ABC Bancorp Director Compensation Arrangements Effective June 1, 2005

Summary

ABC Bancorp has established a compensation plan for its Board of Directors, effective June 1, 2005. Each director receives a $10,000 annual retainer, paid monthly, plus $300 for each Board meeting attended. Non-employee directors also receive additional fees for attending committee meetings, with amounts varying by committee. These payments are designed to compensate directors for their service and participation in Board and committee activities.

EX-10.2 2 dex102.htm ARRANGEMENTS FOR DIRECTOR COMPENSATION Arrangements for Director Compensation

Exhibit 10.2

ABC Bancorp

Arrangements for Director Compensation

Effective as of June 1, 2005

The following schedule sets forth the compensation payable to members of the Board of Directors of ABC Bancorp (the “Board”), effective as of June 1, 2005:

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Each director will receive an annual retainer of $10,000, which is to be paid monthly in equal installments.

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Each director will receive $300 for each meeting of the Board attended.

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Each non-employee member of a committee of the Board will receive the following fees for attendance at the meetings of such committee:

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$200 for each meeting of the Audit Committee attended.

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$200 for each meeting of the Compensation Committee attended.

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$200 for each meeting of the Executive and Executive Loan Committees attended.

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$150 for each meeting of the Asset Liability Management and Investment Committees attended.