<SEC-DOCUMENT>0001206774-17-001491.txt : 20170428
<SEC-HEADER>0001206774-17-001491.hdr.sgml : 20170428
<ACCEPTANCE-DATETIME>20170428151332
ACCESSION NUMBER:		0001206774-17-001491
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20170427
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170428
DATE AS OF CHANGE:		20170428

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27719
		FILM NUMBER:		17794793

	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>8-K
<SEQUENCE>1
<FILENAME>southern3245631-8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

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<P align=center><B><FONT face=Arial size=4>UNITED STATES<BR></FONT></B><B><FONT face=Arial size=4>SECURITIES AND EXCHANGE COMMISSION</FONT></B><FONT face=Arial size=5> <BR></FONT><B><FONT face=Arial size=2>WASHINGTON, DC
20549</FONT></B></P>
<P align=center><B><FONT face=Arial size=4>FORM 8-K</FONT></B></P>
<P align=center><B><FONT face=Arial>CURRENT REPORT PURSUANT</FONT></B><FONT face=Arial> <BR></FONT><B><FONT face=Arial>TO SECTION 13 OR 15(D) OF THE <BR>
SECURITIES EXCHANGE ACT OF 1934</FONT></B><FONT face=Arial> </FONT></P>
<P align=center><FONT face=Arial size=2>Date of report (Date of earliest event
reported</FONT><U><FONT face=Arial size=2>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 27,
2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face=Arial size=2> </FONT></P>
<P align=center><IMG src="southern3245631-8kx1x1.jpg" border=0></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR style="PADDING-BOTTOM: 2pt" vAlign=bottom>
    <TD style="WIDTH: 100%; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: center" noWrap width="100%"><B><FONT face=Arial size=5>Southern First Bancshares,
      Inc.</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="100%"><FONT face=Arial size=2>(Exact name of registrant as specified in its
  charter)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center>
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    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="100%"><B><FONT face=Arial size=2>South Carolina</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="100%"><FONT face=Arial size=2>(State or other jurisdiction of
incorporation)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center>
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  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><STRONG><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      000-27719&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="5%">&nbsp;</TD>
    <TD noWrap align=right width="71%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><STRONG><FONT face=Arial size=2>58-2459561</FONT></STRONG></TD></TR>
  <TR>
    <TD noWrap width="5%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="9%"><FONT face=Arial size=2>(Commission File Number)</FONT></TD>
    <TD noWrap width="5%">&nbsp;</TD>
    <TD noWrap align=right width="71%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="9%"><FONT face=Arial size=2>(IRS Employer Identification No.)</FONT></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="19%" colSpan=3>&nbsp;</TD>
    <TD noWrap align=right width="71%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="9%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=3><B><FONT face=Arial size=2>100 Verdae Boulevard, Suite 100,
      Greenville, SC</FONT></B></TD>
    <TD noWrap align=right width="71%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%"><B><FONT face=Arial size=2>29607</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="19%" colSpan=3><FONT face=Arial size=2>(Address of principal executive offices)</FONT></TD>
    <TD noWrap align=right width="71%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="9%"><FONT face=Arial size=2>(Zip Code)</FONT></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
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  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="33%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%">&nbsp;<STRONG><FONT face=Arial size=2>(864)
      679-9000</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="99%" colSpan=3><FONT face=Arial size=2>(Registrant's telephone number, including area
      code)</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><STRONG><FONT face=Arial size=2>Not
    Applicable</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="99%" colSpan=3><FONT face=Arial size=2>(Former name or former address, if changed since last
      report)</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face=Arial size=2>Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction
A.2. below):</FONT></P>
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  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Arial>&#9744;</FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face=Arial size=2>Written communications pursuant to Rule 425 under the Securities
      Act (17 CFR 230.425)</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; WIDTH: 1%; TEXT-ALIGN: left" noWrap></TD>
    <TD vAlign=top noWrap align=left width="98%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Arial>&#9744;</FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face=Arial size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; WIDTH: 1%; TEXT-ALIGN: left" noWrap></TD>
    <TD vAlign=top noWrap align=left width="98%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Arial>&#9744;</FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face=Arial size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17CFR 240.14d-2(b))</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; WIDTH: 1%; TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face=Arial size=2>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face=Arial>&#9744;</FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face=Arial size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>



      <TR style="VERTICAL-ALIGN: bottom">
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left" noWrap>&nbsp;</TD></TR>
  <TR style="VERTICAL-ALIGN: bottom; line-height: normal">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT face=Arial size=2>Indicate by
      check mark whether the registrant is an emerging growth company as defined
      in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or
      Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this
      chapter).</FONT></TD></TR>
  <TR>
    <TD ALIGN="RIGHT" COLSPAN="2" STYLE="text-align: right"><FONT face=Arial>Emerging growth
      company&nbsp;&#9744;&nbsp;&nbsp;</FONT></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD style="TEXT-ALIGN: left" noWrap>&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: left">&nbsp;</TD></TR>
  <TR style="VERTICAL-ALIGN: bottom">
    <TD COLSPAN="2" STYLE="line-height: normal; text-align: justify"><FONT face=Arial size=2>If an emerging growth company, indicate
      by check mark if the registrant has elected not to use the extended
      transition period for complying with any new or revised financial
      accounting standards provided pursuant to Section 13(a) of the Exchange
      Act. <FONT face=Arial>&#9744;</FONT></FONT></TD></TR>


      </TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face=Arial size=2>Item 1.01</FONT></B><FONT face=Arial size=2> </FONT><B><FONT face=Arial size=2>Entry Into a Material Definitive
Agreement.</FONT></B><FONT face=Arial size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>On April 27, 2017, Southern First
Bancshares, Inc. (the &#147;Company&#148;), and its wholly-owned bank subsidiary, Southern
First Bank, a South Carolina state bank (the &#147;Bank&#148;), entered into an
underwriting agreement, or the Underwriting Agreement, with Sandler O&#146;Neill +
Partners, L.P., as underwriter, to offer and sell 700,000 shares of the
Company&#146;s common stock, par value $0.01 per share (the &#147;Common Stock&#148;), at a
public offering price of $32.75 per share in an underwritten public offering
(the &#147;Offering&#148;). As part of the Offering, the Company granted the underwriter a
30-day option to purchase up to an additional 105,000 shares of Common Stock. The underwriting discounts and commissions
were $1.72 per share sold in the Offering. The net proceeds of the Offering,
after underwriting discounts and expenses, and without exercise of the
underwriter&#146;s option, will be approximately $21.5 million.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The Underwriting Agreement contains
customary representations, warranties and covenants among the parties as of the
date of entering into such Underwriting Agreement. These representations,
warranties and covenants are not factual information to investors about the
Company or the Bank, and the sale of the Common Stock in the Offering is not a
representation that there has not been any change in the condition of the
Company. A copy of the Underwriting Agreement is filed as Exhibit 1.1 to this
Current Report on Form 8-K and is incorporated herein by reference. The
description of the material terms of the Underwriting Agreement is qualified in
its entirety by reference to Exhibit 1.1 to this Current Report on Form 8-K.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Pursuant to the Underwriting Agreement,
directors and certain executive officers of the Company and the Bank entered
into agreements in substantially the form included as an exhibit to the
Underwriting Agreement providing for a 90-day &#147;lock-up&#148; period with respect to
sales of specified securities, subject to certain exceptions. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The offer and sale of shares of Common
Stock to be sold in the Offering have been registered under the Securities Act
of 1933, as amended, pursuant to a shelf registration statement on Form S-3
(Registration No. 333-217031) declared effective by the Securities and Exchange
Commission on April 11, 2017 (the &#147;Registration Statement&#148;). The offer and sale
of the shares of Common Stock in the Offering are described in the Company&#146;s
prospectus constituting a part of the Registration Statement, as supplemented by
a final prospectus supplement dated April 27, 2017. </FONT></P>
<P align=justify><B><FONT face=Arial size=2>ITEM 8.01. Other
Events.</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>On April 27, 2017, the Company issued
a press release announcing the pricing of the Offering, a copy of which is
included as Exhibit 99.1 to this Current Report on Form 8-K. </FONT></P>
<P align=justify><B><FONT face=Arial size=2>ITEM 9.01. Financial Statements and
Exhibits. </FONT></B><FONT face=Arial size=2></FONT></P>
<P align=justify><FONT face=Arial size=2>(d) Exhibits. </FONT></P>
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    <TD noWrap align=left width="4%"><FONT face=Arial size=2 >Exhibit</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="94%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"><FONT face=Arial size=2 >Number</FONT></TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=Arial size=2 >Description</FONT></TD>
    <TD noWrap align=left width="93%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=Arial size=2 >1.1</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="94%" colSpan=2><FONT face=Arial size=2 >Underwriting Agreement dated April
      27, 2017.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=Arial size=2 >5.1</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="94%" colSpan=2><FONT face=Arial size=2 >Opinion of Nelson Mullins Riley
      &amp; Scarborough, LLP.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=Arial size=2 >23.1</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="94%" colSpan=2><FONT face=Arial size=2 >Consent of Nelson Mullins Riley
      &amp; Scarborough, LLP (included in Exhibit 5.1).</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="4%"><FONT face=Arial size=2 >99.1</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="94%" colSpan=2><FONT face=Arial size=2 >Press Release dated April 27,
      2017.</FONT></TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=2>SIGNATURES</FONT></B><FONT face=Arial size=2> </FONT></P>
<P align=justify><FONT face=Arial size=2>Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>
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    <TD noWrap align=left width="99%" colSpan=5><B><FONT face=Arial size=2>SOUTHERN FIRST BANCSHARES,
      INC.</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="2%"><FONT face=Arial size=2>By: &nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=Arial size=2>/s/&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="18%"><FONT face=Arial size=2>Michael
      D. Dowling</FONT></TD>
    <TD noWrap align=left width="77%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%" colSpan=2><FONT face=Arial size=2>Name:</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="18%"><FONT face=Arial size=2>Michael
      D. Dowling</FONT></TD>
    <TD noWrap align=left width="77%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%" colSpan=2><FONT face=Arial size=2>Title:</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="18%"><FONT face=Arial size=2>Chief Financial Officer</FONT></TD>
    <TD noWrap align=left width="77%">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><FONT face=Arial size=2>April 28, 2017 </FONT></P>
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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>southern3245631-ex11.htm
<DESCRIPTION>UNDERWRITING AGREEMENT DATED APRIL 27, 2017
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<P align=RIGHT><B><FONT face=Arial size=2>Exhibit 1.1</FONT></B></P>
<P align=center><B><FONT face=Arial size=2>700,000 Shares of Common Stock</FONT></B></P>
<P align=center><B><FONT face=Arial size=2>SOUTHERN FIRST BANCSHARES, INC.
