Document:

EXHIBIT 10.08

                         TOWER GROUP STATUTORY TRUST IV

                                TOWER GROUP, INC.

                             SUBSCRIPTION AGREEMENT

                                DECEMBER 21, 2004

         THIS SUBSCRIPTION  AGREEMENT (this  "Agreement") made among Tower Group
Statutory  Trust IV (the "Trust"),  a statutory trust created under the Delaware
Statutory  Trust Act  (Chapter 38 of Title 12 of the Delaware  Code,  12 Del. C.
ss.ss.  3801,  ET SEQ.),  Tower Group,  Inc., a Delaware  corporation,  with its
principal  offices  located at 120  Broadway,  14th  Floor,  New York,  New York
10271-1699 (the "Company," and collectively with the Trust, the "Offerors"), and
Merrill Lynch International (the "Purchaser").

                                    RECITALS:

         1.       The Trust desires to issue 13,000 of its Floating Rate Capital
                  Securities  (the  "Capital  Securities"),  liquidation  amount
                  $1,000.00  per Capital  Security,  representing  an  undivided
                  beneficial   interest   in  the   assets  of  the  Trust  (the
                  "Offering"),  to be issued pursuant to an Amended and Restated
                  Declaration  of Trust  (the  "Declaration")  by and  among the
                  Company,   JPMorgan  Chase  Bank,  as  Institutional   Trustee
                  National  Association and Chase  Manhattan Bank USA,  National
                  Association,   as  a  Delaware   Trustee,   ("Trustees")   the
                  administrators  named  therein,  and the  holders  (as defined
                  therein), which Capital Securities are to be guaranteed by the
                  Company  with  respect  to  distributions  and  payments  upon
                  liquidation, redemption and otherwise pursuant to the terms of
                  a Guarantee Agreement between the Company and the Trustees, as
                  trustee (the "Guarantee"); and

         2.       The proceeds from the sale of the Capital  Securities  will be
                  combined  with the proceeds  from the sale by the Trust to the
                  Company  of its  common  securities,  and  will be used by the
                  Trust to purchase an equivalent amount of Floating Rate Junior
                  Subordinated  Deferrable  Interest  Debentures  of the Company
                  (the  "Debentures") to be issued by the Company pursuant to an
                  indenture to be executed by the Company and the Trustees  (the
                  "Indenture"); and

         3.       In    consideration   of   the   premises   and   the   mutual
                  representations  and  covenants  hereinafter  set  forth,  the
                  parties hereto agree as follows:

                                   ARTICLE I
                     PURCHASE AND SALE OF CAPITAL SECURITIES

         1.1.  Upon  the  execution  of this  Agreement,  the  Purchaser  hereby
subscribes for and agrees to purchase from the Trust 13,000  Capital  Securities
at a price equal to $1,000.00 per Capital  Security (the  "Purchase  Price") and
the Trust  agrees to sell such  Capital  Securities  to the  Purchaser  for said
Purchase  Price.  The rights and  preferences of the Capital  Securities are set
forth in the Declaration. The Purchase Price is payable in immediately available
funds on December 21, 2004,  or such other  business day as may be designated by
the  Purchaser,  but in no event  later than  December  29,  2004 (the  "Closing
Date").  The Offerors shall provide the Purchaser wire transfer  instructions no
later than 1 day following the date hereof.

<PAGE>

         1.2. The certificate for the Capital  Securities  shall be delivered by
the Trust on the Closing Date to the Purchaser or its designee.

         1.3. The Placement  Agreement,  dated December 17, 2004 (the "Placement
Agreement"),  among the  Offerors and the  Placement  Agent  identified  therein
includes  certain  representations  and warranties,  covenants and conditions to
closing  and  certain  other  matters  governing  the  Offering.  The  Placement
Agreement  is hereby  incorporated  by  reference  into this  Agreement  and the
Purchaser  shall be entitled to each of the benefits of the Placement  Agent and
the Purchaser under the Placement Agreement and shall be entitled to enforce the
obligations of the Offerors  under such  Placement  Agreement as fully as if the
Purchaser were a party to such Placement Agreement.

