Document:

ssb_Ex_10_13

		
			Exhibit 10.13
		

		
			 
		

		
			AGREEMENT BETWEEN BANK AND EMPLOYEE
		

		
			THIS AGREEMENT is entered into and effective this 7th day of May 2018 ("Effective Date"), by and between South State Bank ("Bank"), a bank organized an existing under the laws of the State of South Carolina, and Jonathan Kivett ("Employee").
		

		
			WHEREAS, Bank and Employee wish to enter into this Agreement under the terms and conditions set forth herein.
		

		
			NOW, THEREFORE, in consideration of mutual covenants contained herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties do mutually agree as follows:
		

		
			1.        Employment-At-Will. Employee agrees and acknowledges that his employment with the Bank is AT-WILL and that he can terminate his employment at any time for any reason. Likewise, subject to Section 4, Employee understands that the Bank reserves the right to terminate his employment with or without notice and with or without cause.
		

		
			2.        Consideration. Employee acknowledges and agrees that the compensation and benefits potentially available to him pursuant to Section 4 of this Agreement constitute valid and binding consideration, which he otherwise would not have the opportunity to receive, in exchange for Employee's promises and/or obligations in this Agreement, including but not limited to those contained in Sections 8 and 9 of this Agreement.
		

		
			3.        Definitions. The following terms referred to in this Agreement shall have the following meanings:
		

		
			(a)         "Bank" means collectively South State Bank, a wholly-owned subsidiary of South State Corporation, and the Bank's subsidiaries, divisions, and affiliates.
		

		
			(b)         "Base Salary" means Employee's annual salary (as may be increased or decreased by the Bank from time to time in its sole discretion). Employee understands the annual salary is intended to pay for all hours worked during each pay period, regardless of scheduled or tracked hours.
		

		
			(c)         "Cause" means (i) Employee's failure to perform his responsibilities and duties or failure to comply with policies, standards, and/or regulations of Bank; (ii) the commission of an act by Employee constituting dishonesty or fraud in connection with Employee's employment with the Bank; (iii) being arrested, indicted, or otherwise charged with a felony; (iv) habitual absenteeism; (v) Employee is determined to have been on the job while under the influence of alcohol, unauthorized or illegal drugs (under federal or state law), prescription drugs that have not been prescribed for the Employee, or other substances that have the potential to impair Employee's judgment or performance; (vi) the commission of an act by Employee involving gross negligence or moral turpitude that brings or could bring the Bank into public disrepute or disgrace or causes material harm to any customer relations, operations or business prospects of the Bank; (vii) bringing firearms or weapons into the workplace; (viii)
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

			

					

						Kivett Agreement (3/2018)

					

					

						Page 1 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			Employee's engagement in conduct which is in material contravention of any federal, state or local law or ordinance other than a minor offense which does not reflect or impact upon the Bank; (ix) Employee's engagement in conduct which is unbecoming to or inconsistent with Employee's duties and responsibilities; (x) Employee engaging in sexual or any other form of illegal harassment or discrimination; (xi) Employee's breach or threatened breach of any of the covenants set forth in Sections 8 or 9 of this Agreement, or (xii) termination of employment under Section 7 (Clawback of Compensation).
		

		
			 
		

		
			(d)         "Change in Control" means the occurrence of one of the following:
		

		
			(i) A change in ownership of the Company occurs on the date that any one person, or more than one person acting as a group (as determined in Paragraph (i)(5)(v)(B) of Treasury Regulation Section 1.409A-3), acquires ownership of more than 50% of the total fair market value or total voting power of the Company or Bank other than (A) with respect to the Bank, the Company (B) a trustee or other fiduciary holding securities under an employee benefit plan of the Bank or the Company, (C) employee or a group of persons including Employee, and (D) an underwriter or group of underwriters owning shares of common voting stock in connection with a bona fide public offering of such shares and the sale of such shares to the public;
		

		
			(ii) A change in the effective control of the Company occurs on the date that (a) a person, or more than one person acting as a group (as determined in Paragraph (i)(5)(v)(B) of Treasury Regulation Section 1.409A-3), acquires ownership (or having acquired during the 12-month period ending on the date of his most recent acquisition) of 30% or more of the total voting power of the stock of the Company or Bank, (other than (A) with respect to the Bank, the Company (B) a trustee or other fiduciary holding securities under an employee benefit plan of the Bank or the Company, (C) Employee or a group of persons including Employee, and (D) an underwriter or group of underwriters owning shares of common voting stock in connection with a bona fide public offering of such shares and the sale of such shares to the public), or (b) a majority of the members of the Company's board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company's board of directors prior to the date of appointment or election, provided that the Company is a corporation for which there is no majority shareholder.
		

		
			(iii) A change in the ownership of a substantial portion of the Company's assets occurs on the date that any one person, or more than one person acting as a group (as determined in Paragraph (i)(5)(v)(B) of Treasury Regulation Section 1.409A-3), acquires (or having acquired during the 12-month period ending on the date of his most recent acquisition) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition. For purposes of this provision, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

			

					

						Kivett Agreement (3/2018)

					

					

						2 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			This definition of Change in Control is intended to fully comply with the definition of a change in control event as set forth in Treasury Regulation Section 1.409A-3(i)(5) (and, for the avoidance of any doubt, any event will not be a Change in Control unless it complies with such regulation).
		

		
			(e)         "Company" means South State Corporation and its subsidiaries and its affiliates, excluding the Bank.
		

		
			(f)         "Disability" means "disability" (as such term is defined under the Bank's disability insurance policy maintained for Bank employees from time to time) suffered by Employee for a continuous period of at least three months or any impairment of mind or body that is likely to result in a "disability" of Employee for more than six months during any twelvemonth period.
		

		
			(g)         "Good Reason" means, without Employee's express written consent, the occurrence of any of the following circumstances unless such circumstances are fully corrected within thirty days after Employee notifies the Bank in writing of the existence of such circumstances as hereinafter provided:
		

		
			(i)        a material diminution in the Employee's authority, duties, or responsibilities in effect immediately prior to such diminution;
		

		
			(ii)       a material diminution in the budget (if any) over which Employee retains authority;
		

		
			(iii)      a material diminution by the Bank in Employee's Base Salary as in effect on the date hereof or as it may be increased from time to time, except for across- the-board salary reductions for similarly situated management personnel of the Bank;
		

		
			(iv)      the Bank requiring Employee to be based anywhere other than within 50 miles from his last assigned area of responsibility, except for required travel on Bank business; or
		

		
			(v)       any action or inaction that constitutes a material breach by the Bank of this Agreement;
		

		
			"Good Reason," however, shall not include the folding or merging of the Bank into the Company or any other action whereby the Bank becomes a part of the Company. In order to constitute a termination for Good Reason, the notice and other requirements set forth in Section 4(c) must be satisfied.
		

		
			(h)          Total Compensation means the aggregate total of: (i) Employee's Base Salary at the time of termination, (ii) the greater of the Employee's annual bonus for the fiscal year immediately preceding the fiscal year in which Employee's employment terminates or the average of the annual bonus for the prior five fiscal years preceding termination, and (iii) the amount the Bank contributes towards Employee's health and dental insurance on a monthly basis
		

		
			
		

		
			

		 

		

			 

		

			

					

						 

					

					

						 

					

					

						 

					

					

						 

				
	

					

						Kivett Agreement (3/2018)

					

					

						3 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			and based on the level elected (e.g. family or single coverage) as of the time Employee's employment terminates times 12, for an annual amount.
		

		
			(i)          "Window Period" means the thirty-day period immediately following elapse of six months after the occurrence of any Change in Control.
		

		
			4.           Severance Benefits.
		

		
			(a)         Termination of Employment Generally. For any termination of employment of the Employee for any reason, Employee will be paid any earned but unpaid Base Salary through the date of termination and, if and to the extent required under Bank policies set forth in the Bank's employee handbook at the time of termination, any earned but unused annual leave or other benefits required to be paid upon termination of employment. In addition, any earned but unpaid annual bonus, equity award or other additional compensation will be paid if and to the extent required by, and in accordance with, the terms and conditions of the applicable bonus plan, equity award or other applicable additional compensation plan. The following subsections provide for additional severance benefits depending on the applicable reason for termination of employment.
		

		
			(b)         Termination of Employment Without Cause. If the Bank terminates Employee's employment for any reason other than Death, Disability, or for Cause, the Bank shall, as its sole obligation hereunder, pay to Employee the following severance benefits:
		

		
			(i)        Severance Payment. The Bank will pay Employee his Base Salary, subject to applicable federal and state income and social security tax withholding requirements and in accordance with the Bank's customary payroll practices, for the twelve month period immediately following termination, subject to Section 5.
		

		
			(ii)       COBRA Stipend. Subject to Section 5, the Bank will pay to Employee an amount equal to twelve months of the employer portion of the total monthly premium, as in effect on the date of termination of Employee's employment, for an active employee who had elected the same level of health coverage as Employee had in effect immediately prior to Employee's termination of employment. This amount is subject to applicable tax withholding and will be paid in a lump sum that will be included in the first severance payment made under Section 4(b)(i) (which is subject to Section 5).
		