</FONT></B></P>
<P align=center><B><FONT face=Arial size=2>Common Stock, par value $0.01 per share</FONT></B></P>
<P align=center><B><U><FONT face=Arial size=2>UNDERWRITING
AGREEMENT</FONT></U></B><B><FONT face=Arial size=2> </FONT></B></P>
<P align=right><FONT face=Arial size=2>April 27, 2017</FONT></P>
<P align=justify><FONT face=Arial size=2>SANDLER O&#146;NEILL &amp; PARTNERS,
L.P.<BR>1251 Avenue of the Americas, 6th Floor<BR>New York, New York 10020
</FONT></P>
<P align=justify><FONT face=Arial size=2>Ladies and Gentlemen: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Southern First Bancshares, Inc., a
South Carolina corporation (the &#147;Company&#148;), confirms its agreement with Sandler
O&#146;Neill &amp; Partners, L.P. (&#147;Sandler&#148;) with respect to (i) the sale by the
Company and the purchase by Sandler of an aggregate of 700,000 shares
of common stock, par value $0.01 per share, of the Company (&#147;Common Stock&#148;), and (ii) the grant by the
Company to Sandler of the option described in Section 2(b) hereof to purchase
all </FONT><FONT face=Arial size=2>or any part of 105,000 additional shares of
Common Stock. The aforesaid 700,000 shares of Common Stock (the &#147;Initial
Securities&#148;) to be purchased by Sandler and all or any part of the 105,000 shares of Common Stock subject to the option described in Section 2(b) hereof (the &#147;Option Securities&#148;) are
hereinafter called, collectively, the &#147;Securities.&#148; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The Company understands that Sandler
proposes to make a public offering of the Securities as soon as Sandler deems
advisable after this Underwriting Agreement has been executed and delivered.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The Company has filed with the
Securities and Exchange Commission (the &#147;Commission&#148;) a registration statement
on Form S-3 (No. 333-217031), covering the registration of the Securities under
the Securities Act of 1933, as amended (the &#147;1933 Act&#148;). The registration
statement (including the exhibits thereto and schedules thereto, if any) as
amended at the time it became effective, or, if a post-effective amendment has
been filed with respect thereto, as amended by such post-effective amendment at
the time of its effectiveness (including in each case the information (if any)
deemed to be part of such registration statement at the time of effectiveness
pursuant to Rule 430A under the Act), is hereinafter referred to as the
&#147;Registration Statement.&#148; The term &#147;Effective Date&#148; shall mean each date that
the Registration Statement and any post-effective amendment or amendments
thereto became or become effective. The term &#147;Base Prospectus&#148; shall mean the
prospectus referred to in Section 1(a)(i) hereof contained in the Registration
Statement at the Effective Date. &#147;Preliminary Prospectus&#148; means any preliminary
prospectus supplement to the Base Prospectus used prior to the filing of the
Prospectus, together with the Base Prospectus; the term &#147;Prospectus&#148; means the
final prospectus supplement to the Base Prospectus first filed with the
Commission pursuant to Rule 424(b) under the Act, together with the Base
Prospectus. Any registration statement filed pursuant to Rule 462(b) under the
Act is herein referred to as the &#147;Rule 462(b) Registration Statement,&#148; and after
such filing the term &#147;Registration Statement&#148; shall include the Rule 462(b)
Registration Statement. For purposes of this Underwriting Agreement, all
references to the Registration Statement, any Preliminary Prospectus, the
Prospectus or any amendment or supplement to any of the foregoing shall be
deemed to include the copy filed with the Commission pursuant to its Electronic
Data Gathering, Analysis and Retrieval system (&#147;EDGAR&#148;). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>As used in this Underwriting Agreement:
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>&#147;</FONT><I><FONT face=Arial size=2>Applicable Time</FONT></I><FONT face=Arial size=2>&#148; means 8:30 a.m. (Eastern time) on April 27, 2017, or such other time as agreed by the Company and Sandler. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>&#147;</FONT><I><FONT face=Arial size=2>General Disclosure Package</FONT></I><FONT face=Arial size=2>&#148; means any
Issuer-Represented General Free Writing Prospectus(es) (as defined below) issued
at or prior to the Applicable Time, the Preliminary Prospectus relating to the
Securities dated April 11, 2017 and the information identified on Schedule B
hereto, all considered together. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>&#147;</FONT><I><FONT face=Arial size=2>Issuer-Represented Free Writing Prospectus</FONT></I><FONT face=Arial size=2>&#148; means any &#147;issuer free writing prospectus,&#148; as defined in Rule 433 of
the 1933 Act Regulations (&#147;</FONT><I><FONT face=Arial size=2>Rule
433</FONT></I><FONT face=Arial size=2>&#148;), relating to the Securities that (i) is
required to be filed with the Commission by the Company or (ii) is exempt
from filing pursuant to Rule 433(d)(5)(i) because it contains a description of
the Securities or of the offering that does not reflect the final terms, in each
case in the form filed or required to be filed with the Commission or, if not
required to be filed, in the form retained in the Company&#146;s records pursuant to
Rule 433(g).</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>&#147;</FONT><I><FONT face=Arial size=2>Issuer-Represented General Free Writing Prospectus</FONT></I><FONT face=Arial size=2>&#148; means any Issuer-Represented Free Writing Prospectus that is
intended for general distribution to prospective investors, as evidenced by its
being specified in Schedule A hereto. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>&#147;</FONT><I><FONT face=Arial size=2>Issuer-Represented Limited Use Free Writing Prospectus</FONT></I><FONT face=Arial size=2>&#148; means any Issuer-Represented Free Writing Prospectus that is
not an Issuer-Represented General Free Writing Prospectus. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>All references in this Underwriting
Agreement to financial statements and schedules and other information which is
&#147;contained,&#148; &#147;included&#148; or &#147;stated&#148; in the Registration Statement, any
Preliminary Prospectus, the General Disclosure Package or the Prospectus (or
other references of like import) shall be deemed to mean and include all such
financial statements and schedules and other information which is incorporated
by reference in the Registration Statement, any Preliminary Prospectus, the
General Disclosure Package or the Prospectus, as the case may be; and all
references in this Underwriting Agreement to amendments or supplements to the
Registration Statement, any Preliminary Prospectus, the General Disclosure
Package or the Prospectus shall be deemed to mean and include the filing of any
document under the Securities Exchange Act of 1934 (the &#147;1934 Act&#148;) which is
incorporated by reference in the Registration Statement, such Preliminary
Prospectus, the General Disclosure Package or the Prospectus, as the case may
be. </FONT></P>
<P align=justify><FONT face=Arial size=2>SECTION 1. </FONT><U><FONT face=Arial size=2>Representations and Warranties and Agreements</FONT></U><FONT face=Arial size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(a) </FONT><I><FONT face=Arial size=2>Representations and Warranties by the Company</FONT></I><FONT face=Arial size=2>. The Company represents and warrants to Sandler as of the date hereof,
as of the Closing Time referred to in Section 2(c) hereof, and as of each Date
of Delivery (if any) referred to in Section 2(b) hereof, and agrees with
Sandler, as follows: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(i) </FONT><U><FONT face=Arial size=2>Compliance with Registration Requirements</FONT></U><FONT face=Arial size=2>. (A) At the time of filing the Registration Statement, any 462(b)
Registration Statement and any post-effective amendments thereto, and (B) at the
date hereof, the Company was not an &#147;ineligible issuer&#148; as defined in Rule 405
of the 1933 Act Regulations (&#147;Rule 405&#148;). The Company satisfies the registrant
eligibility requirements for the use of Form S-3 under the 1933 Act set forth in
General Instruction I.A to such form and the transactions contemplated by this
Underwriting Agreement and satisfies the transaction eligibility requirements
for the use of Form S-3 as set forth in General Instruction I.B.1 to such form.
