<SEC-DOCUMENT>0001206774-17-001147.txt : 20170410
<SEC-HEADER>0001206774-17-001147.hdr.sgml : 20170410
<ACCEPTANCE-DATETIME>20170410150020
ACCESSION NUMBER:		0001206774-17-001147
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170516
FILED AS OF DATE:		20170410
DATE AS OF CHANGE:		20170410
EFFECTIVENESS DATE:		20170410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHERN FIRST BANCSHARES INC
		CENTRAL INDEX KEY:			0001090009
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				582459561
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27719
		FILM NUMBER:		17753078

	BUSINESS ADDRESS:	
		STREET 1:		100 VERDAE BOULEVARD
		STREET 2:		SUITE 100
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607
		BUSINESS PHONE:		8646799000

	MAIL ADDRESS:	
		STREET 1:		100 VERDAE BOULEVARD
		STREET 2:		SUITE 100
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREENVILLE FIRST BANCSHARES INC
		DATE OF NAME CHANGE:	19990707
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>sfb3222421-def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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<P align=center><B><FONT face=Arial>UNITED STATES<BR></FONT></B><B><FONT face=Arial>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549
</FONT></B></P>
<P align=center><B><FONT face=Arial size=4>SCHEDULE 14A </FONT></B></P>
<P align=center><FONT face=Arial size=2>Proxy Statement Pursuant to Section
14(a) of<BR>the Securities Exchange Act of 1934 </FONT></P>
<P align=justify><FONT face=Arial size=2>Filed by the Registrant
&#9746;<BR></FONT><FONT face=Arial size=2>Filed by a Party other than the Registrant
&#9744;<BR></FONT><FONT face=Arial size=2>Check the appropriate box:</FONT></P>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&#9744;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="98%"><FONT face=Arial size=2>Preliminary Proxy Statement</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&#9744;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="98%"><FONT face=Arial size=2>Confidential, for Use of the Commission Only
      (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&#9746;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="98%"><FONT face=Arial size=2>Definitive Proxy Statement</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&#9744;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="98%"><FONT face=Arial size=2>Definitive Additional Materials</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&#9744;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="98%"><FONT face=Arial size=2>Soliciting Material Pursuant to
      &#167;240.14a-12</FONT></TD></TR></TABLE><BR>
<DIV align=center>
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    <TD noWrap style="text-align: center" width="100%">
      <P align=center><B><FONT face=Arial size=5>Southern First Bancshares,
      Inc.<BR></FONT></B><FONT face=Arial size=2>(Name of Registrant as
      Specified In Its Charter)</FONT></P></TD></TR>
  <TR>
    <TD noWrap style="text-align: center" width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="100%">
      <P align=justify><FONT face=Arial size=2>(Name of Person(s) Filing Proxy
      Statement, if other than the Registrant)
</FONT></P></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=5><FONT face=Arial size=2>Payment of Filing Fee (Check the appropriate
    box):</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&#9746;</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>No fee required.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&#9744;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Fee computed on table below per Exchange Act
      Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>(1)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Title of each class of securities to which
      transaction applies:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>(2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Aggregate number of securities to which
      transaction applies:</FONT></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>(3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD align=left width="96%"><FONT face=Arial size=2>Per unit price or other underlying value of
      transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the
      amount on which the filing fee is calculated and state how it was
      determined):</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>(4)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Proposed maximum aggregate value of
      transaction:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>(5)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Total fee paid:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&#9744;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Fee paid previously with preliminary
      materials.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&#9744;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Check box if any part of the fee is offset
      as provided by Exchange Act Rule 0-11(a)(2) and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="96%"><FONT face=Arial size=2>identify the filing for which the offsetting
      fee was paid previously. Identify the previous filing by registration
      statement number, or the Form or Schedule and the date of its
      filing.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>(1)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Amount Previously Paid:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>(2)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Form, Schedule or Registration Statement
      No.:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>(3)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Filing Party:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>(4)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2></FONT></TD>
    <TD noWrap align=left width="96%"><FONT face=Arial size=2>Date Filed:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%">&nbsp;</TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><IMG src="sfb3222421-def14a1x2x1.jpg" border=0></P>
<P align=center><B><FONT face=Arial size=2>SOUTHERN FIRST BANCSHARES,
INC.<BR>100 Verdae Boulevard, Suite 100<BR>Greenville, South Carolina 29607
</FONT></B></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid" width="100%"><STRONG><FONT face=Arial size=2>&nbsp;</FONT></STRONG></TD></TR>
  <TR>
    <TD noWrap width="100%">
      <P align=center><B><FONT face=Arial size=2>Notice of Annual Meeting of
      Shareholders<BR>To Be Held on May 16, 2017 </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%"><STRONG><FONT face=Arial size=2>&nbsp;</FONT></STRONG></TD></TR></TABLE></DIV>
<P STYLE="text-indent: 15pt"><FONT face=Arial size=2>Dear Fellow Shareholder: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We cordially invite you to attend the
2017 Annual Meeting of Shareholders of Southern First Bancshares, Inc. (the
&#147;Company&#148; or &#147;Southern First&#148;), the holding company for Southern First Bank (the
&#147;Bank&#148;). At the meeting, we will report on our performance in 2016 and answer
your questions. We look forward to discussing both our accomplishments and our
future plans with you. We hope that you can attend the meeting and look forward
to seeing you there. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>This letter serves as your official
notice that we will hold the meeting on May 16, 2017 at the Bank&#146;s headquarters
located at 100 Verdae Boulevard, Suite 100, Greenville, South Carolina at 5:00
p.m. Eastern Standard Time, for the following purposes:</FONT></P>
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  <TR>
    <TD NOWRAP STYLE="vertical-align: top"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top"><FONT face=Arial size=2>1.</FONT></TD>
    <TD><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="width: 100%"><FONT face=Arial size=2>To elect four members to the Board of
    Directors;</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="vertical-align: top"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top"><FONT face=Arial size=2>2.</FONT></TD>
    <TD></TD>
    <TD><FONT face=Arial size=2>To approve the compensation of our named executive
      officers as disclosed in the accompanying proxy statement (this is a
      non-binding, advisory vote);</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="vertical-align: top"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top"><FONT face=Arial size=2>3.</FONT></TD>
    <TD></TD>
    <TD><FONT face=Arial size=2>To ratify the appointment of Elliott Davis Decosimo, LLC
      as our independent registered public accountant for the year ending
      December 31, 2017; and</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="vertical-align: top"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top"><FONT face=Arial size=2>4.</FONT></TD>
    <TD></TD>
    <TD><FONT face=Arial size=2>To transact any other business that may properly come
      before the meeting or any adjournment of the
meeting.</FONT></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Shareholders owning our common stock at
the close of business on March 27, 2017 are entitled to attend and vote at the
Annual Meeting. A complete list of these shareholders will be available at the
company&#146;s offices prior to the meeting. If your shares are held in &#147;street
name,&#148; you will need to obtain a proxy form from the institution that holds your
shares in order to vote at our annual meeting. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Please use this opportunity to take
part in the affairs of your company by voting on the business to come before
this meeting. Even if you plan to attend the meeting, we encourage you to
complete and return the enclosed proxy to us as promptly as possible.</FONT></P>
<DIV align=right>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: normal; border-collapse: collapse; width: 50%">

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 100%"><FONT face=Arial size=2>By order of the Board of
      Directors,</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="text-align: left"><IMG src="sfb3222421-def14a1x2x2.jpg" border=0></TD></TR>
  <TR>
    <TD NOWRAP STYLE="text-align: left">
      <P align=justify><FONT face=Arial size=2>R. Arthur Seaver,
    Jr.</FONT></P></TD></TR>
  <TR>
    <TD NOWRAP STYLE="text-align: left">
      <P align=justify><I><FONT face=Arial size=2>Chief Executive
      Officer</FONT></I></P></TD></TR></TABLE></DIV><BR><BR>
<P align=justify><FONT face=Arial size=2>Greenville, South Carolina<BR>April 11,
2017 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=2>SOUTHERN FIRST BANCSHARES,
INC.<BR>100 Verdae Boulevard, Suite 100<BR>Greenville, South Carolina
29607</FONT></B></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1pt solid" width="100%"><STRONG><FONT face=Arial size=2>&nbsp;</FONT></STRONG></TD></TR>
  <TR>
    <TD noWrap width="100%">
      <P align=center><B><FONT face=Arial size=2>Proxy Statement for Annual
      Meeting of<BR>Shareholders to be Held on May 16, 2017&nbsp;
    </FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%"><STRONG><FONT face=Arial size=2>&nbsp;</FONT></STRONG></TD></TR></TABLE></DIV>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Our Board of Directors is soliciting
proxies for the 2017 Annual Meeting of Shareholders. This proxy statement
contains important information for you to consider when deciding how to vote on
the matters brought before the meeting. We encourage you to read it
carefully.</FONT></P>
<P align=center><B><FONT face=Arial size=2>VOTING INFORMATION</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The Board of Directors set March 27,
2017 as the record date for the meeting. Shareholders owning our common stock at
the close of business on that date are entitled to attend and vote at the
meeting, with each share entitled to one vote. There were 6,477,664 shares of
common stock outstanding on the record date.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Many of our shareholders hold their
shares through a stockbroker, bank or other nominee rather than directly in
their own name. If you hold our shares in a stock brokerage account or by a bank
or other nominee, you are considered the </FONT><I><FONT face=Arial size=2>beneficial owner</FONT></I><FONT face=Arial size=2> of shares held in
street name, and these materials are being forwarded to you by your broker or
nominee, which is considered the </FONT><I><FONT face=Arial size=2>shareholder
of record</FONT></I><FONT face=Arial size=2> with respect to those shares. As
the </FONT><I><FONT face=Arial size=2>beneficial owner</FONT></I><FONT face=Arial size=2>, you have the right to direct your broker or nominee to vote
your shares as you decide and are also invited to attend the annual meeting.
However, since you are not the </FONT><I><FONT face=Arial size=2>shareholder of
record</FONT></I><FONT face=Arial size=2>, you may not vote these shares in
person at the meeting unless you obtain a signed proxy from the </FONT><I><FONT face=Arial size=2>shareholder of record</FONT></I><FONT face=Arial size=2>
giving you the right to vote the shares. Your broker or nominee has enclosed or
provided a voting instruction card for you to use to direct your broker or
nominee how to vote these shares. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>A majority of the outstanding shares of
common stock represented at the meeting will constitute a quorum. If a share is
represented for any purpose at the meeting by the presence of the registered
owner or a person holding a valid proxy for the registered owner, it is deemed
to be present for the purposes of establishing a quorum. Therefore, valid
proxies which are marked "Abstain" or "Withhold" or as to which no vote is
marked, including proxies submitted by brokers who are the record owners of
shares but who lack the power to vote such shares (so-called "broker
non-votes"), will be included in determining the number of votes present or
represented at the meeting. If a quorum is not present or represented at the
meeting, the shareholders entitled to vote, present in person or represented by
proxy, have the power to adjourn the meeting from time to time until a quorum is
present or represented. If any such adjournment is for a period of less than 30
days, no notice, other than an announcement at the meeting, is required to be
given of the adjournment. If the adjournment is for 30 days or more, notice of
the adjourned meeting will be given in accordance with the Company's Bylaws.
Directors, officers and regular employees of the Company may solicit proxies for
the reconvened meeting in person or by mail, telephone or other means. At any
such reconvened meeting at which a quorum is present or represented, any
business may be transacted that might have been transacted at the meeting as
originally noticed. Once a quorum has been established, it will not be destroyed
by the departure of shares prior to the adjournment of the meeting.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Provided a quorum is established at the
annual meeting, directors will be elected by a majority of the votes cast at the
meeting. Shareholders of the Company do not have cumulative voting rights. All
other matters to be considered and acted upon at the meeting, including the
proposal to approve, as a non-binding advisory vote, the compensation of the
Company's named executive officers, and the proposal to ratify, as a non-binding
advisory vote, the appointment of Elliott Davis Decosimo, LLC (&#147;Elliott Davis&#148;)
as the Company&#146;s independent registered public accountant for the year ending
December 31, 2017, require that the number of shares of common stock voted in
favor of the matter exceed the number of shares of common stock voted against
the matter, provided a quorum has been established.
Abstentions, broker non-votes and the failure to return a signed proxy will have
no effect on the outcome of such matters. </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Stockbrokers are generally permitted by their regulatory
authorities to vote shares held by them for their customers on matters
considered by the regulatory authorities to be routine, even if the stockbrokers
have not received voting instructions from their customers. If the regulatory
authorities do not consider a matter routine, then a stockbroker is generally
prohibited from voting a customer's shares on the matter unless the customer has
given voting instructions on that matter to the stockbroker. </FONT><B><FONT face=Arial size=2>Because the proposals to elect directors and to approve, as a
non-binding advisory vote, the compensation of the Company's named executive
officers are not considered to be routine matters, it is important that you
provide instructions to your bank or broker if your shares are held in street
name so that your vote with respect to these matters is counted. Stockbrokers
and banks holding shares for their customers will not have the ability to cast
votes with respect to these matters unless they have received instructions from
their customers. Your stockbroker or bank will not vote on these non-routine
matters if you do not give voting instructions with respect to these matters.
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>When you sign the proxy card, you
appoint R. Arthur Seaver, Jr. and James B. Orders, III. as your representatives
at the meeting. Mr. Seaver and Mr. Orders will vote your proxy as you have
instructed them on the proxy card. If you submit a proxy but do not specify how
you would like it to be voted, Mr. Seaver and Mr. Orders will vote your proxy
&#147;FOR&#148; the election to the board of directors of all nominees listed below under
&#147;Election of Directors,&#148; &#147;FOR&#148; the non-binding advisory resolution to approve
the compensation of our named executive officers as disclosed in this proxy
statement, and &#147;FOR&#148; the ratification of our independent registered public
accountant. In addition, if any other matters come before the meeting, Mr.
Seaver and Mr. Orders, III will vote your proxy on such matters in accordance
with their judgment. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>You may revoke your proxy and change
your vote at any time before the polls close at the meeting. You may do this by
signing and delivering another proxy with a later date or by voting in person at
the meeting. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We are paying for the costs of
preparing and mailing the proxy materials and reimbursing brokers and others for
their expenses in forwarding copies of the proxy materials to our shareholders.
Our officers and employees may assist in soliciting proxies but will not receive
additional compensation for doing so. We are distributing this proxy statement
on or about April 11, 2017.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face=Arial size=2>Important Notice of Internet
Availability</FONT></I></B><FONT face=Arial size=2>. This proxy statement and
the Annual Report on Form 10-K for the year ended December 31, 2016 (our &#147;2016
Form 10-K&#148;) are available to the public for viewing on the Internet at
</FONT><I><FONT face=Arial size=2>http://www.edocumentview.com/sfst</FONT></I><FONT face=Arial size=2>.
