Document:

2014.06.30 Exhibit 10.10

BAKER HUGHES INCORPORATED 
STOCK OPTION AGREEMENT
  
GRANT OF OPTION
The Compensation Committee of the Board of Directors of Baker Hughes Incorporated, a Delaware corporation (the “Company”), pursuant to the Baker Hughes Incorporated 2002 Employee Long-Term Incentive Plan (the “Plan”), hereby grants to you, the above‐named Participant, effective as of the Grant Date set forth above (the “Grant Date”), a nonqualified stock option (the “Option”) to purchase the total number of shares of the Company’s $1.00 par value per share common stock (“Common Stock”) at the exercise price set forth above for each share subject to the option, subject to adjustment as provided in the Plan.  The Option is exercisable in installments in accordance with the Vesting Schedule set forth above with the exercise price payable at the time of exercise.  To the extent not exercised, installments will be cumulative and may be exercised in whole or in part until the option terminates.  
By your acceptance of the Option, you agree that the Option is granted under, governed by and subject to the terms of the Plan, this Stock Option Agreement and the Terms and Conditions of Option Agreements.  The shares of Common Stock (the “shares”) that may be issued under this Plan are registered with the Securities and Exchange Commission (“SEC”) under a Registration Statement on Form S-8.  A Prospectus describing the Plan and the shares and the Terms and Conditions can be found on the Baker Hughes Direct website at www.bakerhughesdirect.com. You may obtain a copy of the Plan Prospectus by requesting it from the Company.
BAKER HUGHES INCORPORATED

Martin S. Craighead
Chairman and Chief Executive Officer 

    

BAKER HUGHES INCORPORATED
TERMS AND CONDITIONS 
OF 
OPTION AGREEMENTS
 

These Terms and Conditions are applicable to an option (the “Option”) granted pursuant to the Baker Hughes Incorporated 2002 Employee Long-Term Incentive Plan (the “Plan”) and are incorporated as part of the Stock Option Agreement setting forth the terms of such Option (the “Agreement”).
		
	1.
	TERMINATION OF EMPLOYMENT.  The following provisions will apply in the event your employment with the Company and all Affiliates of the Company (collectively, the “Company Group”) terminates (a “Termination of Employment”) or a Change in Control of the Company occurs before the Expiration Date set forth in the Agreement:

1.1    Termination Generally.  If you incur a Termination of Employment before the Expiration Date for any reason other than one of the reasons described in Sections 1.2 through 1.6 below, all of your rights in the Option will terminate and become null and void on the earlier of the Expiration Date or three years after the date you incur a Termination of Employment.  In the event you incur a Termination of Employment for any reason, the Option will not continue to vest after such Termination of Employment.
1.2    Termination for Cause.  If you incur a Termination of Employment by the Company Group terminates for Cause and such Termination of Employment occurs (i) prior to a Change in Control that occurs after the Grant Date or (ii) after the second anniversary of a Change in Control that occurs after the Grant Date, all of your rights in the Option will terminate and become null and void on the earlier of the Expiration Date or the date your employment with the Company Group terminates for Cause.  Termination for Cause includes (without limitation) fraud, theft, embezzlement committed against the Company Group or a customer of the Company Group or any of its affiliated companies, or for conflict of interest, unethical conduct, dishonesty affecting the assets, properties or business of the Company Group, willful misconduct, or continued material dereliction of duties.
1.3    Divestiture of Business Unit.  If the Company Group divests its ownership of a business unit of the Company or one or more subsidiaries (a “Unit”) and your employment with the Company Group terminates in connection with such Divestiture (other than for Cause or death or due to your disability within the meaning of Section 1.4), then your rights under the Option that have not then vested will vest on the effective date of the Divestiture of the business unit.  All of your rights in the Option will terminate and become null and void on the earlier of the Expiration Date or three (3) years after the date of your Termination of Employment.  For purposes of these Terms and Conditions, a “Divestiture” includes the disposition of a Unit to an entity that the Company does not consolidate in its financial statements, whether the disposition is structured as a sale or transfer of stock, a merger, a consolidation or a sale or transfer of assets, or a combination thereof, provided that a “Divestiture” will not include a disposition that constitutes a Change in Control.
1.4    Retirement or Disability.  If you incur a Termination of Employment due to your Retirement or disability, then your rights under the Option that have not then vested will vest on the effective date of your Retirement or Termination of Employment due to disability.  All of your rights in the Option will terminate and become null and void on the earlier of the Expiration Date or five (5) years after the date of your Termination of Employment as a result of Retirement or a disability. For purposes of this Section 1.4, the term “Retirement” means the voluntary termination of your employment relationship with the Company Group on or after the date on which you are at least 55 years of age (not rounded up) and you have completed at least ten whole years of service with the Company Group (not rounded up). For purposes of this Section 1.4, you will not be treated as having incurred a Termination of Employment due to Retirement if your employment is terminated by a member of the Company Group for Cause (within the meaning of Section 1.2).  For purposes of these Terms and Conditions, the term “Retirement” means your Termination of Employment on or after the date on 