The Company has filed with the Commission the Registration Statement on Form
S-3, including a Base Prospectus, for registration under the 1933 Act of the
offer and sale of the Securities, and the Company may have filed with the
Commission one or more amendments to such Registration Statement, each in the
form previously delivered to Sandler. Such Registration Statement, as so
amended, has been declared effective by the Commission, and the Securities have
been registered under the Registration Statement in compliance with the
requirements for the use of Form S-3. The Base Prospectus includes all
information required by the 1933 Act and the rules and regulations of the
Commission thereunder to be included therein as of the Effective Date. The
Company has complied to the Commission&#146;s satisfaction with all requests of the
Commission for additional or supplemental information; and no stop order
suspending the effectiveness of the Registration Statement and any
post-effective amendment thereto or any Rule 462(b) Registration Statement has
been issued and no proceeding for that purpose has been initiated or, to the
knowledge of the Company, threatened by the Commission.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>After the execution of this
Underwriting Agreement, the Company will file with the Commission pursuant to
Rules 415 and 424(b)(2) or (5) a final supplement to the Base Prospectus
included in such Registration Statement relating to the Securities and the
offering thereof, with such information as is required or permitted by the 1933
Act and as has been provided to and approved by Sandler prior to the date hereof
or, to the extent not completed at the date hereof, containing only such
specific additional information and other changes (beyond that contained in the
Base Prospectus and any Preliminary Prospectus) as the Company has advised
Sandler, prior to the date hereof, will be included or made therein. If the
Company has elected to rely on Rule 462(b) and the Rule 462(b) Registration
Statement is not effective, (A) the Company will file a Rule 462(b) Registration
Statement in compliance with, and that is effective upon filing pursuant to,
Rule 462(b) and (B) the Company has given irrevocable instructions for transmission of the applicable filing fee in connection with
the filing of the Rule 462(b) Registration Statement, in compliance with Rule
111 under the 1933 Act, or the Commission has received payment of such filing
fee. </FONT></P>
<P align=center><FONT face=Arial size=2>2 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>At the respective times the
Registration Statement, any Rule 462(b) Registration Statement and any
post-effective amendments thereto became effective and at the Closing Time (and,
if any Option Securities are purchased, at the Date of Delivery), the
Registration Statement, the Rule 462(b) Registration Statement and any
amendments and supplements thereto complied and will comply in all material
respects with the requirements of the 1933 Act and the rules and regulations of
the Commission thereunder (the &#147;1933 Act Regulations&#148;) and did not and will not
contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading, when considered together with any Preliminary Prospectus, and the
Prospectus, any Preliminary Prospectus and any supplement thereto, at their
respective times of issuance and at the Closing Time, complied and will comply
in all material respects with any applicable laws or regulations of
jurisdictions in which the Prospectus and such Preliminary Prospectus, as
amended or supplemented, if applicable, are distributed in connection with the
offer and sale of Securities in such jurisdictions. Neither the General
Disclosure Package as of the Applicable Time, nor the Prospectus nor any
amendments or supplements thereto at the time the Prospectus as of its date or
any such amendment or supplement was issued and at the Closing Time (and, if any
Option Securities are purchased, at the Date of Delivery), included or will
include an untrue statement of a material fact or omitted or will omit to state
a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading. The
representations and warranties in this paragraph shall not apply to statements
in or omissions from the Registration Statement, any Preliminary Prospectus or
the Prospectus made in reliance upon and in conformity with written information
furnished to the Company by Sandler expressly for use therein, it being
understood that the only written information that Sandler has furnished to the
Company specifically for inclusion in the Registration Statement, any
Preliminary Prospectus and the Prospectus (or any amendment or supplement
thereto) are (i) its name on the front and back covers of the Prospectus and in
the table in the section entitled &#147;Underwriting,&#148; (ii) the concession and
reallowance figures appearing in the Prospectus in the section entitled
&#147;Underwriting&#148; and the information contained under the captions &#147;Underwriting &#150;
Stabilization&#148; and &#147;Underwriting &#150; Passive Market Making&#148; (iii) the
Underwriters&#146; reservation of the right to withdraw, cancel or modify the offer
contemplated by this Agreement and to reject orders in whole or in part in the
Prospectus under the section entitled &#147;Underwriting,&#148; and, (iv) the effecting of
stabilization transactions, over-allotment transactions, syndicate covering
transactions and, if applicable, penalty bids in which the Underwriter may
engage, as described in the Prospectus in the section entitled &#147;Underwriting&#148;
(such information collectively referred to herein as the &#147;Underwriter
Information&#148;).</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Each Preliminary Prospectus and the
Prospectus filed as part of the Registration Statement as originally filed or as
part of any amendment thereto, or filed pursuant to Rule 424 under the 1933 Act,
complied when so filed in all material respects with the 1933 Act and the 1933
Act Regulations and each Preliminary Prospectus and the Prospectus delivered to
Sandler for use in connection with this offering was identical to the
electronically transmitted copies thereof filed with the Commission pursuant to
EDGAR, except to the extent permitted by Regulation S-T. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>As of the Applicable Time, neither (x)
the General Disclosure Package nor (y) any individual Issuer-Represented Limited
Use Free Writing Prospectus, when considered together with the General
Disclosure Package, or any amendment or supplement thereto, included any untrue
statement of a material fact or omitted to state any material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The representations and warranties in this
paragraph shall not apply to statements in or omissions from the General
Disclosure Package or any Issuer-Represented Limited Use Free Writing Prospectus
made in reliance upon and in conformity with the Underwriter Information.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(ii) </FONT><U><FONT face=Arial size=2>Issuer-Represented Free Writing Prospectuses</FONT></U><FONT face=Arial size=2>. Each Issuer-Represented Free Writing Prospectus, as of its issue date
and at all subsequent times through the completion of the public offer and sale
of the Securities or until any earlier date that the issuer notified or notifies
Sandler, did not, does not and will not include any information that conflicted,
conflicts or will conflict with the information contained in the Registration
Statement, the General Disclosure Package or the Prospectus, including any
document incorporated by reference therein and any preliminary or other
prospectus deemed to be a part thereof that has not been superseded or modified.
</FONT></P>
<P align=center><FONT face=Arial size=2>3 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(iii) </FONT><U><FONT face=Arial size=2>Incorporated Documents</FONT></U><FONT face=Arial size=2>. The documents
incorporated or deemed to be incorporated by reference in the Registration
Statement, the General Disclosure Package and the Prospectus, when they became
effective or at the time they were or hereafter are filed with the Commission,
complied and will comply in all material respects with the requirements of the
1933 Act and the 1933 Act Regulations or the 1934 Act and the rules and
regulations of the Commission thereunder (the &#147;1934 Act Regulations&#148;), as
applicable, and, when read together with the other information in the
Registration Statement, at the time the Registration Statement became effective,
with the Prospectus at the time the Prospectus was issued and at the Closing
Time (and, if any Option Securities are purchased, at the Date of Delivery), and
with the General Disclosure Package as of the Applicable Time, did not and will
not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(iv) </FONT><U><FONT face=Arial size=2>Independent Accountants</FONT></U><FONT face=Arial size=2>. Elliott Davis
Decosimo LLC, the accounting firm that certified the financial statements and
supporting schedules of the Company included in the Registration Statement, the
General Disclosure Package and the Prospectus, is an independent registered
public accounting firm as required by the 1933 Act and the 1933 Act Regulations.
Elliott Davis Decosimo LLC is a registered public accounting firm, as defined by
the Public Company Accounting Oversight Board, whose registration, to the
knowledge of the Company, has not been suspended or revoked and who has not
requested such registration to be withdrawn. With respect to the Company and to
the knowledge of the Company, Elliott Davis Decosimo LLC is not and has not been
in violation of the auditor independence requirements of the Sarbanes-Oxley Act
of 2002 (&#147;Sarbanes-Oxley Act&#148;) and the related rules and regulations of the
Commission. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(v) </FONT><U><FONT face=Arial size=2>Financial Statements</FONT></U><FONT face=Arial size=2>. The financial
statements included in the Registration Statement, the General Disclosure
Package and the Prospectus, together with the related schedules and notes,
present fairly the financial position of the Company and its consolidated
subsidiaries at the dates indicated and the statement of operations,
shareholders&#146; equity and cash flows of the Company and its consolidated
subsidiaries for the periods specified; said financial statements have been
prepared in conformity with generally accepted accounting principles (&#147;GAAP&#148;)
applied on a consistent basis throughout the periods involved. The supporting
schedules, if any, included in the Registration Statement, the General
Disclosure Package and the Prospectus present fairly in accordance with GAAP the
information required to be stated therein. The selected financial data and the
summary financial information included in the Registration Statement, the
General Disclosure Package and the Prospectus present fairly the information
shown therein and have been compiled on a basis consistent with that of the
audited financial statements included in the Registration Statement, the General
Disclosure Package and the Prospectus and the books and records of the Company.