Directions to the Annual Meeting can be obtained by contacting Mrs. Ellen Kish
at 864.679.9000. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>In addition, the above items and other
filings made by the Company with the Securities and Exchange Commission (the
&#147;SEC&#148;) are also available to the public on the SEC&#146;s website on the Internet at
www.sec.gov.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Only one copy of our proxy materials is
being delivered to two or more shareholders who share an address. However, upon
request by any shareholder, we will deliver one or more additional copies of
this proxy statement and our 2016 Form 10-K to shareholders at a shared address
to which a single copy of the documents was delivered. Accordingly, shareholders
should contact us either by phone at 864.679.9000 or in writing to Southern
First Bancshares, Inc., P.O. Box 17465, Greenville, South Carolina 29606,
Attention: Corporate Secretary, if they wish to receive any additional copies of
our proxy materials.</FONT></P>
<P align=center><FONT face=Arial size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=2>PROPOSAL NO. 1:<BR>ELECTION OF
DIRECTORS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The Board of Directors is divided into
three classes with staggered terms, so that the terms of only approximately
one-third of the board members expire at each annual meeting. Our current
directors and their classes are: </FONT></P>
<TABLE style="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=center width="99%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=Arial size=1>Class I</FONT></B></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=Arial size=1>Class II</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="31%"><B><FONT face=Arial size=1>Class III</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=Arial size=2>Mark A. Cothran</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=Arial size=2>Leighton M. Cubbage</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="31%"><FONT face=Arial size=2>Andrew B. Cajka</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=Arial size=2>Rudolph G. Johnstone, III, M.D.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=Arial size=2>David G. Ellison</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="31%"><FONT face=Arial size=2>Anne S. Ellefson</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=Arial size=2>R. Arthur Seaver, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=Arial size=2>James B. Orders, III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="31%"><FONT face=Arial size=2>Fred Gilmer, Jr.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="31%"><FONT face=Arial size=2>Tecumseh Hooper, Jr.</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The current term of the Class III
directors will expire at this annual meeting of shareholders, the term of the
Class I directors will expire at the 2018 annual meeting, and the term of the
Class II directors will expire at the 2019 annual meeting. Shareholders will
elect four nominees as Class III directors at the Annual Meeting to serve a
three-year term, expiring at the 2020 Annual Meeting of Shareholders. The
directors will be elected by a plurality of the votes cast at the meeting. This
means that the four nominees receiving the highest number of votes will be
elected. Shareholders do not have cumulative voting rights with respect to the
election of directors. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>If you submit a proxy but do not
specify how you would like it to be voted, Mr. Seaver and Mr. Orders will vote
your proxy to elect Messrs. Cajka, Gilmer, and Hooper and Mrs. Ellefson as Class
III directors. If any of these nominees are unable or fail to accept nomination
or election (which we do not anticipate), Mr. Seaver and Mr. Orders will vote
instead for a replacement to be recommended by the board of directors, unless
you specifically instruct otherwise in the proxy. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face=Arial size=2>The Board of Directors
unanimously recommends that you vote &#147;FOR&#148; the election of Andrew B. Cajka, Anne
S. Ellefson, Fred Gilmer, Jr., and Tecumseh Hooper, Jr. as Class III
directors.</FONT></I></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Set forth below is certain information
about the Class III nominees, each of whom has been a director of the Company
since early in its formation and is also a director of the Bank. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Andrew B. Cajka, 57,
</FONT></I><FONT face=Arial size=2>Class III director, has served as a director
of the Company since 1999. Mr. Cajka is the founder and president of Southern
Hospitality Group, LLC, a hotel management and development company in
Greenville, South Carolina. Prior to starting his own business, Mr. Cajka was a
managing member of Hyatt Hotels Corporation from 1986 until 1998. He is a 1982
graduate of Bowling Green State University. He serves as an executive board
member for the Metropolitan Arts Council, as treasurer of the Visit Greenville
SC Convention and Visitors Bureau and as a member of the executive committee of
the Clemson University Research Foundation. He is a past chairman of the
Greenville County Research and Technology Development board, past chairman of
the Greenville Convention and Visitors Bureau, past chairman of the Greenville
Tech Hospitality Board, and as past vice chairman of the board for St. Joseph&#146;s
High School. He is a previous member of the BMW Nationwide Tournament advisory
board. Mr. Cajka has served as a board member of the Urban League, Upstate Red
Cross, and Thornblade Board of Governors. Mr. Cajka served on the board of
directors for the Greenville Chamber of Commerce and is past president of the
downtown area council, as well as past chairman of Greenville Hospital
Foundation Board and past chairman of the Children&#146;s Hospital. He has
substantial development and management experience in the hospitality industry
and is extensively involved in the local community, both of which enhance his
ability to serve as a director. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Anne S. Ellefson</FONT></I><FONT face=Arial size=2>, 62, Class III director, has served as a director of the
Company since 2001. Mrs. Ellefson is an attorney and serves as Deputy General
Counsel for Academics and Community Affairs at Greenville Health System. She was
formerly a shareholder with Haynsworth Sinkler Boyd, P.A., where she practiced
law from 1979 through 2013. Mrs. Ellefson is a 1976 graduate of the University
of South Carolina where she received a bachelor&#146;s degree and a 1979 graduate of
the University of South Carolina School of Law. Mrs. Ellefson previously served
on advisory boards at both United Carolina Bank and BB&amp;T. She is a past
chairman of the Greater Greenville Chamber of Commerce and the United Way of
Greenville County and formerly served on the Board of Directors of the South
Carolina Chamber of Commerce. She serves as a member of the Board of </FONT><FONT face=Arial size=2>Governors of the South Carolina Bar Association (where she
recently also served as President), as President of the Board of Directors of
the South Carolina Educational Television Endowment, and Vice President of South
Carolina Technology &amp; Aviation Center (SCTAC) and its 501(c)3 affiliate,
ITIC. In addition, she serves on the boards of the Greenville Local Development
Corporation, the Hollingsworth Fund and Verdae Development, Inc. She is also the
past President of the South Carolina Bar Foundation. Her extensive legal
experience, with a specialization in real estate, and significant leadership
activities in local and state chamber and other development organizations give
her useful insights and a valuable understanding of the key markets we serve.
</FONT></P>
<P align=center><FONT face=Arial size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Frederick &#147;Fred&#148; Gilmer,
Jr.</FONT></I><FONT face=Arial size=2>, 81, Class III director, has served as a
director of the Company since 1999. Mr. Gilmer is a retired senior vice
president of our Bank. He is a seasoned banker with over 50 years of experience
in the financial services industry. Mr. Gilmer was involved with the
organization of Southern Bank and Trust Company, as well as Greenville First
Bank, and has held executive positions with two other banks in the Greenville
area. He graduated from the University of Georgia in 1958 and the LSU Graduate
School of Banking of the South in Baton Rouge, Louisiana in 1970. He is a
graduate of Leadership Greenville and has served numerous organizations,
including the Greenville Rotary Club, the YMCA, the United Way, and the First
Presbyterian Church. He also is a past board member of Family Children Service,
Goodwill Industries, Downtown Area Council, Greenville Little Theater,
Greenville Cancer Society, South Carolina Arthritis Foundation, Freedom Weekend
Aloft, and the Greenville Chamber of Commerce. He brings to the board an
intimate understanding of our business and organization, as well as substantial
leadership abilities, banking industry expertise, and management experience.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Tecumseh &#147;Tee&#148; Hooper, Jr.,
69,</FONT></I><FONT face=Arial size=2> Class III director, has served as a
director of the Company since 1999. Mr. Hooper is a private investor and
chairman of the board of FGP International Inc., an executive search and
temporary placement service company. Mr. Hooper was the president of Modern
Office Machines/IKON Office Solutions in Greenville, South Carolina, from 1982
through 2001 and chief executive officer of Sign Crafters, USA, LLC, from 2008
through 2016. Mr. Hooper graduated from The Citadel in 1969 with a degree in
business administration, and he received a masters in business administration
from the University of South Carolina in 1971. Mr. Hooper has served the
community as a board member of the Greenville Chamber of Commerce, Camp
Greenville, YMCA Metropolitan, and the United Way, and as past president of the
Greenville Urban League. Mr. Hooper has also served on the board of directors
for Leadership Greenville, Leadership South Carolina, and also served as
chairman of the South Carolina Department of Transportation, and of the Patriots
Point Development Authority in Charleston. He is currently a member of The
Citadel Board of Visitors. His deep ties to the local community, varied business
career in executive management, including serving on the board of a publicly
traded company, and experience with key government agencies provide him with a
valuable perspective as a director. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Set forth below is information about
our other directors each of whom has been a director of our Company since our
formation in 1999 and is also a director of our bank. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Mark A. Cothran, 59</FONT></I><FONT face=Arial size=2>, Class I director, is the president and owner of Cothran
Properties, LLC, a real estate development company in Greenville, South
Carolina. He has been with Cothran Properties, LLC since 1986. Mr. Cothran
received his bachelor&#146;s degree in finance and banking from the University of
South Carolina in 1980 and is a licensed real estate broker in the State of
South Carolina. He currently serves on the Tax and Legislative Committee and the
National Business Park Forum of the National Association of Industrial and
Office Properties (NAIOP) for which he is also the past chairman. He is also the
past president of the state chapter of NAIOP. He has served on the board of
directors of the Greenville Chamber of Commerce, the Chamber of Commerce&#146;s
Economic Development Board, the Advisory Board of Greenville National Bank, and
the board of directors of General Wholesale Distributors, Inc. His extensive
experience in real estate and development activities, along with his long term
ties to our local community, provide him with a valuable understanding of the
key markets we serve. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Leighton M. Cubbage</FONT></I><FONT face=Arial size=2>, 64, Class II director, is the co-founder and chairman of
Serrus Capital Partners, a real estate investment company. Previously, he was
the co-founder, president, and chief operating officer of Corporate
Telemanagement Group in Greenville, South Carolina from 1989 until 1995. Since
1995, Mr. Cubbage has been a private investor maintaining investment interests
in a weekly newspaper and car dealerships. He is a 1977 graduate of Clemson
University with a bachelor&#146;s degree in political science. Mr. Cubbage previously
served as chairman of the Greenville Hospital System board of trustees, was a
former member of the Greenville Technical College Foundation Board and
has served on the board of directors of the Greenville Chamber of Commerce,
Clemson Spiro College of Entrepreneurship and Homes of Hope. Mr. Cubbage was
chosen by the South Carolina Governor as Chairman of the South Carolina Venture
Capital Authority and was inducted into the Clemson University Spiro
Entrepreneurial Institute Hall of Fame in 2011. In 1993 he graduated from the
University of North Carolina at Chapel Hill&#146;s Advanced Management Program. His
leadership experience, extensive knowledge of the technology industry and
corporate management enhance his ability to contribute to the Company as a
director.</FONT></P>
<P align=center><FONT face=Arial size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>David G. Ellison</FONT></I><FONT face=Arial size=2>, 67, Class II director, is a Wealth Management Advisor with
Northwestern Mutual, where he retired as managing director in 2010, after 28
years of service. Mr. Ellison is a 1972 graduate of Furman University where he
received a bachelor&#146;s degree and a 1976 graduate of the Clemson-Furman
University Program where he received a master in business administration. Mr.
Ellison is in his fourth term on the board of trustees of Furman University,
where he is also a former board chair. He is a past president of both the Furman
Alumni Association and Furman Paladin Club and has also served on the board of
trustees for United Way of Greenville County and as a prior commissioner of the
Greenville Housing Authority. He has extensive financial experience primarily in
the insurance industry and has corporate governance experience with a number of
nonprofit organizations which provide a valuable perspective as a
director.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Rudolph G. &#147;Trip&#148; Johnstone, III,
M.D.</FONT></I><FONT face=Arial size=2>, 56, Class I director, is a physician
who has practiced with Allergy Partners of the Upstate since 1992. He graduated
from Washington &amp; Lee University in 1982 with a degree in biology and from
the Medical University of South Carolina in 1986. Dr. Johnstone served on the
consulting board to Greenville National Bank from 1995 until 1998. He is on the
board of directors of Allergy Partners, PA and is a past president of the
Southeastern Asthma, Allergy, and Immunology Society. He has an extensive
knowledge of and a connection to the medical community, a targeted market for
the bank, which enhances his ability to contribute to the Company as a director.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>James B. Orders, III,
64</FONT></I><FONT face=Arial size=2>, Class II director, is the chairman of our
board of directors. From 1986 to 2014, he was the president of Park Place
Corporation, a company engaged in the manufacture and sale of mattresses to the
wholesale market. He attended Clemson University from 1970 until 1974. Mr.
Orders is a past president of the International Sleep Products Association, a
past president of the Downtown Rotary Club, a past member of the advisory board
of Greenville National Bank and a past member of the advisory board of Carolina
First Bank. He currently serves on the board of Cox Industries. He has executive
management experience in national sales markets in addition to experience in the
South Carolina real estate market. His leadership abilities and long connection
to the local community enhance his ability to serve on the board of directors.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>R. Arthur &#147;Art&#148; Seaver,
Jr.</FONT></I><FONT face=Arial size=2>, 53, Class I director, has served as the
Chief Executive Officer of our Company and our Bank since 1999. He has over 30
years of banking experience. From 1986 until 1992, Mr. Seaver held various
positions with The Citizens &amp; Southern National Bank of South Carolina. From
1992 until February 1999, he was with Greenville National Bank, which was
acquired by Regions Bank in 1998. He was the senior vice president in lending
and was also responsible for managing Greenville National Bank&#146;s deposit
strategies prior to leaving to form the Bank. Mr. Seaver is a 1986 graduate of
Clemson University with a bachelor&#146;s degree in financial management and a 1999
graduate of the BAI Graduate School of Community Bank Management. He is a member
of the board of the St. Francis Foundation, member and past chairman of the
Executive Committee for the South Carolina Bankers Association, past chair of
the United Way of Greenville County Board of Trustees, and serves on the board
of directors of Thornblade Club. Past organizations that he has worked with
include the United Way of Greenville County, Leadership Greenville, the
Greenville Chamber of Commerce, the South Carolina Network of Business and
Education Partnership, Junior League, Junior Achievement, the Greenville
Convention and Visitors Bureau, the United Way, and the First Presbyterian
Church. His experience with various local and nonprofit organizations provides
him with a valuable understanding of our community. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Our executive officers, as such term is
defined in Rule 3b-7 of the Securities Exchange Act of 1934, consist of R.
Arthur Seaver, Jr., the chief executive officer of our Company and our bank,
Michael D. Dowling, the chief financial officer of our Company and our Bank, and
F. Justin Strickland, the president of our Company and our Bank. Information
regarding Mr. Seaver appears above in the list of directors, and information
regarding Mr. Dowling and Mr. Strickland is listed below. </FONT></P>
<P align=center><FONT face=Arial size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Michael D. Dowling,</FONT></I><FONT face=Arial size=2> 45, has served as an executive vice president and the chief
financial officer of our Company and our bank since 2011. He has over 20 years
of experience in the banking industry. Mr. Dowling was previously employed with
KPMG LLP from 1994 until 2011, including most recently as an Audit Partner
(2005-2011) and a member of KPMG&#146;s Financial Services practice. Mr. Dowling has
extensive experience working with public companies and financial institutions.
He is a 1993 graduate of Clemson University, with a degree in Accounting and is
a certified public accountant in South Carolina and North Carolina. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>F. Justin Strickland, 53,
</FONT></I><FONT face=Arial size=2>has served as president of our Company and
our bank since 2006. He has over 30 years of banking experience. From 1985 until
1993, Mr. Strickland held various positions with The Citizens &amp; Southern
National Bank of South Carolina. From 1993 until November 2006, he was with
Carolina First Bank. From 1999 until November 2006, he held the position of
South Carolina Midlands Market President. Mr. Strickland is a 1985 graduate of
the University of South Carolina with a bachelor&#146;s degree in finance and the LSU
Graduate School of Banking of the South in Baton Rouge, Louisiana in 1996. He is
the past Chairman of the Greater Columbia Chamber of Commerce, the Children&#146;s
Trust Fund of South Carolina, Junior Achievement of the Midlands, and the SC
Bankers Association. He is a past member of the boards of the Saluda Shoals
Foundation, Columbia Urban League, Palmetto Health Foundation (past chairman),
the SC Bankers School (past chairman), and the Boy Scouts &#150; Indiana Water
Council. He was a prior Chairman of the SC Bankers Association/Young Bankers
Division where he received the SC Outstanding Young Bankers Award in 1999.
Currently, Mr. Strickland is the chairman of The Lexington Medical Foundation
and is a board member of The South Carolina Board of Financial Institutions. He
is a member of Saxe Gotha Presbyterian Church. He has been a member in the past
with the Rotary Club, Sertoma Club, Business Association of Columbia, Salvation
Army, and the United Way. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Family Relationships.