		
			(c)         Termination on Account of Change in Control.
		

		
			(i)         If:
		

		
			A.        Employee's employment is terminated by the Bank or the Company (other than for death, Disability or for Cause) in anticipation of the completion of a publicly announced and pending Change in Control transaction; or
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

			

					

						Kivett Agreement (3/2018)

					

					

						4 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			B.            a Change in Control occurs during Employee's employment and Employee is employed by the Bank or the Company at the time such Change in Control occurs and at any time within one year after the Change in Control occurs:
		

		
			(1)      Employee's employment is terminated by the Bank or the Company or successor thereof for any reason other than for death, Disability or for Cause, or
		

		
			(2)      Employee terminates his employment for Good Reason, or
		

		
			(3)      Employee voluntarily terminates his employment during the Window Period for any reason other than death or Disability;
		

		
			then the Bank (or its successors) shall pay to Employee, or his beneficiary in the event of his subsequent death, subject to applicable federal and state income, social security and other employment tax withholding, an amount equal to two (2) times the Employee's Total Compensation (the "Change in Control Payment").
		

		
			(ii)       In order to constitute a voluntary termination for Good Reason (as set forth in 4(c)(i)B(2) above), within ninety (90) days of gaining knowledge of the circumstances that would give rise to a Good Reason termination, Employee shall notify the Bank in writing that he believes Good Reason exists and he intends to terminate his employment for Good Reason. Employee shall not deliver a notice of termination until thirty (30) days after he delivers the notice described in the preceding sentence, and Employee may do so only if the circumstances described in such notice have not been corrected in all material respects by the Bank.
		

		
			(iii)      The Change in Control Payment is in lieu of and not in addition to  any payments provided for under Section 4(b) of this Agreement. Subject to Section 5, the Change in Control Payment shall be paid in two equal payments each consisting of one-half the total Change in Control Payments with the first payment to be made immediately upon the cessation of employment, and the second to be made exactly one year later.
		

		
			(iv)      Notwithstanding anything in this Agreement to the contrary, if a Change in Control occurs after the Effective Date, and if Employee is entitled under any agreement or arrangement to receive compensation that would constitute a parachute payment (including, without limitation, the vesting of any rights) within the meaning of Code §280G (the "Parachute Payments"), the Change in Control Payment shall be reduced to the extent necessary to cause the aggregate present value of all payments in the nature of compensation to Employee that are contingent on a change in the ownership or effective control of the Bank or in the ownership of a substantial portion of the assets of the Bank, not to exceed 2.99 times the Base Amount, all within the meaning of Code
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

			

					

						 

					

					

						 

					

					

						 

					

					

						 

				
	

					

						Kivett Agreement (3/2018)

					

					

						5 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			§280G. All determinations required to be made under this Section 4(c)(iii), and the assumptions to be utilized in arriving at such determinations, shall be made by the Bank, by the Company or by Tax Counsel appointed by the Company for the purpose of making such determinations (which "Tax Counsel" shall be a law firm, compensation consultant or accounting firm appointed by the Company and shall be directed by the Company to provide its determinations and any supporting calculations to the Company within 10 business days of having made such determination). The Bank, the Company and/or Tax Counsel may consult with any compensation consultants, accounting firm and/or other legal counsel selected by the Company. In connection with making determinations under this Section 4(c)(iii), the Bank, the Company or Tax Counsel, as applicable, will take into account, to the extent applicable, the value of any reasonable compensation for services to be rendered (or for refraining from performing services) by Employee before or after the Change of Control.
		

		
			(d)            Termination of Employment for Other Reasons. If Employee's employment terminates on account of death, Disability, for Cause, or by Employee for any reason other than as set forth in Section 4(c)(i)B, Employee will only be paid the amounts under Section 4(a).
		

		
			5.           Conditions to Receipt of Severance. The Bank's (or its successor's) obligations to make certain payments to or on behalf of Employee under Sections 4(b) and 4(c) are expressly conditioned upon the Employee executing and returning to Bank a settlement agreement prepared by the Bank that will include a full waiver and release of all claims, including potential claims known or unknown, against the Bank, the Company, their successors, assigns, their officers, directors, agents, employees, etc. with such release becoming effective (irrevocable) within ninety (90) days of Employee's termination. Accordingly, such payment will be made on the day following the date the release becomes effective (irrevocable), provided that if such 90- day period spans two calendar years, such first payment will be made in the later calendar year; and further provided that the first payment will include a catch-up payment covering the amount that would have otherwise been paid during the period between Employee's termination of employment and the first payment date but for the application of this Section 5, and the balance of any installments will be payable in accordance with their original schedule. Any such payment is further conditioned upon Employee's compliance with the provisions of Sections 8 (Confidential Information) and 9 (Protective Covenants).
		

		
			6.           Resignation from All Positions. Notwithstanding any other provisions of this Agreement to the contrary, upon termination of Employee's employment for any reason, Employee shall immediately resign from all positions that the Employee holds with the Bank or the Company. Employee hereby agrees to execute any and all documentation to effectuate such resignations upon request by the Bank, but Employee shall be treated for all purposes as having so resigned upon termination of Employee's employment, regardless of when or whether employee executes any such documentation.
		

		
			7.           Clawback of Compensation. Employee agrees to repay any compensation paid or otherwise made available to Employee under this Agreement or any prior employment agreement that is subject to recovery under any applicable law or regulation, any rule of any
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

			

					

						Kivett Agreement (3/2018)

					

					

						6 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			stock exchange or service through which the securities of Company are then traded, or any compensation "clawback" or recoupment policy of the Company or the Bank (as amended from time to time and as may hereafter be adopted). Employee agrees to return promptly any such compensation identified by Bank by written notice provided pursuant to Section 11(g). If Employee fails to return such compensation promptly, Employee agrees that the amount of such compensation may be deducted from any and all compensation owed to Employee by Bank as an advancement of wages and that Employee's execution of this Agreement represents his acknowledgment and agreement to such deduction. If Employee is then employed by the Bank, Employee acknowledges that the Bank may take appropriate disciplinary action (up to, and including, termination of employment) if Employee fails to return such compensation. Employee acknowledges the rights of the Bank to engage in any legal or equitable action or proceeding in order to enforce the provisions of this Section 7. The provisions of this Section 7 shall be modified to the extent, and remain in effect for the period, required by applicable law.
		

		
			8.           Confidential Information. Employee acknowledges that during, and as a result of, Employee's employment with the Bank, Employee has or will acquire, has been exposed to or will be exposed to, and has had and will have access to, material, data and information of the Bank and the Company and/or customers or clients that is confidential or proprietary ("Confidential Information").
		

		
			(a)       Use and Maintenance of Confidential Information. At all times, both during and after Employee's employment, Employee shall keep and retain in confidence and shall not disclose, except as required in the course of Employee's employment with the Bank, to any person or entity, or use for his own purposes, any Confidential Information. For purposes of this Section 8, Confidential Information shall include, but shall not be limited to: (i) the Company's or Bank's standard operating procedures, processes, know-how and technical and product information, any of which is of value to the Bank or the Company and not generally known by the Bank's or Company's competitors or the public; (ii) all confidential information obtained by the Bank or the Company from third parties and customers concerning the business of the Bank or that of its customers, including any customer lists or data; and (iii) confidential business information of the Bank and/or the Company, including marketing and business plans, strategies, projections, business opportunities, client lists, customer list, confidential information by customers or clients, sales and cost information and financial results and performance provided, however, that Confidential Information shall not include information that (x) is or becomes generally available to the public or generally known throughout the industry in which the Bank operates through no breach of this Agreement or other wrongful act by Employee (or otherwise has ceased to be confidential or a trade secret, as applicable, through no breach of this Agreement or other wrongful act by Employee ), (y) is or becomes available to Employee (other than as a result of Employee's employment with the Bank or the Company (or any of their respective predecessor entities)) on a non-confidential basis from a source other than the Bank or the Company, provided that such source was not known (and should not reasonably have been known) by Employee to be bound by a confidentiality obligation with respect to such information, or (z) is independently developed by Employee without the use of or reference to any Confidential Information. Employee acknowledges that the obligations pertaining to the confidentiality and non-disclosure of information shall remain in effect indefinitely, or until the Bank or the Company has released any such information into the public domain, in which case
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

			

					

						 

					

					

						 

					

					

						 

					

					

						 

				
	

					

						Kivett Agreement (3/2018)

					

					

						7 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			Employee's obligation hereunder shall cease with respect only to such information so released. This Agreement does not constitute a waiver by the Bank or the Company of trade secret protections under applicable law(s) or limit the rights of the Bank to enforce its rights under any such laws, nor does it limit any legal obligations of (or waive any rights against) the Employee with respect to customer or other third-party information. Notwithstanding anything herein to the contrary, nothing in this Agreement shall be construed as prohibiting or impeding (or enforced by the Bank in a manner that would prohibit or impede) Employee from (i) testifying in any lawsuit or (ii) reporting conduct to, providing truthful information to, or participating in any investigation or proceeding conducted by any federal or state government agency or self-regulatory organization in accordance with the Securities Exchange Act of 1934 or the Sarbanes-Oxley Act of 2002, or any other provisions of state or federal law or regulation. Similarly, nothing herein shall be construed as requiring Employee to provide notification to or seek prior approval by the Bank of any activity described immediately preceding in clauses (i) or (ii). Moreover, if and to the extent a court of competent jurisdiction deems this restriction on the use or disclosure of Confidential Information to represent a restrictive covenant requiring a limit on its duration, Employee and the Bank hereby stipulate and agree that the restriction set forth in this Section 8 as to Confidential Information that is not otherwise a trade secret, as defined by statute, or confidential customer or other third-party information, shall be at all times during Employee's employment with the Bank and for a period of three (3) years after the termination of that employment (by either party and regardless of reason).
		