No other financial statements or schedules are required to be included in the
Registration Statement, the General Disclosure Package or the Prospectus. To the
extent applicable, all disclosures contained in the Registration Statement, the
General Disclosure Package, any Issuer-Represented Free Writing Prospectus or
the Prospectus regarding &#147;non-GAAP financial measures&#148; (as such term is defined
by the rules and regulations of the Commission) comply with Regulation G of the
1934 Act, the 1934 Act Regulations and Item 10 of the Commission&#146;s Regulation
S-K, as applicable. The interactive data in eXtensible Business Reporting
Language incorporated by reference in the General Disclosure Package and the
Prospectus fairly presents the information called for in all material respects
and has been prepared in all material respects in accordance with the
Commission&#146;s rules and guidelines applicable thereto. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(vi) </FONT><U><FONT face=Arial size=2>No Material Adverse Change in Business</FONT></U><FONT face=Arial size=2>. Since the respective dates as of which information is given in the
Registration Statement, the General Disclosure Package and the Prospectus,
except as otherwise stated therein, (A) there has been no material adverse
change in the condition, financial or otherwise, or in the earnings, business
affairs or business prospects of the Company and its subsidiaries considered as
one enterprise, whether or not arising in the ordinary course of business (a
&#147;Material Adverse Effect&#148;), (B) there have been no transactions entered into by
the Company or any of its subsidiaries, other than those in the ordinary course
of business, which are material with respect to the Company and its subsidiaries
considered as one enterprise, and (C) there has been no dividend or distribution
of any kind declared, paid or made by the Company on any class of its capital
stock. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(vii) </FONT><U><FONT face=Arial size=2>Good Standing of the Company</FONT></U><FONT face=Arial size=2>. The
Company has been duly organized and is validly existing as a corporation in good
standing under the laws of the state of South Carolina and has corporate power
and authority to own, lease and operate its properties and to conduct its
business as described in the Registration Statement, the General Disclosure
Package and the Prospectus and to enter into and perform its obligations under
this Underwriting Agreement; and the Company is duly
qualified as a foreign corporation to transact business and is in good standing
in each other jurisdiction in which such qualification is required, whether by
reason of the ownership or leasing of property or the conduct of business,
except where the failure so to qualify or to be in good standing would not
result in a Material Adverse Effect. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(viii) </FONT><U><FONT face=Arial size=2>Good Standing of Subsidiaries</FONT></U><FONT face=Arial size=2>. Each of
the Company&#146;s subsidiaries (for purposes of this Underwriting Agreement, as
defined in Rule 405 under the Securities Act) has been duly organized and is
validly existing as a corporation in good standing under the laws of the
jurisdiction of its incorporation, has corporate power and authority to own,
lease and operate its properties and to conduct its business as described in the
Registration Statement, the General Disclosure Package and the Prospectus and is
duly qualified as a foreign corporation to transact business and is in good
standing in each jurisdiction in which such qualification is required, whether
by reason of the ownership or leasing of property or the conduct of business,
except where the failure so to qualify or to be in good standing would not
result in a Material Adverse Effect. The only subsidiaries of the Company are
the subsidiaries listed on Schedule C hereto. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(ix) </FONT><U><FONT face=Arial size=2>Capitalization</FONT></U><FONT face=Arial size=2>. The authorized, issued
and outstanding capital stock of the Company is as set forth in the Registration
Statement, the General Disclosure Package and the Prospectus in the column
entitled &#147;Actual&#148; under the caption &#147;Capitalization&#148; (except for subsequent
issuances, if any, pursuant to this Underwriting Agreement, pursuant to
reservations, agreements or employee benefit plans referred to in the
Registration Statement, the General Disclosure Package and the Prospectus or
pursuant to the exercise of convertible securities or options disclosed in the
Registration Statement, the General Disclosure Package and the Prospectus). The
shares of issued and outstanding capital stock have been duly authorized and
validly issued and are fully paid and non-assessable; none of the outstanding
shares of capital stock was issued in violation of the preemptive or other
similar rights of any securityholder of the Company. All of the issued and
outstanding capital stock of each subsidiary of the Company has been duly
authorized and validly issued, is fully paid and non-assessable and is owned by
the Company, directly or through subsidiaries, free and clear of any security
interest, mortgage, pledge, lien, encumbrance, claim or equity; none of the
outstanding shares of capital stock of any subsidiary was issued in violation of
any preemptive or similar right of any securityholder of such subsidiary.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(x) </FONT><U><FONT face=Arial size=2>Authorization of Agreement</FONT></U><FONT face=Arial size=2>. This
Underwriting Agreement has been duly authorized, executed and delivered by the
Company and, when duly executed by its banking subsidiary, Southern First Bank
(the &#147;Bank&#148;), and Sandler, will constitute the valid and binding agreement of
the Company enforceable against the Company in accordance with its terms, except
as enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to or affecting creditors&#146; rights
generally or by general equitable principles and except as any indemnification
or contribution provisions thereof may be limited under applicable securities
and regulatory laws. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xi) </FONT><U><FONT face=Arial size=2>Authorization and Description of Securities</FONT></U><FONT face=Arial size=2>. The Securities to be purchased by Sandler from the Company have been
duly authorized for issuance and sale to Sandler pursuant to this Underwriting
Agreement and, when issued and delivered by the Company pursuant to this
Underwriting Agreement against payment of the consideration set forth herein,
will be validly issued and fully paid and non-assessable; the Common Stock
conforms to all statements relating thereto contained in the Registration
Statement, the General Disclosure Package and the Prospectus and such
description conforms to the rights set forth in the instruments defining the
same; no holder of the Securities will be subject to personal liability for the
debts of the Company by reason of being such a holder; and the issuance of the
Securities is not subject to the preemptive or other similar rights of any
securityholder of the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xii) </FONT><U><FONT face=Arial size=2>Absence of Defaults and Conflicts</FONT></U><FONT face=Arial size=2>.
Neither the Company nor any of its subsidiaries is (A) in violation of its
articles of incorporation or bylaws or other organizational documents or (B) in
default in the performance or observance of any obligation, agreement, covenant
or condition contained in any contract, indenture, mortgage, deed of trust, loan
or credit agreement, note, lease or other agreement or instrument to which the
Company or any of its subsidiaries is a party or by which it or any of them may
be bound, or to which any of the property or assets of the Company or any
subsidiary is subject (collectively, &#147;Agreements and Instruments&#148;) except for
such defaults that would not, individually or in the aggregate, result in a
Material Adverse Effect; and the execution, delivery and performance of this
Underwriting Agreement by the Company and the Bank and the consummation of the
transactions contemplated herein and in the Registration Statement, the General
Disclosure Package and the Prospectus (including the issuance and sale of the
Securities and the use of the proceeds from the sale of
the Securities as described in the Registration Statement, the General
Disclosure Package and the Prospectus under the caption &#147;Use of Proceeds&#148;) and
compliance by the Company and the Bank with their obligations hereunder have
been duly authorized by all necessary corporate action and do not and will not,
whether with or without the giving of notice or passage of time or both,
conflict with or constitute a breach of, or default or Repayment Event (as
defined below) under, or result in the creation or imposition of any lien,
charge or encumbrance upon any property or assets of the Company or any
subsidiary pursuant to, the Agreements and Instruments (except for such
conflicts, breaches or defaults or liens, charges or encumbrances that would not
result in a Material Adverse Effect), nor will such action result in any
violation of the provisions of the articles of incorporation or bylaws or other
organizational documents of the Company or any subsidiary or any applicable law,
statute, rule, regulation, judgment, order, writ or decree of any government,
government instrumentality or court, domestic or foreign, having jurisdiction
over the Company or any subsidiary or any of their assets, properties or
operations. As used herein, a &#147;Repayment Event&#148; means any event or condition
which gives the holder of any note, debenture or other evidence of indebtedness
or obligation of the Company or any of its subsidiaries (or any person acting on
such holder&#146;s behalf) the right to require the repurchase, redemption or
repayment of all or a portion of such note, debenture or other evidence of
indebtedness or obligation by the Company or any subsidiary. </FONT></P>
<P align=center><FONT face=Arial size=2>5 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xiii) </FONT><U><FONT face=Arial size=2>Absence of Labor Dispute</FONT></U><FONT face=Arial size=2>. No labor
dispute with the employees of the Company or any subsidiary exists or, to the
knowledge of the Company, is imminent, and the Company is not aware of any
existing or imminent labor disturbance by the employees of any of its or any
subsidiary&#146;s principal suppliers, manufacturers, customers or contractors,
which, in either case, may reasonably be expected to result in a Material
Adverse Effect. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xiv) </FONT><U><FONT face=Arial size=2>Absence of Proceedings</FONT></U><FONT face=Arial size=2>. There is no
action, suit, proceeding, inquiry or investigation before or brought by any
court or governmental agency or body, domestic or foreign, now pending, or, to
the knowledge of the Company, threatened, against or affecting the Company or
any subsidiary, which is required to be disclosed in the Registration Statement,
the General Disclosure Package and the Prospectus (other than as disclosed
therein), or which might reasonably be expected to result in a Material Adverse
Effect, or which might reasonably be expected to materially and adversely affect
the properties or assets thereof or the consummation of the transactions
contemplated in this Underwriting Agreement or the performance by the Company of
its obligations hereunder; the aggregate of all pending legal or governmental
proceedings to which the Company or any subsidiary is a party or of which any of
their respective property or assets is the subject which are not described in
the Registration Statement, the General Disclosure Package and the Prospectus,
including ordinary routine litigation incidental to the business, could not
reasonably be expected to result in a Material Adverse Effect. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xv) </FONT><U><FONT face=Arial size=2>Accuracy of Exhibits</FONT></U><FONT face=Arial size=2>. There are no
contracts or documents which are required to be described in the Registration
Statement, the General Disclosure Package, the Prospectus or the documents
incorporated by reference therein or to be filed as exhibits thereto which have
not been so described and filed as required. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xvi) </FONT><U><FONT face=Arial size=2>Possession of Intellectual Property</FONT></U><FONT face=Arial size=2>.