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which the you have both (A) attained the age of at least 55 whole (not rounded up) years and (B) completed at least ten whole (not rounded up) Years of Service. For purposes of these Terms and Conditions, you will not be treated as having incurred a Termination of Employment due to Retirement if his employment is terminated by a member of the Company Group for Cause (within the meaning of Section 1.2).  For purposes of these Terms and Conditions, “Years of Service” means your years of service credited for vesting service purposes under either of the Baker Hughes Incorporated Thrift Plan or the Baker Hughes International Retirement Plan in which you are eligible to participate. If you are eligible to participate in neither of such retirement plans, Years of Service” means the years of service for which you would be credited for vesting purposes under the Baker Hughes Incorporated Thrift Plan if you were eligible to participate in that plan.  For purposes of this Section 1.4, you will incur a “disability” if you qualify for long-term disability benefits under a long-term disability program sponsored by the Company or an Affiliate.  
1.5    Death.  If you incur a Termination of Employment due to your death, then your rights under the Option that have not then vested will vest on the date of your death.  All rights in the Option will terminate and become null and void on the earlier of the Expiration Date or one year after the date your death.  After your death, your executors, administrators or any person or persons to whom the Option may be transferred by will or by the laws of descent and distribution, will have the right, at any time prior to the termination of the Option to exercise the Option.
1.6    Change in Control.  If a Change in Control of the Company occurs on or before the third anniversary of the date of grant of the Option and you do not incur a Termination of Employment before the date the Change in Control of the Company occurs, then the Option will become fully exercisable on the date the Change in Control of the Company occurs. If you incur a Termination of Employment by the Company Group with or without Cause and such Termination of Employment occurs on the date of a Change in Control or within two years following a Change in Control that occurs after the Grant Date, all of your rights in the Option will terminate and become null and void on the earlier of the Expiration Date or the date thirty (30) days after your Termination of Employment for Cause.  
		
	2.
	PROHIBITED ACTIVITY.   Notwithstanding any other provision of these Terms and Conditions or the Agreement, if you engage in a “Prohibited Activity,” as described below, while employed by one or more members of the Company Group, or within two years after the date your employment with the Company Group terminates, then your right to receive payment under the Agreement, to the extent still outstanding at that time, will be completely forfeited.  A “Prohibited Activity” will be deemed to have occurred, as determined by the Committee in its sole and absolute discretion, if you (i) divulge any non-public, confidential or proprietary information of the Company Group but excluding information that (a) becomes generally available to the public other than as a result of your public use, disclosure, or fault, or (b) becomes available to you on a non-confidential basis after your employment termination date from a source other than a member of the Company Group prior to the public use or disclosure by you, provided that such source is not bound by a confidentiality agreement or otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation, or (ii) directly or indirectly, consult with or become affiliated with, conducts, participate or engage in, or becomes employed by, any business that is competitive with the business of any member of the Company Group, wherever from time to time conducted throughout the world, including situations where you solicit or participate in or assist in any way in the solicitation or recruitment, directly or indirectly, of any employees of any member of the Company Group.

