DEFERRED COMPENSATION PLAN FOR DIRECTORS
Second Amendment and Complete Restatement
This Second Amendment and Complete Restatement of the Deferred Compensation Plan for Directors is adopted this 21 st
day of December, 2006, by Greer State Bank, a bank organized and existing under the laws of the State of South Carolina, having
a principal place of business in Greer, South Carolina.
The parties intend for this Second Amendment and Complete Restatement to be a material modification of the Deferred
Compensation Plan for Directors such that all amounts earned and vested both prior to and after December 31, 2004 shall be
subject to the provisions of Section 409A of the Code and the regulations promulgated thereunder.
WHEREAS, Greer State Bank wishes to amend its Deferred Compensation Plan for Directors (“Plan”);
WHEREAS, the Plan was established October 19, 1995 and was amended by a First Amendment dated July 25, 1996; and
WHEREAS, pursuant to Section 17 the Plan, the Plan may be amended at any time upon a majority vote of the Board of
Directors then serving;
NOW, THEREFORE, Greer State Bank does hereby amend and restate the Plan in its entirety, effective as of January 1,
2005, to read as follows:
1. Definitions . When used in this Plan, the following terms shall have the indicated meanings:
(a) “Change in Control” means a change in the ownership or effective control of the Corporation or the Company, or in
the ownership of a substantial portion of the assets of the Corporation or the Company, as such change is defined in
Section 409A of the Code and regulations thereunder.
(b) “Code” means the Internal Revenue Code of 1986, as amended, and any successor provisions thereto.
(c) “Committee” means those persons appointed by the Board of Directors of the Company.
(d) “Company” means Greer State Bank and any affiliated company authorized by Greer State Bank to participate in this