The Company and its subsidiaries own or possess, or can acquire on reasonable
terms, adequate patents, patent rights, licenses, inventions, copyrights,
know-how (including trade secrets and other unpatented and/or unpatentable
proprietary or confidential information, systems or procedures and excluding
generally commercially available &#147;off the shelf&#148; software programs licensed
pursuant to shrink wrap or &#147;click and accept&#148; licenses), trademarks, service
marks, trade names or other intellectual property (collectively, &#147;Intellectual
Property&#148;) necessary to carry on the business now operated by them, and neither
the Company nor any of its subsidiaries has received any notice or is otherwise
aware of any infringement of or conflict with asserted rights of others with
respect to any Intellectual Property or of any facts or circumstances which
would render any Intellectual Property invalid or inadequate to protect the
interest of the Company or any of its subsidiaries therein, and which
infringement or conflict (if the subject of any unfavorable decision, ruling or
finding) or invalidity or inadequacy, singly or in the aggregate, would result
in a Material Adverse Effect. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xvii) </FONT><U><FONT face=Arial size=2>Absence of Further Requirements</FONT></U><FONT face=Arial size=2>. No
filing with, or authorization, approval, consent, license, order, registration,
qualification or decree of, any court or governmental authority or agency is
necessary or required for the performance by the Company of its obligations
hereunder, in connection with the offer, issuance or sale of the Securities
hereunder or the consummation of the transactions contemplated by this
Underwriting Agreement, except such as have been already obtained or as may be
required under the 1933 Act or the 1933 Act Regulations or state securities
laws. </FONT></P>
<P align=center><FONT face=Arial size=2>6 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xviii) </FONT><U><FONT face=Arial size=2>Possession of Licenses and Permits</FONT></U><FONT face=Arial size=2>.
The Company and its subsidiaries possess such permits, licenses, approvals,
consents and other authorizations (collectively, &#147;Governmental Licenses&#148;) issued
by the appropriate federal, state, local or foreign regulatory agencies or
bodies necessary to conduct the business now operated by them; the Company and
its subsidiaries are in compliance with the terms and conditions of all such
Governmental Licenses, except where the failure so to comply would not, singly
or in the aggregate, have a Material Adverse Effect; all of the Governmental
Licenses are valid and in full force and effect, except where the invalidity of
such Governmental Licenses or the failure of such Governmental Licenses to be in
full force and effect would not have a Material Adverse Effect; and neither the
Company nor any of its subsidiaries has received any notice of proceedings
relating to the revocation or modification of any such Governmental Licenses
which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, would result in a Material Adverse Effect. Neither the
Company nor any of its subsidiaries has failed to file with applicable
regulatory authorities any statement, report, information or form required by
any applicable law, regulation or order, except where the failure to be so in
compliance would not, individually or in the aggregate, have a Material Adverse
Effect, all such filings were in material compliance with applicable laws when
filed and no material deficiencies have been asserted by any regulatory
commission, agency or authority with respect to any such filings or submissions.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xix) </FONT><U><FONT face=Arial size=2>Title to Property</FONT></U><FONT face=Arial size=2>. The Company and its
subsidiaries have good and marketable title to all real property owned by the
Company and its subsidiaries and good title to all other properties owned by
them, in each case, free and clear of all mortgages, pledges, liens, security
interests, claims, restrictions or encumbrances of any kind except such as (a)
are described in the Registration Statement, the General Disclosure Package and
the Prospectus or (b) do not, singly or in the aggregate, materially affect the
value of such property and do not interfere with the use made and proposed to be
made of such property by the Company or any of its subsidiaries; and all of the
leases and subleases material to the business of the Company and its
subsidiaries, considered as one enterprise, and under which the Company or any
of its subsidiaries holds properties described in the Registration Statement,
the General Disclosure Package and the Prospectus, are in full force and effect,
and neither the Company nor any subsidiary has any notice of any material claim
of any sort that has been asserted by anyone adverse to the rights of the
Company or any subsidiary under any of the leases or subleases mentioned above,
or affecting or questioning the rights of the Company or such subsidiary to the
continued possession of the leased or subleased premises under any such lease or
sublease. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xx) </FONT><U><FONT face=Arial size=2>Investment Company Act.</FONT></U><FONT face=Arial size=2> The Company is
not, and upon the issuance and sale of the Securities as herein contemplated and
the application of the net proceeds therefrom as described in the Registration
Statement, the General Disclosure Package and the Prospectus will not be, an
&#147;investment company&#148; or an entity &#147;controlled&#148; by an &#147;investment company&#148; as
such terms are defined in the Investment Company Act of 1940, as amended (the
&#147;1940 Act&#148;). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxi) </FONT><U><FONT face=Arial size=2>Environmental Laws</FONT></U><FONT face=Arial size=2>. Except as
described in the Registration Statement, the General Disclosure Package and the
Prospectus and except as would not, singly or in the aggregate, result in a
Material Adverse Effect, (A) neither the Company nor any of its subsidiaries is
in violation of any federal, state, local or foreign statute, law, rule,
regulation, ordinance, code, policy or rule of common law or any judicial or
administrative interpretation thereof, including any judicial or administrative
order, consent, decree or judgment, relating to pollution or protection of human
health, the environment (including, without limitation, ambient air, surface
water, groundwater, land surface or subsurface strata) or wildlife, including,
without limitation, laws and regulations relating to the release or threatened
release of chemicals, pollutants, contaminants, wastes, toxic substances,
hazardous substances, petroleum or petroleum products, asbestos-containing
materials or mold (collectively, &#147;Hazardous Materials&#148;) or to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or
handling of Hazardous Materials (collectively, &#147;Environmental Laws&#148;), (B) the
Company and its subsidiaries have all permits, authorizations and approvals
required under any applicable Environmental Laws and are each in compliance with
their requirements, (C) there are no pending or, to the knowledge of the
Company, threatened administrative, regulatory or judicial actions, suits,
demands, demand letters, claims, liens, notices of noncompliance or violation,
investigation or proceedings relating to any Environmental Law against the
Company or any of its subsidiaries and (D) there are no events or circumstances
that might reasonably be expected to form the basis of an order for clean-up or
remediation, or an action, suit or proceeding by any private party or
governmental body or agency, against or affecting the Company or any of its
subsidiaries relating to Hazardous Materials or any Environmental Laws.
</FONT></P>
<P align=center><FONT face=Arial size=2>7 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxii) </FONT><U><FONT face=Arial size=2>Taxes</FONT></U><FONT face=Arial size=2>. The Company and each of the
subsidiaries has (a) timely filed all material foreign, United States federal,
state and local tax returns, information returns, and similar reports that are
required to be filed (taking into account valid extensions), and all tax returns
are true, correct and complete in all material respects, (b) paid in full all
taxes required to be paid by it and any other assessment, fine or penalty levied
against it, except for any such tax assessment, fine or penalty that is
currently being contested in good faith or as would not have, individually or in
the aggregate, a Material Adverse Effect, and (c) established on the most recent
balance sheet reserves that are adequate for the payment of all taxes not yet
due and payable. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxiii) </FONT><U><FONT face=Arial size=2>Insurance</FONT></U><FONT face=Arial size=2>. The Company and its
subsidiaries carry, or are covered by, insurance in such amounts and covering
such risks as the Company reasonably believes are adequate for the conduct of
the business of the Company and its subsidiaries and the value of their
properties and as are customary in the business in which the Company and its
subsidiaries are engaged; neither the Company nor any of its subsidiaries has
been refused any insurance coverage sought or applied for; and the Company has
no reason to believe that they will not be able to renew their existing
insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue its business at a
cost that would not have a Material Adverse Effect. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxiv) </FONT><U><FONT face=Arial size=2>Statistical and Market Data</FONT></U><FONT face=Arial size=2>. The
statistical and market related data contained in the Registration Statement, the
General Disclosure Package and the Prospectus are based on or derived from
sources which the Company believes, after reasonable inquiry, are reliable and
accurate and such data agree with the sources from which they are derived. To
the extent required, the Company has obtained written consent to the use of such
data from the relevant third party sources. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxv) </FONT><U><FONT face=Arial size=2>Relationship</FONT></U><FONT face=Arial size=2>. No relationship, direct
or indirect, exists between or among the Company or any of its subsidiaries, on
the one hand, and the directors, officers, shareholders, customers or suppliers
of the Company or any of its subsidiaries, on the other, that is required by the
1933 Act, the 1933 Act Regulations, the 1934 Act or the 1934 Act Regulations to
be described in the Registration Statement, the General Disclosure Package and
the Prospectus and that is not so described. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxvi) </FONT><U><FONT face=Arial size=2>Internal Control Over Financial Reporting</FONT></U><FONT face=Arial size=2>. The Company maintains a system of internal control over financial
reporting, as defined in Rule 13a-15 under the 1934 Act, that complies with the
requirements of the 1934 Act to provide reasonable assurance that: (A)
transactions are executed in accordance with management&#146;s general or specific
authorizations; (B) transactions are recorded as necessary to permit preparation
of financial statements in conformity with GAAP and to maintain asset
accountability; (C) access to assets is permitted only in accordance with
management&#146;s general or specific authorization; and (D) the recorded
accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.
Except as described in the Registration Statement, General Disclosure Package
and Prospectus, since the end of the Company&#146;s most recent audited fiscal year,
there has been (I) no material weakness in the Company&#146;s internal control over
financial reporting (whether or not remediated) and (II) no change in the
Company&#146;s internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, the Company&#146;s internal
control over financial reporting. Further, based on its most recent evaluation
of the internal control over financial reporting, as required by Rule 13a-15
under the 1934 Act, the Company is not aware of (i) any significant deficiency
in the design or operation of the internal control over financial reporting
which could adversely affect the Company&#146;s ability to record, process, summarize
and report financial data or any material weaknesses in the internal control
over financial reporting or (ii) any fraud, whether or not material, that
involves management or other employees who have a significant role in the
Company&#146;s internal control over financial reporting. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxvii) </FONT><U><FONT face=Arial size=2>Disclosure Controls and Procedures</FONT></U><FONT face=Arial size=2>.