		
	3.
	CASHLESS EXERCISE.  Cashless exercise, in accordance with the terms of the Plan, will be available to you for the shares subject to the Option. In addition to the cashless exercise alternatives expressly listed in the Plan, you may elect a net exercise method of exercise under which the Company will  reduce the number of shares issued to you upon the exercise of all or portion of the Option to satisfy your Option Price  obligation for such portion of the Option.

		
	4.
	AUTOMATIC EXERCISE UPON EXPIRATION DATE.    Notwithstanding any other provision of these Terms and Conditions or the Agreement (other than this Section 4 of these Terms and Conditions), on the last trading day on which all or a portion of the Option may be exercised, if the  then Fair Market Value of a  share exceeds the  per share Option Price by at least $.01 (such expiring portion of the Option that is so in-the-money, an “Auto-Exercise Eligible Option”), you will  be deemed to have automatically exercised such Auto-Exercise Eligible Option (to the extent it has not previously  been exercised or forfeited) in accordance with the provisions of this Section 4. In the event of an automatic exercise pursuant to this Section 4, the Company 

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will  reduce the number of shares issued to you upon such automatic exercise of the Auto-Exercise Eligible Option to satisfy your Option Price  obligation for the Auto-Exercise Eligible Option.  Further, the Company will reduce the number of shares issued to the you to satisfy the Minimum Statutory Withholding Obligation arising upon the automatic exercise in accordance with the procedures of Article 16 of the Plan unless the Committee deems that a different method of satisfying the tax withholding obligations is practicable and advisable. You may notify the Plan record-keeper, Fidelity,  in writing in advance that you do not wish for the Auto-Exercise Eligible Option to be exercised. This Section 4 will not apply to the Option to the extent that this Section 4 may cause the Option to fail to qualify for favorable tax treatment under applicable law. In its discretion, the Company may determine to cease automatically exercising options at any time.
		
	5.
	TAXES AND TAX WITHHOLDING.  You should consult with your tax advisor concerning the tax consequences of exercising your Option.  To the extent that the receipt of the Option or the Agreement, the vesting of the Option or the exercise of the Option results in income to you for federal, state or local income, employment or other tax purposes with respect to which the Company Group has a withholding obligation, you will deliver to the Company at the time of such receipt, vesting or exercise, as the case may be, such amount of money as the Company Group may require to meet its obligation under applicable tax laws or regulations, and, if you fail to do so, the Company Group is authorized to withhold from the shares subject to the Option or from any cash or stock remuneration then or thereafter payable to you any tax required to be withheld by reason of such taxable income, including (without limitation) shares subject to the Option sufficient to satisfy the withholding obligation based on the last per share sales price of the common stock of the Company for the trading day immediately preceding the date that the withholding obligation arises, as reported in the New York Stock Exchange Composite Transactions.

		
	6.
	NONTRANSFERABILITY.  Except as specified in these Terms and Conditions, the Option and the Agreement are not transferable or assignable by you other than by will or the laws of descent and distribution, and will be exercisable during your lifetime only by you.

		
	7.
	CAPITAL ADJUSTMENTS AND REORGANIZATIONS.  The existence of the Option will not affect in any way the right or power of the Company or any company the stock of which is issued pursuant to the Agreement to make or authorize any adjustment, recapitalization, reorganization or other change in its capital structure or its business, engage in any merger or consolidation, issue any debt or equity securities, dissolve or liquidate, or sell, lease, exchange or otherwise dispose of all or any part of its assets or business, or engage in any other corporate act or proceeding.

		
	8.
	EMPLOYMENT RELATIONSHIP.  For purposes of the Agreement, you will be considered to be in the employment of the Company Group as long as you have an employment relationship with the Company Group.  The Committee will determine any questions as to whether and when there has been a termination of such employment relationship, and the cause of such termination, under the Plan and the Committee’s determination will be final and binding on all persons.

		
	9.
	NO RIGHTS AS A STOCKHOLDER.  You will not have any rights as a stockholder of the Company with respect to any shares covered by the Option until the date of the issuance of the stock certificate or certificates to you for such shares following exercise of the Option pursuant to the Agreement and the Terms and Conditions and payment for the shares.  No adjustment will be made for dividends or other rights for which the record date is prior to the date such certificate or certificates are issued.

