GREER STATE BANK
SALARY CONTINUATION AGREEMENT
THIS SALARY CONTINUATION AGREEMENT (the “Agreement”) is made and entered into this 8 th day of December,
1997 by and between Greer State Bank with a principal office in Greer, South Carolina (the “Bank”), and J. Richard Medlock Jr.
Whereas, to encourage the Executive to remain an employee of the Bank, the Bank is willing to provide salary continuation
benefits to the Executive.
Now, Therefore, in consideration of the mutual covenants and agreements herein, the Executive and the Bank agree as
1.1 Definitions. Whenever used in this Agreement, the following words and phrases shall have the meanings specified:
1.1.1 “Board” or “Board of Directors” means the Board of Directors of Bank.
1.1.2 “Change of Control” means:
the acquisition, directly or indirectly, (including beneficial ownership) by any “person” as this term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended within any twelve
(12) consecutive month period of the Bank’s securities representing an aggregate of fifty (50%) percent or more
of the Bank’s combined voting power then outstanding securities; or
consummation of merger, sale, acquisition, or liquidation of all, or substantially all, of the Bank’s assets or
outstanding stock; or
the occurrence of any other event or circumstance which is not covered by 1.1.2 (i) through 1.1.2 (ii) which the
Board determines affects the Bank’s control and, to implement the purposes of this Agreement, adopts a
resolution that the event or circumstances constitutes a Change in Control for the purposes of this Agreement.
(iv) Notwithstanding any other provision in this Agreement, “Change of Control” shall not be construed to mean
the formation of a bank holding company or other entity approved in advance by the Bank’s Board of Directors
or any changes in ownership of the Bank’s