The Company and its subsidiaries maintain disclosure controls and procedures (as
such term is defined in Rule 13a-15 under the 1934 Act), which (A) are designed
to ensure that information required to be disclosed by the Company in the
reports that it files or submits under the 1934 Act is recorded, processed,
summarized and reported within the time periods specified in the Commission&#146;s
rules and forms and that material information relating to the Company and its
subsidiaries is made known to the Company&#146;s principal executive officer and
principal financial officer by others within the Company and its subsidiaries to
allow timely decisions regarding disclosure, and (B) are effective in all
material respects to perform the functions for which they were established.
</FONT></P>
<P align=center><FONT face=Arial size=2>8 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxviii) </FONT><U><FONT face=Arial size=2>Compliance with the Sarbanes-Oxley Act</FONT></U><FONT face=Arial size=2>. There is and has been no failure on the part of the Company or any of
the Company&#146;s directors or officers, in their capacities as such, to comply in
all material respects with any provision of the Sarbanes-Oxley Act and the rules
and regulations promulgated in connection therewith, including Section 402
related to loans and Sections 302 and 906 related to certifications. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxix) </FONT><U><FONT face=Arial size=2>Pending Procedures and Examinations</FONT></U><FONT face=Arial size=2>.
The Registration Statement is not the subject of a pending proceeding or
examination under Section 8(d) or 8(e) of the 1933 Act, and the Company is not
the subject of a pending proceeding under Section 8A of the 1933 Act in
connection with the offering of the Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxx) </FONT><U><FONT face=Arial size=2>Unlawful Payments</FONT></U><FONT face=Arial size=2>. Neither the Company
nor any of its subsidiaries nor, to the knowledge of the Company, any director,
officer, agent, employee or other person associated with or acting on behalf of
the Company or any of its subsidiaries has: (A) used any corporate funds for any
unlawful contribution, gift, entertainment or other unlawful expense relating to
political activity; (B) made any direct or indirect unlawful payment to any
foreign or domestic government official or employee from corporate funds; (C)
taken any action, directly or indirectly, that would result in a violation by
such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the
rules and regulations thereunder (the &#147;FCPA&#148;), including, without limitation,
making use of the mails or any means or instrumentality of interstate commerce
corruptly in furtherance of an offer, payment, promise to pay or authorization
of the payment of any money, or other property, gift, promise to give, or
authorization of the giving of anything of value to any &#147;foreign official&#148; (as
such term is defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in contravention of the
FCPA and the Company; (D) violated or is in violation of the USA Patriot Act and
any rules, regulations or guidelines, issued, administered or enforced by any
governmental agency implementing the provisions of the USA Patriot Act; or (E)
made any bribe, rebate, payoff, influence payment, kickback or other unlawful
payment. The Company and its affiliates have conducted their businesses in
compliance with the FCPA and have instituted and maintain policies and
procedures designed to ensure, and which are reasonably expected to continue to
ensure, continued compliance therewith. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxxi) </FONT><U><FONT face=Arial size=2>No Registration Rights</FONT></U><FONT face=Arial size=2>. No person has
the right to require the Company or any of its subsidiaries to register any
securities for sale under the 1933 Act by reason of the filing of the
Registration Statement with the Commission or the issuance and sale of the
Securities to be sold by the Company hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxxii) </FONT><U><FONT face=Arial size=2>No Preemptive Rights</FONT></U><FONT face=Arial size=2>. There are no
authorized or outstanding preemptive rights, rights of first refusal or other
similar rights to purchase, or equity or debt securities convertible into or
exchangeable or exercisable for, any capital stock of the Company or any of its
subsidiaries except for such rights as have been duly waived and are described
in the Registration Statement, General Disclosure Package and Prospectus. All
such waivers are in full force and effect on the date hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxxiii) </FONT><U><FONT face=Arial size=2>No Stabilization or Manipulation</FONT></U><FONT face=Arial size=2>.
Neither the Company nor any of its subsidiaries, nor, to the knowledge of the
Company, any affiliates of the Company or its subsidiaries, have taken, directly
or indirectly, any action designed to or that could reasonably be expected to
cause or result in any stabilization or manipulation of the price of the
Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxxiv) </FONT><U><FONT face=Arial size=2>No Unauthorized Use of Prospectus</FONT></U><FONT face=Arial size=2>. The
Company has not distributed and, prior to the later to occur of (i) the Closing
Time and (ii) completion of the distribution of the Securities, will not
distribute any prospectus (as such term is defined in the 1933 Act and the 1933
Act Regulations) in connection with the offer and sale of the Securities other
than the Registration Statement, any Preliminary Prospectus, the Prospectus or
other materials, if any, permitted by the 1933 Act or by the 1933 Act
Regulations and approved by Sandler. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxxv) </FONT><U><FONT face=Arial size=2>Forward-Looking Statements</FONT></U><FONT face=Arial size=2>. No
forward-looking statement (within the meaning of Section 27A of the 1933 Act and
Section 21E of the 1934 Act) contained in the Registration Statement, the
General Disclosure Package and the Prospectus has been made or reaffirmed
without a reasonable basis or has been disclosed other than in good faith.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxxvi) </FONT><U><FONT face=Arial size=2>Lock-up Agreements</FONT></U><FONT face=Arial size=2>. Each of the
Company&#146;s executive officers and directors, all of which are listed on Schedule
D hereto, have executed and delivered lock-up agreements as contemplated by
Section 5(i) hereof. </FONT></P>
<P align=center><FONT face=Arial size=2>9 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxxvii) </FONT><U><FONT face=Arial size=2>Fees</FONT></U><FONT face=Arial size=2>. Other than as contemplated by
this Underwriting Agreement, there is no broker, finder or other party that is
entitled to receive from the Company or any subsidiary any brokerage or finder&#146;s
fee or any other fee, commission or payment as a result of the transactions
contemplated by this Underwriting Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxxviii) </FONT><U><FONT face=Arial size=2>ERISA</FONT></U><FONT face=Arial size=2>. The Company and each of the
subsidiaries or their &#147;ERISA Affiliates&#148; (as defined below) are in compliance in
all material respects with all presently applicable provisions of the Employee
Retirement Income Security Act of 1974, as amended, including the regulations
and published interpretations thereunder (&#147;ERISA&#148;); no &#147;reportable event&#148; (as
defined in ERISA) has occurred with respect to any &#147;employee benefit plan&#148; (as
defined in ERISA) for which the Company or any of the subsidiaries or ERISA
Affiliates would have any liability; the Company and each of the subsidiaries or
their ERISA Affiliates have not incurred and do not expect to incur liability
under (A) Title IV of ERISA with respect to termination of, or withdrawal from,
any &#147;employee benefit plan&#148; or (B) Sections 412, 4971, 4975 or 4980B of the
United States Internal Revenue Code of 1986, as amended, and the regulations and
published interpretations thereunder (collectively the &#147;Code&#148;); and each
&#147;employee benefit plan&#148; for which the Company and each of its subsidiaries or
any of their ERISA Affiliates would have any liability that is intended to be
qualified under Section 401(a) of the Code is so qualified in all material
respects and nothing as occurred, whether by action or by failure to act, which
would cause the loss of such qualification. &#147;ERISA Affiliate&#148; means, with
respect to the Company or a subsidiary, any member of any group of organizations
described in Sections 414(b), (c), (m) or (o) of the Code or Section 400(b) of
ERISA of which the Company or such subsidiary is a member. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xxxix) </FONT><U><FONT face=Arial size=2>Bank Holding Company Act; Banking Regulation</FONT></U><FONT face=Arial size=2>. The Company is duly registered as a bank holding company under the Bank
Holding Company Act of 1956, as amended. The Bank holds the requisite authority
to do business as a state-chartered bank under the laws of the state of South
Carolina. The activities of the Company&#146;s Subsidiaries are permitted of
subsidiaries of a bank holding company under applicable law and the rules and
regulations of the Board of Governors of the Federal Reserve System (the &#147;FRB&#148;)
set forth in Title 12 of the Code of Federal Regulations. The Bank is the only
depository institution Subsidiary of the Company and the Bank is a member in
good standing of the Federal Home Loan Bank System.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xl) </FONT><U><FONT face=Arial size=2>No Regulatory Proceedings</FONT></U><FONT face=Arial size=2>. Except as
disclosed in the Registration Statement, the General Disclosure Package and the
Prospectus, (A) neither the Company nor any of its subsidiaries is a party to or
subject to any order, decree, agreement, memorandum of understanding or similar
agreement with, or a commitment letter, supervisory letter or similar submission
to, any federal, state or local court or governmental entity (each a
&#147;Governmental Entity&#148;) charged with the supervision or regulation of depository
institutions or engaged in the insurance of deposits (including the Federal
Deposit Insurance Corporation (&#147;FDIC&#148;)) or the supervision or regulation of the
Company or any of its subsidiaries; (B) neither the Company nor any of its
subsidiaries has been advised by any such Governmental Entity that such
Governmental Entity is contemplating issuing or requesting (or is considering
the appropriateness of issuing or requesting) any such order, decree, agreement,
memorandum of understanding, commitment letter, supervisory letter or similar
submission; and (C) there is no unresolved violation, criticism or exception by
any such Governmental Entity with respect to any report or statement relating to
any examinations of the Company or any of its subsidiaries which, in the
reasonable judgment of the Company, currently results in or is expected to
result in a Material Adverse Effect. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xli) </FONT><U><FONT face=Arial size=2>Compliance with Applicable Laws</FONT></U><FONT face=Arial size=2>.