		
	10.
	NOT AN EMPLOYMENT AGREEMENT.  The Agreement is not an employment agreement, and no provision of the Agreement will be construed or interpreted to create an employment relationship between you and the Company or any of its Affiliates or guarantee the right to remain employed by the Company or any of its Affiliates for any specified term.

		
	11.
	SECURITIES ACT LEGEND.  If you are an officer or affiliate of the Company under the Securities Act of 1933, you consent to the placing on any certificate for the shares of an appropriate legend restricting resale or other transfer of the shares except in accordance with such Act and all applicable rules thereunder.

		
	12.
	LIMIT OF LIABILITY.  Under no circumstances will the Company Group be liable for any indirect, incidental, consequential or special damages (including lost profits) of any form incurred by any person, 

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whether or not foreseeable and regardless of the form of the act in which such a claim may be brought, with respect to the Plan or the Company’s role as Plan sponsor.
		
	13.
	DATA PRIVACY.  The Company’s Human Resources Department in Houston, Texas (U.S.A.) administers and maintains the data regarding the Plan, the awardees and the stock options granted to awardees for all employees in the Company Group worldwide.

The data administered and maintained by the Company includes information that may be considered personal data, including the name of the awardee, the award granted and the number of shares of  stock subject to any stock option award (“Employee Personal Data”).  From time to time during the course of your employment in the Company Group, the Company may transfer certain of your Employee Personal Data to Affiliates as necessary for the purpose of implementation, administration and management of your participation in the Plan (the “Purposes”), and the Company and its Affiliates may each further transfer your Employee Personal Data to any third parties assisting the Company in the implementation, administration and management of the Plan (collectively, “Data Recipients”).  The countries to which your Employee Personal Data may be transferred may have data protection standards that are different than those in your home country and that offer a level of data protection that is less than that in your home country.
In accepting the award of the stock option set forth in the Agreement, you hereby expressly acknowledge that you understand that from time to time during the course of your employment in the Company Group the Company may transfer your Employee Personal Data to Data Recipients for the Purposes.  You further acknowledge that you understand that the countries to which your Employee Personal Data may be transferred may have data protection standards that are different than those in your home country and that offer a level of data protection that is less than that in your home country.
Further, in accepting the award of the stock option set forth in the Agreement, you hereby expressly affirm that you do not object, and you hereby expressly consent, to the transfer of your Employee Personal Data by the Company to Data Recipients for the Purposes from time to time during the course of your employment in the Company Group.
		
	14.
	RECOUPMENTS.  If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under applicable securities laws, if you are then a current or former executive officer of the Company you will forfeit and must repay to the Company any compensation awarded under the Agreement to the extent specified in any of the Company’s compensation recoupment policies established or amended (now or in the future) in compliance with the rules and standards of the Securities and Exchange Commission Committee under or in connection with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Further, if the Company is required to prepare an accounting restatement due in whole or in part to your misconduct, you will forfeit and must repay to the Company any compensation awarded under the Agreement to the extent required by the Board of Directors of the Company in accordance with the terms of the Company’s compensation recoupment policy as in effect on January 23, 2014.

		
	15.
	OTHER AGREEMENTS.  Nothing in these Terms and Conditions is intended to reduce the Company’s protections or your obligations under (1) any other agreement between you and the Company or any other member of the Company Group, (2) the common law, or (3) any applicable state,  federal or foreign statute. 

		
	16.
	GOVERNING LAW AND VENUE.  The Plan, these Terms and Conditions and the award of the stock option set forth in the Agreement shall be governed by the laws of the State of Texas, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan, these Terms and Conditions and the award of the Option to the substantive law of another jurisdiction. In accepting the award of the Option you are deemed to agree to submit to the exclusive jurisdiction and venue of the federal or state courts of Harris County, Texas, to resolve any and all issues that may arise out of or relate to  the Plan, these Terms and Conditions and the award of the Option.    