                                   ARTICLE II
                   REPRESENTATIONS AND WARRANTIES OF PURCHASER

         2.1.  The  Purchaser  understands  and  acknowledges  that  neither the
Capital Securities,  the Debentures nor the Guarantee have been registered under
the  Securities  Act of 1933, as amended (the  "Securities  Act"),  or any other
applicable  securities  law,  are  being  offered  for  sale  by  the  Trust  in
transactions not requiring registration under the Securities Act, and may not be
offered,  sold,  pledged or otherwise  transferred  by the  Purchaser  except in
compliance with the registration requirements of the Securities Act or any other
applicable  securities  laws,  pursuant  to  an  exemption  therefrom  or  in  a
transaction not subject thereto.

         2.2. The Purchaser  represents,  warrants and certifies  that (i) it is
not a "U.S.  person" as such term is  defined  in Rule 902 under the  Securities
Act, (ii) it is not acquiring the Capital  Securities for the account or benefit
of any such U.S. person,  (iii) the offer and sale of Capital  Securities to the
Purchaser  constitutes  an  "offshore  transaction"  under  Regulation  S of the
Securities Act, and (iv) it will not engage in hedging  transactions with regard
to the Capital  Securities  unless such transactions are conducted in compliance
with the  Securities  Act and the  Purchaser  agrees to the legends and transfer
restrictions set forth on the Capital Securities certificate.

         2.3. The Purchaser  represents  and warrants that it is purchasing  the
Capital Securities for its own account, for investment,  and not with a view to,
or for offer or sale in connection with, any  distribution  thereof in violation
of the  Securities  Act or other  applicable  securities  laws,  subject  to any
requirement  of law that the  disposition of its property be at all times within
its  control  and  subject to its  ability  to resell  such  Capital  Securities
pursuant to an effective  registration  statement  under the  Securities  Act or
under Rule 144A or any other  exemption from  registration  available  under the
Securities Act or any other applicable securities law.

                                        2
<PAGE>

         2.4. The Purchaser  represents  and warrants that it has full power and
authority to execute and deliver this Agreement, to make the representations and
warranties  specified  herein,  and to consummate the transactions  contemplated
herein and it has full right and power to subscribe for Capital  Securities  and
perform its obligations pursuant to this Agreement.

         2.5. The  Purchaser  represents  and warrants  that no filing with,  or
authorization, approval, consent, license, order, registration, qualification or
decree of, any governmental  body, agency or court having  jurisdiction over the
Purchaser,  other than those that have been made or  obtained,  is  necessary or
required for the  performance  by the  Purchaser of its  obligations  under this
Agreement or to consummate the transactions contemplated herein.

         2.6. The Purchaser represents and warrants that this Agreement has been
duly authorized, executed and delivered by the Purchaser.

         2.7. The  Purchaser  represents  and warrants that (i) the Purchaser is
not in  violation or default of any term of its  Memorandum  of  Association  or
Articles of Association, of any provision of any mortgage, indenture, agreement,
instrument  or contract to which it is a party or by which it is bound or of any
judgment,  decree,  order,  writ or,  to its  knowledge,  any  statute,  rule or
regulation  applicable to the Purchaser  which would prevent the Purchaser  from
performing  any material  obligation set forth in this  Agreement;  and (ii) the
execution,  delivery and performance of and compliance with this Agreement,  and
the  consummation of the  transactions  contemplated  herein,  will not, with or
without  the  passage of time or giving of notice,  result in any such  material
violation,  or be in conflict  with or constitute a default under any such term,
or the  suspension,  revocation,  impairment,  forfeiture or  non-renewal of any
permit,  license,  authorization  or approval  applicable to the Purchaser,  its
business or operations  or any of its assets or  properties  which would prevent
the  Purchaser  from  performing  any  material  obligations  set  forth in this
Agreement.

         2.8. The Purchaser  understands and acknowledges  that the Company will
rely  upon  the   truth  and   accuracy   of  the   foregoing   acknowledgments,
representations,  warranties  and  agreements  and  agrees  that,  if any of the
acknowledgments,  representations,  warranties or agreements deemed to have been
made by it by its purchase of the Capital Securities are no longer accurate,  it
shall promptly notify the Company.

         2.9. The Purchaser  understands that no public market exists for any of
the Capital  Securities,  and that it is unlikely that a public market will ever
exist for the Capital Securities.