</FONT></I><FONT face=Arial size=2>Dr. Rudolph G. Johnstone, III, director, is
Fred Gilmer, Jr.&#146;s stepson. No other director has a family relationship with any
other director or executive officer of the Company. </FONT></P>
<P align=center><B><FONT face=Arial size=2>PROPOSAL NO.
2:<BR></FONT></B><B><FONT face=Arial size=2>NON-BINDING RESOLUTION TO APPROVE
THE COMPENSATION<BR>OF THE NAMED EXECUTIVE OFFICERS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We are asking you to approve the
compensation of the Company&#146;s named executive officers as described under
&#147;Compensation of Directors and Executive Officers&#148; and the tabular disclosure
regarding named executive officer compensation (together with the accompanying
narrative disclosure). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>As described below under the heading
&#147;Compensation Discussion and Analysis,&#148; the Company seeks to align the interests
of our named executive officers with the interests of our shareholders.
Therefore, our compensation programs are designed to reward our named executive
officers for the achievement of strategic and operational goals and the
achievement of increased shareholder value, while at the same time avoiding the
encouragement of unnecessary or excessive risk-taking. We believe that our
compensation policies and procedures are competitive and focused on performance
and are strongly aligned with the long-term interest of our shareholders.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The proposal described below, commonly
known as a &#147;Say-on-Pay&#148; proposal, gives you as a shareholder the opportunity to
express your views regarding the compensation of the named executive officers by
voting to approve or not approve such compensation as described in this proxy
statement. This vote is advisory and will not be binding upon the Company, the
board of directors, or the compensation committee. However, the Company, the
board, and the compensation committee will take into account the outcome of the
vote when considering future executive compensation arrangements. The vote on
this resolution is not intended to address any specific element of compensation,
but rather relates to the overall compensation of our named executive officers,
as described in this proxy statement in accordance with the compensation
disclosure rules of the SEC. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The board of directors believes our
compensation policies and procedures achieve this objective, and therefore
recommend shareholders vote &#147;FOR&#148; the proposal through the following
resolution:</FONT></P>
<P ALIGN="JUSTIFY" STYLE=" margin-left: 30pt; margin-right: 15pt"><FONT face=Arial size=2>&#147;Resolved, that the compensation of
executive officers named in the Summary Compensation Table of Southern First
Bancshares, Inc.&#146;s Proxy Statement for the 2017 Annual Meeting of </FONT><FONT face=Arial size=2>Shareholders, including the tabular and narrative compensation
disclosures, is hereby approved.&#148; </FONT></P>
<P align=center><FONT face=Arial size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face=Arial size=2>The board of directors
unanimously recommends a vote &#147;FOR&#148; approval of the compensation of the named
executive officers as disclosed in this proxy statement. </FONT></I></B></P>
<P align=center><B><FONT face=Arial size=2>PROPOSAL NO.
3:<BR></FONT></B><B><FONT face=Arial size=2>RATIFICATION OF APPOINTMENT
OF<BR></FONT></B><B><FONT face=Arial size=2>OUR INDEPENDENT REGISTERED PUBLIC
ACCOUNTANT </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Although we are not required to seek
shareholder ratification on the selection of our accountants, we believe
obtaining shareholder ratification is desirable. In the event the appointment of
Elliott Davis is not ratified by the required vote, the audit committee will
re-evaluate the engagement of our independent auditors. Even if the shareholders
do ratify the appointment, our audit committee has the discretion to appoint a
different independent registered public accounting firm at any time during the
year if the audit committee believes that such a change would be in the best
interest of us and our shareholders. We expect that a representative from
Elliott Davis will attend the meeting and will be available to respond to
appropriate questions from shareholders. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>If a quorum is present at the Annual
Meeting, this proposal will be approved if the votes cast in favor of the
proposal exceed the votes cast against the proposal. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face=Arial size=2>The board of directors
unanimously recommends that shareholders vote &#147;FOR&#148; the ratification of the
appointment of Elliott Davis as our independent registered public accounting
firm for the year ending December 31, 2017. </FONT></I></B></P>
<P align=center><B><FONT face=Arial size=2>MEETINGS AND COMMITTEES OF THE BOARD
OF DIRECTORS </FONT></B></P>
<P align=justify><B><FONT face=Arial size=2>Attendance at Board, Committee and
Annual Shareholders&#146; Meetings </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>During the year ended December 31,
2016, the board of directors of the Company held 13 meetings and the board of
directors of the bank held 12 meetings. All of the directors of the Company and
the bank attended at least 75% of the aggregate of such board meetings and the
meetings of each committee on which they served. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Although we do not have a formal policy
regarding attendance by members of the board of directors at our annual
shareholders&#146; meetings, directors are encouraged to attend our annual
shareholders&#146; meeting. All of the directors were present at the 2016 Annual
Meeting of Shareholders, except for Mr. Cubbage.</FONT></P>
<P align=justify><B><FONT face=Arial size=2>Code of Ethics </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We expect all of our employees to
conduct themselves honestly and ethically, particularly in handling actual and
apparent conflicts of interest and providing full, accurate, and timely
disclosure to the public. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We have adopted a Code of Ethics that
is specifically applicable to our senior management and financial officers,
including our principal executive officer, our principal financial officer, and
controller. A copy of this Code of Ethics is available without charge to
shareholders upon request to the secretary of the Company, at Southern First
Bancshares, Inc., 100 Verdae Boulevard, Suite 100, Greenville, South Carolina
29607.</FONT></P>
<P align=justify><B><FONT face=Arial size=2>Board Leadership Structure and Role
in Risk Oversight</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We are focused on the Company&#146;s
corporate governance practices and value independent board oversight as an
essential component of strong corporate performance to enhance shareholder
value. Our commitment to independent oversight is demonstrated by the fact that
a majority of our directors are independent. In addition, all of the members of
our board of directors&#146; audit, personnel, and nominating and corporate
governance committees are independent.</FONT></P>
<P align=center><FONT face=Arial size=2>7 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Our board of directors believes that it
is preferable for one of our independent directors to serve as chairman of the
board. The person our board of directors elected as chairman, James B. Orders,
III, has been one of our directors since 1999 and is a long-time resident of our
primary market area. We believe it is the chairman&#146;s responsibility to guide the
board as it provides leadership to our executive management and the chief
executive officer&#146;s responsibility to manage the Company. As directors continue
to be faced with more oversight responsibility than ever before, we believe it
is beneficial to have separate individuals in the role of chairman and chief
executive officer. Traditionally, the Company has maintained the separateness of
the roles of the chairman and the chief executive officer. In making its
decision to have an independent chairman, the board of directors considered the
time and attention that Mr. Seaver is required to devote to managing the
day-to-day operations of the Company. By having another director serve as
chairman of the board of directors, Mr. Seaver will be able to focus his entire
energy on running the Company. This will also ensure there is no duplication of
effort between the chairman and the chief executive officer. We believe this
board leadership structure is appropriate in maximizing the effectiveness of
board oversight and in providing perspective to our business that is independent
from executive management.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Our audit committee is primarily
responsible for overseeing the Company&#146;s risk management processes on behalf of
the full board of directors. The audit committee focuses on financial reporting
risk and oversight of the internal audit process. It receives reports from
management at least quarterly regarding the Company&#146;s assessment of risks and
the adequacy and effectiveness of internal control systems, as well as reviewing
credit and market risk (including liquidity and interest rate risk), and
operational risk (including compliance and legal risk). Strategic and reputation
risk are also regularly considered by this committee. The audit committee also
receives reports from management addressing the most serious risks affecting the
day-to-day operations of the Company. The audit committee reports regularly to
the full board of directors, which also considers the company&#146;s entire risk
profile. The full board of directors focuses on certain significant risks facing
the Company and on certain aspects of the Company&#146;s general risk management
strategy. Management is responsible for the day-today risk management processes.
We believe this division of responsibility is the most effective approach for
addressing the risks facing our Company and that our board leadership structure
supports this approach.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We recognize that different board
leadership structures may be appropriate for companies in different situations.
We will continue to reexamine our corporate governance policies and leadership
structures on an ongoing basis to ensure that they continue to meet the
Company&#146;s needs.</FONT></P>
<P align=justify><B><FONT face=Arial size=2>Independence </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Our board of directors has determined
that Andrew B. Cajka, Jr., Mark A. Cothran, Leighton M. Cubbage, Anne S.
Ellefson, David G. Ellison, Tecumseh Hooper, Jr., and James B. Orders, III are
&#147;independent&#148; directors, based upon the independence criteria set forth in the
corporate governance listing standards of The NASDAQ Global Market, as required
by Item 407(a) of Regulation S-K. </FONT></P>
<P align=justify><B><FONT face=Arial size=2>Committees of the Board of
Directors</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The following chart shows the current
composition of the committees of our board of directors, the number of meetings
held by each committee during 2016, and which directors are &#147;independent&#148; based
upon the independence criteria set forth in the corporate governance listing
standards of The NASDAQ Global Market. The audit committee, nominating &amp;
corporate governance committee, personnel committee and board risk committee are
comprised exclusively of independent directors. </FONT></P>
<P align=center><FONT face=Arial size=2>8 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: normal; border-collapse: collapse; width: 100%">

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; width: 40%; padding-left: 2pt"></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 10%"></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 11%"></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 10%"></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 11%"><B><FONT face=Arial size=1>Nominating</FONT></B></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 10%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid; text-align: left; width: 8%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; border-left: Black 1pt solid; padding-left: 2pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&amp; Corporate</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; border-left: Black 1pt solid; padding-left: 2pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>Board</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>Audit</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>Governance</FONT></B></TD>
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    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>Finance</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: center; padding-left: 2pt"><B><FONT face=Arial size=1>Director</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>Independent</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><FONT face=Arial size=1>(13
      Meetings)</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><FONT face=Arial size=1>(6
    Meetings)</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><FONT face=Arial size=1>(1
    Meeting)</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><FONT face=Arial size=1>(3
    Meetings)</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center"><FONT face=Arial size=1>(12
    Meetings)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 2pt"><FONT face=Arial size=2>Andrew B. Cajka, Jr.</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;
      Chair</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 2pt"><FONT face=Arial size=2>Mark A. Cothran</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 2pt"><FONT face=Arial size=2>Leighton M. Cubbage</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 2pt"><FONT face=Arial size=2>Anne S. Ellefson</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;
      Chair</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD></TR>
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    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 2pt"><FONT face=Arial size=2>David G. Ellison</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;
      Chair</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 2pt"><FONT face=Arial size=2>Fred Gilmer, Jr.</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD></TR>
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    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 2pt"><FONT face=Arial size=2>Tecumseh Hooper, Jr.</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 2pt"><FONT face=Arial size=2>Rudolph G. Johnstone, III</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD></TR>
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    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 2pt"><FONT face=Arial size=2>James B. Orders, III</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;
      Chair</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;
      Chair</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 2pt"><FONT face=Arial size=2>R. Arthur Seaver, Jr.</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center"><B><FONT face=Arial size=1>&#149;</FONT></B></TD></TR></TABLE><BR>
<DIV ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Audit Committee</FONT></I></DIV><DIV ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The audit committee is comprised of five independent
directors, Messrs. Cajka, Cubbage, Hooper and Orders and Mrs. Ellefson. The
audit committee, which met six times in 2016, has the responsibility of
reviewing the Company&#146;s financial statements, evaluating internal accounting
controls, reviewing reports of regulatory authorities and determining that all
audits and examinations required by law are performed. The committee recommends
to the board of directors the appointment of the independent auditors for the
next fiscal year, reviews and approves the auditor&#146;s audit plans and reviews
with the independent auditors the results of the audit and management&#146;s
responses. The audit committee is responsible for overseeing the entire audit
function and appraising the effectiveness of internal and external audit
efforts. The audit committee operates under a written charter, which is
available on our website, www.southernfirst.com. </FONT></DIV><BR>
<DIV ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Nominating and Corporate Governance
Committee</FONT></I></DIV><DIV ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Our nominating and corporate
governance committee (the &#147;nominating committee&#148;) is comprised of four
independent directors, Messrs. Cajka, Cothran and Hooper and Mrs. Ellefson. The
nominating committee recommends nominees for election to our board of directors
at our annual meetings. The board of directors, including a majority of the
independent directors, selects the nominees for election to the board of
directors. Our nominating committee charter is available on our website,
www.southernfirst.com. The nominating committee met one time in 2016. Directors
recommended for re-election at each Annual Meeting of Shareholders are selected
by our nominating committee. For directors previously elected by shareholders to
serve on the board of directors and whose terms of service are expiring, the
nominating committee considers whether to recommend to the board of directors
the nomination of those directors for re-election for another term of service.
The nominating committee also considers whether to recommend to the board of
directors the nomination of persons to serve as directors whose nominations have
been recommended by shareholders. </FONT></DIV>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Any shareholder may recommend the
nomination of any person to serve on the board of directors. Our policy is to
require a shareholder to submit the name of the person to our corporate
secretary in writing no later than (i) with respect to an election to be held at
an annual meeting of shareholders, 90 days in advance of such meeting; and (ii)
with respect to an election to be held at a special meeting of shareholders for
the election of directors, no more than seven days after notice of the special
meeting is given to shareholders. Each notice must set forth: (i) the name and
address of the shareholder who intends to make the nomination and of the person
or persons to be nominated; (ii) a representation that the shareholder is a
holder of record of stock of the Company entitled to vote at such meeting and
intends to appear in person or by proxy at the meeting to nominate the person or
persons specified in the notice; (iii) a description of all arrangements or
understandings between the shareholder and each nominee and any other person or
persons (naming such person or persons) pursuant to which the nomination or
nominations are to be made by the shareholder; (iv) such other information
regarding each nominee proposed by such shareholder as would be required to be
included in a proxy statement filed pursuant to the proxy rules of the SEC, had
the nominee been nominated, or intended to be nominated, by the board of
directors; and (v) the consent of each nominee to serve as a director of the
Company if so elected. The chairman of the meeting may refuse to acknowledge the
nomination of any person not made in compliance with the foregoing
procedure.</FONT></P>
<P align=center><FONT face=Arial size=2>9 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The nominating committee has not
adopted a formal policy with regard to the consideration of diversity in
identifying director nominees. In determining whether to recommend a director
nominee, the nominating committee members consider and discuss diversity, among
other factors, with a view toward the needs of the board of directors as a
whole. The nominating committee members generally conceptualize diversity
expansively to include, without limitation, concepts such as race, gender,
national origin, differences of viewpoint, professional experience, education,
skill and other qualities or attributes that contribute to board heterogeneity,
when identifying and recommending director nominees. The nominating committee
believes that the inclusion of diversity as one of many factors considered in
selecting director nominees is consistent with the committee&#146;s goal of creating
a board of directors that best serves the needs of the Company and the interest
of its shareholders.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The nominating committee has performed
a review of the experiences, qualifications, attributes and skills of the
board&#146;s current membership, including the director nominees for election to the
board of directors and the other members of the board, and believes that the
current members of the board, including the director nominees, as a whole
possess a variety of complementary skills and characteristics, including the
following: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>successful business or
      professional experience;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>various areas of expertise or
      experience which are desirable to the Company&#146;s current business, such as
      financial, general management practices, planning, legal, marketing,
      technology, banking and financial services;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>personal characteristics such as
      character, integrity and accountability, as well as sound business
      judgment and personal reputation;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>residence in the bank&#146;s service
      area;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>willingness and ability to commit
      the necessary time to fully discharge the responsibilities of board
      membership to the affairs of the Company;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>leadership and consensus building
      skills; and</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>a commitment to the success of
      the Company. </FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We do not pay a third party to assist
in identifying and evaluating director candidates. </FONT></P>
<DIV ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Personnel
Committee</FONT></I></DIV><DIV ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Our personnel committee, which
we may also refer to as the compensation committee, is comprised of four
independent directors, Messrs. Cothran, Cubbage, Ellison, and Orders. The
committee met three times during 2016.</FONT></DIV>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The personnel committee may form and
delegate authority to subcommittees as it deems appropriate, though it has not
formed or delegated authority to any such subcommittee to date. The personnel
committee is responsible for annually reviewing the performance of the chief
executive officer and president and reviews all compensation and awards to
executive and senior officers, including the chief executive officer, president,
eight executive vice presidents, and 22 other key members of management. In
addition, the personnel committee may engage compensation advisors to assist it
in determining compensation levels. The personnel committee has the exclusive
authority and responsibility to determine all aspects of executive compensation,
and seeks input and recommendations from the chief executive officer for the
executive and senior officers. With respect to equity compensation awards to
non-executive officers, the personnel committee has delegated restricted stock
and option granting authority to the chief executive officer and president. As a
part of its duties, the personnel committee must certify that it has reviewed
senior executive officers compensation arrangements with a view toward ensuring
that they do not create incentives to take unnecessary or excessive risks that
threaten the value of the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We have adopted a formal personnel
committee charter which is available on our website at www.southernfirst.com.
