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CONGAREE BANCSHARES, INC.
Exhibit 10.1
Amendment No. 1 to the Congaree
Bancshares, Inc. 2007 Stock Incentive Plan adopted October 15,
2008.
CONGAREE BANCSHARES, INC.
Exhibit 10.1
CONGAREE BANCSHARES, INC.2007
STOCK OPTION PLAN
AMENDMENT NO. 1 ADOPTED BY THE BOARD OF
DIRECTORS
October 15, 2008
First , the Board amended the definition of
“Fair Market Value” found in Article I by deleting it
in its entirety and replacing it with the following:
“
Fair Market Value ” on any date shall mean:
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(i)
if the Stock is readily tradable on an
established securities market (as defined in Treasury Regulation
§ 1.897-1(m)), the closing sales price of the Stock on the
trading day immediately preceding such date on the securities
exchange having the greatest volume of trading in the Stock during
the 30-day period preceding the day the value is to be determined
or, if such exchange was not open for trading on such date, the
next preceding date on which it was open;
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(ii)
if the Stock is not traded on any securities
exchange (as defined in Treasury Regulation §1.897-1(m)), the
average of the closing high bid and low asked prices of the Stock
on the over-the-counter market on the day such value is to be
determined, or in the absence of closing bids on such day, the
closing bids on the next preceding day on which there were bids;
or
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(iii)
if the Stock also is not traded on the
over-the-counter market, the fair market value as determined in
good faith by the Board or the Committee by application of a
reasonable v
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