		
	17.
	SEVERABILITY AND BLUE PENCILING.  If any single Section or clause of these Terms and Conditions should be found unenforceable, it shall be severed and the remaining Sections and clauses of these Terms and Conditions shall be enforced in accordance with the intent of these Terms and Conditions.  If any particular provision of these Terms and Conditions shall be adjudicated to be invalid or unenforceable, the Company 

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and you specifically authorize the court making such determination to edit the invalid or unenforceable provision to allow these Terms and Conditions, and the provisions thereof, to be valid and enforceable to the fullest extent allowed by law or public policy.
		
	18.
	MISCELLANEOUS.  The Agreement and the Option are awarded pursuant to and are subject to all of the provisions of the Plan, which are incorporated by reference herein, including all amendments to the Plan, if any.  In the event of a conflict between these Terms and Conditions and the Plan provisions, the Plan provisions will control.  The terms “you” and “your” refer to the Participant named in the Agreement. Capitalized terms that are not defined herein will have the meanings ascribed to such terms in the Plan or the Agreement.  The Company’s rights under these Terms and Conditions and the Agreement may be assigned by the Company.

5Exhibit 10.1

STOCK REPURCHASE AGREEMENT

THIS STOCK REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of July 18, 2014, by and among ASB Bancorp, Inc., a North Carolina Corporation (the “Company”) and each of the entities listed on Schedule I hereto (each a “Seller,” and collectively, the “Sellers”).

WITNESSETH:

WHEREAS, as of the date hereof, each Seller is the beneficial owner of the shares of issued and outstanding common stock, par value $0.01 per share, of the Company as set forth beside each Seller’s name on Schedule I hereto (collectively, the “Shares”); and

WHEREAS, Sellers desire to sell, and the Company desires to purchase, the Shares for the consideration and on the terms set forth in this Agreement.

NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, covenants and agreements hereinafter set forth, the parties hereto agree as follows:

ARTICLE I

REPURCHASE OF THE SHARES

1.1               Repurchase.  At the Closing (as hereinafter defined), upon the terms and subject to the conditions of this Agreement, Sellers agree to sell, transfer, convey, assign, and deliver the Shares to the Company, and the Company agrees to purchase and accept delivery of the Shares from the Sellers, in exchange for the payment by the Company to Seller of a cash purchase price equal to Twenty Dollars and Zero Cents ($20.00) per Share (the “Purchase Price”).

1.2               Closing.  Subject to the terms set forth in this Agreement, the closing of the purchase and sale of the Shares (the “Closing”) shall take place on July 18, 2014 at 10:00 a.m. Eastern Time at the offices of Nelson Mullins Riley & Scarborough LLP, Poinsett Plaza, Suite 900, 104 South Main Street, Greenville, South Carolina 29601, or such later date as may be agreed to by the parties.  At the Closing, the Company shall pay the Purchase Price to Seller, by wire transfer of immediately available funds pursuant to written instructions provided in advance by each Seller.  Immediately following the confirmation of receipt of the wire transfer from the Company of each Seller’s pro rata share of the Purchase Price to each Seller’s account, Sellers shall deliver the Shares to the Company or its authorized agents.

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

The Company represents and warrants to each Seller as follows:

2.1               Organization.  The Company is a corporation duly organized, validly existing, and in good standing under the laws of the State of North Carolina.

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2.2              Authorization.   The Company has the full legal right, corporate power, and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  This Agreement has been duly authorized, executed, and delivered by the Company, and all necessary action has been taken to make this Agreement a legal, valid, and binding obligation of the Company, enforceable in accordance with its terms.

2.3               Approvals and Consents.  No consents, authorizations, waivers, filings, registrations or approvals (including regulatory approvals) that have not been previously obtained are required in connection with the execution and delivery of this Agreement by the Company, the consummation of the transactions contemplated hereby or the performance by Company of its obligations hereunder.

2.4               No Other Representations or Warranties.  Except for the representations and warranties contained in this Agreement, neither the Company nor any other person on behalf of the Company makes any other express or implied representation or warranty with respect to the Company or with respect to any other information provided by or on behalf of the Company.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF SELLERS

Each Seller represents and warrants to the Company as follows:

3.1               Organization. Each Seller is a limited partnership duly organized, validly existing, and in good standing under the laws of the State of Delaware.