                                  ARTICLE III
                                  MISCELLANEOUS

         3.1. Any notice or other  communication given hereunder shall be deemed
sufficient  if in writing  and sent by  registered  or  certified  mail,  return
receipt  requested,  international  courier or delivered by hand against written
receipt therefor,  or by facsimile  transmission and confirmed by telephone,  to
the following addresses,  or such other address as may be furnished to the other
parties as herein provided:

                                       3
<PAGE>

    To the Offerors:    Tower Group, Inc.
                        120 Broadway, 14th Floor
                        New York, New York 10271-1699
                        Attention:  Francis M. Colalucci
                        Telecopier:  212-271-5492

    To the Purchaser:   Merrill Lynch International
                        c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated
                        250 Vesey Street
                        New York, New York 10080
                        Attention:  Phil Kostrowicki
                        Telephone:  (212) 449-5113
                        Fax:  (212) 449-3695

         Unless otherwise expressly provided herein,  notices shall be deemed to
have been  given on the date of  mailing,  except  notice of change of  address,
which shall be deemed to have been given when received.

         3.2. This Agreement shall not be changed, modified or amended except by
a writing  signed by the parties to be charged,  and this  Agreement  may not be
discharged  except by performance  in accordance  with its terms or by a writing
signed by the party to be charged.

         3.3.  Upon  the  execution  and  delivery  of  this  Agreement  by  the
Purchaser,  this  Agreement  shall become a binding  obligation of the Purchaser
with respect to the purchase of Capital Securities as herein provided.

         3.4.  Notwithstanding  anything  expressed or implied to the  contrary,
each  Purchaser of Capital  Securities  (and each employee,  representative,  or
other  agent  of a  Purchaser)  may  disclose  to any and all  persons,  without
limitation  of any kind,  the U.S. tax  treatment  and U.S. tax structure of the
transactions  contemplated  by this  Agreement  and all  materials  of any  kind
(including  opinions or other tax  analyses)  that are provided to the Purchaser
relating to such U.S. tax  treatment  and U.S.  tax  structure as such terms are
defined  in  Treasury  Regulation  Section  1.6011-4;  provided,  that  any such
disclosure  of the U.S. tax  treatment  and U.S.  tax  structure  and  materials
related  thereto may not be made (i) in a manner that would  constitute an offer
to sell or the  solicitation of an offer to buy the Capital  Securities  offered
herein under applicable securities laws or (ii) when nondisclosure is reasonably
necessary to comply with applicable  securities laws. This  authorization of tax
disclosure  is  retroactively   effective  to  the  commencement  of  the  first
discussions between the parties regarding the transactions contemplated herein.

         3.5.  PURSUANT TO SECTION 5-1401 OF THE GENERAL  OBLIGATIONS LAW OF THE
STATE OF NEW YORK,  THIS  AGREEMENT  SHALL BE  GOVERNED  BY,  AND  CONSTRUED  IN
ACCORDANCE  WITH,  THE LAWS OF THE STATE OF NEW  YORK.  EACH OF THE  TRUST,  THE
PURCHASER AND THE COMPANY, ON BEHALF OF ITSELF AND ITS SUBSIDIARIES  (INCLUDING,
WITHOUT  LIMITATION,  THE TRUST),  HEREBY  IRREVOCABLY  SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW
YORK IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING RELATED TO THIS AGREEMENT
OR ANY OF THE MATTERS  CONTEMPLATED  HEREBY,  IRREVOCABLY  WAIVES ANY DEFENSE OF
LACK OF PERSONAL  JURISDICTION AND IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT
OF ANY SUIT, ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT.
EACH OF THE TRUST,  THE PURCHASER  AND THE COMPANY,  ON BEHALF OF ITSELF AND ITS
SUBSIDIARIES (INCLUDING,  WITHOUT LIMITATION, THE TRUST), IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER  APPLICABLE LAW, ANY OBJECTION
WHICH IT MAY NOW OR  HEREAFTER  HAVE TO THE  LAYING  OF VENUE OF ANY SUCH  SUIT,
ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT,
ACTION  OR  PROCEEDING  BROUGHT  IN  ANY  SUCH  COURT  HAS  BEEN  BROUGHT  IN AN
INCONVENIENT FORUM.

                                       4

<PAGE>

         3.6.  The  parties  agree to  execute  and  deliver  all  such  further
documents,  agreements and instruments and take such other and further action as
may be  necessary  or  appropriate  to carry out the purposes and intent of this
Agreement.

