claims
Procedure:

 

In
the event a dispute arises over benefits under this
Agreement and benefits are not paid to the Executive (or to the Executive’s beneficiary(ies) in the case of the Executive’s
death) and such claimants feel they are entitled to receive such benefits, then a written claim must be made to the Named Fiduciary
and Plan Administrator named above within forty-five (45) days from the date payments are refused. The Named Fiduciary and Plan
Administrator shall review the written claim and if the claim is denied, in whole or in part, they shall provide in writing within
forty-five (45) days of receipt of such claim the specific reasons for such denial, reference to the provisions of this Agreement
upon which the denial is based and any additional material or information necessary to denial of the claim. Such written notice
shall further indicate the additional steps to be taken by claimants if a further review of the claim denial is desked. A claim
shall be deemed denied if the Named Fiduciary and Plan Administrator fail to lake any action within the aforesaid forty-five (45)
day period.

 

    	 

    	 

    

  

If
claimants desire a second review they shall notify the Named Fiduciary
and Plan Administrator in writing within forty-five (45) days of the first claim denial. Claimants
may review this Agreement or any documents relating thereto and submit any written issues and comments they may feel appropriate.
In their sole discretion, the Named Fiduciary and Plan Administrator shall then review the second claim and provide a written
decision within forty-five (45) days of receipt of such claim. This decision shall likewise state the specific reasons for the
decision and shall include reference to specific provisions of the Agreement upon which the decision is based.

 

C.           Arbitration:

 

If
claimants continue to dispute the benefit denial based upon completed performance of this Agreement or
the meaning and effect of the terms and conditions thereof, then claimants may submit the dispute to an
Arbitrator for final arbitration. The Arbitrator shall be selected by mutual agreement of the Bank and the claimants). The Arbitrator
shall operate under any generally recognized set of arbitration rules. The parties hereto agree that they and their heirs, personal
representatives, successors and assigns shall be bound by the decision of such Arbitrator with respect to any controversy properly
submitted to it for determination.

 

Where
a dispute arises as to the Bank’s discharge of the Executive “for cause,” such dispute shall likewise be submitted
to arbitration as above described and the parties hereto agree to be bound by the decision thereunder.

 

In
any event of litigation or arbitration, should the Executive be successful, the Bank will reimburse the Executive for all costs
and expenses, proceedings or actions, including his reasonable legal fees.

 

XVI.
TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW, RULES OR REGULATIONS

 

The
Bank is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will continue in
effect in their current form. If any said assumptions should change and said change has a detrimental effect on this Agreement,
then the Bank reserves the right to terminate or modify this Agreement accordingly.

 

    	 

    	 

    

  

IN
WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read this Agreement and executed the original thereof
as of the first day set forth hereinabove, and that, upon execution each has received a conforming copy.

 

	 	BANK:
	 	 
	 	Carolina
    Trust Bank
	 	 	 
	 	By:	/s/
    Johnathan Rhyne, Jr.
	 	Name:	Johnathan
    Rhyne, Jr.
	 	Title:	Chairman
	 	 	 
	 	EXECUTIVE:
	 	 
	 	By:	/s/
    Jerry L. Ocheltree
	 	 	Jerry
    L. Ocheltree

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