PALMETTO BANCSHARES, INC. SUBSCRIPTION AGREEMENTSubscription Agreement • February 3rd, 2011 • Palmetto Bancshares Inc • State commercial banks • South Carolina
Reference is made to that certain Stock Purchase Agreement, dated as of May 25, 2010 (as amended by Amendment No. 1 dated as of June 8, 2010 and Amendment No. 2 dated as of September 22, 2010, the “Stock Purchase Agreement”), between Palmetto Bancshares, Inc., a South Carolina corporation (the “Company”), and each of the investors set forth on the signature pages to the Stock Purchase Agreement (the “Investors”). Pursuant to Section 7.02(a) of the Stock Purchase Agreement, each Investor shall have the right to purchase its pro rata share (based on the number of shares of common stock purchased by the Investor under the Stock Purchase Agreement) of any shares of common stock not subscribed for in the Company’s Follow-on Offering (as defined in the Stock Purchase Agreement).
