GREER STATE BANK
Salary Continuation Agreement
BENEFICIARY DESIGNATION FORM
GREER STATE BANK
SALARY CONTINUATION AGREEMENT
WITH KENNETH M. HARPER
NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR CONSTRUED TO BE AN
EMPLOYMENT AGREEMENT EITHER EXPRESS OR IMPLIED.
THIS SALARY CONTINUATION AGREEMENT (the “Agreement”) is adopted this 1 st day of May, 2005, by and between
GREER STATE BANK, a state-chartered commercial bank located in Greer, South Carolina (the “Company”), and KENNETH M.
HARPER (the “Executive”).
The purpose of this Agreement is to provide specified benefits to the Executive, a member of a select group of
management or highly compensated employees who contribute materially to the continued growth, development and future
business success of the Company. This Agreement shall be unfunded for tax purposes and for purposes of Title I of the
Employee Retirement Income Security Act of 1974 (“ERISA”), as amended from time to time. The Company will pay the benefits
from its general assets.
The Company and the Executive agree as provided herein.
Whenever used in this Agreement, the following words and phrases shall have the meanings specified:
1.1 “ Accrual Balance ” means the liability that should be accrued by the Company, under Generally Accepted Accounting
Principles (“GAAP”), for the Company’s obligation to the Executive under this Agreement, by applying Accounting
Principles Board Opinion Number 12 (“APB 12”) as amended by Statement of Financial Accounting Standards Number 106
(“FAS 106”) and the Discount Rate. Any one of a variety of amortization methods may be used to determine the Accrual
Balance. However, once chosen by the Company at its sole discretion the method must be consistently applied. The
Accrual Balance shall be reported by the Company to the Executive on Schedule A.
1.2 “ Beneficiary ” means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon
the death of