		
			(b)       Return of information. Employee acknowledges that all Confidential Information, the disclosure of which is prohibited by Section 8(a) above, is of a confidential and proprietary character and of great value to the Bank and/or the Company and shall remain the exclusive property of the Bank and/or the Company. Upon the termination of employment with the Bank, Employee agrees to immediately deliver to the Bank all records, calculations, memoranda, papers, data, lists, and documents of any description which refer to or relate in any way to such Confidential Information and to return to the Bank any of its equipment and property which may then be in Employee's possession or under his control.
		

		
			(c)       No Removal of Information. Except as necessary to perform his job, under no circumstances shall Employee remove from the Bank's or Company's office any of the Bank's and/or the Company's books, records, documents, blueprints, customer lists, any other stored information, whether stored as paper, electronically or otherwise, or any copies thereof, without the Bank's written permission; nor shall Employee make any copies of such books, records, documents, blueprints, customer lists, or other stored information for use outside of the Bank's offices except as specifically authorized by the Bank or as necessary to perform his job.
		

		
			(d)       Notice of Rights Under Section 7 of the Defend Trade Secrets Act (DTSA). This Section 8(d) provides Employee notice as required under Section 7 of the Defend Trade Secrets Act that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of the law or is made in a complaint or other document filed in a lawsuit or other proceeding, if that filing is made under seal. This
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

			

					

						Kivett Agreement (3/2018)

					

					

						8 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			Section 8(d) also provides notice that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in court proceedings, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except under court order.
		

		
			9.            Protective Covenants.
		

		
			(a)       Covenant Not to Solicit. In consideration for the benefits set forth above, Employee covenants and agrees that Employee shall not, directly or indirectly, alone or in association with or on behalf of any other person or entity, take any of the following actions during the Restricted Period (as defined below).
		

		
			(i)   Solicit or attempt to solicit any business from any customer of the
Bank or the Company with whom Employee had material contact during the final twelve (12) months of his employment (or, should Employee work for the Bank or the Company for less than twelve (12) months, during such shorter time period) for the purpose of providing products or services that are of the type conducted, authorized, offered, or provided by the Bank or the Company within two (2) years prior to termination. Employee also agrees that he will not otherwise induce such customers of the Bank or the Company with whom Employee had material contact during his employment to reduce, terminate, restrict or alter their business relationship with the Bank or the Company in any fashion. For purposes of this subsection, "material contact" shall mean contact between Employee and each customer: (a) with whom or which Employee dealt on behalf of the Bank or the Company, (b) whose dealings with the Bank or the Company were coordinated or supervised by Employee, or (c) about whom Employee obtained confidential information in the ordinary course of business as a result of Employee's association with the Bank or the Company.
		

		
			(ii)   Solicit or attempt to solicit any individual or entity who was a Prospective Customer of the Bank or the Company during the final twelve (12) months of his employment (or, should Employee work for the Bank or the Company for less than twelve (12) months, during such shorter time period) for the purpose of providing products or services that are of the type conducted, authorized, offered, or provided by the Bank or the Company within two (2) years prior to termination. Employee also agrees that he will not otherwise induce such actively sought Prospective Customers of the Bank or the Company to reduce, terminate, restrict or alter their business relationship with the Bank or the Company in any fashion. For purposes of this subsection, "Prospective Customer" is one who has been specifically identified and actively and directly solicited by the Bank or the Company during the relevant time period and about whom Employee obtained confidential information on or was made aware of in the ordinary course of business as a result of Employee's association with the Bank or the Company.
		

		
			(iii)   Solicit, induce or attempt to solicit or induce any employee of the Bank or the Company to leave the Bank or the Company for the purpose of engaging in a business operation that is competitive with the Bank or the Company.
		

		
			
		

		
			

		 

		

			 

		

			

					

						 

					

					

						 

					

					

						 

					

					

						 

				
	

					

						Kivett Agreement (3/2018)

					

					

						9 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			Employee acknowledges that the restrictions on solicitation of customers (including Prospective Customers) and employees set forth in Sections 9(a)(i), 9(a)(ii) and 9(a)(iii) shall apply without geographic limitation.
		

		
			(b)       Covenant Not to Compete. In consideration for the benefits set forth above, Employee further covenants and agrees that:
		

		
			(i)       During the Restriction Period (defined below), Employee shall not anywhere in the Restricted Territory (defined below) become employed with a Financial Institution (defined below) that competes with the Bank or the Company in the areas of Commercial Lending or Consumer Lending. As used herein, "Commercial Lending" means the lending of money to a business entity; and "Consumer Lending" means the lending of money to individuals (secured or unsecured) for personal, family, or household purposes. As used herein, "Financial Institution" shall be limited to (1) state or federal chartered banks and (2) state or federal chartered credit unions. Nothing herein shall be deemed to preclude Employee from personally investing on his own behalf in a Financial Institution that provides Commercial Lending or Consumer Lending services and competes with the Bank or the Company so long as the shares are traded on a national, international, or regional stock exchange or in the over-the-counter market and Employee owns, directly or indirectly, no more than 5% of the entity's shares at any point in time.
		

		
			(ii)      For purposes of this Agreement, Employee and the Bank agree that "Restricted Territory" shall be defined to include the following:
		

		
			A.      Anywhere within any county in which Employee has regularly provided Commercial Lending or Consumer Lending services (or management or leadership of Commercial Lending or Consumer Lending services) during the last twenty four (24) months of Employee's employment with the Bank or the Company (or such shorter time period, should Employee work for the Bank or the Company for less than twenty four (24) months); and
		

		
			B.      Anywhere within any county in which the Bank had a Bank office location that offers Commercial Lending or Consumer Lending services at any time during the last twenty four (24) months of Employee's employment with the Bank or the Company (or such shorter period, should Employee work for the Bank or the Company for less than twenty four (24) months).
		

		
			Employee and the Company acknowledge and agree that, if necessary to determine the reasonable geographic scope of this restraint, they may rely upon (and a reviewing court may consider) appropriate documentation and evidence outside of the provisions of this Agreement. Employee and the Company further acknowledge and agree that the restrictions contained in subsections A. and B. of this section 9(b)(ii) are intended to be cumulative and severable, and represent separate covenants by Employee each from the
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

			

					

						Kivett Agreement (3/2018)

					

					

						10 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			other, such that the definition of Restricted Territory may be enforced in whole, or in part, as may ultimately be determined to be reasonable by a court.
		

		
			(c)       Restriction Period. For the purpose of Section 9, "Restriction Period" shall mean the period Employee is employed with the Bank and the period commencing on the date of termination of employment (regardless of reason) and ending twelve (12) months thereafter. If Employee is found to have violated the covenants contained herein during the Restriction Period such Restriction Period shall be extended for a period equal to the amount of time the Employee is found to have been in non-compliance.
		

		
			(d)       Providing Copy of Agreement. Employee shall provide a copy of Sections 8 and 9 of this Agreement to any person or entity with whom Employee interviews during the Restriction Period and consents to the disclosure of this Agreement by the Bank or Company to any such potential employer.
		

		
			(e)       Employee's Representation. Employee represents and warrants that his education, experience, skills, and capabilities are such that the provisions of this Section 9 will not unreasonably limit him in earning a livelihood in the event that Employee's employment with the Bank is terminated, regardless of reason. Employee further acknowledges and agrees that as Executive Vice President, Chief Commercial Credit Officer, he is charged with responsibility for the overall management of the Bank's commercial credit administration department, including underwriting and loan analysis, all functions providing commercial lending support, direction, credit information and loan policies, procedures and processes to ensure the overall quality of the Bank's commercial loan portfolio. Employee acknowledges that his input, guidance, and leadership also impact the Bank's management of the consumer credit administration department and its consumer lending strategy, business, and operations. Employee acknowledges that his duties are integral and essential to the success of the Bank and the Company with respect to commercial and consumer lending throughout its marketplace, and as such the restrictions of Sections 8 and 9 are necessary and vital to protect the Bank's and the Company's legitimate business interests, are fair and reasonable in all respects, and are not overbroad or unduly burdensome to him. Employee further acknowledges and agrees that the Bank conducts business with customers and actively advertises and markets to potential customers (commercial and consumer), who reside, have places of business or conduct business throughout the Restricted Territory. Employee also acknowledges and agrees that he will have substantial job responsibilities throughout the Restricted Territory or that his job responsibilities will affect the Bank's commercial and consumer business and operations, including customer relations and employee relations, throughout the Restricted Territory. Employee further acknowledges that he will have information about the Bank's lending strategy (commercial and consumer), marketing efforts, and customers (commercial and consumer) and prospects throughout the Restricted Territory.
		