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

         3.8.  In the  event  that any one or more of the  provisions  contained
herein,  or the  application  thereof  in any  circumstances,  is held  invalid,
illegal or unenforceable in any respect for any reason,  the validity,  legality
and  enforceability  of any such  provision  in every  other  respect and of the
remaining  provisions  hereof shall not be in any way  impaired or affected,  it
being  intended  that  all of the  Offerors'  and  the  Purchaser's  rights  and
privileges shall be enforceable to the fullest extent permitted by law.

                     SIGNATURES APPEAR ON THE FOLLOWING PAGE

                                       5
<PAGE>

         IN WITNESS  WHEREOF,  the  undersigned  has caused this Agreement to be
duly executed as of the day and year first written above.

                                MERRILL LYNCH INTERNATIONAL

                                By: /s/ William Berry
                                ----------------------------------------------
                                Name:   William Berry
                                Title:  Managing Director

         IN WITNESS WHEREOF,  this Agreement is agreed to and accepted as of the
day and year first written above.

                                TOWER GROUP, INC.

                                By: /s/ Michael H. Lee
                                ---------------------------------------------
                                Name:   Michael H. Lee
                                Title:  President and Chief Executive Officer

                                TOWER GROUP STATUTORY TRUST IV

                                By: /s/ MICHAEL H. LEE
                                ---------------------------------------------
                                Name:   Michael H. Lee
                                Title:  Administrator

6Exhibit 10.1

THIS AGREEMENT IS SUBJECT TO ARBITRATION IN ACCORDANCE WITH
-----------------------------------------------------------
SECTIONS 15-48-10 THROUGH 15-48-240, SOUTH CAROLINA CODE OF LAWS,
-----------------------------------------------------------------
1976, AS AMENDED. SEE PARAGRAPH 11.
-----------------------------------

                              SETTLEMENT AGREEMENT
                          AND MUTUAL RELEASE OF CLAIMS

     This SETTLEMENT AGREEMENT AND MUTUAL RELEASE OF CLAIMS (the "Agreement") is
made and entered into as of the 5th day of November 2004, by and between SCBT
FINANCIAL CORPORATION, a South Carolina corporation with its principal place of
business in Columbia, South Carolina ("Company"), and C. JOHN HIPP, III
("Employee").

                              STATEMENT OF PURPOSE

     Employee has served as an officer, director and employee of the Company and
its subsidiaries. Effective October 28, 2004, Employee resigned as the President
and Chief Executive Officer and a director of the Company. Employee has advised
the Company of his intent to resign from all other positions now held with the
Company and its subsidiaries effective November 5, 2004. In connection all such
resignations, and for the good and valuable consideration set forth herein, the
parties have entered into this Agreement.

                                    AGREEMENT

     NOW THEREFORE, in consideration of the mutual covenants and agreements
contained herein and other good and valuable consideration, the Company and
Employee hereby agree as follows:

     1. Employee's Resignation. Employee and the Company hereby acknowledge and
agree that Employee has resigned as the President and Chief Executive Officer
and as a director of the Company effective October 28, 2004, and the Company has
accepted such resignation. Employee hereby tenders his resignation from any and
all other positions now held with the Company and its subsidiaries (including
without limitation as a director of all subsidiaries of the Company), all such
resignations to be effective as of November 5, 2004.

     2. Separation Payments and Other Benefits.

     (a) Severance Payments. Subject to Employee's full compliance with the
terms of this Agreement and the Employment Agreement (as defined in paragraph 6
below), including the conditions set forth below, after December 31, 2004 and on
or before January 10, 2005, the Company shall pay to Employee, in one lump sum
payment, an amount equal to Employee's annual base salary currently in effect
($294,000 per year), subject to and reduced by all applicable federal and state
income, social security and payroll tax withholding requirements.

<PAGE>

     (b) Company Car. The Company shall assign to Employee the title to the
Company automobile that he is currently driving (2002 Buick Park Avenue), free
and clear of any liens or encumbrances, no later than ten (10) business days
following the complete execution of this Agreement.

     (c) Stock Options. The stock options (the "Options") that have been granted
to Employee prior to November 5, 2004 and that currently vest on January 2, 2005
and January 3, 2005 (which Options represent stock options to purchase a total
of 10,280 shares of stock of the Company) shall be deemed fully vested and
exercisable effective upon execution of this Agreement by the parties hereto.
Such Options shall otherwise be governed by the terms thereof.