</FONT></P>
<P align=center><B><FONT face=Arial size=2>AUDIT COMMITTEE MATTERS
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Our audit committee is comprised of
five independent directors and operates under a written charter, which is
available on our website at www.southernfirst.com. The board of directors has
determined that Messrs. Cajka, Cubbage, Hooper, and Orders and Mrs. Ellefson,
are independent, under Rule 4350 of the corporate governance </FONT><FONT face=Arial size=2>listing standards of The NASDAQ Global Market. None of the current
members of the audit committee nor any other member of our board qualifies as an
&#147;audit committee financial expert&#148; as defined under the rules of the SEC. As a
relatively small public company, it is difficult to identify qualified
candidates who meet all of the qualification of an audit committee financial
expert and are willing to serve on our board of directors. At the present, we do
not know if or when we will appoint a new board member that qualifies as an
audit committee financial expert.</FONT></P>
<P align=center><FONT face=Arial size=2>10 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Although none of the members of our
audit committee qualify as &#147;audit committee financial experts&#148; as defined in the
SEC rules, each of our audit committee members has made valuable contributions
to the Company and its shareholders as members of the audit committee. The board
of directors has determined that each member is fully qualified to monitor the
performance of management, the public disclosures by the Company of its
financial condition and performance, our internal accounting operations, and our
independent auditors. </FONT></P>
<P align=justify><B><FONT face=Arial size=2>Report of the Audit Committee of the
Board </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The information contained in this
report shall not be subject to the liabilities of Section 18 of the Securities
exchange Act of 1934, and shall not be deemed to be incorporated by reference in
future filings with the SEC except to the extent that the Company specifically
incorporates it by reference into a document filed under the Securities Act of
1933 or the Securities Exchange Act of 1934. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The audit committee has reviewed and
discussed with management the audited financial statements. The audit committee
has discussed with the independent auditors the matters required to be discussed
by Auditing Standard No. 16 (AS 16) (&#147;Communications with Audit Committees&#148;), as
adopted by the Public Company Accounting Oversight Board. The audit committee
has received from the independent auditors the written disclosures and the
letter required by Independence Standards Board Standard No. 1 (&#147;Independence
Discussions with Audit Committees&#148;) and has discussed with them their
independence from the Company and its management. In reliance on the reviews and
discussions referred to above, the audit committee recommended to the Company&#146;s
board of directors that the audited financial statements be included in the
Company&#146;s Annual Report and referenced on SEC Form 10-K for the fiscal year
ended December 31, 2016. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The report of the audit committee is
included herein at the direction of its members Mr. Cajka, Mr. Cubbage, Mr.
Hooper, Mrs. Ellefson, and Mr. Orders.</FONT></P>
<P align=justify><B><FONT face=Arial size=2>Audit and Related Fees
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Elliott Davis was our auditor during
the year ended December 31, 2016. A representative of Elliott Davis will be
present at the annual meeting and will be available to respond to appropriate
questions and will have the opportunity to make a statement if he or she desires
to do so. The following table shows the fees that we paid for services performed
in fiscal years ended December 31, 2016 and 2015: </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: Black 1.5pt solid; text-align: left; width: 90%"></TD>
    <TD NOWRAP COLSPAN="5" STYLE="border-top: Black 1.5pt solid; border-bottom: #000000 1pt solid; text-align: right; width: 9%"><B><FONT face=Arial size=1>Year Ended December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; text-align: right"><B><FONT face=Arial size=1>2016</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right"><B><FONT face=Arial size=1>2015</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face=Arial size=2>Audit Fees</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0; vertical-align: middle"><FONT face=Arial size=2>$&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face=Arial size=2>177,365</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face=Arial size=2>186,353</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"><FONT face=Arial size=2>Tax Fees</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face=Arial size=2>11,210</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face=Arial size=2>17,375</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"><FONT face=Arial size=2>Other Fees</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; background-color: #c0c0c0"><FONT face=Arial size=2>13,468</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; background-color: #c0c0c0"><FONT face=Arial size=2>39,045</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT face=Arial size=2>Total</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT face=Arial size=2>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT face=Arial size=2>202,043</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT face=Arial size=2>242,773</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Audit Fees. </FONT></I><FONT face=Arial size=2>This category includes the aggregate fees billed or to be
billed for each of the last two fiscal years for professional services rendered
by Elliott Davis for the audit of our annual consolidated financial statements
and employee benefit plan and our quarterly reports on Form 10-Q.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Tax Fees. </FONT></I><FONT face=Arial size=2>This category includes the aggregate fees billed or to be
billed for tax services rendered in the preparation of state and federal tax
returns for the Company and the Bank. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Other Fees. </FONT></I><FONT face=Arial size=2>This category includes the aggregate fees billed for non-audit
services, exclusive of the fees disclosed relating to audit fees. During the
year ended December 31, 2016, these fees were primarily for procedures related
to audit requirements by the Department of Housing and Urban Development (&#147;HUD&#148;)
related </FONT><FONT face=Arial size=2>to the Bank&#146;s involvement in the FHA lending
program and fees related to an S-8 filing with the SEC. During the year ended
December 31, 2015 these fees were primarily related to the audit fees for the
Company&#146;s HUD audits and cost segregation studies on several newly built
offices.</FONT></P>
<P align=center><FONT face=Arial size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><I><FONT face=Arial size=2>Oversight of Accountants; Approval
of Accounting Fees. </FONT></I><FONT face=Arial size=2>Under the provisions of
its charter, the audit committee is responsible for the appointment,
compensation, retention and oversight of the work of the independent auditor.
All of the accounting services and fees reflected in the table above were
reviewed and approved by the audit committee, and none of the services were
performed by individuals who were not employees of the independent auditor. In
addition, the board of directors approves an annual budget for professional
audit fees that includes all fees paid to the independent auditors. </FONT></P>
<P align=center><B><FONT face=Arial size=2>COMPENSATION OF DIRECTORS AND
EXECUTIVE OFFICERS </FONT></B></P>
<P align=justify><B><FONT face=Arial size=2>Compensation Discussion and Analysis
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The following discussion provides a
description of our decision-making process and philosophy for compensating our
named executive officers in 2016. This discussion also describes the material
components of our 2016 compensation program. This discussion should be read
together with the compensation tables for our named executive officers located
in this proxy statement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Our 2016 named executive officers were:
</FONT></P>
<DIV ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>R. Arthur Seaver, Jr., Chief Executive
Officer </FONT></DIV>

<DIV ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>F. Justin Strickland, President </FONT></DIV>

<DIV ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Michael D. Dowling, Chief Financial
Officer </FONT></DIV>
<BR>
<DIV align=justify><B><FONT face=Arial size=2>Key Financial Highlights:
</FONT></B></DIV>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>Net income was $13.0 million for
      the year ended December 31, 2016, which is a $2.9 million, or 28.2%,
      increase over the same period in 2015.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Total loans were $1.16 billion at December 31,
      2016, a $158.7 million, or 15.8%, increase from 2015.</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Total deposits were $1.09 billion at December
      31, 2016, a $105.4 million, or 10.7%, increase from 2015.</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>Return on average assets
      increased to 1.04% for the year ended December 31, 2016 as compared to
      0.90% for the year ended December 31, 2015.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Net interest margin, on a tax-equivalent basis,
      remained at 3.63% for the year ended December 31, 2016 as compared to the
      prior year.</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>Net charge-offs to average total
      loans decreased to 0.10% for the year ended December 31, 2016 as compared
      to 0.14% for the year ended December 31, 2015.
</FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>General Philosophy.</FONT></B><FONT face=Arial size=2> We compensate our executive and senior officers through a mix
of base salary, bonuses and equity compensation designed to recruit, reward,
retain and retire our talented management team. In addition, we seek to align
management's incentives with the long-term interests of our shareholders. Our
compensation setting process consists of establishing targeted overall
compensation for executive and senior officers consisting of cash compensation,
equity compensation, and retirement benefits. For each officer, the anticipated
cash compensation is allocated among base salary and incentive compensation. We
design the incentive compensation to reward corporate performance based on the
achievement of overall corporate financial and strategic goals.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Role of the Compensation Committee.
</FONT></B><FONT face=Arial size=2>Our personnel committee, which we may also
refer to as the compensation committee, is responsible for annually reviewing
the performance of the Chief Executive Officer and President and reviews all
compensation and awards to executive and senior officers, including the Chief
Executive Officer, President, and Chief Financial Officer. In addition, the
compensation committee may engage compensation advisors to assist it in
determining compensation levels. The compensation committee has the exclusive
authority and responsibility to determine all aspects of executive compensation,
and seeks input and recommendations from the Chief Executive Officer for the
executive and senior officers. The committee operates under a written charter
that establishes its responsibilities which is available on our website at </FONT><FONT face=Arial size=2>www.southernfirst.com. The committee
reviews the charter annually to ensure that the scope of the charter is
consistent with the committee&#146;s role.</FONT></P>
<P align=center><FONT face=Arial size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Role of the Executive
Officers.</FONT></B><FONT face=Arial size=2> The Company&#146;s Chief Executive
Officer and President provide the compensation committee with their
recommendation for overall compensation for all executive and senior vice
president positions, including the Chief Financial Officer. The compensation
committee determines the level of compensation for the Chief Executive Officer
and President based on a general compensation comparison to banks of similar
size and performance as well as the Company&#146;s overall performance in relation to
corporate strategic goals. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Role of the Compensation Consultant.
</FONT></B><FONT face=Arial size=2>In making compensation decisions for 2016,
the compensation committee did not utilize the services of a compensation
consultant.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Benchmarking. </FONT></B><FONT face=Arial size=2>In 2016, the compensation committee did not obtain or perform
compensation benchmarking from an external compensation consultant.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Risk Considerations.
</FONT></B><FONT face=Arial size=2>The compensation committee reviews the risks
and rewards associated with the Company&#146;s compensation programs from time to
time. This review assesses the material elements of executive and non-executive
employee compensation and has concluded that our policies and practices do not
create risk that is reasonably likely to have a material adverse effect on the
Company. We believe that our compensation programs encourage and reward prudent
business judgment and appropriate risk taking over the short-term and
long-term.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Stock Ownership Guidelines.
</FONT></B><FONT face=Arial size=2>We believe that it is in the best interest of
the Company and its shareholders to align the personal financial interests of
the Company&#146;s directors and officers with those of shareholders of the Company.
While the board of directors has not implemented stock ownership guidelines for
our directors and named executive officers, the board periodically analyzes the
ownership of such individuals and believes that their personal financial
interests are aligned with those of the Company&#146;s shareholders.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Tax and Accounting Considerations.
</FONT></B><FONT face=Arial size=2>In consultation with our advisors, we
evaluate the tax and accounting treatment of each of our compensation programs
at the time of adoption and on an annual basis to ensure an understanding of the
financial impact of the program. To preserve maximum flexibility in the design
and implementation of our compensation program, we have not adopted a formal
policy that requires all compensation to be tax deductible. However, to the
greatest extent possible, it is our intent to structure our compensation
programs in a tax efficient manner. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Stock Compensation Grant and Award
Practices; Timing Issues. </FONT></B><FONT face=Arial size=2>As a general
matter, the compensation committee&#146;s process is independent of any consideration
of the timing of the release of material non-public information, including with
respect to the determination of grant dates or stock option exercise prices.
Similarly, we have never timed the release of material non-public information to
affect the value of executive compensation. In general, the release of such
information reflects long-established timetables for the disclosure of material
non-public information such as earnings reports or, with respect to other events
reportable under federal securities laws, the applicable requirements of such
laws with respect to timing of disclosure. The compensation committee&#146;s
decisions are reviewed by the full board of directors.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Targeted Overall
Compensation.</FONT></B><FONT face=Arial size=2> We establish targeted overall
compensation for our named executive officers by first understanding the market
value for these individuals in our regions. We seek to provide our executives
with the incentive to earn above market compensation by accomplishing
significant goals related to their respective role within the Company.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Under our compensation structure, the
mix of base salary, bonus and equity compensation generally varies depending
upon level. We generally seek the following mix of those components of
compensation:</FONT></P>
<P align=center><FONT face=Arial size=2>13</FONT></P>
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    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="94%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=2>Base
      Salary</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=2>Bonus</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=2>Equity</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=Arial size=2>Chief Executive Officer
      and President</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>55 - 70%</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>15 - 25%</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>15 - 25%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" align=left width="94%"><FONT face=Arial size=2>Executive Vice Presidents
      (including Chief Financial Officer)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>55
      - 70%</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>15
      - 25%</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>10
      - 25%</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>In allocating compensation among these
elements, we believe that the compensation of our senior-most levels of
management &#150; the levels of management having the greatest ability to influence
Southern First's performance &#150; should be significantly weighted on performance.
Therefore, we typically offer our executives a slightly lower base salary
(approximately 90% of what we believe to be average market base salary) with the
potential to earn a higher than market bonus and a higher than market overall
compensation. We select allocations that we believe are consistent with our
overall compensation philosophy as described above. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The amount of equity awarded has been
based primarily on the executive officer&#146;s areas of responsibility. The
objective of the awards is to align management with the same interest as
shareholders. From time to time additional equity awards may be granted to
officers based on performance, assumption of additional responsibilities and
duties and other factors.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Base Salaries.</FONT></B><FONT face=Arial size=2> We want to provide our named executive officers with a base
salary that is commensurate with similar financial institutions in our market
area and appropriate for the overall responsibility of the individual based on
experience, performance and any other unique factors or qualifications such as
the difficulty of replacing the officer with someone of comparable experience
and skill.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Bonuses/Incentive
Plan.</FONT></B><FONT face=Arial size=2> We have established a short-term
incentive plan in order to reward our executive officers for annual achievement
based on the Company&#146;s overall strategic plan specifically including net income,
loan and deposit growth, total revenue, net interest margin and credit losses.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The incentive plan for the Chief
Executive Officer and President is based on the compensation committee&#146;s review
of key financial measures and performance related to the Company&#146;s strategic
plan. The evaluation of these various incentive components is more subjective in
nature than objective. The committee also considers whether or not the
anticipated incentive pay is within the percentage of total compensation that
they have chosen to use as a guide for the allocation of total
compensation.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>In addition, detailed incentive plans
are developed annually by the Chief Executive Officer and President of the
Company and approved by the compensation committee for other senior officers,
including the Chief Financial Officer. The incentive plans are based on the key
financial measures included in the Company&#146;s overall strategic plan, and for the
Chief Financial Officer the evaluation of these various incentive components is
more subjective than objective. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We do not believe that an "all or
nothing" approach is appropriate for incentive compensation. Rather, the
performance goals are scaled so that the recipient can receive part of an award
in the event that acceptable, but not the desired, results are achieved. Awards
are made at various levels depending on objective quantifiable measures of
accomplishments. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Equity Compensation.</FONT></B><FONT face=Arial size=2> At various times, we issue additional compensation to our
named executive officers and senior officers in the form of equity compensation
in order to further align management and shareholder interests and to reward
management for increases in shareholder value. The awards may be issued in the
form of incentive stock option grants, nonstatutory stock options grants and
restricted stock awards and are determined based on the Company&#146;s performance
related to overall strategic goals.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>With the exception of significant
promotions and new hires, we generally make these awards at the first meeting of
the compensation committee each year following the availability of the financial
results for the prior year. As with the cash bonuses, the evalution of these
financial results and corresponding determination of equity awards is more
subjective in nature than objective. Option exercise prices are established at
market value on the grate date and vesting provisions for granted stock options
and restricted stock are at the discretion of the compensation committee and
executive management. Upon termination, unexercised options are forfeited and
made available for future grants. The Company funds the
options shares and restricted stock from authorized but unissued shares.