		
			(f)       Obligations Survive. Employee's obligations under Sections 8 and 9 shall survive any termination of his employment with the Bank, regardless of reason.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

			

					

						 

					

					

						 

					

					

						 

					

					

						 

				
	

					

						Kivett Agreement (3/2018)

					

					

						11 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			10.          Bank's Right to Obtain an Injunction. Employee acknowledges that the Bank and/or the Company will have no adequate means of protecting their rights under Sections 8 and 9 other than by securing an injunction and other equitable remedies to prevent irreparable harm.
		

		
			(a)        In the event of breach or anticipatory breach, employee agrees that the Bank and/or the Company is entitled to enforce this Agreement by obtaining a preliminary and permanent injunction and any other appropriate equitable relief in any court of competent jurisdiction and that, if successful in obtaining such relief, the Bank and/or Company shall also be entitled to an award of reasonable costs and attorneys' fees thereby incurred. Employee acknowledges that the Bank's or the Company's recovery of damages will not be an adequate means to redress a breach of this Agreement. Nothing contained in this Section 10 shall prohibit the Bank or the Company from obtaining any appropriate remedies in addition to injunctive relief, including recovery of damages.
		

		
			(b)       If a court determines that this Agreement or any covenant contained herein is unreasonable, void or unenforceable, for any reason whatsoever, then in such event the parties hereto agree that the duration, geographical or other limitation imposed herein should be such as the court determines to be fair and reasonable, it being the intent of each of the parties hereto be subject to an agreement that is necessary for the protection of the legitimate interest of the Bank and/or Bank and its successors or assigns and that is not unduly harsh in curtaining the legitimate rights of the Employee. Employee further acknowledges that each of the covenants set forth in Sections 8 and 9 of this Agreement shall be treated as independent and severable covenants, such that the invalidity or unenforceability of one shall not affect the validity and enforceability of any other covenant therein.
		

		
			(c)       Employee agrees that if he breaches any of the covenants set forth in this Agreement, the Bank and/or the Company shall be entitled to set-off its damages against any amount owed by the Bank and/or the Company (or successor) to Employee and to cease making payments to the Employee pending a resolution of the controversy. This Section 10(c) shall in no way limit the Bank's or the Company's right to simultaneously seek and obtain injunctive relief as set forth in Section 10(a).
		

		
			11.          General Provisions.
		

		
			(a)       Entire Agreement. This Agreement contains the entire understanding between the parties hereto relating to the subject matter herein and supersedes any and all prior agreements between the Bank and Employee with respect to the subject matter herein. The representations, warranties, covenants and agreements under Section 8 (Confidential Information) and Section 9 (Protective Covenants) are in addition to, and not in lieu of, any other representations, warranties, covenants or agreements that Employee may be bound by or subject to by contract with the Bank or the Company (or any affiliate thereof), or by applicable law or regulation, with respect to confidential or proprietary information, noncompetition, or nonsolicitation.
		

		
			(b)        Assignability. Neither this Agreement nor any right or interest hereunder shall be assignable by Employee, his beneficiaries or legal representatives, without the Bank's
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

			

					

						Kivett Agreement (3/2018)

					

					

						12 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			prior written consent; provided, however, that nothing shall preclude (i) Employee from designating a beneficiary to receive any benefit payable hereunder upon his death, or (ii) the executors, administrators or other legal representatives of Employee or his estate from assigning any rights hereunder to the person or persons entitled thereunto.
		

		
			(c)        Binding Agreement. This Agreement shall be binding upon, and inure to the benefit of, Employee and the Bank, and its respective successors and assigns.
		

		
			(d)        Amendment of Agreement. The Bank may terminate or modify this Agreement in any manner, provided (1) there is a material diminution in Employee's authority, duties, or responsibilities, (2) the Bank has notified Employee of the pending modification at least 60 (sixty) calendar days in advance of the proposed effective date of such modification, and (3) Employee is not terminated by the Bank prior to the effective date of any such modification in circumstances that entitles Employee to benefits under this Agreement.
		

		
			(e)        Insurance. The Bank, at is discretion, may apply for and procure in its own name and for its own benefit, life insurance on Employee in any amount or amounts considered advisable; and Employee shall have no right, title or interest therein. Employee shall submit to any medical or other examination and execute and deliver any applications or other instruments in writing as may be reasonably necessary to obtain such insurance.
		

		
			(f)        Severability. If any provision contained in this Agreement shall for any reason 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. If a court of competent jurisdiction finds the covenants of Section 8 or 9 of this Agreement overbroad, invalid, and/or unenforceable for any reason, the court shall construe the invalid provision(s) in such a way as to make it legally enforceable in such a manner to ensure the most restrictive result possible to protect the Bank's confidential and proprietary information and its business relationships with its employee and customers.
		

		
			(g)        Notices. All notices under this Agreement shall be in writing and shall be deemed effective when delivered in person (with respect to the Bank, to the Bank's Corporate Counsel) or when mailed, if mailed by certified mail, return receipt requested. Notices mailed shall be addressed, in the case of Employee, to his last known residential address, and in the case of the Bank, to its corporate headquarters, attention of Corporate Counsel, or to such other address as Employee or the Bank may designate in writing at any time or from time to time to the other party in accordance with this Section.
		

		
			(h)        Governing Law; 409A Compliance
		

		
			(i)      The laws of the State in which Employee resides as of the Effective Date of this Agreement shall govern the validity, interpretation, performance and enforcement of this Agreement. Employee agrees, however, that the Bank and/or Company shall be entitled to bring any action for injunctive relief as described in Section 10 and/or any other remedy for any breach of this Agreement in any state or federal court
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

			

					

						 

					

					

						 

					

					

						 

					

					

						 

				
	

					

						Kivett Agreement (3/2018)

					

					

						13 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			sitting within Richland County, South Carolina, and Employee hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such claim, any argument that he is not personally subject to the jurisdiction of such court(s), that the claim is brought in an inconvenient forum, or that the venue of the claim is improper.
		

		
			(ii)      All payments that may be made and benefits that may be provided pursuant to this Agreement are intended to qualify for an exclusion from Section 409A of the Code and any related regulations or other pronouncements thereunder and, to the extent not excluded, to meet the requirements of Section 409A of the Code. Any payments made under Sections 5, 6 and 7 of this Agreement which are paid on or before the last day of the applicable period for the short-term deferral exclusion under Treasury Regulation § 1.409A-1(b)(4) are intended to be excluded under such short-term deferral exclusion. Any remaining payments under Sections 5, 6 and 7 are intended to qualify for the exclusion for separation pay plans under Treasury Regulation § 1.409A-1(b)(9). Each payment made under Section 4 shall be treated as a "separate payment", as defined in Treasury Regulation § 1.409A-2(b)(2), for purposes of Code Section 409A. None of the payments under this Agreement are intended to result in the inclusion in Employee's federal gross income on account of a failure under Section 409A(a)(1) of the Code. The parties intend to administer and interpret this Agreement to carry out such intentions. However, the Employer does not represent, warrant or guarantee that any payments that may be made pursuant to this Agreement will not result in inclusion in the Employee's gross income, or any penalty, pursuant to Section 409A(a)(1) of the Code or any similar state statute or regulation. Notwithstanding any other provision of this Agreement, to the extent that the right to any payment (including the provision of benefits) hereunder provides for the "deferral of compensation" within the meaning of Section 409A(d)(1) of the Code, the payment shall be paid (or provided) in accordance with the following: and (a) if the Employee is a "Specified Employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date of the Employee's termination (the "Separation Date"), and if an exemption from the six month delay requirement of Code Section 409A(a)(2)(B)(i) is not available, then no such payment that is payable on account of the Employee's termination shall be made or commence during the period beginning on the Separation Date and ending on the date that is six months following the Separation Date or, if earlier, on the date of the Employee's death. The amount of any payment that would otherwise be paid to the Employee during this period shall instead be paid to the Employee on the first day of the first calendar month following the end of the period.
		

		
			(i)      Waiver. No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise of any right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege. The provisions of this Section 11(i) cannot be waived except in writing signed by both parties.
		

		
			(j)      Interpretation. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring either pa hereto by
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

			

					

						Kivett Agreement (3/2018)

					

					

						14 of 15

					

					

						

					

					

						(JK)

				

		

			 

		

 

		

		
			virtue of the authorship of any of the provisions of this Agreement. As used in this Agreement, the words "include," "includes," and "including" are deemed to be followed by the phrase "without limitation," and, unless the context clearly requires otherwise, the word "or" means "and/or."
		

		
			(k)      Waiver Of Right To Jury Trial. BOTH THE BANK AND EMPLOYEE HEREBY KNOWINGLY WAIVE THEIR RIGHT TO A JURY TRIAL. All claims, disputes and other matters in question between the Bank, the Company, their  subsidiaries, affiliates or their successors, or any one of them, on the one hand, and the  Employee, on the other hand regarding anything related in any way to Employee's  employment shall be tried to a judge sitting without a jury. This waiver includes but is not  limited to those disputes arising out of, or relating to, this Agreement or the validity, interpretation, enforceability or breach thereof and any claims arising under federal, state or common law.
		