Except as disclosed in the Registration Statement, the General Disclosure
Package and the Prospectus, or where the failure to be in compliance would not
result in a Material Adverse Effect, the Company and its subsidiaries conduct
their respective businesses in compliance with all federal, state, local and
foreign statutes, laws, rules, regulations, decisions, directives and orders
applicable to them (including, without limitation, all applicable regulations
and orders of, or agreements with, the Board of Governors of the Federal Reserve
System, the FDIC, the South Carolina Board of Financial Institutions, and the
Equal Credit Opportunity Act, the Fair Housing Act, the Community Reinvestment
Act, the Home Mortgage Disclosure Act, all other applicable fair lending laws or
other laws relating to discrimination, the Bank Secrecy Act, Title III of the
USA Patriot Act, the Currency and Foreign Transaction Reporting Act of 1970, as
amended, and the money laundering statutes of all jurisdictions, the rules and
regulations thereunder and any related or similar rules, regulations or
guidelines, issued, administered or enforced by any Governmental Entity).
Neither the Company nor its subsidiaries has received any communication from any
Governmental Entity asserting that the Company or any subsidiary is not in
compliance with any statute, law, rule, regulation, decision, directive or
order, except where the asserted failure to comply would not result in a
Material Adverse Effect. </FONT></P>
<P align=center><FONT face=Arial size=2>10 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xlii) </FONT><U><FONT face=Arial size=2>Deposit Insurance</FONT></U><FONT face=Arial size=2>. The deposit
accounts of the Bank are insured by the FDIC up to the legal maximum, the Bank
has paid all premiums and assessments required by the FDIC and the regulations
thereunder and no proceeding for the termination or revocation of such insurance
is pending or, to the knowledge of the Company, threatened. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xliii) </FONT><U><FONT face=Arial size=2>OFAC</FONT></U><FONT face=Arial size=2>. None of the Company, any of its
subsidiaries or, to the knowledge of the Company, any director, officer, agent,
employee, affiliate or representative of the Company or any of its subsidiaries
is an individual or entity (&#147;Person&#148;) currently the subject or target of any
sanctions administered or enforced by the United States Government, including,
without limitation, the U.S. Department of the Treasury&#146;s Office of Foreign
Assets Control (&#147;OFAC&#148;), the United Nations Security Council, the European
Union, Her Majesty&#146;s Treasury, or other relevant sanctions authority
(collectively, &#147;Sanctions&#148;), nor is the Company located, organized or resident
in a country or territory that is the subject of Sanctions; and the Company will
not directly or indirectly use the proceeds of the sale of the Securities, or
lend, contribute or otherwise make available such proceeds to any Subsidiaries,
joint venture partners or other Person, to fund any activities of or business
with any Person, or in any country or territory, that, at the time of such
funding, is the subject of Sanctions or in any other manner that will result in
a violation by any Person (including any Person participating in the
transaction, whether as underwriter, advisor, investor or otherwise) of
Sanctions. For the past five years, the Company and its Subsidiaries have not
knowingly engaged in and are not now knowingly engaged in any dealings or
transactions with any person that at the time of the dealing or transaction is
or was the subject or the target of Sanctions or with any sanctioned country.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xliv) </FONT><U><FONT face=Arial size=2>Insurance Subsidiaries</FONT></U><FONT face=Arial size=2>. No subsidiary
of the Company or the Bank is engaged in the business of acting as an insurance
agency or premium finance company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xlv) </FONT><U><FONT face=Arial size=2>Investment Securities</FONT></U><FONT face=Arial size=2>. Each of the
Company and its subsidiaries has good and marketable title to all securities
held by it (except securities sold under repurchase agreements or held in any
fiduciary or agency capacity) free and clear of any lien, claim, charge, option,
encumbrance, mortgage, pledge or security interest or other restriction of any
kind, except to the extent such securities are pledged in the ordinary course of
business consistent with prudent business practices to secure obligations of the
Company or any of its subsidiaries and except for such defects in title or
liens, claims, charges, options, encumbrances, mortgages, pledges or security
interests or other restrictions of any kind that would not be material to the
Company and its subsidiaries. Such securities are valued on the books of the
Company and its subsidiaries in accordance with GAAP. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xlvi) </FONT><U><FONT face=Arial size=2>Derivative Securities</FONT></U><FONT face=Arial size=2>. Except as would
not reasonably be expected to result in a Material Adverse Effect, all material
swaps, caps, floors, futures, forward contracts, option agreements (other than
employee stock options) and other derivative financial instruments, contracts or
arrangements, whether entered into for the account of the Company or one of its
subsidiaries or for the account of a customer of the Company or one of its
subsidiaries, were entered into in the ordinary course of business and in
accordance and in all material respects with applicable laws, rules, regulations
and policies of all applicable regulatory agencies and with counterparties
believed to be financially responsible at the time. The Company and each of its
subsidiaries have duly performed in all material respects all of their
obligations thereunder to the extent that such obligations to perform have
accrued. Neither the Company nor any of its subsidiaries, nor, to the knowledge
of the Company, any other party thereto, is in breach of its material
obligations under any such agreement or arrangement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xlvii) </FONT><U><FONT face=Arial size=2>Subsidiary Dividend Restrictions</FONT></U><FONT face=Arial size=2>.
Except as disclosed in each of the Registration Statement, the General
Disclosure Package and the Prospectus, no subsidiary of the Company is currently
prohibited, directly or indirectly, under any order of any Governmental Entity
(other than orders applicable to bank holding companies and their subsidiaries
generally), under any applicable law, or under any agreement or other instrument
to which it is a party or is subject, from paying any dividends to the Company,
from making any other distribution on such subsidiary&#146;s capital stock, from
repaying to the Company any loans or advances to such subsidiary from the
Company or from transferring any of such subsidiary&#146;s properties or assets to
the Company or any other subsidiary of the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xlviii) </FONT><U><FONT face=Arial size=2>Convertible Securities</FONT></U><FONT face=Arial size=2>. Except as
disclosed in the Registration Statement, the General Disclosure Package and the
Prospectus, there are no outstanding rights (contractual or otherwise), warrants
or options to acquire, or instruments convertible into or exchangeable for, or
agreements or understandings with respect to the sale or issuance of, any shares
of capital stock of or other equity interest in the Company. </FONT></P>
<P align=center><FONT face=Arial size=2>11 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(xlix) </FONT><U><FONT face=Arial size=2>Statements in Registration Statement</FONT></U><FONT face=Arial size=2>.
The (A) descriptions in the Registration Statement, the General Disclosure
Package and the Prospectus of statutes, legal, governmental and regulatory
proceedings and contracts and other documents, (B) statements in the
Registration Statement, the General Disclosure Package and the Prospectus under
&#147;Description of Our Capital Stock,&#148; &#147;Description of Common Stock,&#148; &#147;Description
of Preferred Stock,&#148; &#147;Southern First Bancshares, Inc.,&#148; &#147;Anti-Takeover Effects
of Certain Articles of Incorporation Provisions,&#148; &#147;Market for Common Stock and
Our Dividend Policy,&#148; &#147;Plan of Distribution,&#148; and &#147;Risk Factors &#148; and (C)
statements in the Registration Statement under Item 15, in each case insofar as
they purport to describe the provisions of the laws and documents referred to
therein, are accurate and complete in all material respects. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(b) </FONT><I><FONT face=Arial size=2>Representations and Warranties by the Bank.</FONT></I><FONT face=Arial size=2> The Bank represents and warrants to Sandler as of the date hereof, as of
the Closing Time referred to in Section 2(c) hereof, and as of each Date of
Delivery (if any) referred to in Section 2(b) hereof, and agrees with Sandler as
follows: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(i) The Bank has been duly chartered
and is validly existing as a state-chartered bank in good standing under the
laws of the state of South Carolina with the power and authority to own, lease
and operate its properties and to conduct its business as described in the
Registration Statement, the General Disclosure Package and the Prospectus and to
enter into and perform its obligations under this Underwriting Agreement, and
has been duly qualified as a foreign bank for the transaction of business and is
in good standing under the laws of each other jurisdiction in which it owns or
leases properties or conducts any business so as to require such qualification
except where the failure so to qualify or to be in good standing would not
result in a Material Adverse Effect. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(ii) Neither the Bank nor any of its
subsidiaries is in violation of its articles of incorporation, bylaws or other
organizational documents or in default in the performance or observance of any
obligation, agreement, covenant or condition contained in any contract,
indenture, mortgage, deed of trust, loan agreement, note, lease or other
agreement or instrument to which the Bank or any of its subsidiaries is a party
or by which any of them is bound or to which any of the property or assets of
the Bank or any of its subsidiaries is subject (collectively, the &#147;Bank
Instruments&#148;) except for such defaults that would not, individually or in the
aggregate, result in a Material Adverse Effect. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(iii) The Bank does not have any
subsidiaries. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(iv) This Underwriting Agreement has
been duly authorized, executed and delivered by the Bank and, when duly executed
by the Company and Sandler, will constitute the valid and binding agreement of
the Bank enforceable against the Bank in accordance with its terms, except as
enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to or affecting creditors&#146; rights
generally or by general equitable principles and except as any indemnification
or contribution provisions thereof may be limited under applicable securities
and bank regulatory laws. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(v) The execution, delivery and
performance of this Underwriting Agreement by the Bank, compliance by the Bank
with all of the provisions of this Underwriting Agreement and the consummation
of the transactions herein contemplated do not and will not contravene, conflict
with, or result in a breach or violation of any of the terms or provisions of,
or constitute a default under, any Bank Instrument, except for such
contraventions, conflicts, breaches, violations or defaults that would not,
individually or in the aggregate, result in a Material Adverse Effect, nor does
or will any such action contravene, conflict with or result in a breach or
violation of any of the terms or provisions of the articles of incorporation or
bylaws or other organizational documents of the Bank or any statute, order, rule
or regulation of any court or Governmental Entity having jurisdiction over the
Bank or its subsidiary or any of their properties. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(c) </FONT><I><FONT face=Arial size=2>Officer&#146;s Certificates</FONT></I><FONT face=Arial size=2>. Any
certificate signed by any officer of the Company or any of its subsidiaries in
their capacity as such that is delivered to Sandler or to counsel for Sandler
shall be deemed a representation and warranty by the Company to Sandler as to
the matters covered thereby.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 2. </FONT><U><FONT face=Arial size=2>Sale and Delivery to Sandler; Closing</FONT></U><FONT face=Arial size=2>.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(a) </FONT><I><FONT face=Arial size=2>Initial Securities.</FONT></I><FONT face=Arial size=2> On the basis of
the representations and warranties herein contained and subject to the terms and
conditions herein set forth, the Company agrees to sell to Sandler, and Sandler
agrees to purchase from </FONT><FONT face=Arial size=2>the Company, at a purchase price per share of $31.030625, the Initial Securities.
