THIS EMPLOYMENT AGREEMENT (this "Agreement") dated as of July 27, 1999, is made by and between
Greenville First Bancshares, Inc., a South Carolina corporation (the "Employer" or the "Company") which is the
proposed bank holding company for Greenville First Bank (Proposed), a proposed national bank (the "Bank"),
and R. Arthur Seaver, Jr., an individual resident of South Carolina (the "Executive").
The Employer is in the process of organizing the Bank, and the Executive has agreed to serve as President and
Chief Executive Officer of the Bank and the Company. Upon organization of the Bank, the Employer and the
Executive contemplate that this Agreement will be assigned by the Employer to the Bank and that the Bank will
assume the duties of the Company hereunder (except pursuant to Section 3). Following any such assignment, the
term "Employer" as used herein from time to time shall refer to the Bank.
The Employer recognizes that the Executive's contribution to the growth and success of the Bank during its
organization and initial years of operations will be a significant factor in the success of the Bank. The Employer
desires to provide for the employment of the Executive in a manner which will reinforce and encourage the
dedication of the Executive to the Bank and promote the best interests of the Bank and its shareholders. The
Executive is willing to serve the Employer on the terms and conditions herein provided. Certain terms used in this
Agreement are defined in Section 17 hereof.
In consideration of the foregoing, the mutual covenants contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be
legally bound, hereby agree as follows:
1. Employment. The Employer shall employ the Executive, and the Executive shall serve the Employer, as
President and Chief Executive Officer of the Bank and the Company upon the terms and conditions set forth
herein. The Execu