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

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						SOUTH STATE BANK

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Susan Bagwell

				
	
					
						 

					
					
						By:

					
					
						Susan Bagwell

				
	
					
						 

					
					
						Its:

					
					
						Director of Human Resources

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Employee

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Jonathan Kivett

				
	
					
						 

					
					
						Jonathan Kivett

				

		
			 
		

		 

		

			 

		

			

					

						 

					

					

						 

					

					

						 

					

					

						 

				
	

					

						Kivett Agreement (3/2018)

					

					

						15 of 15

					

					

						

					

					

						(JK)ssb_Ex_10_17

		
			Exhibit 10.17
		

		
			 
		

		
			FORM OF:
		

		
			 
		

		
			RESTRICTED STOCK UNIT AGREEMENT
		

		
			 
		

		
			THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made and entered into as of the date set forth on Schedule I (“Schedule I”) attached hereto (the “Date of Grant”) by and between South State Corporation, a South Carolina corporation (the “Company”) and the employee named on Schedule I (the “Participant”). Capitalized terms in this Agreement that are not otherwise defined shall have the same meaning as set forth in the Company’s  [Omnibus Stock and Performance Plan] [2019 Omnibus Incentive Plan], a copy of which is attached as Exhibit A (as amended from time to time, the “Plan”).
		

		
			 
		

		
			Section 1. Purpose. The purpose of this Agreement is to reflect the terms and conditions of the award to the Participant of restricted stock units (the “Restricted Stock Units” or “RSUs”) in consideration of the services to be rendered by the Participant to the Company or any Subsidiaries.
		

		
			 
		

		
			Section 2. Award of Restricted Stock Units.  Pursuant to Article VIII of the Plan, Participant is awarded an Award of the number of Restricted Stock Units set forth on Schedule I as the Total RSUs Awarded, subject to the terms and conditions of this Agreement and the Plan.  Each Restricted Stock Unit represents the right to receive one share of Common Stock pursuant to the terms of the  Plan and this Agreement.
		

		
			 
		

		
			Section 3. Vesting Conditions.
		

		
			 
		

		
			(a)          Employment Condition.  Subject to any exceptions set forth in Section 4, no Restricted Stock Units may be settled and delivered to a Participant (x) prior to the end of the Performance Period set forth on Schedule I (the “Performance Period”), and (y) if the Participant is not an active employee of the Company or any Subsidiary of the Company on the last day of the Performance Period (the “Employment Condition”), subject to exceptions set forth in Section 5.
		

		
			 
		

		
			(b)          Performance Vesting Measures.  The number of Restricted Stock Units, if any, for which the Participant is entitled to settlement and delivery as of the Performance Vesting Date (defined below) shall be determined by the Committee following the end of the Performance Period based on the performance goals and metrics set forth on Schedule I.
		

		
			 
		

		
			(d)        Determination of Vested Restricted Stock Units.  As soon as practicable following the end of the Performance Period, and in any event not later than 60 days after the end of the Performance Period, the Committee will determine: (i) whether the Employment Condition under subsection (a) has been satisfied and all other material terms have been satisfied, (ii) the actual performance of the Company during the Performance Period (“Actual Performance”) relative to the performance threshold (“Performance Threshold”), performance target (“Performance Target”) and performance maximum
		

		
			
		

		
			

		 

		

			Page 1

		

 

		

		
			(“Performance Maximum”) for each of the performance metrics (each, a “Performance Measure”) established by the Committee for the Performance Period,  and (iii) the extent to which Restricted Stock Units  are vested (eligible for settlement and delivery as of the Performance Vesting Date), based on the Committee’s  determinations set forth in the immediately above clauses (i) and (ii).  The date of such Committee action is the “Performance Vesting Date.”  The Committee’s determinations with respect to the vesting of Restricted Stock Units under this Agreement: (x) shall result in cancellation and forfeiture (as of the Performance Vesting Date) of any such Restricted Stock Units that are not eligible for settlement and delivery as of the Performance Vesting Date, and (y) shall not increase the number of Restricted Stock Units  of the Participant or any other Participant under the Plan.  If the Employment Condition is not satisfied, then all Restricted Stock Units  shall be cancelled and forfeited as of the Performance Vesting Date and there will be no increase in the number of Restricted Stock Units  of the Participant or any other Participant under the Plan.  Any Restricted Stock Units  that are deemed cancelled or forfeited pursuant to this Agreement shall no longer be deemed to be outstanding for purposes of this Agreement.
		

		
			 
		

		
			(e)          Vesting of Whole Restricted Stock Units.  All Restricted Stock Units  that are entitled to settlement and delivery will be rounded to the nearest whole number (and 0.5 shall round to 1).
		

		
			 
		

		
			Section 4.  Accelerated Vesting.
		

		
			 
		

		
			(a)          Acceleration Upon Change of Control. Subject to Section 5 (Forfeiture) and as an exception to the Employment Condition, as of the date immediately prior to consummation of a Change of Control prior to the Performance Vesting Date and prior to Participant’s termination of employment with the Company and its Subsidiaries,  100% of the outstanding Restricted Stock Units that would be entitled to settlement if the Company had attained the Performance Target level (determined under Schedule I) or, if greater, based on the actual performance level (determined under Schedule I, as interpreted and applied by, and with such actual performance determined by, the Committee in its discretion) through the end of the most recent quarter ended prior to the execution of the definitive agreement with respect to the Change of Control (the “Execution Date”) for which the Committee determines in its discretion that there is adequate Company financial information available to the Committee prior to the Execution Date upon which to base the Committee’s  determinations;  provided that notwithstanding anything else contained in this Section 4(a) to the contrary, except as set forth in the final sentence of Section 4(b), in no event shall the Restricted Stock Units be accelerated to an extent or in a manner which would not be fully deductible by the Company for federal income tax purposes because of Section 280G of the Code.
		

		
			 
		

		
			(b)        Change of Control Adjustment.  If a Change of Control occurs after the Grant Date and if the Participant is entitled under any agreement or arrangement to receive compensation that would constitute a parachute payment (including the acceleration of rights to settlement and delivery (vesting) of Restricted Stock Units under this Agreement and any other equity award agreement with the Company) within the meaning of Code Section 280G, the acceleration of any vesting under Section 4(a) shall be cancelled or
		

		
			
		

		
			

		 

		

			Page 2

		

 

		

		
			 
		

		
			other CIC Payments (as defined below) shall be reduced to the extent necessary to cause the aggregate present value of all payments in the nature of compensation to the Participant that are contingent on a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company (the “CIC Payments”) not to exceed 2.99 times the “base amount,” all within the meaning of Code Section 280G.  Such cancellation of vesting or other reductions in CIC Payments shall be made, in all cases: (i) if and to the extent not already provided, accelerated, granted or paid, as applicable, on account of other CIC Payments prior to the date of such cancellation, (ii) only to the least extent necessary so that no portion of the CIC Payments after such cancellation or reduction thereof shall be subject to the excise tax imposed by Code Section 4999, and (iii) in a manner that results in the best economic benefit to the Participant (in applying these principles, any cancellation of  vesting or other reduction in CIC Payments shall be made in a manner consistent with the requirements of Section 409A of the Code, and where Tax Counsel (as defined below) determines that two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero). All determinations required to be made under this Section 4(b), and the assumptions to be utilized in arriving at such determinations, shall be made by “Tax Counsel” (which shall be a law firm, compensation consultant or accounting firm appointed by the Company) which shall provide its determinations and any supporting calculations to the Company within 10 business days of having made such determination. Tax Counsel shall consult with any compensation consultants, accounting firm and/or other legal counsel selected by the Company in determining which payments to, or for the benefit of, the Participant are to be deemed to be CIC Payments. In connection with making determinations under this Section 4(b), Tax Counsel shall take into account, to the extent applicable, the value of any reasonable compensation for services to be rendered (or for refraining from performing services) by the Participant before or after the Change of Control.
		

		
			 
		

		
			Notwithstanding the foregoing, if the Participant is a party to an employment or other agreement with the Company, or is a participant in a severance program sponsored by the Company, that contains express provisions regarding Section 280G and/or Section 4999 of the Code (or any similar successor provision) that apply to this Agreement, the Section 280G and/or Section 4999 provisions of such employment or other agreement or plan, as applicable, shall control as to this Agreement (for example, and without limitation, the Participant may be a party to an employment agreement with the Company that provides for a “gross-up” as opposed to a “cut-back” in the event that the Section 280G thresholds are reached or exceeded in connection with a Change of Control and, in such event, the Section 280G and/or Section 4999 provisions of such employment agreement shall control as to this Agreement).
		