3.2              Authorization.  Seller has the full legal right, power, and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby.  This Agreement has been duly authorized, executed, and delivered by the Seller, and all necessary action has been taken to make this Agreement a legal, valid, and binding obligation of the Seller, enforceable in accordance with its terms.

3.3               Ownership of the Shares.  Each Seller is the sole record owner of the Shares as specified on Schedule I hereto.  There are no contracts, commitments, agreements, understandings or arrangements of any kind (contingent or otherwise) relating to the sale or transfer by Seller of any of its Shares.

3.4               Title.  Seller has good, valid, and marketable title to its Shares, free and clear of any and all security interest, pledge, lien, charge, voting agreement, proxy, mortgage, option, adverse claim or ownership or use, or any other encumbrance of any kind, character, or description whatsoever.

3.5              Approvals and Consents.  No consents, authorizations, waivers, filings, registrations or approvals that have not been previously obtained are required in connection with the execution and delivery of this Agreement by Seller, the consummation of the transactions contemplated hereby or the performance by Seller of its obligations hereunder.

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3.6               Information Concerning the Company.   Seller acknowledges that the Company may be in possession of material non-public information about the Company and its subsidiaries not known to Seller.  Seller hereby waives any and all claims and causes of action now or hereafter arising against the Company based upon or relating to any alleged non-disclosure of such information and further covenants not to assert any claims against or to sue the Company or any of its directors, officers, employees, partners, agents or affiliates for any loss, damage or liability arising from or relating to its offer and sale of Seller’s Shares pursuant to this Agreement arising out of, based upon or in connection with any alleged nondisclosure of such information. It is understood and agreed that neither the Company nor Seller makes any representation or warranty to the other whatsoever with respect to the business, condition (financial or otherwise), properties, prospects, creditworthiness, status or affairs of the Company or any of its subsidiaries, or with respect to the value of the Shares.

3.7               No Brokers.  Seller is not a party to any agreement, arrangement, or understanding with any person that could result in the Company having any obligation or liability for any brokerage fees, commissions, or other similar fees or expenses relating to this Agreement or the transactions contemplated hereby.

ARTICLE IV

CLOSING CONDITIONS

4.1               Conditions to the Company’s Obligations.  The obligations of the Company under Article I to purchase the Shares at the Closing are subject to the satisfaction of the following conditions:

 

(a)            The representations and warranties made by Sellers shall be true and  correct in all material respects as of the Closing.

4.2               Conditions to Seller’s Obligations.  The obligations of Sellers under Article I to sell the Shares at the Closing are subject to the satisfaction of the following conditions:

(a)            The representations and warranties made by the Company shall be true  and correct in all material respects as of the Closing.

ARTICLE V

MISCELLANEOUS

5.1               Expenses.  The Company and Sellers shall each bear their own expenses incurred in connection with this Agreement and the consummation of the transactions contemplated hereby.

5.2               Specific Performance.  Sellers and the Company agree that money damages are inadequate and that each will suffer irreparable harm with respect to a failure to abide by any covenant made under the terms of this Agreement or any requirement under this Agreement

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relating to or affecting the sale of the Shares, and that, accordingly, in addition to any money damages which might be awarded with reasonable certainty, each shall be entitled to demand specific performance or to seek injunctive relief whether with regard to a breach or contemplated breach.  All rights, remedies and benefits specified in this Agreement, including, but not limited to the rights, remedies and benefits contained in this Section 5.2 are not exclusive of any rights, remedies or benefits which any party may otherwise have.

5.3               Notices.  All notices and other communications required hereunder shall be in writing and delivered personally, delivered by a recognized next-day courier service or mailed by registered or certified mail.  All such notices and communications shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

	
 

	
(a)

	
 if to the Company, to:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ASB Bancorp, Inc.

