Employment AgreementEmployment Agreement • May 7th, 2008 • Tidelands Bancshares Inc • National commercial banks • South Carolina
This Employment Agreement (this “Agreement”) is entered into as of this day of May 1, 2008, by and among Tidelands Bancshares, Inc., a South Carolina corporation (the “Corporation”), Tidelands Bank, a South Carolina-chartered bank and wholly owned subsidiary of Tidelands Bancshares, Inc. (the “Bank”), and Milon C. Smith, Executive Vice President and Chief Credit Officer of the Bank (the “Executive”). The Corporation and the Bank are referred to in this Agreement individually and together as the “Employer.” Whereas, the Executive possesses unique skills, knowledge, and experience relating to the Employer’s business and the Executive has made and is expected to continue to make major contributions to the profitability, growth, and financial strength of the Employer and affiliates, Whereas, the Employer and the Executive desire to set forth in this Agreement the terms and conditions of the Executive’s employment, Whereas, the Executive and the Corporation are parties to an Employ
Tidelands Bank Endorsement Split Dollar AgreementEndorsement Split Dollar Agreement • May 7th, 2008 • Tidelands Bancshares Inc • National commercial banks • South Carolina
This Endorsement Split Dollar Agreement (this “Agreement”) is entered into as of this 1st day of May, 2008 by and between Tidelands Bank, a South Carolina-chartered bank (the “Bank”), and Robert E. Coffee Jr., an executive of the Bank (the “Executive”). This Agreement shall append the Split Dollar Policy Endorsement entered into on even date herewith or as subsequently amended, by and between the Bank and the Executive. Whereas, to encourage the Executive to remain a Bank employee, the Bank is willing to divide the death proceeds of a life insurance policy on the Executive’s life, and Whereas, the Bank will pay life insurance premiums from its general assets. Now Therefore, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows.
Tidelands Bank Salary Continuation AgreementTidelands Bank Salary Continuation Agreement • May 7th, 2008 • Tidelands Bancshares Inc • National commercial banks • South Carolina
This Salary Continuation Agreement (this “Agreement”) is entered into as of this 1st day of May, 2008, by and between Tidelands Bank, a South Carolina-chartered bank (the “Bank”), and Thomas H. Lyles, its Executive Vice President and Chief Administrative Officer (the “Executive”). Whereas, the Executive has contributed substantially to the Bank’s success and the Bank desires that the Executive continue in its employ, Whereas, to encourage the Executive to remain an employee, the Bank is willing to provide to the Executive salary continuation benefits payable from the Bank’s general assets, Whereas, none of the conditions or events included in the definition of the term “golden parachute payment” that is set forth in section 18(k)(4)(A)(ii) of the Federal Deposit Insurance Act [12 U.S.C. 1828(k)(4)(A)(ii)] and in Federal Deposit Insurance Corporation Rule 359.1(f)(1)(ii) [12 CFR 359.1(f)(1)(ii)] exists or, to the best knowledge of the Bank, is contemplated insofar as the Bank i
