DEFERRED COMPENSATION PLAN
THIS DEFERRED COMPENSATION PLAN FOR DIRECTORS is made and entered into this 19th day of
October, 1955, 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.
WHEREAS, Company desires to provide an unfunded deferred compensation arrangement for its members of its
Board of Directors to be effective January 1, 1996;
NOW, THEREFORE, Company does hereby adopt the following Deferred Compensation Plan.
(1) Definitions. When used in this Plan, the following terms shall have the indicated meanings:
(a) "Committee" means those persons appointed by the Board of Directors of Company.
(b) "Company" means GREER STATE BANK and any affiliated company authorized by GREER STATE
BANK to participate in this Plan.
(c) "Compensation" means the fees paid to a Participant for serving as a member of the Company's Board of
(d) "Deferred Compensation Amount" means the account established by Company to record the Participant's
deferral of Compensation and any earnings thereon.
(e) "Director" means a natural person that is a member of the Board of Directors of Company and reports on the
cash basis of accounting for Federal income tax purposes.
(f) "Named Fiduciary" is Company.
(g) "Participant" means a Director who elects to participate in this Plan.
(h) "Plan" means this Deferred Compensation Plan for Directors.
(i) "Plan Year" means the twelve (12) consecutive month period beginning on January 1 and ending on December
(2) Deferral of Compensation. A Director may voluntarily elect to participate in this Plan and effective January 1,
1966 defer receipt of all or a part of his Compensation due from Company under the terms and conditions of this
Plan. The election to defer such Compensation and the amount or portion of Compensation to be deferred shall
be made for each calendar year. A new Director may elect to p