NOTICE: THIS AGREEMENT IS SUBJECT TO ARBITRATION PURSUANT
TO THE SOUTH CAROLINA UNIFORM ARBITRATION ACT
NONCOMPETITION, SEVERANCE AND EMPLOYMENT AGREEMENT
This Noncompetition, Severance and Employment Agreement (this "Agreement") is made and entered into as of
this 23rd day of February, 2005, by and among R. Riggie Ridgeway, an individual (the "Executive") and Peoples
Bancorporation, Inc., a South Carolina corporation (the "Company").
WHEREAS, the Company and the Executive entered into a Noncompetition, Severance and Employment
Agreement dated as of August 7, 1995 (the "Prior Agreement");
WHEREAS, the Executive and the Company now desire to replace the Prior Agreement with this Agreement;
WHEREAS, the Board of Directors of the Company continues to believe that the Executive has been
instrumental in the success of the Company since his employment;
WHEREAS, the Company desires to continue to employ the Executive as President and Chief Executive Officer
of the Company;
WHEREAS, the Executive is willing to continue to accept the employment contemplated herein under the terms
and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained
herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties
hereto agree as follows:
1. Employment. Subject to the terms and conditions hereof, the Company hereby employs the Executive and the
Executive hereby accepts such employment as President and Chief Executive Officer of the Company, having
such duties and responsibilities as are set forth in Section 3 below.
2. Definitions. For purposes of this Agreement, the following terms shall have the meanings specified below.
"Change of Control" shall mean the occurrence during the Term (as defined in Section 4 hereof) of any of the
(a) An acquisition (other than directly from the Company) of any voting securities of the Company (the "Voting