     3. Benefit Plans and Fringe Benefits. Except as set forth in this paragraph
3, from and after November 5, 2004, Employee shall not have the right to
participate in or receive any benefit under any employee benefit plan of the
Company or any of its subsidiaries, any fringe benefit plan of the Company or
any of its subsidiaries, or any other plan, policy or arrangement of the Company
or any of its subsidiaries providing benefits or perquisites to directors or
employees of the Company or any of its subsidiaries generally or individually.
Notwithstanding the foregoing, Employee shall be entitled, if otherwise
eligible, (i) to exercise his right to continued coverage under the medical
benefit plan provided by the Company or any of its subsidiaries in which he
currently participates as provided by federal law (and with respect to which the
Employee has been provided with a separate notice as required by federal law);
and (ii) to elect the payment of benefits to which Employee is entitled under
any employee benefit plan. Further, the Company agrees to reimburse Employee for
the cost of his continued individual coverage under its medical benefit plan
through and including November 5, 2005 should Employee elect to purchase such
continued coverage; provided, however, that Employee shall be solely responsible
for any cost attributable to continued coverage of any family member of
Employee.

     4. Vacation Pay. Upon the first regularly scheduled payday following the
execution hereof, the Company shall pay to Employee five (5) days of vacation
pay in the total amount of $5,654, less applicable federal and state tax
withholding requirements, which Employee and the Company agree constitutes all
such accrued and unused vacation pay due and payable to Employee.

     5. Return of Company Property. All records, files, lists, including
computer-generated lists, drawings, notes, notebooks, letters, handbooks,
blueprints, manuals, sketches, specifications, formulas, financial documents,
sales and business plans, customer lists, lists of customer contacts, pricing
information, computers, software, cellular phones, credit cards, keys, equipment
and similar items relating to the business of the Company and its subsidiaries,
together with any other property of the Company and its subsidiaries or property
which the Employee received in the course of Employee's employment with the
Company and its subsidiaries, shall be returned to the Company immediately.
Employee further represents that Employee will not copy or cause to be copied,
print out or cause to be printed out any software, documents or other materials
originating with or belonging to the Company or its subsidiaries.

<PAGE>

     6. Amended and Restated Employment and Competition Agreement. The parties
understand and agree that paragraphs 8 (Confidential Information), 9
(Noncompetition), and 10 (Company's Right to Obtain Injunction) of the Amended
and Restated Employment and Noncompetition Agreement, dated September 30, 1999,
between Employee and the Company (the "Employment Agreement") shall survive the
execution of this Agreement and shall hereafter remain in full force and effect.
The parties hereby acknowledge and agree that twelve-month post-termination
period included in the Noncompetition Period (as defined in the Employment
Agreement) shall commence as of November 6, 2004.

     7. Nondisparagement. Employee agrees not to disparage, bring into disrepute
or make any negative statement concerning the Company, its subsidiaries or any
of their respective employees, officers or directors or make any other statement
that would disrupt, impair or affect adversely the reputation, business
interests, or profitability of the Company, its subsidiaries or their respective
employees, officers or directors, or place the Company, its subsidiaries or such
individuals in any negative light. The Company agrees to instruct and take all
reasonable and necessary steps to prevent any officer or director of the Company
from disparaging, bringing into disrepute or making any negative statement
concerning Employee to or in the presence or hearing of any third party or from
making any other statement in the presence or hearing of any third party that
would disrupt, impair or affect adversely the reputation of Employee, or place
Employee in any negative light. Notwithstanding the provisions hereof, it shall
not constitute a breach of this Agreement for either party hereto to testify
truthfully about any subject when compelled to do so by properly issued legal
process.

     8. Admissions. Employee acknowledges that the payment by the Company of the
benefits described herein shall never for any purpose be considered an admission
of liability on the part of the Company or any of its subsidiaries, by whom
liability is expressly denied, and no past or present wrongdoing on the part of
the Company or any of its subsidiaries shall be implied by such payment.
Similarly, no admission of past or present wrongdoing on the part of Employee
shall be implied by virtue of his resignation from the Company and its
subsidiaries.