</FONT></P>
<P align=center><FONT face=Arial size=2>14</FONT></P>
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<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Severance Benefits.</FONT></B><FONT face=Arial size=2> We believe that our Company should provide reasonable
severance benefits to our named executive officers. These severance benefits
should reflect the fact that it may be difficult to find comparable employment
within a short period of time.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>For additional information regarding
severance benefits, see &#147;Potential Payments Upon Termination or Change in
Control&#148; below and information about the employment agreements with the named
executive officers that follows the Grants of Plan Based Awards
table.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Retirement Plans.</FONT></B><FONT face=Arial size=2> Southern First has a 401(k) plan pursuant to which Southern
First matches 50% of employee contributions up to 8% of the employee&#146;s salary.
In addition, Southern First instituted a supplemental retirement plan for
certain management at the level of senior vice president or above, including our
named executive officers. This plan was designed to enhance our ability to
retain executives over the long-term and to provide a partial offset to
shortfalls in the percentage of income provided for retirement by our 401(k).
Pursuant to this plan, Southern First accrues retirement benefits at the levels
necessary so that the net present value of the anticipated cost of the salary
continuation plan is accrued at the time the officer reaches the age of 65. When
we calculate targeted overall compensation for our senior management, we factor
in the benefits expense related to both the 401(k) and the accrued individual
cost of the salary continuation plan. Additional details regarding the
supplemental retirement plan are provided below following the Pension Benefits
Table. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Change in Control.</FONT></B><FONT face=Arial size=2> Our named executive officers and other employees have built
Southern First into the Company that it is today, and we believe that it is
important to protect them in the event of a change in control. Further, it is
our belief that the interests of shareholders will be best served if the
interests of our named executive officers are aligned with them, and providing
change in control benefits should eliminate, or at least reduce, the potential
reluctance of our named executive officers to pursue potential change in control
transactions that may be in the best interests of shareholders. As such, our
Chief Executive Officer has a renewable employment agreement with the Company
for a term of three years and our President and Chief Financial Officer each
have a renewable employment agreement with the Company for terms of two
years.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Under the terms of the employment
agreement, if the named executive officer&#146;s employment is terminated without
"cause" or an executive terminates employment for &#147;good reason" following a
change in control, the executive is entitled to receive severance compensation
equal to one year of base salary and any bonus accrued or unpaid through the
date of termination. We believe that these levels are comparable to our
competition. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>In addition, under the terms of the
employment agreement, in the event of a change in control, we will also continue
to partially fund health insurance benefits for the legally required COBRA
period or until the employee obtains comparable benefits pursuant to a
subsequent employer&#146;s benefit plans. Further, all restrictions on any
outstanding incentive awards granted to the employee and incentive plans become
100% vested, and all stock options and stock appreciation rights granted to the
employee will also become immediately exercisable. See &#147;Executive Compensation
Arrangements &#150; </FONT><I><FONT face=Arial size=2>Employment
Agreements</FONT></I><FONT face=Arial size=2>&#148; for additional information
regarding the employment agreements. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We have also entered into salary
continuation agreements with our named executive officers which provide, among
other things, that upon a change in control the Bank will pay to the executive a
change in control benefit equal to his accrual balance at his normal retirement
age, without additional discount for the time value of money in one lump-sum
payment within three days after the change in control. If a change in control
occurs at any time during the salary continuation benefit payment period and if
when the change in control occurs the executive is receiving the normal
retirement benefit, the early termination benefit, or the disability benefit,
the Bank will pay the present value, calculated at the discount rate or rates
established by the plan administrator, of the remaining salary continuation
benefits to the executive in a single lump-sum payment within three days after
the change in control. See &#147;Executive Compensation Arrangements &#150;
</FONT><I><FONT face=Arial size=2>Salary Continuation Agreements</FONT></I><FONT face=Arial size=2>&#148; and &#147;Pension Benefits&#148; for additional information regarding
the salary continuation agreements. </FONT></P>
<P align=center><FONT face=Arial size=2>15 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face=Arial size=2>Perquisites and Other Benefits.
</FONT></B><FONT face=Arial size=2>We annually review the perquisites that named
executive officers and other senior officers receive. The primary perquisites
for these individuals are additional levels of life insurance, the
payment of the monthly dues for one golf or social club, and an
automobile or an automobile allowance. We encourage our named executive officers
and other senior officers to belong to a golf or social club so that they have
an appropriate entertainment forum for clients and appropriate interaction with
their communities.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Our named executive officers also participate in Southern
First's other benefit plans on the same terms as other employees. These plans
include medical insurance, life insurance and a medical reimbursement
plan.</FONT></P>
<P align=justify><B><FONT face=Arial size=2>Compensation Committee Report
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The Compensation Committee has reviewed
and discussed the Compensation Discussion and Analysis contained in this Proxy
Statement with managment. Based upon such review, the related discussions and
such other matters deemed relevant and appropriate to the Compensation
Committee, the Compensation Committee has recommended to the Board of Directors
that the Compensation Discussion and Analysis be included in this Proxy
Statement and incorporated by reference in to the Company&#146;s Annual Report of
Form 10-K. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>This report is submitted by the
Compensation Committee consisting of Messrs. Cothran, Cubbage, Ellison and
Orders. </FONT></P>
<P align=justify><B><FONT face=Arial size=2>Summary of Cash and Certain Other
Compensation </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The following table shows the
compensation we paid to our named executive officers for the years ended
December 31, 2016, 2015 and 2014. Because the Company only had three &#147;executive
officers&#148; as such term is defined in Rule 3b-7 of the Securities Exchange Act of
1934, the Company only has three &#147;named executive officers,&#148; the compensation
for each is disclosed in the following table. </FONT></P>
<P align=center><B><FONT face=Arial size=2>Summary Compensation Table
</FONT></B></P>
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    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="74%"></TD>
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    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Change in</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Pension</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
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    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Value
      and</FONT></B></TD>
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    <TD noWrap align=left width="1%"></TD>
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    <TD noWrap align=left width="1%"></TD></TR>
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    <TD noWrap align=left width="1%"></TD>
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    <TD noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Non-Equity</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Nonqualified</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><STRONG><FONT face=Arial size=1>Stock</FONT></STRONG></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><STRONG><FONT face=Arial size=1>Option</FONT></STRONG></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><STRONG><FONT face=Arial size=1>Incentive
      Plan</FONT></STRONG></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><STRONG><FONT face=Arial size=1>Deferred</FONT></STRONG></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><STRONG><FONT face=Arial size=1>All
    Other</FONT></STRONG></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="74%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><STRONG><FONT face=Arial size=1>Awards</FONT></STRONG></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><STRONG><FONT face=Arial size=1>Awards</FONT></STRONG></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><STRONG><FONT face=Arial size=1>Compensation
      </FONT></STRONG></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><STRONG><FONT face=Arial size=1>Compensation
      </FONT></STRONG></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><STRONG><FONT face=Arial size=1>Compensation</FONT></STRONG></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%"><B><FONT face=Arial size=1>Name and Principal Position</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=1>Year</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Salary </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><STRONG><FONT face=Arial size=1>Bonus(1)</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>(2)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>(2)(3)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=Arial size=1></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>(1)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=Arial size=1></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Earnings</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>(4)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><B><FONT face=Arial size=2>R. Arthur Seaver, Jr.</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>2016</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>$&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>450,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>$&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>$&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>&nbsp;115,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>$&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>109,658</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>$&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>$&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>106,235</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>$&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>34,975</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>$&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>915,868</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><I><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive
      Officer</FONT></I></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>2015</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>440,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>90,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>88,900</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>167,963</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>45,215</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>832,078</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>2014</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>430,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>80,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>71,300</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>38,553</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>50,162</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>670,015</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><B><FONT face=Arial size=2>F. Justin
      Strickland</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>2016</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>285,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>140,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>115,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>109,658</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>88,904</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>33,373</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>771,935</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><I><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President</FONT></I></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>2015</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>275,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>130,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>88,900</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>127,389</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>39,269</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>660,558</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=1>2014</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=1>265,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=1>120,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=1>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=1>71,300</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=1>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=1>42,093</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=1>42,664</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=1>541,057</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><B><FONT face=Arial size=2>Michael D. Dowling</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>2016</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>235,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>115,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>109,658</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>35,640</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>37,302</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>632,600</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><I><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial
      Officer</FONT></I></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>2015</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>225,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>88,900</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>95,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>39,478</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>40,694</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>489,072</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="74%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>2014</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>210,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>71,300</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>85,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>25,559</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>40,727</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>432,586</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0">

  <TR>
    <TD NOWRAP STYLE="vertical-align: top"><FONT face=Arial size=1>(1)</FONT></TD>
    <TD NOWRAP><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="width: 100%; text-align: justify"><FONT face=Arial size=1>Amounts awarded for each year
      under one or more of the Company&#146;s cash incentive plans and related
      bonuses were paid in the subsequent fiscal year. Bonus compensation for
      Messrs. Seaver and Strickland is determined by the personnel committee of
      the Board.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(2)</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify"><FONT face=Arial size=1>The value for each of these
      awards is its grant date fair value calculated by multiplying the number
      of shares subject to the award by the market price per share on the date
      such award was granted, computed in accordance with Financial Accounting
      Standards Board Accounting Standards Codification Topic 718 and is the
      closing price as reported on the NASDAQ Global Market as of each valuation
      date. See the discussion of assumptions used in the valuation of stock and
      option awards in Note 20, &#147;Stock-Based Compensation&#148; in the Company&#146;s
      Annual Report on Form 10-K for the year ended December 31,
  2016.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(3)</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify"><FONT face=Arial size=1>On January 19, 2016, Messrs.
      Seaver, Strickland and Dowling each received a grant of stock options to
      purchase 10,000 shares of the Company&#146;s common stock which had a per share
      fair value of $10.97. On January 20, 2015, Messrs. Seaver, Strickland and
      Dowling each received a grant of stock options to purchase 10,000 shares
      of the Company&#146;s common stock which had a per share fair value of $8.89.
      On January 21, 2014, Messrs. Seaver, Strickland and Dowling each received
      a grant of stock options to purchase 10,000 shares of the Company&#146;s common
      stock which had a per share fair value of $7.13. Each of the grants vest
      ratably over four years.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(4)</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify"><FONT face=Arial size=1>All other compensation includes
      the following items: (a) Company contributions under the 401(k) Plan, (b)
      car allowance or value attributable to personal use of Company provided
      automobiles, (c) club dues, (d) premiums for the portion of the death
      benefits shared by the Company with the named executive officers pursuant
      to bank owned life insurance and (e) premiums for life, accident and
      long-term disability insurance policies. The amount attributable to each
      such perquisite or benefit for each named <FONT face=Arial size=1>executive officer does not exceed the greater of $25,000 or ten
      percent of the total amount of perquisites received by such named
      executive officer. </FONT></FONT></TD></TR></TABLE>
<P align=center><FONT face=Arial size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face=Arial size=2>Grants of Plan-Based Awards
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The following table provides a summary
regarding plan-based equity and non-equity incentive awards granted to the named
executive officers in 2016. Actual non-equity payments made in January 2017 for
the year ended December 31, 2016, as shown in the Summary Compensation Table,
are as follows: R. Arthur Seaver, Jr. - $100,000, F. Justin Strickland -
$140,000, and Michael D. Dowling - $100,000. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="76%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Estimated</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>All Other Stock</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>All Other Option</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Potential
      Payouts</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Awards:
    Number</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Awards: Number
      of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Exercise or
      Base</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Grant Date
      Fair</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Under
      Non-Equity</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>of Shares
    of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Securities</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Price of
      Option</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Value of Stock
      and</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Incentive
    Plan</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Stock or
    Units</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Underlying
      Options</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Awards</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Option
    Awards</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="76%"><B><FONT face=Arial size=1>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><B><FONT face=Arial size=1>Grant Date</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Awards (1)($)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>(#)(2)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>(#)(3)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face=Arial size=1></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>($/Sh)(4)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>($)(5)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=Arial size=1>R. Arthur Seaver,
      Jr.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>1/19/2016</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>5,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>10,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>23.00</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>224,658</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face=Arial size=1>F. Justin Strickland</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=Arial size=1>1/19/2016</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=1>5,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=1>10,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=1>23.00</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=1>224,658</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=Arial size=1>Michael D. Dowling</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>1/19/2016</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>100,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>5,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>10,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>23.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>224,658</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(1)</FONT></TD>
    <TD noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=1>Neither Mr. Seaver nor Mr. Strickland was subject to an
      incentive plan during 2016. For Mr. Dowling, this amount represents the
      performance-based cash bonus that was paid in 2017 based on 2016 results
      pursuant to his incentive plan.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(2)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=1>Stock award shares granted in 2016 vest ratably at 25%
      per year over four years.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(3)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=1>All other options awards include restricted stock awards
      and vest ratably at 25% per year over four years.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(4)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=1>The exercise or base price of option awards is
      established as the closing market price of the Company&#146;s Common Stock on
      the grant date.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(5)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=1>This amount represents the fair market value of all
      restricted stock and option awards made during the fiscal year 2016. The
      fair market value for stock awards is based on the closing market price of
      the stock on the date of grant. The fair value of options is estimated at
      the date of grant using the Black-Scholes option pricing model. The fair
      value for the options issued on January 19, 2016 was $10.97 per
      share.</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=1>The following assumptions were used in valuing options
      issued:</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="96%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Assumptions</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="96%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>January 19, 2016</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=Arial size=1>Dividend yield</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%"><FONT face=Arial size=1>Expected life</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=1>7 years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face=Arial size=1>Expected
    volatility</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>43.22%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="96%"><FONT face=Arial size=1>Risk-free interest rate</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%"><FONT face=Arial size=1>1.65%</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=Arial size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face=Arial size=2>Outstanding Equity Awards at Fiscal
Year End </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The following table shows the number of
shares covered by both exercisable and non-exercisable options owned by the
individuals named in the Summary Compensation Table as of December 31, 2016, as
well as the related exercise prices and expiration dates. Options are granted
pursuant to the plan. All stock option information has been adjusted to reflect
all prior stock splits and dividends. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="75%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="16%" colSpan=8><B><FONT face=Arial size=1>Option
      Awards</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" colSpan=3><B><FONT face=Arial size=1>Stock
      Awards</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><B><FONT face=Arial size=1>Market</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Number of</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><B><FONT face=Arial size=1>Value
of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Shares or</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><B><FONT face=Arial size=1>Shares
  or</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="8%" colSpan=3><B><FONT face=Arial size=1>Number of
      Securities</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Units of</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><B><FONT face=Arial size=1>Units
of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="8%" colSpan=3><B><FONT face=Arial size=1>Underlying
      Unexercised</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>Option</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><B><FONT face=Arial size=1>Option</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Stock that</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><B><FONT face=Arial size=1>Stock
  that</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" colSpan=3><B><FONT face=Arial size=1>Options</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>Exercise</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><B><FONT face=Arial size=1>Expiration</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Have Not</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><B><FONT face=Arial size=1>Have
Not</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="75%"><B><FONT face=Arial size=1>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Exercisable</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=Arial size=1>Unexercisable(1)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>Price</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=Arial size=1>Date</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Vested</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=Arial size=1>Vested</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><B><FONT face=Arial size=2>R. Arthur Seaver,
      Jr.</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>9,983</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;$&nbsp;</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>5.09</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/20/2019</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>360,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>106,480</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>5.67</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/19/2020</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>11,462</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>5.97</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/18/2021</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>1,848</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>6.01</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/18/2021</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>12,100</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>6.01</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/17/2022</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>8,250</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>2,750</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>8.68</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/15/2023</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>5,000</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>5,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>13.43</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/21/2024</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>2,500</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>7,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>16.78</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/20/2025</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="75%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>23.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/19/2026</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"><B><FONT face=Arial size=2>F. Justin
      Strickland</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>18,150</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>6.01</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>01/17/2022</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>10,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>360,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>8,250</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>2,750</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>8.68</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>01/15/2023</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>5,000</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>5,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>13.43</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>01/21/2024</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>2,500</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>7,250</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>16.78</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>01/20/2025</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="75%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=Arial size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=Arial size=2>10,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=Arial size=2>23.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=Arial size=2>01/19/2026</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=Arial size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0><B><FONT face=Arial size=2>Michael D.