		
			 
		

		
			(c)          Acceleration Upon Death.  Subject to Section 5 (Forfeiture) and as an exception to the Employment Condition, immediately upon the death of the Participant prior to the Participant’s termination of employment with the Company and its Subsidiaries and prior to the Performance Vesting Date, the outstanding Restricted Stock Units shall become entitled to settlement and delivery at the Performance Target level set forth in Schedule I (and the remainder of the unvested Restricted Stock Units shall be cancelled and forfeited and shall cease to be outstanding).
		

		
			 
		

		
			
		

		
			

		 

		

			Page 3

		

 

		

		
			Section 5. Forfeiture.
		

		
			 
		

		
			(a)          Continuance of Employment Required;  Forfeiture or Clawback for Misconduct.   Except to the extent otherwise expressly provided in Section 4 and this Section 5, if the Participant’s employment with the Company and its Subsidiaries terminates before the Performance Vesting Date, all of the Restricted Stock Units under this Agreement shall be cancelled and forfeited. All Restricted Stock Units, and any shares of Common Stock issued hereunder (and any proceeds from the sale or disposition thereof), are subject to repayment, recoupment, clawback, forfeiture, ineligibility, reduction and/or elimination as set forth in Section 11(p) below.
		

		
			 
		

		
			(b)        Pro-Rata Vesting Upon Termination of Employment Due to Disability or Retirement on or Prior to the Performance Vesting Date.   If the Participant ceases to be employed by the Company or a Subsidiary as a result of the Participant’s Disability or Retirement on or prior to the Performance Vesting Date, the following rules shall apply and shall be an exception to the Employment Condition.  The number of Restricted Stock Units, if any, that shall become entitled to settlement and delivery on the Performance Vesting Date (or, if earlier, the date of such earlier Change of Control pursuant to Sections 4(a) and (b)) shall be (A) the same number, if any, to which the Participant would have been entitled under Sections 3(b) and 3(d), or with respect to a Change of Control, Sections 4(a) and 4(b), if the Participant’s employment had not terminated, multiplied by (B) a fraction, the numerator of which shall be the number of whole months during the Performance Period that the Participant was employed by the Company or a Subsidiary, and the denominator of which shall be the total number of months in the Performance Period (the “Pro-Rata Performance Fraction”).  Restricted Stock Units subject to this Section 5(b) that do not become vested as of the Performance Vesting Date shall be cancelled and forfeited.
		

		
			 
		

		
			(c)        Definitions.   For purposes of this Agreement, “Disability” means a permanent and total disability (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by the Committee). For purposes of this Agreement, “Retirement” means a termination of employment by the Participant that occurs upon or after both (a) the Participant’s attainment of age 55 and (b) when Participant’s years of service to the Company and its Subsidiaries (such years of service determined in accordance with the rules for determining years of service under the Company’s 401(k) Plan) is at least 10. For purposes of this Agreement, “Change of Control” means a Change of Control as defined in the Plan that occurs after the Date of Grant and that constitutes a “change in control event” with respect to the Participant as defined in the United States Treasury Regulations Section 1.409A-3 (i)(5).
		

		
			 
		

		
			Section 6.  Protective Covenants.  The Participant acknowledges and agrees that the Company has developed and possesses intellectual property, Customer Information (as defined below), Trade Secrets (as defined below) and Confidential Information (as defined below) to assist it in its business.  The Participant further acknowledges and agrees that the Company has substantial relationships with prospective or existing customers, as well as customer goodwill associated with its ongoing business.  The Company employs or will employ the Participant in a
		

		
			
		

		
			

		 

		

			Page 4

		

 

		

		
			position of trust and confidence.  The Participant therefore acknowledges and agrees that the Company has a right to protect these legitimate business interests.  Therefore, in consideration of (i) the Company entering into (and to induce the Company to enter into) this Agreement and the Company’s agreements, covenants and obligations under this Agreement (and regardless of whether or not any Restricted Stock Units vest and become entitled to settlement and delivery), (ii) the time, investment and cost the Company has incurred and may continue to incur to develop and enhance the Participant’s skills and business contacts, (iii) the Participant’s access to Customer Information, Trade Secrets or Confidential Information, and (iv) the Participant’s contact with the Company’s employees, customers and prospects, the Participant hereby agrees to the protective covenants in this Section 6.  The Participant expressly agrees that the covenants in this Section 6  shall continue in effect during the Participant’s employment with the Company and also, in accordance with the terms of the respective covenants in this Section 6, after the date the Participant’s employment with the Company terminates for any reason (regardless of whether the Participant is then entitled to receive any further payments or benefits from the Company).  For purposes of this Section 6,  references to the “Company” shall mean the Company together with its Subsidiaries.  The Participant understands and agrees that the agreements, covenants and obligations in this Section 6 exist independently of and are in addition to (and are not in lieu of and, except for Section 6(f)(ii)(Certain Limitations), do not limit or modify) any other agreements, covenants and obligations by which the Participant may be bound by or to which the participant may be subject by contract, or by applicable law or regulation, with respect to confidential or proprietary information, noncompetition and/or or non-solicitation;  provided that, notwithstanding the foregoing, if the Participant is a party to an employment agreement, employment and noncompetition agreement, change in control agreement or similar written, executed agreement (other than a Company equity grant agreement, such as an Award Agreement)  with the Company or any of its Subsidiaries that contains express confidentiality and non-solicitation provisions (for the avoidance of doubt, whether such agreement is in effect as of the date hereof or such agreement is entered into hereafter) (an “Express Restrictive Covenants Agreement”),  then such Express Restrictive Covenants Agreement shall not be modified, amended or superseded by this Agreement (except for Section 6(f)(ii)(Certain Limitations),  and the confidentiality and non-solicitation provisions (and any non-compete provisions) of such Express Restrictive Covenants Agreement shall supersede this Section 6 (except for Section 6(f)(ii)(Certain Limitations) and be in substitution for this Section 6 (except for Section 6(f)(ii)(Certain Limitations), which shall apply to such Express Restrictive Covenants Agreement) as if incorporated herein by such reference and the Participant hereby reconfirms and agrees that the Participant will comply with the confidentiality and non-solicitation provisions (and any non-compete provisions) of such Express Restrictive Covenants Agreement (subject to Section 6(f)(ii)(Certain Limitations).
		

		
			 
		

		
			(a)        Confidential Information.  The Participant agrees at all times to hold in strictest confidence, and not to use, except for the benefit of the Company, any of the Company’s Trade Secrets, Customer Information or Confidential Information or to disclose to any person, firm or entity any of the Company’s Trade Secrets, Customer Information or Confidential Information, except (i) as authorized in writing by the Company’s Board of Directors or the Committee, (ii) as authorized by a senior executive officer of the Company, or (iii) as required by law; provided that, with respect to Confidential Information that does not constitute a Trade Secret or Customer Information, the
		

		
			
		

		
			

		 

		

			Page 5

		

 

		

		
			 
		

		
			Participant’s obligations under this Section 6(a) shall terminate on the second anniversary of the Participant’s termination of employment with the Company.
		

		
			 
		

		
			(i)           For purposes of this Agreement, “Trade Secrets” shall mean any of the Company’s trade secrets, as such term is defined in Section 39-8-20 of the South Carolina Trade Secrets Act as in effect on the date of this Agreement.
		

		
			 
		

		
			(ii)       For purposes of this Agreement, “Confidential Information” shall mean any data and information (which includes, without limitation, Trade Secrets, Customer Information, methods of operation, names of customers, price lists, financial information and projections, route books, personnel data, and similar information): (A) relating to a  business of the Company, regardless of whether the data or information constitutes a Trade Secret or Customer Information; (B) disclosed to Participant or of which he/she became aware of as a consequence of Participant’s relationship with the Company; (C) having value to the Company; and (D) not generally known to competitors of the Company; provided,  however, that Confidential Information shall not mean data or information which has been voluntarily disclosed to the public by the Company, except where such public disclosure has been made by the Participant without authorization from the Company, which has been independently developed and disclosed by others (not as a consequence of or in connection with the Participant’s relationship with the Company), or which has otherwise entered the public domain through lawful means.
		

		
			 
		

		
			(iii)         For purposes of this Agreement, “Customer Information” shall mean any data and information (A) relating to a customer or prospective customer of the Company, regardless of whether the data or information constitutes Confidential Information; and (B) disclosed to Participant or of which he/she became aware of as a consequence of Participant’s relationship with the Company; provided,  however, that Customer Information shall not mean data or information which has been voluntarily disclosed to the public by the Company, except where such public disclosure has been made by the Participant without authorization from the Company (or the applicable customer or prospective customer of the Company), which has been independently developed and disclosed by others (not as a consequence of or in connection with the Participant’s relationship with the Company) or which has otherwise entered the public domain through lawful means.
		

		
			 
		

		
			(b)        Non-Solicitation of Employees.  During the Participant’s employment with the Company and for a period of one year after the date the Participant’s employment with the Company terminates for any reason (the “Restricted Period”), the Participant shall not directly or indirectly solicit, induce, recruit, encourage, take away, or hire (or attempt any of the foregoing actions) or otherwise cause (or attempt to cause) any officer, representative, agent, director, employee or independent contractor of the Company to leave his or her employment or engagement with the Company either for employment with the Participant or with any other entity or person, or otherwise interfere with or disrupt (or attempt to disrupt) the employment or service relationship between any such
		

		
			
		

		
			

		 

		

			Page 6

		

 

		

		
			individual and the Company.  The Participant will not be deemed to have violated this Section 6(b) if employees respond to general advertisements for employment or if the Company provides prior express written consent to the activities of the Participant (all such requests for consent will be given good faith consideration by the Company).
		