	
 

	
 

	
 

	
 

	
P.O. Box 652

	
 

	
 

	
 

	
 

	
Asheville, North Carolina 28802

	
 

	
 

	
 

	
 

	
Attention:  Suzanne DeFerie

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
with a copy (which shall not constitute notice) to:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Nelson Mullins Riley & Scarborough LLP

	
 

	
 

	
 

	
 

	
Poinsett Plaza, Suite 900

	
 

	
 

	
 

	
 

	
104 South Main Street

	
 

	
 

	
 

	
 

	
Greenville, South Carolina 29605

	
 

	
 

	
 

	
 

	
Attention:  Neil E. Grayson

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
(b)

	
if to Sellers, to:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
The Stilwell Group

	
 

	
 

	
 

	
 

	
111 Broadway

	
 

	
 

	
 

	
 

	
12th Floor

	
 

	
 

	
 

	
 

	
New York, NY  10006

	
 

	
 

	
 

	
 

	
Attention:  Joseph Stilwell

	
 

6.4               Governing Law.  This Agreement shall be construed, performed, and enforced in accordance with, and governed by, the laws of the State of North Carolina, without giving effect to the principles of conflicts of laws thereof.

6.5              Assignment.  Neither the Company nor any Seller shall transfer or assign this Agreement or any of its rights, interests, or obligations hereunder, in whole or in part, whether voluntarily, by operation of law or otherwise, without the prior written approval of the other party.  Any assignment made in violation of this Section 6.5 shall be void.

6.6               Severability.  The invalidity of any term or terms of this Agreement will not affect any other term of this Agreement, which will remain in full force and effect.

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6.7               Counterparts.  This Agreement may be executed simultaneously in counterparts, both of which shall be deemed an original, but all counterparts so executed will constitute one and the same agreement.

[Signatures on the following page]

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IN WITNESS WHEREOF, this Stock Repurchase Agreement has been duly executed on behalf of each of the parties hereto as of the day first above written.

COMPANY:

	
ASB Bancorp, Inc.

 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Suzanne DeFerie

	
 

	
 

	
 

	
 

	
Name: Suzanne DeFerie

	
 

	
 

	
 

	
 

	
Title: President and CEO

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
SELLERS:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Stilwell Value Partners II, L.P

 

	
 

	
Stilwell Value Partners V, L.P.

 

	
 

	
By:

	
/s/ Joseph Stilwell

	
 

	
By:

	
/s/ Joseph Stilwell

	
 

	
Name: Joseph Stilwell

	
 

	
Name: Joseph Stilwell

	
 

	
Title: Managing Member of the General Partner

	
 

	
Title: Managing Member of the General Partner

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Stilwell Value Partners VII, L.P.

	
 

	
Stilwell Activist Fund, L.P.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Joseph Stilwell

	
 

	
By:

	
/s/ Joseph Stilwell

	
 

	
Name: Joseph Stilwell

	
 

	
Name: Joseph Stilwell

	
 

	
Title: Managing Member of the General Partner

	
 

	
Title: Managing Member of the General Partner

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Stilwell Activist Investments, L.P.

	
 

	
Stilwell Associates, L.P.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By :

	
/s/ Joseph Stilwell

	
 

	
By:

	
/s/ Joseph Stilwell

	
 

	
Name: Joseph Stilwell

	
 

	
Name: Joseph Stilwell

	
 

	
Title: Managing Member of the General Partner

	
 

	
Title:  Managing Member of the General Partner

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Stilwell Partners, L.P.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Joseph Stilwell

	
 

	
 

	
 

	
 

	
Name: Joseph Stilwell

	
 

	
 

	
 

	
 

	
Title: General Partner

	
 

	
 

	
 

	
 

SCHEDULE I

LIST OF SELLERS

	
SELLER

	
 

	
SHARES BENEFICIALLY OWNED

	
 

	
 

	
 

	
Stilwell Value Partners II, L.P

	
 

	
50,000

	
 

	
 

	
 

	
Stilwell Value Partners V, L.P.

	
 

	
44,800

	
 

	
 

	
 

	
Stilwell Value Partners VII, L.P.

	
 

	
70,000

	
 

	
 

	
 

	
Stilwell Activist Fund, L.P.

	
 

	
8,140

	
 

	
 

	
 

	
Stilwell Activist Investments, L.P.

	
 

	
89,960

	
 

	
 

	
 

	
Stilwell Associates, L.P.

	
 

	
40,000

	
 

	
 

	
 

	
Stilwell Partners, L.P.

	
 

	
90,000

	
 

	
 

	
 

	
TOTAL

	
 

	
392,900

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}]]