      Dowling</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>8,250</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>2,750</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>8.68</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/15/2023</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>5,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>180,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>5,000</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>5,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>13.43</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/21/2024</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="75%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>2,500</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>7,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>16.78</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/20/2025</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="75%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>10,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>23.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>01/19/2026</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(1)</FONT></TD>
    <TD noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face=Arial size=1>All of the unvested options have
      an expiration date of ten years following the date of grant and vest in
      four equal increments on the first four anniversaries of the applicable
      date of grant.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face=Arial size=2>Option Exercises and Stock Vested
</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="85%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid" align=right width="6%" colSpan=4><B><FONT face=Arial size=1>Option
      Awards</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="6%" colSpan=4><B><FONT face=Arial size=1>Stock
      Awards</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Number
      of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Number of
      Shares</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Shares</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Value Realized</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Acquired
      on</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Value Realized on</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Acquired
      on</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>on
      Vesting</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="85%"><B><FONT face=Arial size=1>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Exercise (#)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Exercise ($)(1)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Vesting (#)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>($)(2)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=Arial size=2>R. Arthur Seaver, Jr.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>7,499</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>194,427</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face=Arial size=2>F. Justin
      Strickland</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>26,620</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>641,942</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>6,250</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>172,238</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="85%" bgColor=#c0c0c0><FONT face=Arial size=2>Michael D. Dowling</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>24,250</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>568,831</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>1,250</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>34,338</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(1)</FONT></TD>
    <TD noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face=Arial size=1>Value realized is based on the
      difference between the closing price on the date of exercise and the
      option exercise price.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(2)</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%"><FONT face=Arial size=1>Value realized is based on the
      market value of the underlying shares on the vesting
  date.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face=Arial size=2>Equity Compensation Plan Information
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The following table contains certain
information as of December 31, 2016, relating to securities authorized for
issuance under our equity compensation plans. All stock option information has
been adjusted to reflect prior stock splits and dividends. </FONT></P>
<P align=center><FONT face=Arial size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="88%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=Arial size=1>Number of
    securities</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#ffffff><B><FONT face=Arial size=1>Number of
    securities</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>to be issued
      upon</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>Weighted-average</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>remaining
      available for</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>exercise</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>exercise price of</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>future
      issuance under</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>of
      outstanding</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>outstanding</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>equity
      compensation</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>options,</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>options,</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>plans
      (c)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>warrants
      and</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>warrants and</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>(excluding
      securities</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><B><FONT face=Arial size=1>Plan Category</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>rights(a)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>rights (b)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>reflected in
  column(a))</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>Equity compensation plans approved by security holders</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>642,203</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>11.77</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>520,689</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><FONT face=Arial size=2>Equity compensation plans not approved
      by security holders</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=Arial size=2>None</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=Arial size=2>n/a</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=Arial size=2>n/a</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>642,203</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=Arial size=2>11.77</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>520,689</FONT></TD></TR></TABLE><BR>
<P align=justify><B><FONT face=Arial size=2>Executive Compensation Arrangements
</FONT></B></P>
<DIV align=justify><I><FONT face=Arial size=2>Employment Agreements
</FONT></I></DIV>
<DIV ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We entered into an amended and restated
employment agreement with Art Seaver on September 30, 2013, pursuant to which he
serves as the Chief Executive Officer of both our Company and our bank. The
agreement renews annually on January 31<SUP>st</SUP> for an additional year, so
that the then-remaining term of the agreement is three years. As of March 15,
2017, Mr. Seaver receives a minimum annual salary of $460,000, which may be
increased annually by the board of directors. He is also eligible to participate
in any of our pension, profit sharing, bonus, life insurance, hospitalization,
major medical, and other employee benefit plans and programs and receives an
automobile owned by the bank. </FONT></DIV>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Mr. Seaver&#146;s employment agreement also
provides that during the term of employment and for a period of 12 months
following termination, Mr. Seaver may not (a) compete with us by, directly or
indirectly, forming, serving as an organizer, director or officer of, employee
or agent, or consultant to, or acquiring or maintaining more than a 1% passive
investment in, a depository financial institution or holding company thereof if
such depository institution or holding company has one or more offices or
branches within 30 miles of our main office or any other offices, (b) solicit
our clients with which he had contact in connection with products and services
provided by us for the purpose of providing financial services, or (c) solicit
our employees. If Mr. Seaver is terminated without cause, as defined in the
employment agreement, or if following a change in control of our Company he
terminates his employment for good reason, as defined in the employment
agreement, he will be entitled to severance compensation of his then current
monthly salary for a period of 12 months, plus accrued bonus, and all
outstanding options and incentives will vest immediately. If, following a change
in control of our Company, he is terminated without cause or he terminates his
employment for good reason, he would receive continuation of health insurance
for an 18 month period during which he would be required to pay the portion of
the full COBRA cost of the coverage equal to an active employee&#146;s share of
premiums for coverage for the respective plan year. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We also entered into amended and
restated employment agreements on September 30, 2013 with Justin Strickland to
serve as President of our Company and Michael Dowling to serve as executive vice
president and Chief Financial Officer of the Bank. Each agreement renews
annually on January 31<SUP>st</SUP> for an additional year, so that the
then-remaining term of the agreement is two years. As of March 15, 2017, Messrs.
Strickland and Dowling are paid a salary of $350,000 and $250,000, respectively,
which may be increased annually by the board of directors. They are also
eligible to participate in any of our pension, profit sharing, bonus, life
insurance, hospitalization, major medical, and other employee benefit plans and
programs. Both Mr. Strickland and Mr. Dowling have received an automobile owned
by the bank and no longer receive a monthly automobile allowance.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Each employment agreement also provides
that during the term of employment and for a period of 12 months following
termination, Messrs. Dowling and Strickland may not (a) compete with us by,
directly or indirectly, forming, serving as an organizer, director or officer
of, employee or agent, or consultant to, or acquiring or maintaining more than a
1% passive investment in, a depository financial institution or holding company
thereof if such depository institution or holding company has one or more
offices or branches within 30 miles of our main office or any other offices, (b)
solicit our clients with which they had contact in connection with products and
services provided by us for the purpose of providing financial services, or (c)
solicit our employees. If Messrs. Dowling or Strickland are terminated without
cause, as defined in the employment agreement, or if following a change in
control of our Company they terminate their employment for good reason, as
defined in the employment agreement, they will be entitled to severance
compensation of their then current monthly salary for a period of 12 months, plus accrued bonus, and all outstanding options and
incentives will vest immediately. If, following a change in control of our
Company, they are terminated without cause or they terminate their employment
for good reason, they would receive continuation of health insurance for an 18
month period during which the named executive officer would be required to pay
the portion of the full COBRA cost of the coverage equal to an active employee&#146;s
share of premiums for coverage for the respective plan year. </FONT></P>
<P align=center><FONT face=Arial size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV align=justify><I><FONT face=Arial size=2>Salary Continuation Agreements
</FONT></I></DIV>
<div ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The bank entered into a Salary
Continuation Agreement with Art Seaver on October 30, 2006, Justin Strickland on
December 17, 2008, and Michael Dowling on September 30, 2013. Mr. Seaver&#146;s and
Mr. Strickland&#146;s agreements were amended on September 30, 2013. Unless a
separation from service or a change in control (as defined in the salary
continuation agreements) occurs before the retirement age set forth in each
agreement, the salary continuation agreements provide for an annual supplemental
retirement benefit to be paid to each of the executives in 12 equal monthly
installments payable on the first day of each month, beginning with the month
immediately after the month in which the executive attains the normal retirement
age and for the executive&#146;s lifetime with a 15-year term certain period. Under
the terms of the agreements, Mr. Seaver will receive an annual supplement
retirement benefit of $250,000, Mr. Strickland will receive $200,000, and Mr.
Dowling will receive $150,000.</FONT></div>
<P align=justify><B><FONT face=Arial size=2>Pension Benefits </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="83%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="3%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="2%"><B><FONT face=Arial size=1>Number</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Present</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" align=right width="4%" colSpan=2><B><FONT face=Arial size=1>Payments</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><B><FONT face=Arial size=1>Of Years</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Value of</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>During</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><B><FONT face=Arial size=1>Credited</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Accumulated</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>Last Fiscal</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="83%"><B><FONT face=Arial size=1>Name</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Plan Name</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><B><FONT face=Arial size=1>Service</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Benefit(1)</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="4%" colSpan=2><B><FONT face=Arial size=1>Year</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=Arial size=1>R. Arthur Seaver,
      Jr.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>Southern First
      Bank, Salary Continuation Agreement</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face=Arial size=1>10</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>836,425</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=Arial size=1>F. Justin Strickland</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face=Arial size=1>Southern First Bank, Salary
      Continuation Agreement</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%" STYLE="text-align: center"><FONT face=Arial size=1>8</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=1>584,373</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=Arial size=1>Michael D. Dowling</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>Southern First Bank, Salary Continuation
    Agreement</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="border-bottom: #000000 1.5pt solid; text-align: center"><FONT face=Arial size=1>3</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>110,222</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=1>&#151;</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=1>(1)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="98%"><FONT face=Arial size=1>SERP amounts represent the current aggregate
      liability carried on the Company&#146;s books for each of the
  NEOs.</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Provided the executive has been
continuously employed by the Bank for five consecutive years from the effective
date of the salary continuation agreement, each of the above named executive
officers, if an early termination occurs (defined as separation from service
before normal retirement age for reasons other than death, disability,
termination for cause, or after a change in control), the executive's early
termination benefit is calculated by taking the accrual balance (as defined in
the salary continuation agreement) existing at the end of the month immediately
before the month in which separation from service occurs, compounding this
accrual balance forward to the executive's normal retirement age taking into
account interest at the discount rate or rates established by the plan
administrator, and amortizing this resulting amount for the executive's lifetime
with a 15-year term certain period, beginning with the executive's normal
retirement age. We will pay this annual early termination benefit as calculated
to the executive in 12 equal monthly installments payable on the first day of
each month, beginning with the later of (x) the seventh month after the
executive's separation from service, or (y) the month immediately after the
month in which the executive attains the normal retirement age and for the
executive's lifetime with a 15-year term certain period. However, all of the
executive's early termination benefits will be forfeited if at any time from the
date of the executive's early termination and for a period of one year
thereafter, the executive (without the prior written consent of the Bank)
competes with the Bank or Southern First Bancshares, Inc. or any of its
subsidiaries, directly or indirectly, by engaging in forming, by serving as an
organizer, director, officer of, employee or agent, or consultant to, or by
acquiring or maintaining more than a one percent passive investment in, a
depository financial institution or holding company thereof if such depository
financial institution or holding company has or establishes one or more offices
or branches which are located within 30 miles of any office or branch of the
Bank in existence at the date of the executive's early termination. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Upon the executive's separation from
service because of disability (as defined in the salary continuation agreement)
before normal retirement age, the executive's disability benefit is calculated
by taking the accrual balance existing at the end of the month immediately
before the month in which separation from service occurs, compounding this
accrual balance forward to the executive's normal retirement age taking into
account interest at the discount rate or rates established by the plan
administrator, and amortizing this resulting amount over the executive's
lifetime with a 15-year term certain period, beginning with the executive's
normal retirement age. Beginning with the later of (x)
the seventh month after the executive's separation from service, or (y) the
month immediately after the month in which the executive attains the normal
retirement age, the Bank will pay the disability benefit to the executive in 12
equal monthly installments on the first day of each month and for the
executive's lifetime with a 15-year term certain period.</FONT></P>


<P align=center><FONT face=Arial size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>If the executive dies in active service
to the Company before normal retirement age, the executive's beneficiary will be
entitled to an amount equal to the executive's accrual balance at the time of
the executive's death, payable within 60 days of the executive's death.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>If the executive dies before any
separation from service and the executive is receiving the executive's normal
retirement benefit, but the executive has not received the executive's normal
retirement benefit for the full 15-year term certain period, the executive's
beneficiary will be entitled to, at the Company's sole discretion upon the
executive's death, either: (i) the present value, calculated at the discount
rate or rates established by the plan administrator, at the executive's death of
the executive's remaining salary continuation benefits, paid to the executive's
beneficiary in a lump-sum within 60 days of the executive's death; or (ii) the
executive's remaining salary continuation benefits, paid to the executive's
beneficiary in 12 equal monthly installments payable on the first day of each
month for the 15-year term certain period. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>If the executive dies after separation
from service and the executive is entitled to the early termination benefit or
the disability benefit, but has not started receiving such benefits because the
executive has not reached the normal retirement age, the executive's beneficiary
will be entitled to a lump-sum benefit equaling the present value, calculated at
the discount rate or rates established by the plan administrator, at the
executive's death of the accrual balance which existed at the end of the month
immediately before the month in which separation from service occurred, after
compounding this accrual balance forward to the executive's normal retirement
age taking into account interest at the discount rate or rates established by
the plan administrator. Assuming the two discount rates referred to in the
previous sentence are the same, the resulting lump-sum benefit would be the
executive's accrual balance which existed at the end of the month immediately
before the month in which separation from service occurred. We will pay this
lump-sum benefit to the executive's beneficiary within 60 days of the
executive's death. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>If the executive dies after separation
from service and the executive is receiving the normal retirement benefit, the
early termination benefit, or the disability benefit, the executive's
beneficiary will be entitled to, at the Bank's sole discretion upon the
executive's death, either: (i) the present value, calculated at the discount
rate or rates established by the plan administrator, at the executive's death of
the executive's remaining salary continuation benefits as determined under the
applicable section of the salary continuation agreement, paid to the executive's
beneficiary in a lump-sum within 60 days of the executive's death; or (ii) the
executive's remaining salary continuation benefits as determined under the
applicable section of the salary continuation agreement, in the amounts
specified in the applicable section, paid to the executive's beneficiary at the
times specified in the applicable section. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We will not pay any benefits under the
salary continuation agreements and the agreements will terminate if separation
from service is the result of termination for cause (as defined in the
executive's employment agreement or if the executive is not a party to an
employment agreement containing a definition of termination for cause, as
defined in the salary continuation agreement).</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>To offset the annual expense accruals
for the benefits payable to the executives under the salary continuation
agreements, we acquired bank-owned life insurance ("BOLI"). It is anticipated
that the BOLI will provide full cost recovery of the benefits paid to the
executives under the salary continuation agreements upon their
deaths.</FONT></P>
<P align=justify><B><FONT face=Arial size=2>Potential Payments Upon Termination
or Change in Control </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The table below reflects the amount of
compensation payable to each of the named executive officers of the Company in
the event of termination of such executive&#146;s employment by the Company in the
case of termination without cause and, in the case of good reason termination
following a change in control, by the named executive officer. The amounts shown
assume that the termination occurred on December 30, 2016, which was the last
trading day of the calendar year ended December 31, 2016, and at a price per
share of the Company&#146;s common stock equal to the closing market price as of that
date. These amounts are estimates of the amounts which would have been paid out to the executive officer upon termination as of that
date under the specified circumstances. The actual amounts to be paid out can
only be determined at the time of such executive officer&#146;s separation from the
Company.</FONT></P>
<P align=center><FONT face=Arial size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="87%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=1>Acceleration</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=Arial size=1>and</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=Arial size=1>Salary</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=Arial size=1>Continuation</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=Arial size=1>Continuation</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=Arial size=1>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=Arial size=1>Continuation</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=Arial size=1>of
      Medical</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=Arial size=1>of
      Equity</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=Arial size=1>Termination</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="87%"><B><FONT face=Arial size=1>Name and Principal
      Position</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" colSpan=2><B><FONT face=Arial size=1>Salary(1)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=1>Bonus(2)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=1>Plan(3)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=+0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=1>Benefits(4)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=1>Awards</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><B><FONT face=Arial size=1>Benefits</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=Arial size=1>R. Arthur Seaver, Jr.</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><I><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CEO and Director of the
      Company and the Bank</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=1><EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</EM>Termination