		
			 
		

		
			(c)        Non-Solicitation of Customers.  During the Restricted Period, the Participant shall not, directly or by assisting others, take any action to solicit, divert, take away, contact or call upon, or attempt to solicit, divert, take away, contact or call upon, any customers of the Company with whom the Participant had Material Contact (as defined below) during the Participant’s employment with the Company, for the purposes of inducing or attempting to induce or divert their business away from the Company.  The term “Material Contact” means contact between the Participant and each customer or prospective customer:
		

		
			 
		

		
			(i)         with whom or which the Participant dealt on behalf of the Company;
		

		
			 
		

		
			(ii)       whose dealings with the Company were coordinated or supervised by the Participant;
		

		
			 
		

		
			(iii)      about whom the Participant obtained Confidential Information in the ordinary course of business as a result of the Participant’s association with the Company; and/or
		

		
			 
		

		
			(iv)       who receives products or services authorized by the Company, the sale or provision of which results or resulted in compensation, commissions, or earnings for the Participant;
		

		
			 
		

		
			in each case within the year prior to the end of the Participant’s employment with the Company.
		

		
			 
		

		
			(d)          Non-Solicitation of Certain Customer Prospects.  During the Restricted Period, the Participant shall not, directly or by assisting others, take any action to solicit, divert, take away, contact or call upon, or attempt to solicit, divert, take away, contact or call upon, any actively sought prospective customers of the Company with whom the Participant had Material Contact during Participant’s employment with the Company, for the purposes of inducing or attempting to induce or divert their business away from the Company.
		

		
			 
		

		
			(e)          Understanding of Covenants.  The Participant represents that he/she (i) is familiar with the foregoing confidentiality and non-solicitation covenants, (ii) is fully aware of his/her obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and coverage of the foregoing covenants, and (iv) agrees that such covenants are necessary to protect the Company’s confidential and proprietary information, good will, stable workforce, and customer relations.  The Participant acknowledges and agrees that the covenants contained in this Agreement are reasonable in time, scope and in all other respects and that such covenants shall be construed as agreements independent of each other and of any provision of this or any other contract between the parties hereto.
		

		
			 
		

		
			
		

		
			

		 

		

			Page 7

		

 

		

		
			(f)          Enforceability; Certain Limitations.
		

		
			 
		

		
			(i)   Enforceability.  The Participant acknowledges and agrees that that should any provision or any part of a provision (including any sentence, clause, phrase, or word) of any covenant set forth in this Section 6  be held invalid, void or unenforceable in any court of competent jurisdiction, such invalidity, voidness or unenforceability shall not render invalid, void or unenforceable any other part or provision of this Agreement (including, as an example and without limitation, the remainder of the provision that contains the invalid, void or unenforceable sentence, clause, phrase or word).  The Participant acknowledges and agrees that the existence of any claim or cause of action by the Participant against the Company, whether predicated upon this or any other contract, shall not constitute a defense to the enforcement by the Company of such covenants.
		

		
			 
		

		
			(ii)  Certain Limitations.  Except with respect to information covered by 17 C.F.R.  240.21F-4(b)(4)(i) or 17 C.F.R.  240.21F-4(b)(4)(ii) related to the legal representation of a Company, notwithstanding anything in this Agreement, in any Company policy or in any other agreement with the Company to the contrary, nothing in this Agreement, or in any Company policy or any other agreement with the Company shall prohibit or impede  (or be enforced by the Company, or construed, in a manner that would prohibit or impede) Participant from:  (i) testifying in any lawsuit, (ii) reporting conduct to, providing truthful information to, or participating in any investigation or proceeding conducted by any federal or state government agency or self-regulatory organization in accordance with the Securities Exchange Act of 1934 or the Sarbanes-Oxley Act of 2002, or any other provisions of state or federal law or regulation, (iii) receiving an award in accordance with Section 21F of Securities Exchange Act of 1934 or Rule 21F promulgated thereunder, or (iv) engaging in any activity described in clauses (i), (ii) or (iii) without providing notification to or prior approval by the Company.
		

		
			 
		

		
			(g)          Amendment.  If any portion of the provisions of this Section 6  is found to be invalid or unenforceable by a court of competent jurisdiction because its duration, scope, the definition of activities or the definition of information covered is considered to be invalid or unreasonable in scope, the Company and the Participant agree to enter into an amendment to this Agreement pursuant to which the invalid or unreasonable term shall be redefined, or a new enforceable term provided, such that the intent of the Company and the Participant in agreeing to the provisions of this Agreement will not be impaired, and the provision in question shall be enforceable, to the fullest extent of the applicable laws.
		

		
			 
		

		
			(h)        Remedy for Breach.  The Participant agrees that a breach of any of the covenants of this Section 6  would cause material and irreparable harm to the Company that would be difficult or impossible to measure, and that damages or other legal remedies available to the Company for any such injury would, therefore, be an inadequate remedy for any such breach.  Accordingly, the Participant agrees that if the Participant breaches any term of this Section 6, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement, at law or otherwise, to obtain injunctive or other appropriate equitable relief, without bond or other security, to restrain any such breach.  Claims for damages and equitable relief in any
		

		
			
		

		
			

		 

		

			Page 8

		

 

		

		
			 
		

		
			court shall be available to the Company in lieu of, or prior to or pending determination in any arbitration proceeding. In the event the enforceability of any of the terms of this Agreement shall be challenged in court and the Participant is not enjoined from breaching any of the protective covenants, then if a court of competent jurisdiction finds that the challenged protective covenant is enforceable, the time periods shall be deemed tolled upon the filing of the lawsuit challenging the enforceability of this Agreement until the dispute is finally resolved and all periods of appeal have expired.
		

		
			 
		

		
			(i)           Notice of Rights Under Section 7 of the Defend Trade Secrets Act (DTSA).  This Section 6(i) provides the Participant with notice as required under Section 7 of the Defend Trade Secrets Act that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of the law or is made in a complaint or other document filed in a lawsuit or other proceeding, if that filing is made under seal. This Section 6(i) also provides notice that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in court proceedings, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except under court order.
		

		
			 
		

		
			(j)           Return of information.  The Participant acknowledges that all information, the disclosure of which is prohibited by Section 6(a) above, is of a confidential and proprietary character and of great value to the Company and shall remain the exclusive property of the Company.  Upon the termination of employment with the Company, the Participant agrees to immediately deliver to the applicable Company entity all records, calculations, memoranda, papers, data, lists, and documents of any description which refer to or relate in any way to such information and to return to the applicable Company entity any of its equipment and property which may then be in the Participant’s possession or under the Participant’s  control.
		

		
			 
		

		
			(c)          No Removal of Information.  Except as necessary to perform the Participant’s  job with the Company, under no circumstances shall the Participant remove from the Company’s offices any of the Company’s  books, records, documents, blueprints, customer lists, any other stored information whether stored as paper, electronically or otherwise, or any copies thereof, without the written permission of the Company; nor shall the Participant make any copies of such books, records, documents, blueprints, customer lists, or other stored information for use outside of the Company’s offices except as specifically authorized by the Company or as necessary to perform the Participant’s  job with the Company.
		

		
			 
		

		
			Section 7. Nonassignability.  Subject to any exceptions set forth in this Agreement or the Plan, during the period from the Grant Date and until such time as the Restricted Stock Units are settled in accordance with Section 9 of this Agreement, the Restricted Stock Units or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant. Any attempt to assign, alienate, pledge, attach, sell or
		

		
			
		

		
			

		 

		

			Page 9

		

 

		

		
			otherwise transfer or encumber the Restricted Stock Units or the rights relating thereto shall be wholly ineffective and, if any such attempt is made, the Restricted Stock Units will be forfeited by the Participant and all of the Participant’s rights to such units shall immediately terminate without any payment or consideration by the Company.
		

		
			 
		

		
			Section 8. Rights as Shareholder.
		

		
			 
		

		
			(a)    The Participant shall not have any rights of a shareholder with respect to the Restricted Stock Units or the shares of Common Stock underlying the Restricted Stock Units (including, without limitation, any voting rights or any right to dividends paid with respect to the shares of Common Stock underlying the Restricted Stock Units) unless and until the Restricted Stock Units are settled in a specified number of shares in accordance with Section 9.
		

		
			 
		

		
			(b)    Upon and following the settlement of the Restricted Stock Units, the Participant shall be the record owner of the shares of Common Stock underlying the Restricted Stock Units unless and until such shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company (including voting rights).
		