     9. Release by Employee. As consideration for the payments to be made by the
Company to Employee pursuant to paragraph 2 hereof, Employee agrees for Employee
and for Employee's heirs, executors, administrators and assigns, to release and
forever discharge the Company and all of its parent and subsidiary corporations,
together with each of their respective agents, officers, employees, directors
and attorneys, from and to waive any and all rights with respect to all manner
of claims, actions, causes of action, suits, judgments, rights, demands, debts,
damages, or accountings of whatever nature, legal, equitable or administrative,
whether the same are now known or unknown, which Employee ever had, now has or
may claim to have, upon or by reason of the occurrence of any matter, cause or
thing whatsoever up to the date of this Agreement, including without limitation:
(i) any claim whatsoever (whether under federal or state statutory or common
law) arising from or relating to Employee's employment or changes in Employee's
employment relationship with the Company and its subsidiaries, including
Employee's separation, termination or resignation therefrom; (ii) all claims and
rights for additional compensation or benefits of whatever nature; (iii) any
claim for breach of contract, implied or express, impairment of economic
opportunity, intentional or negligent infliction of emotional distress, wage or
benefit claim, prima facie tort, defamation, libel, slander, negligent
termination, wrongful discharge, or any other tort, whether intentional or
negligent; (iv) all claims and rights under Title VII of the Civil Rights Act of
1964, the Civil Rights Acts of 1866, 1871, or 1991, the Age Discrimination in
Employment Act, the Employee Retirement Income Security Act, the Americans With
Disabilities Act of 1993, the Family and Medical Leave Act, all as amended, or
any other federal, state, county or municipal statute or ordinance relating to
any condition of employment or employment discrimination; and (v) all claims
under Employee's Employment Agreement with the Company. Notwithstanding the
foregoing, this release shall not (i) include any claims relating to the
obligations of the Company under this Agreement, (ii) operate to release
Employee's ownership of any common stock of the Company, (iii) affect Employee's
vested and accrued rights as a participant in any of the Company's benefit plans
or (iv) affect Employee's Options referred to in paragraph 2(c) above, it being
understood and agreed that the aforesaid items shall not be affected by this
release.

<PAGE>

     10. Release by the Company. Except for the representations, obligations and
covenants of Employee set forth in this Agreement and in the Employment
Agreement, the Company agrees for the Company and its successors, assigns and
subsidiaries to release and forever discharge Employee from and to waive any and
all rights with respect to all manner of claims, actions, causes of action,
suits, judgments, rights, demands, debts, damages, or accountings of whatever
nature, legal, equitable or administrative, whether the same are now known or
unknown, which the Company ever had, now has or may claim to have, upon or by
reason of the occurrence of any matter, cause or thing whatsoever up to the date
of this Agreement arising out of or related to Employee's performance of his
authorized and assigned duties concerning his prior employment with the Company
and its subsidiaries, including without limitation any claims arising under any
federal, state, or local laws, statutes, rules and regulations, or federal or
state common law, whether under tort or contract, whether at law or in equity,
or whether under statute or otherwise. Notwithstanding the foregoing, this
release shall not (i) apply in the event that Employee committed or engaged in
actions or conduct that would constitute a crime, fraud, embezzlement,
conversion, misappropriation, unwelcome sexual harassment, or breach of
fiduciary duty, or (ii) include any claims relating to the representations,
obligations or covenants of Employee under this Agreement or the Employment
Agreement, it being understood and agreed that the aforesaid items shall not be
affected by this release.

     11. Forum Selection; Arbitration. Employee and the Company hereby agree
that any claim by Employee against the Company, any of its subsidiaries or
affiliates or any of their respective employees, officers or directors, or by
the Company against Employee, arising out of or relating in any way to this
Agreement or to Employee's employment with the Company and/or its subsidiaries
shall be brought exclusively in the Circuit Court of Richland County, South
Carolina, or the United States District Court for the District of South
Carolina, and in no other forum. Employee and the Company hereby irrevocably
consent to the personal and subject matter jurisdiction of these courts for the
purpose of adjudicating any claims subject to this forum selection clause.
Employee and the Company also agree that any dispute of any kind arising out of
or relating to this Agreement or to Employee's employment (including without
limitation any claim released herein by Employee) shall at either the Employee's
or the Company's sole election or demand be submitted to final, conclusive and
binding arbitration before and according to the rules then prevailing of the
American Arbitration Association in Richland County, South Carolina, which
election or demand may be made at any time prior to the last day to answer
and/or respond to a summons and/or complaint or counterclaim made by Employee or
the Company. The results of any such arbitration proceeding shall be final and
binding both upon the Company and upon Employee, and shall be subject to
judicial confirmation as provided by the Federal Arbitration Act, which is
incorporated herein by reference. Nothing in this paragraph 11 shall preclude
the Company, if otherwise entitled by law, from obtaining preliminary or
emergency injunctive relief in the Circuit Court of Richland County or the
United States District Court for the District of South Carolina to restrain any
violation of the provisions of paragraph 8, 9 or 10 of the Employment Agreement.