      without cause</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;$&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>450,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>1,922,017</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>822,130</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>3,294,147</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=1><EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</EM>Good
      reason termination or termination without</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=1><EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</EM>cause,
      each after change in control</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>450,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>1,922,017</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>11,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>822,130</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>3,305,147</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><B><FONT face=Arial size=1>F. Justin
      Strickland</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><I><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President of the Company
      and the Bank</FONT></I></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=Arial size=1><EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</EM>Termination
      without cause</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>285,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>140,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>1,645,445</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>822,130</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>2,892,575</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=Arial size=1><EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</EM>Good
      reason termination or termination without</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face=Arial size=1><EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</EM>cause,
      each after change in control</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>285,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>140,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>1,645,445</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>11,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>822,130</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=1>2,903,575</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><B><FONT face=Arial size=1>Michael D. Dowling</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><I><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO and Executive Vice
      President of the Company</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><I><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and the
Bank</FONT></I></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=1><EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</EM>Termination
      without cause</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>235,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>100,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>1,556,376</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>642,130</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>2,533,506</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=1><EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</EM>Good
      reason termination or termination without</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=Arial size=1><EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</EM>cause,
      each after change in control</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>235,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>100,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>1,556,376</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>9,500</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>642,130</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=1>2,543,006</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(1)</FONT></TD>
    <TD noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD align=left width="100%"><FONT face=Arial size=1>Salary is for a period of 12
      months following termination without cause before or after a change in
      control or good reason termination after a change in control.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(2)</FONT></TD>
    <TD noWrap></TD>
    <TD align=left width="100%"><FONT face=Arial size=1>Includes all bonus amounts earned
      or accrued through the date of termination.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(3)</FONT></TD>
    <TD noWrap></TD>
    <TD align=left width="100%"><FONT face=Arial size=1>Reflects the present value of
      total SERP amount less the current aggregate liability carried on the
      Company&#146;s books for each of the NEOs.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(4)</FONT></TD>
    <TD noWrap></TD>
    <TD align=left width="100%"><FONT face=Arial size=1>Reflects the estimate of all
      future premiums which will be paid for medical benefits using the premium
      rates in effect at December 30, 2016. Continuation of benefits is for an
      18 month period during which the named executive officer would be required
      to pay the portion of the full COBRA cost of the coverage equal to an
      active employee&#146;s share of premiums for coverage for the respective plan
      year.</FONT></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>"Cause" generally will be deemed to
exist where the named executive officer has been convicted of a crime involving
moral turpitude, has stolen from Southern First, has violated his
non-competition or confidentiality obligations, or, following a cure period, has
been grossly negligent in fulfillment of his responsibilities. "Good reason"
generally will exist where an employee's position or compensation has been
decreased (other than as part of a company-wide compensation reduction) or where
the employee has been required to relocate. A more detailed description of
&#147;cause,&#148; good reason&#148; and &#147;change in control&#148; is set forth below. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>If the named executive officer&#146;s
employment is terminated for cause or upon voluntary termination, the named
executive officer shall receive only any sums due as base salary and/or
reimbursement of expenses through the date of such termination.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>If the named executive officer&#146;s
employment is terminated upon the death of the named executive officer, the
named executive officer&#146;s estate shall receive any sums due as base salary
and/or reimbursement of expenses through the end of the month during which death
occurred and any bonus earned or accrued through the date of death. Regardless
of death, all prior calendar year earned bonuses must be paid within two months
after the end of the calendar year in which they arise.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>If the named executive officer&#146;s
becomes incapacitated and later terminated as a result of disability, the
Company shall continue to pay the executive his full base salary at the rate
then in effect and all perquisites and other benefits (other than any bonus)
until the executive becomes eligible for benefits under any long-term disability
plan or insurance program maintained by the Company, provided that the amount of
any such payments to the executive shall be reduced by the sum of the amounts,
if any, payable to the executive for the same period under any disability benefit or pension plan of the Company or any of its
subsidiaries. Furthermore, the executive shall receive any bonus earned or
accrued under the Bonus Plan through the date of incapacity (including any
amounts awarded for previous years but which were not yet vested) and a pro rata
share of any bonus with respect to the current fiscal year which had been earned
as of the date of the executive's incapacity. </FONT></P>
<P align=center><FONT face=Arial size=2>22</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Additional payments that may be made to
named executive officers under certain circumstances under their respective
salary continuation agreement are described in the narrative that follows the
Pension Benefits table above. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>For purposes of this discussion, the
terms cause, good reason, and change in control, as defined in the named
executive officers&#146; employment agreements, are defined as follows:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>&#147;Change in control&#148; generally means the
occurrence of any of the following events, unless the event is a result of a
non-control acquisition: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>The members of our board of
      directors as of the date of the employment agreement, who are referred to
      as incumbent directors, together with additional directors whose election
      or nomination was approved by a majority of the incumbent directors and
      who did not assume office as a result of an actual or threatened
      solicitation of proxies or consents by a person other than the board of
      directors, which additional directors are also referred to as incumbent
      directors, cease for any reason to constitute at least fifty percent of
      the board of directors.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>A person, group or entity other
      than the Company, acquires our common stock, and immediately after which
      such person, group or entity has beneficial ownership of 20% or more of
      the combined voting power of our common stock.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>Approval by our shareholders of:
      (i) a merger, consolidation, or reorganization; (ii) a complete
      liquidation or dissolution; or (iii) an agreement for the sale or other
      disposition of all or substantially all of our assets.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Regulatory approval (or notice of no
      disapproval) is granted by the Federal Reserve, the OCC, the FDIC, or any
      other regulatory authority for permission to acquire control of the
      Company or any of our banking subsidiaries, provided that if the
      applicable transaction that has been approved by our board of directors
      then the change in control will not be deemed to occur until the closing
      of the transaction.</TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>A &#147;non-control acquisition&#148; generally
means a merger, consolidation or reorganization in which:</FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="font: 10pt Arial; border-collapse: collapse; width: 100%">

  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%">
      <P align=justify><FONT face=Arial size=2>our shareholders
immediately before the merger, consolidation or reorganization own, immediately
after such transaction, at least 50% of the combined voting power of the voting
securities of the surviving corporation resulting from the such merger,
consolidation or reorganization in substantially the same proportion as their
ownership of our voting securities immediately before such merger, consolidation
or reorganization; and</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top">
      <P align=justify><FONT face=Arial size=2>immediately following the merger,
consolidation or reorganization, the number of directors on the board of
directors of the surviving corporation who were incumbent directors at least
equal the number of directors who were affiliated with or appointed by the other
party to the merger, consolidation or reorganization.</FONT></P></TD></TR>
  </TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>&#147;Good reason&#148; generally means the
occurrence after a change in control of any of the events or conditions
described below:</FONT></P>
<P align=justify>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>an adverse change in an
      employee's status, title, position or responsibilities at any time within
      90 days preceding the date of a change in control or at any time
      thereafter;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face=Arial size=2>a reduction to the
      employee&#146;s base salary or any failure to pay the employee any compensation
      or benefits to which the employee is entitled within five days of the due
      date;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>a relocation of an employee at
      any place outside a 30 mile radius from the employee's current work
      location immediately prior to the change in control except for reasonably
      required travel that is not greater than the travel requirements before
      the change in control;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the failure by us to (A) continue any material
      compensation or employee benefit plan in which the employee was
      participating at any time within 90 days preceding the date of a change in
      control or at any time thereafter, unless replaced with a plan providing
      substantially equivalent compensation or benefits, or (B) provide the
      employee with compensation and benefits, in the aggregate, at least equal
      to those provided for under each other employee benefit plan, program and
      practice in which the employee was participating at any time within 90
      days preceding the date of a change in control or at any time
    thereafter;</TD></TR></TABLE></P>
<P align=center><FONT face=Arial size=2>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>the insolvency or the filing of a
      petition for bankruptcy of the Company which petition is not dismissed
      within sixty days;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>any material breach by the
      Company of any material provision of the employment
      agreement;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>any purported termination of the
      employee&#146;s employment for cause by us which does not comply with the terms
      of the employment agreement; or </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>our failure to obtain an
      agreement, satisfactory to the employee, from any successor or assign to
      assume and agree to perform the employment
  agreement.</FONT></P></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Any event or condition described above
which occurs prior to a change in control but which the employee reasonably
demonstrates (A) was at the request of a third party, or (B) otherwise arose in
connection with a change in control which actually occurs, shall constitute good
reason for purposes of the employment agreement, notwithstanding that it
occurred prior to the change in control.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>&#147;Cause&#148; generally means any of the
following: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2>a willful act (including, without
      limitation, a dishonest or fraudulent act) or a grossly negligent act, or
      the willful or grossly negligent omission to act by the executive, which
      is intended to cause, causes or is reasonably likely to cause material
      harm to the Company (including harm to its business
    reputation);</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">an indictment for the commission or
      perpetration by the executive of any felony or any crime involving
      dishonesty, moral turpitude or fraud;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">a material breach by the executive of the
      employment agreement that remains uncured ten days following written
      notice;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">notice from a regulatory agency with
      jurisdiction over the Company of its intention to institute certain formal
      or informal regulatory action against the executive or the Company,
      provided that, if the applicable matters relating to the executive&#146;s
      performance are susceptible of cure, such matters remain uncured to the
      satisfaction of the regulatory agency 30 days after receipt of the notice
      from the regulatory agency;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">disorderly conduct by the executive that
      materially disrupts the Company's business operations to a level which is
      materially detrimental to the Company&#146;s best interest, that, if
      susceptible of cure remains uncured ten days following written notice to
      the executive; or</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the failure of the executive to devote his full
      business time and attention to his employment as provided under the
      employment agreement that, if susceptible of cure, remains uncured 30 days
      following written notice to the executive of such
failure.</TD></TR></TABLE><BR>
<DIV align=justify><I><FONT face=Arial size=2>Endorsement Split Dollar Agreements
</FONT></I></DIV>
<div ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We consider adequate life insurance
coverage for executives to be an essential element of the compensation necessary
to retain, attract and reward excellent service. We entered into endorsement
split dollar insurance agreements effective January 1, 2009, with Messrs. Seaver
and Strickland and on November 1, 2012 with Mr. Dowling, entitling each
executive to designate the beneficiary of a specified portion of the death
benefits payable under bank-owned policies on the executive&#146;s life. The
executive&#146;s right to designate a beneficiary of the life insurance death benefit
expires when the executive&#146;s employment terminates or when the executive attains
age 65, whichever occurs first. The death benefit payable to the executive&#146;s
beneficiary is the lesser of (x) 100% of the policy&#146;s net death proceeds,
meaning the total death benefit minus the policy&#146;s cash surrender value, or (y)
three times the executives salary. The bank is entitled to all insurance policy
death proceeds remaining after payment of the death benefit to the executive&#146;s
beneficiary</FONT><B><FONT face=Arial size=2>. </FONT></B></div>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>This bank-owned life insurance
financing method is not expected to result in any material cost to the bank, but
it is expected to increase the bank&#146;s non-interest income in future operating
periods. Because the bank intends to hold the bank-owned life insurance until
the death of the insureds, the increase of cash surrender value should be
tax-free income under current federal income tax law. The collection of death
benefits on the life insurance policies, which is likewise tax free under
current federal and state income taxation, is expected to enhance the Company&#146;s
return as well. The combination of tax-preferred income generated by the
increasing cash value of the insurance policy, the
tax-free insurance death benefit, and fully tax-deductible benefit payments to
participants enables a bank to provide this significant benefit to executives
through attractive cost-recovery financing. </FONT></P>
<P align=center><FONT face=Arial size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face=Arial size=2>Role of Shareholder Say on Pay Vote
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>As required by the Dodd-Frank Wall
Street Reform and Consumer Protection Act, we held an advisory vote on the
compensation of our executive officers (&#147;say on pay&#148;) at our 2016 Annual Meeting
of Shareholders. At the 2016 Annual Meeting of Shareholders, 76.3% of the votes
cast on the say on pay proposal were cast in support of the compensation of the
Company&#146;s named executive officers. A majority of the votes cast by our
shareholders at the Company&#146;s 2013 Annual Meeting of Shareholders were in favor
of holding this vote on an annual basis. Based on the results of this advisory
vote, the board of directors of the Company elected a frequency of every year to
conduct an advisory vote on compensation of the Company&#146;s named executive
officers. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>While the 2016 shareholder vote
reflected strong support for our executive compensation programs, the
compensation committee, board of directors and management have continued to
refine compensation programs in an effort to further align interest of the
executives with those of the Company&#146;s shareholders and to strengthen the
linkage of pay to performance. </FONT></P>
<P align=justify><B><FONT face=Arial size=2>Director Compensation</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The following table shows the
compensation paid to each of our non-employee directors for board and committee
meeting attendance in 2016. None of our non-employee directors received any
other compensation for the year ended December 31, 2016. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="97%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: #000000 1.5pt solid; text-align: right; width: 2%; vertical-align: middle"><B><FONT face=Arial size=1>Fees Earned or</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"><B><FONT face=Arial size=1>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 2%; vertical-align: middle"><B><FONT face=Arial size=1>Paid in Cash</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=Arial size=2>Andrew B. Cajka, Jr.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>27,800</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face=Arial size=2>Mark A. Cothran</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>20,400</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=Arial size=2>Leighton M. Cubbage</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>16,150</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face=Arial size=2>Anne S. Ellefson</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>26,450</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=Arial size=2>David G. Ellison</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>21,150</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face=Arial size=2>Fred Gilmer, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>21,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=Arial size=2>Tecumseh Hooper. Jr.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>27,200</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face=Arial size=2>Rudolph G. Johnstone, III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>21,250</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=Arial size=2>James B. Orders, III</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>28,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"><FONT face=Arial size=2>William
      B. Sturgis <SUP>(1)</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>7,750</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="97%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;219,400</FONT></TD></TR></TABLE><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%"><FONT face=Arial size=1>(1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 98%"><FONT face=Arial size=1>Mr. Sturgis retired as of the 2016 Annual
      Shareholders&#146; Meeting held on May 17, 2016.</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>In 2016, we paid each of our
non-employee directors $850 for each board meeting they attended and $850 for
each committee meeting they attended. The chairmen of the board and committees
are paid an additional $100 for each meeting they attend.</FONT></P>
<P align=center><FONT face=Arial size=2>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=2>BENEFICIAL OWNERSHIP OF CERTAIN
PARTIES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The following table sets forth the
number and percentage of outstanding shares that exceed 5% beneficial ownership
(determined in accordance with Rule 13d-3 under the Securities Exchange Act of
1934) by any single person or group, as known by the Company:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="88%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Number of</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Percentage</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Shares</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Right to</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>of
    Beneficial</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><B><FONT face=Arial size=1>Name of Beneficial Owner</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Owned</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Acquire</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Ownership</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>The Banc Funds Company, LLC
      <SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>547,521</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>8.47%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=Arial size=2>EJF Capital
      LLC <SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>514,988</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>7.97%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>RMB Capital Holdings,
      LLC <SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>475,211</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>7.35%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=Arial size=2>Wellington
      Management Group LLP <SUP>(4)</SUP></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>383,833</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>5.94%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>Manulife Asset Management (US)
      LLC <SUP>(5)</SUP></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>351,012</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>5.43%</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(1)</FONT></TD>
    <TD noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=1>The mailing address for The Banc
      Funds Company, LLC is 20 North Wacker Drive, Suite 3300, Chicago, IL
      60606. The Banc Funds Company, LLC information set forth in this proxy
      statement is based on information set forth in a Schedule 13G, as amended,
      filed by The Banc Funds Company, LLC with the SEC on February 14,
      2017.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(2)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=1>The mailing address for EJF
      Capital LLC is 2107 Wilson Boulevard, Suite 410, Arlington, VA 22201. The
      EJF Capital LLC information set forth in this proxy statement is based on
      information set forth in a Schedule 13G, as amended, filed by EJF Capital
      LLC with the SEC on February 14, 2017.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(3)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=1>The mailing address for RMB
      Capital Holdings, LLC is 115 S. LaSalle Street, 34<SUP>th </SUP>Floor,
      Chicago, IL 60603. The RMB Capital Holdings, LLC information set forth in
      this proxy statement is based on information set forth in a Schedule 13G,
      filed by RMB Capital Holdings, LLC with the SEC on February 13,
      2017.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(4)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=1>The mailing address for
      Wellington Management Group LLP is 280 Congress Street, Boston, MA 02210.