		
			 
		

		
			Section 9. Settlement of Restricted Stock Units.  Outstanding Restricted Stock Units that become entitled to settlement and delivery will be paid in an equivalent number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Company in its discretion) (a) with respect to Restricted Stock Units that become entitled to settlement and delivery as of the Performance Vesting Date, between January 1 and March 15  of the calendar year following the end of the Performance Period; and (b) otherwise, five (5) days after the applicable date upon which they become entitled to settlement and delivery (as set forth in Sections 3, 4 and 5 above) with respect to such Restricted Stock Units, and such payment shall be in complete satisfaction of such Restricted Stock Units. Delivery of any certificates will be made to the Participant’s last address reflected on the books of the Company or its Subsidiaries unless the Company is otherwise instructed in writing.  Notwithstanding anything to the contrary in the Plan or this Agreement, it will not be a violation of the Plan or this Agreement (and the Participant will have no right to damages) if the Company delivers the appropriate number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Company in its discretion) during the period permitted by Section 409A of the Code.
		

		
			 
		

		
			
		

		
			

		 

		

			Page 10

		

 

		

		
			Section 10. Tax Liability and Withholding.
		

		
			 
		

		
			(a)        The Participant shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Participant pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. Consistent with the terms of Section 14.2 of the Plan, if Participant fails to make such tax payments as required, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to Participant all federal, state and local taxes of any kind required by law to be withheld with respect to the shares.
		

		
			 
		

		
			(b)        Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the award, vesting or settlement of the Restricted Stock Units or the subsequent sale of any shares; and (ii) does not commit to structure the Restricted Stock Units to reduce or eliminate the Participant’s liability for Tax-Related Items.
		

		
			 
		

		
			(c)        The Participant may elect to deliver whole, vested shares of Common Stock, to have the Company withhold whole vested shares of Common Stock deliverable upon vesting of the Restricted Stock Units, and/or to pay cash to the Company in order to satisfy, in whole or in part, the amount, if any, the Company is required to withhold for taxes in respect of the Restricted Stock Units.  Such election must be made on or before the date the amount of tax to be withheld is determined.  Once made, the election shall be irrevocable.  The fair market value of the shares to be withheld or delivered will be deemed to be the Fair Market Value as of the date the amount of tax to be withheld is determined.
		

		
			 
		

		
			Section 11.  Miscellaneous.
		

		
			 
		

		
			(a)          This Agreement shall be construed, administered and governed in all respects under and by the applicable internal laws of the State of South Carolina, without giving effect to the principles of conflicts of laws thereof except that Section 6 (Protective Covenants) shall be construed, administered, and governed by the applicable laws of the state in which the Participant resides as of the date of this Agreement (without giving effect to the principles of conflicts of laws thereof).  The Company and Participant further consent to the non-exclusive jurisdiction of the state and federal courts of the State of South Carolina for purposes of any action arising out of or related to this Agreement.
		

		
			 
		

		
			(b)        This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto.  This
		

		
			
		

		
			

		 

		

			Page 11

		

 

		

		
			Agreement may not be modified, amended, supplemented or waived except by a writing signed by the parties hereto, and such writing must refer specifically to this Agreement.
		

		
			 
		

		
			(c)          If any event described in Article XI of the Plan occurs after the Date of Grant, the adjustment provisions as provided for under Article XI of the Plan shall apply to this Award.
		

		
			 
		

		
			(d)        By signing this Agreement, Participant acknowledges that he or she has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan.  This Agreement is made pursuant to and is subject to the terms and conditions of the Plan, which is incorporated herein by reference.
		

		
			 
		

		
			(e)          This Agreement, as amended from time to time, shall be binding upon, inure to the benefit of, and be enforceable by the heirs, successors and assigns of the parties hereto; provided,  however, that this provision shall not permit any assignment in contravention of the terms contained elsewhere herein.
		

		
			 
		

		
			(f)           Nothing in this Agreement shall confer on Participant any right to continue in the employ of the Company or any of its subsidiaries.
		

		
			 
		

		
			(g)        This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
		

		
			 
		

		
			(h)          This Agreement is subject to the Plan.  The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.  The Participant understands and agrees that, in accordance with the terms of the Plan, the Committee is permitted to allocate all or any portion of its responsibilities and powers under this Agreement to any person or persons selected by the Committee.
		

		
			 
		

		
			(i)           Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Treasurer of the Company at the Company’s principal corporate offices. Any notice required to be delivered to the Participant under this Agreement shall be in writing and addressed to the Participant at the Participant’s address as shown in the records of the Company. Either party may designate another address in writing (or by such other method approved by the Company) from time to time.
		

		
			 
		

		
			(j)         Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company.
		

		
			 
		

		
			(k)        The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors, administrators
		

		
			
		

		
			

		 

		

			Page 12

		

 

		

		
			and the person(s) to whom the Restricted Stock Units may be transferred by will or the laws of descent or distribution.
		

		
			 
		

		
			(l)           The invalidity or unenforceability of any provision (including any sentence, clause, phrase, or word) of the Plan or this Agreement (or of any applicable clawback policy or recoupment provisions referenced in Section 11(p) below) shall not render invalid, void or unenforceable any other part or provision of the Plan or this Agreement (or of any applicable clawback policy or recoupment provisions referenced in Section 11(p) below) (including, as an example and without limitation, the remainder of the provision that contains the invalid, void or unenforceable sentence, clause, phrase or word), but rather each provision of the Plan and this Agreement (and of any applicable clawback policy or recoupment provisions referenced in Section 11(p) below)  shall be severable and enforceable to the extent permitted by law.
		

		
			 
		

		
			(m)       This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.
		

		
			 
		

		
			(n)        The value of the Participant’s Restricted Stock Units is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit plan (“EB Plan”) unless otherwise provided by such EB Plan.
		

		
			 
		

		
			(o)          This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.
		

		
			 
		

		
			(p)        The Company reserves the right to amend the terms of this Agreement as may be necessary or appropriate to avoid adverse tax consequences under Section 409A of the Code or to comply with any requirements under (I) any Company clawback or recoupment policy regarding incentive compensation (any such policy, including such a policy that may be adopted to address a specific situation before or after the situation occurs  and any policy that provides for forfeiture, ineligibility, reduction or elimination, as a result of misconduct, with respect to the amount of incentive compensation that would otherwise be paid or delivered, is referred to as a  “clawback policy”) that is in effect as of the date of this Agreement or that may hereafter be adopted by the Company or the Committee or (II) any “clawback” requirements under the Sarbanes–Oxley Act of
		

		
			
		

		
			

		 

		

			Page 13

		

 

		

		
			2002 or the Dodd-Frank Wall Street Reform and Consumer Protection Act to which the Company may be subject.
		

		
			 
		

		
			The Participant agrees that (i) any incentive payments to the Participant under any Company cash bonus plan, (ii) these Restricted Stock Units and (iii) any shares of Common Stock issued hereunder (and any proceeds from the sale or disposition thereof), shall, to the fullest extent permitted by applicable law, be subject to any clawback or recoupment provisions (and to any provisions that provide for a forfeiture, ineligibility, reduction or elimination, as a result of misconduct, with respect to incentive compensation that would otherwise be paid or delivered) contained in:  (x)  the Plan;  (y)  any written incentive plan applicable to such cash bonus plan, these Restricted Stock Units or shares of Common Stock issued hereunder (or proceeds from the sale or disposition thereof); or (z)  any clawback policy or recoupment provision that is in effect as of the date of this Agreement or that is hereafter adopted by the Company or the Committee,  in each case as and to the extent set forth in any such clawback policy or recoupment provision (or any such provisions that provide for forfeiture, ineligibility, reduction or elimination, as a result of misconduct, with respect to incentive compensation that would otherwise be paid or delivered).  By accepting this Agreement, the Participant agrees to return to the Company the full amount required by any such clawback policy or any such clawback or recoupment provisions (and agrees to any such provisions that provide for forfeiture, ineligibility, reduction or elimination, as a result of misconduct, with respect to the amount of incentive compensation that would otherwise be paid or delivered) that are or hereafter become applicable to the Participant.
		

		
			 
		

		
			[Signatures appear on following page.]
		

		
			 
		

		
			
		

		
			

		 

		

			Page 14

		

 

		

		
			IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as of the date first set forth above.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						SOUTH STATE CORPORATION,

				
	
					
						 

					
					
						a South Carolina corporation

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PARTICIPANT

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Signature

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Print Name:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Date Signed:

					
					
						 

				
	
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			[Signature Page to Restricted Stock Unit Agreement]
		

		
			 
		

		
			
		

		
			

		 

		

			Page 15

		

 

		

		
			Schedule I
		

		
			 
		

		
			The vesting of RSUs shall be determined by the Committee in accordance with this Schedule I and the terms and conditions of the Agreement and the Plan.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Participant Name:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Total RSUs Awarded:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Date of Grant:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Performance Period:

					
					
						 

					
					
						[_______]– [___________]

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			[Insert performance measures, associated vesting percentages and related matters established in connection with grant]
		

		
			 
		

		
			
		

		
			

		 

		

			Page 16

		

 

		

		
			Exhibit A
		

		
			 
		

		
			SOUTH STATE CORPORATION
		

		
			[OMNIBUS STOCK AND PERFORMANCE PLAN]
		

		
			[2019 OMNIBUS INCENTIVE PLAN]
		

		
			 
		

		 

		

			Page 17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}]]