First Reliance Bancshares Letterhead] FORM OF SENIOR EXECUTIVE OFFICER LETTER AGREEMENTSecurities Purchase Agreement • March 10th, 2009 • First Reliance Bancshares Inc • National commercial banks
First Reliance Bancshares (the “Company”) anticipates entering into a Securities Purchase Agreement (the “Investment Agreement”), with the United States Department of Treasury (the “Treasury”) that provides for the Company’s participation in the Treasury’s TARP Capital Purchase Program (the “CPP”). If the Company does not participate in the CPP, this letter shall be of no further force and effect. If the Company ceases at any time to participate in the CPP, this letter shall only be in effect to the extent required by the Treasury with respect to compensation earned or paid during the period the Treasury holds preferred stock of the Company (the “CPP Covered Period”).
United States Department of the Treasury Washington, D.C. 20220 March 6, 2009First Reliance Bancshares Inc • March 10th, 2009 • National commercial banks
Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement – Standard Terms dated of as of the date of this letter agreement (the “Securities Purchase Agreement”) between United States Department of Treasury (“Investor”) and the company named on the signature page hereto (the “Company”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement.