      The Wellington Management Group LLP information set forth in this proxy
      statement is based on information set forth in a Schedule 13G, as amended,
      filed by Wellington Management Group LLP with the SEC on February 9,
      2017.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(5)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=1>The mailing address for Maulife
      Asset Management (US) LLC is 197 Clarendon Street, Boston, MA 02116. The
      Manulife Asset Management (US) LLC information set forth in this proxy
      statement is based on information set forth in a Schedule 13G, as amended,
      filed by Manulife Asset Management (US) LLC with the SEC on February 14,
      2017.</FONT></TD></TR></TABLE>
<P STYLE="text-align: center"><B><FONT face=Arial size=2>BENEFICIAL OWNERSHIP OF DIRECTORS
AND EXECUTIVE OFFICERS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The following table sets forth, as of
March 13, 2017, the number and percentage of outstanding shares of the Company&#146;s
common stock beneficially owned by (i) each director and nominee for director of
the Company, (ii) each executive officer named in the Summary Compensation
Table, and (iii) all executive officers and directors as a group. Unless
otherwise indicated, the mailing address for each beneficial owner is care of
Southern First Bancshares, Inc., 100 Verdae Boulevard, Suite 100, Greenville,
South Carolina 29607. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="88%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Number of</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=center width="3%"><B><FONT face=Arial size=1>Percentage</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Shares</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>Right to</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=Arial size=1>of
    Beneficial</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><B><FONT face=Arial size=1>Name and Address</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Owned<SUP>(1)</SUP></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Acquire<SUP>(2)</SUP></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=Arial size=1>Ownership<SUP>(3)</SUP></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>Andrew B. Cajka, Jr.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>11,901</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>0.19%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=Arial size=2>Mark A.
      Cothran</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>99,191</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>1.56%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>Leighton M. Cubbage</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>89,154</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>3,328</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>1.46%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=Arial size=2>Anne S.
      Ellefson</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>23,359</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>0.37%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>David G. Ellison</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>39,728</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>0.63%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=Arial size=2>Fred Gilmer,
      Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>50,520</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>0.80%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>Tecumseh Hooper, Jr.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>48,347</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>0.76%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=Arial size=2>Rudolph G.
      Johnstone, III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>37,381</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>3,328</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>0.64%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>James B. Orders, III</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>41,669</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>3,328</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>0.71%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face=Arial size=2>R. Arthur
      Seaver, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>68,458</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>167,873</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>3.63%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>Michael D. Dowling</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>41,607</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>26,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>1.06%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="88%"><FONT face=Arial size=2>F. Justin Strickland</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=Arial size=2>55,570</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=Arial size=2>35,150</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=Arial size=2>1.42%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="88%" bgColor=#c0c0c0><FONT face=Arial size=2>Executive officers and
      directors as a group (12 persons)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>688,718</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>239,007</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>12.85%</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(1)</FONT></TD>
    <TD noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face=Arial size=1>As reported to the Company by the
      directors, nominees and executive officers.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(2)</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%"><FONT face=Arial size=1>Includes shares that may be
      acquired within 60 days of the date of this prospectus by exercising
      vested stock options, but does not include any unvested stock
      options.</FONT></TD></TR></TABLE>
<P align=center><FONT face=Arial size=2>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=1>(3)</FONT></TD>
    <TD noWrap><FONT face=Arial size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face=Arial size=1>For each individual, this
      percentage is determined by assuming the named person exercises all
      options which he or she has the right to acquire within 60 days, but that
      no other persons exercise any options. For the directors and executive
      officers as a group, this percentage is determined by assuming that each
      director and executive officer exercises all options which he or she has
      the right to acquire within 60 days, but that no other persons exercise
      any options. The calculations are based on 6,477,107 shares of common
      stock outstanding on March 15, 2017.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face=Arial size=2>CERTAIN RELATIONSHIPS AND RELATED
PARTY TRANSACTIONS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We enter into banking and other
transactions in the ordinary course of business with our directors and officers
of the Company and the bank and their affiliates. Our policies and procedures
related to these transactions are not in writing, but are reflected by our
course of conduct. These transactions are made on substantially the same terms
(including price, interest rates, repayment terms, and collateral) as those
prevailing at the time for comparable transactions with unrelated parties. Loans
do not involve more than the normal risks of repayment nor present other
unfavorable features. Loans to individual directors and officers must also
comply with our bank&#146;s lending policies and statutory lending limits, and
directors with a personal interest in any loan application are excluded from the
consideration of the loan application.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The aggregate dollar amount of loans
outstanding to persons affiliated with the bank was approximately $14.8 million
at December 31, 2016. </FONT></P>
<P align=justify><B><FONT face=Arial size=2>Compensation Committee Interlocks
and Insider Participation. </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The members of the compensation
committee &#150; which we call our personnel committee &#150; during the year ended
December 31, 2016 were Messrs. Cothran, Cubbage, Ellison, and Orders. No member
of this committee was at any time during 2016 or at any other time an officer or
employee of the Company or any of its subsidiaries, and no member of this
committee had any relationship with the Company requiring disclosure under Item
404 of Regulation S-K. No executive officer of the Company has served on the
board of directors or personnel committee of any other entity that has or has
had one or more executive officers who served as a member of the personnel
committee during 2016.</FONT></P>
<P align=justify><B><FONT face=Arial size=2>Interests of Management and Others
in Certain Transactions </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The bank has a land lease with a
company owned by one of the bank&#146;s directors, Mr. Cothran, on the property for
one of our branch offices, with monthly payments of $5,388. In addition, the
bank periodically enters into various consulting agreements with the director
for development, administration and advisory services related to the purchase of
property and construction of current and future branch office sites. Also, the
bank contracts with a company owned by Mr. Cothran to provide property
management services for its four offices in the Greenville market. The bank paid
Mr. Cothran and his related parties approximately $29,000 and $31,000 for these
services during 2016 and 2015, respectively.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The bank also purchases various signage
for its retail offices from a local vendor for which one of the Company&#146;s
directors, Mr. Hooper, acted as chairman of the board. The bank paid
approximately $6,000 and $24,000 to the vendor for the years ended December 31,
2016 and 2015, respectively. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The bank is of the opinion that the
lease payments, management fees, and signange costs represent market costs that
could have been obtained in similar &#147;arms length&#148; transactions</FONT><FONT face=Arial size=2>. </FONT></P>
<P align=center><B><FONT face=Arial size=2>SECTION 16(A) BENEFICIAL OWNERSHIP
REPORTING COMPLIANCE </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Section 16(a) of the Securities
Exchange Act of 1934 requires our officers and directors and persons who own
more than 10% of our common stock to file reports of ownership and changes in
ownership with the SEC. Based solely on our review of these forms and written
representations from the officers and directors, we believe that all Section
16(a) filing requirements were met during fiscal 2016, except that on one
occasion a Form 4 for Mrs. Ellefson and Mssrs. Cubbage, Orders, Dowling,
Strickland and Seaver were filed after the required period.</FONT></P>
<P align=center><FONT face=Arial size=2>27 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=2>SHAREHOLDER PROPOSALS FOR THE 2017
ANNUAL MEETING OF SHAREHOLDERS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>If shareholders wish a proposal to be
included in our proxy statement and form of proxy relating to the 2017 Annual
Meeting of Shareholders, they must deliver a written copy of their proposal to
our principal executive offices no later than December 15, 2017. To ensure
prompt receipt by the Company, the proposal should be sent certified mail,
return receipt requested. Proposals must comply with our bylaws relating to
shareholder proposals in order to be included in our proxy materials.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>It is our policy that any shareholder
proposal to be made at an annual meeting, but which is not requested to be
included in the our proxy materials, must be delivered to the secretary of the
Company between 30 and 60 days prior to the annual meeting; provided, however,
that if less than 31 days&#146; notice of the meeting is given to shareholders, the
notice must be delivered within 10 days following the day on which notice of the
meeting was mailed to shareholders. </FONT></P>
<P align=center><B><FONT face=Arial size=2>SHAREHOLDER COMMUNICATIONS
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The Company does not have a formal
process by which shareholders may communicate with the board of directors.
Historically, however, the chairman of the board or the nominating committee has
undertaken responsibility for responding to questions and concerns expressed by
shareholders. In the view of the board of directors, this approach has been
sufficient to ensure that questions and concerns raised by shareholders are
adequately addressed. Any shareholder desiring to communicate with the Board may
do so by writing to the corporate secretary of the Company at P.O. Box 17465,
Greenville, South Carolina 29606.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>April 11, 2017 </FONT></P>
<P align=center><FONT face=Arial size=2>28 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=2>PROXY SOLICITED FOR ANNUAL
MEETING<BR>OF SHAREHOLDERS OF<BR></FONT></B><B><FONT face=Arial size=2>SOUTHERN
FIRST BANCSHARES, INC.<BR>to be held on May 16, 2017</FONT></B></P>
<P align=center><B><FONT face=Arial size=2>THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF DIRECTORS. </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The undersigned hereby constitutes and
appoints R. Arthur Seaver, Jr. and James B. Orders, III, each of them, his or
her true and lawful agents and proxies with full power of substitution in each,
to represent and vote, as indicated below, all of the shares of common stock of
Southern First Bancshares, Inc. (the &#147;Company&#148;) that the undersigned would be
entitled to vote at the Annual Meeting of Shareholders of the Company to be held
on May 16, 2017, at Southern First Bank at 100 Verdae Boulevard, Suite 100,
Greenville, South Carolina, at 5:00 p.m., Eastern Standard time, and at any
postponement or adjournment thereof, upon the matters described in the
accompanying Notice of Annual Meeting of Shareholders and Proxy Statement,
receipt of which is acknowledged. These proxies are directed to vote on the
matters described in the Notice of Annual Meeting of Shareholders and Proxy
Statement as follows: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>This proxy, when properly executed,
will be voted in the manner directed herein by the undersigned shareholder. If
no direction is made, this proxy will be voted: (i) &#147;FOR&#148; Proposal No. 1 to
elect the four identified directors to serve on the board of directors, (ii)
&#147;FOR&#148; Proposal No. 2 to approve the compensation of our named executive officers
as disclosed in the proxy statement (this is a non-binding advisory vote); and
(iii) &#147;FOR&#148; Proposal No. 3 to ratify the appointment our independent registered
public accountant for the year ending December 31, 2017. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>PROPOSAL to elect the four identified
Class III directors. </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; width: 50%; padding-left: 30pt"><FONT face=Arial size=2>Andrew B. Cajka</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="49%"><FONT face=Arial size=2>Fred Gilmer, Jr.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; width: 50%; padding-left: 30pt"><FONT face=Arial size=2>Anne S. Ellefson</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face=Arial size=2>Tecumseh Hooper, Jr.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; width: 50%; padding-left: 15pt"><FONT face=Arial size=2>&#9744; <B>FOR
      </B></FONT><FONT face=Arial size=2>all
      nominees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face=Arial size=2></FONT><FONT face=Arial size=2>&#9744; <B>WITHHOLD</B>
      </FONT><B><FONT face=Arial size=2>AUTHORITY</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; width: 50%; padding-left: 15pt"><FONT face=Arial size=2>listed (except as marked
      to the contrary)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face=Arial size=2>to vote for all
nominees</FONT></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>(INSTRUCTION:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="99%"><FONT face=Arial size=2>To withhold authority to
      vote for any individual nominee(s), write that nominees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%" colSpan=3><FONT face=Arial size=2>name(s) in the space
      provided below).</FONT></TD></TR></TABLE></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>PROPOSAL to approve the compensation of
our named executive officers as disclosed in this proxy statement (this is a
non-binding, advisory vote). </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><B><FONT face=Arial size=2>&#9744; FOR</FONT></B></TD>
    <TD noWrap align=left width="39%"><B><FONT face=Arial size=2></FONT></B><B><FONT face=Arial size=2>&#9744;
      AGAINST</FONT></B></TD>
    <TD noWrap align=left width="28%"><B><FONT face=Arial size=2></FONT></B><B><FONT face=Arial size=2>&#9744;
      ABSTAIN</FONT></B></TD></TR></TABLE></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>PROPOSAL to ratify the appointment of
Elliott Davis Decosimo, LLC as our independent registered public accountant for
the year ending December 31, 2017. </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><B><FONT face=Arial size=2>&#9744; FOR</FONT></B></TD>
    <TD noWrap align=left width="39%"><B><FONT face=Arial size=2></FONT></B><B><FONT face=Arial size=2>&#9744;
      AGAINST</FONT></B></TD>
    <TD noWrap align=left width="28%"><B><FONT face=Arial size=2></FONT></B><B><FONT face=Arial size=2>&#9744;
      ABSTAIN</FONT></B></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>Dated:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="31%">&nbsp;</TD>
    <TD noWrap align=left width="15%"><FONT face=Arial size=2>, 2017</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>Dated:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%">&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face=Arial size=2>, 2017</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="47%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="51%" colSpan=3></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="47%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="51%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" colSpan=2><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature of
      Shareholder(s)</FONT></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="35%" colSpan=2><FONT face=Arial size=2>Signature of
      Shareholder(s)</FONT></TD>
    <TD noWrap align=left width="16%"></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Please sign exactly as name or names
appear on your stock certificate. Where more than one owner is shown on your
stock certificate, each owner should sign. Persons signing in a fiduciary or
representative capacity shall give full title. If a corporation, please sign in
full corporate name by authorized officer. If a partnership, please sign in
partnership name by authorized person. </FONT></P>
<P align=center><FONT face=Arial size=2>PLEASE MARK, SIGN, DATE, AND RETURN THIS
PROXY PROMPTLY IN THE ENCLOSED ENVELOPE. </FONT></P>
<P align=center><FONT face=Arial size=2>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