<PAGE>

     12. Entire Agreement. Except as otherwise provided in paragraph 6 above,
this Agreement contains the entire agreement between the Company and Employee
and supersedes all prior agreements relating to the subject matter hereof, and
may be changed only by a writing signed by the parties hereto. Any and all prior
representations, statements and discussions regarding the subject matter of this
Agreement have been merged into and/or replaced by the terms of this Agreement.

     13. Severability. If any of the provisions set forth in this Agreement be
held invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provision of this
Agreement, but this Agreement shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein.

     14. Voluntary Agreement. Employee hereby represents that Employee has
carefully read and completely understands the provisions of this Agreement and
that Employee has entered into this Agreement voluntarily and without any
coercion whatsoever, and in order to receive benefits that are not otherwise
owed to Employee by the Company. Employee represents that he has been advised of
his right to secure counsel to assist in his reviewing this Agreement, that he
has had sufficient time to review carefully each of the provisions hereto with
his counsel, and that his execution hereof is the product of his own free will
and volition. The Company hereby represents that it has entered into this
Agreement voluntarily and that due corporate authority has been obtained for
entry into this Agreement.

<PAGE>

     15. Assistance and Cooperation. Employee agrees to cooperate with and
provide assistance to the Company, its subsidiaries and their respective legal
counsel in connection with any litigation (including arbitration or
administrative hearings) or investigation affecting the Company or its
subsidiaries, in which, in the reasonable judgment of counsel to the Company or
any of its subsidiaries, Employee's assistance or cooperation is needed.
Employee shall, when requested by the Company or any of its subsidiaries,
provide testimony or other assistance and shall travel at the request of the
Company or any of its subsidiaries in order to fulfill this obligation. In
connection with such litigation or investigation, the Company and its
subsidiaries shall attempt to accommodate Employee's schedule, shall provide him
with reasonable notice in advance of the times in which his cooperation or
assistance is needed, and shall reimburse Employee for any reasonable expenses
incurred in connection with such matters. In addition, the Company shall
compensate Employee for time spent by Employee to provide any requested
assistance hereunder at a reasonable hourly rate to be agreed upon by the
Company and Employee. Employee agrees to cooperate fully with the Company and
its subsidiaries on all matters relating to his employment and the conduct of
their business.

     16. Waiver, Dependent Conditions and Fees. Any waiver or consent from the
Company or Employee with respect to any term or provision of this Agreement or
any other aspect of Employee's or the Company's conduct shall be effective only
in the specific instance and for the specific purpose for which given and shall
not be deemed, regardless of frequency given, to be a further or continuing
waiver or consent. The failure or delay of the Company or Employee at any time
or times to require performance of, or to exercise any of its or his powers,
rights or remedies with respect to, any term or provision of this Agreement or
any other aspect of Employee's or the Company's conduct shall not affect the
Company's or Employee's right at a later time to enforce any such term or
provision. In addition thereto, the failure of Employee or the Company to
perform or satisfy any material obligation set forth herein shall give the
Company or Employee, if otherwise allowed by law, the right to suspend any
obligation otherwise owed to the other party hereto. In the event the Company or
Employee prevails in any legal action to enforce its or his rights hereunder,
the Company or Employee, as the case may be, shall be entitled to recover its or
his reasonable attorney's fees and expenses from the other, nonprevailing party.

     17. Applicable Law. This Agreement shall be construed and governed by the
laws of the State of South Carolina.

                        (signatures are on the next page)
<PAGE>

  IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement, or
 caused this Agreement to be duly executed by their authorized representatives,
                  as of the day and year first above written.

                                                     SCBT FINANCIAL CORPORATION

                                                     By: /s/ Robert R. Horger
                                                     ________________________
                                                     Robert R. Horger
                                                     Position: Chairman

                                                     /s/ C. John Hipp, III
                                                     ---------------------------
                                                     C. John Hipp, III

WITNESS:

---------------

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