</FONT></P>
<P align=center><FONT face=Arial size=2>12 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(b) </FONT><I><FONT face=Arial size=2>Option Securities.</FONT></I><FONT face=Arial size=2> In addition, on the
basis of the representations and warranties herein contained and subject to the
terms and conditions herein set forth, the Company hereby grants an option to
Sandler to purchase up </FONT><FONT face=Arial size=2>to an additional 105,000 shares of Common Stock at a purchase price per share of $31.030625, less an amount per share equal to
</FONT><FONT face=Arial size=2>any dividends or distributions declared by the
Company and payable on the Initial Securities but not payable on the Option
Securities. The option hereby granted will expire 30 days after the date hereof
and may be exercised in whole or in part from time to time upon notice by
Sandler to the Company setting forth the number of Option Securities as to which
Sandler is then exercising the option and the time and date of payment and
delivery for such Option Securities. Any such time and date of delivery (a &#147;Date
of Delivery&#148;) shall be determined by Sandler, but shall not be later than seven
full business days after the exercise of said option, nor in any event prior to
the Closing Time, as hereinafter defined. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(c) </FONT><I><FONT face=Arial size=2>Payment.</FONT></I><FONT face=Arial size=2> Payment of the purchase price
for the Initial Securities shall be made pursuant to Section 2(d) below,
delivery of the Initial Securities shall be made to the Designated Office (as
defined below), and the documents to be delivered at the Closing Time (as
defined below) shall be made at the offices of Alston &amp; Bird LLP, 1201 West
Peachtree Street, Atlanta, Georgia 30309, or at such other place as shall be
agreed upon by Sandler and the Company, at 9:00 A.M. (Eastern time) on the third
(fourth, if the pricing occurs after 4:30 P.M. (Eastern time) on any given day)
business day after the date hereof, or such other time not later than ten
business days after such date as shall be agreed upon by Sandler and the Company
(such time and date of payment and delivery being herein called &#147;Closing Time&#148;).
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>In addition, in the event that any or
all of the Option Securities are purchased by Sandler, payment of the purchase
price for the Option Securities shall be made pursuant to Section 2(d) below,
delivery of the Option Securities shall be made to the Designated Office, and
the documents to be delivered on the Date of Delivery shall be made at the
above-mentioned offices, or at such other place as shall be agreed upon by
Sandler and the Company, on each Date of Delivery as specified in the notice
from Sandler to the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(d) </FONT><I><FONT face=Arial size=2>Denominations; Registration.</FONT></I><FONT face=Arial size=2> The
Securities to be purchased by Sandler hereunder, in definitive form, and in such
authorized denominations and registered in such names as Sandler may request
upon at least one full business day prior notice before the Closing Time or the
relevant Date of Delivery, as the case may be, to the Company, shall be
delivered by or on behalf of the Company to Sandler, through the facilities of
the Depository Trust Company (&#147;DTC&#148;), for the account of Sandler, against
payment by or on behalf of Sandler of the purchase price therefor by wire
transfer of Federal (same day) funds to the account specified by the Company to
Sandler at least one business day in advance. The certificates for the Initial
Securities and the Option Securities, if any, will be made available for
examination and packaging by Sandler in the City of New York at the office of
DTC or its designated custodian (the &#147;Designated Office&#148;) not later than 10:00
A.M. (Eastern time) on the business day prior to the Closing Time or the
relevant Date of Delivery, as the case may be. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 3. </FONT><U><FONT face=Arial size=2>Covenants of the Company</FONT></U><FONT face=Arial size=2>. The Company
covenants with Sandler as follows: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(a) </FONT><I><FONT face=Arial size=2>Compliance with Securities Regulations and Commission
Requests.</FONT></I><FONT face=Arial size=2> The Company, subject to Section
3(b), will comply with the requirements of Rule 430A and will notify Sandler
immediately, and confirm the notice in writing, (i) when any post-effective
amendment to the Registration Statement shall become effective, or any
supplement to the Prospectus or any amended Prospectus shall have been filed,
(ii) of the receipt of any comments from the Commission, (iii) of any request by
the Commission for any amendment to the Registration Statement or any amendment
or supplement to the Prospectus or for additional information, (iv) of the
issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or of any order preventing or suspending the use of any
Preliminary Prospectus, or of the suspension of the qualification of the
Securities for offering or sale in any jurisdiction, or of the initiation or
threatening of any proceedings for any of such purposes or of any examination
pursuant to Section 8(e) of the 1933 Act concerning the Registration Statement
and (v) if the Company becomes the subject of a proceeding under Section 8A of
the 1933 Act in connection with the offering of the Securities. The Company will
promptly effect the filings necessary pursuant to Rule 424(b) in the manner and
within the time period required by Rule 424(b) (without reliance on Rule
424(b)(8)) and will take such steps as it deems necessary to ascertain promptly
whether the form of prospectus transmitted for filing under Rule 424(b) was
received for filing by the Commission and, in the event that it was not, it will
promptly file such prospectus. The Company will make every reasonable effort to
prevent the issuance of any stop order and, if any stop order is issued, to
obtain the lifting thereof at the earliest possible moment. </FONT></P>
<P align=center><FONT face=Arial size=2>13 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(b) </FONT><I><FONT face=Arial size=2>Filing of Amendments.</FONT></I><FONT face=Arial size=2> The Company will
give Sandler notice of its intention to file or prepare any amendment to the
Registration Statement (including any filing under Rule 462(b)), or any
amendment, supplement or revision to either any Preliminary Prospectus
(including the prospectus included in the Registration Statement at the time it
became effective) or to the Prospectus, whether pursuant to the 1933 Act, the
1934 Act or otherwise, will furnish Sandler with copies of any such documents a
reasonable amount of time prior to such proposed filing or use, as the case may
be, and will not file or use any such document to which Sandler or Sandler's
counsel shall object. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(c) </FONT><I><FONT face=Arial size=2>Delivery of Registration Statements.</FONT></I><FONT face=Arial size=2>
The Company has furnished or will deliver to Sandler and Sandler's counsel,
without charge, as many signed copies as Sandler may reasonably request of the
Registration Statement as originally filed and of each amendment thereto
(including exhibits filed therewith or incorporated by reference therein and
documents incorporated or deemed to be incorporated by reference therein) and as
many signed copies as Sandler may reasonably request of all consents and
certificates of experts, and will also deliver to Sandler, without charge, as
many conformed copies as Sandler may reasonably request of the Registration
Statement as originally filed and of each amendment thereto (without exhibits).
The copies of the Registration Statement and each amendment thereto furnished to
Sandler will be identical to the electronically transmitted copies thereof filed
with the Commission pursuant to EDGAR, except to the extent permitted by
Regulation S-T. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(d) </FONT><I><FONT face=Arial size=2>Delivery of Prospectuses.</FONT></I><FONT face=Arial size=2> The Company
has delivered to Sandler, without charge, as many copies of each Preliminary
Prospectus as Sandler reasonably requested, and the Company hereby consents to
the use of such copies for purposes permitted by the 1933 Act. The Company will
furnish to Sandler, without charge, during the period when the Prospectus is
required to be delivered under the 1933 Act or the 1934 Act, such number of
copies of the Prospectus (as amended or supplemented) as Sandler may reasonably
request. The Prospectus and any amendments or supplements thereto furnished to
Sandler will be identical to the electronically transmitted copies thereof filed
with the Commission pursuant to EDGAR, except to the extent permitted by
Regulation S-T. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(e) </FONT><I><FONT face=Arial size=2>Continued Compliance with Securities Laws.</FONT></I><FONT face=Arial size=2> The Company will comply with the 1933 Act and the 1933 Act Regulations
and the 1934 Act and the 1934 Act Regulations so as to permit the completion of
the distribution of the Securities as contemplated in this Underwriting
Agreement and in the Registration Statement, the General Disclosure Package and
the Prospectus. If at any time when a prospectus is required by the 1933 Act to
be delivered in connection with sales of the Securities, any event shall occur
or condition shall exist as a result of which it is necessary, in the opinion of
counsel for Sandler or for the Company, to amend the Registration Statement or
amend or supplement any Preliminary Prospectus or the Prospectus in order that
such Preliminary Prospectus or Prospectus will not include any untrue statements
of a material fact or omit to state a material fact necessary in order to make
the statements therein not misleading in the light of the circumstances existing
at the time it is delivered to a purchaser, or if it shall be necessary, in the
opinion of such counsel, at any such time to amend the Registration Statement or
amend or supplement any Preliminary Prospectus or the Prospectus in order to
comply with the requirements of the 1933 Act or the 1933 Act Regulations, the
Company will promptly prepare and file with the Commission, subject to Section
3(b), such amendment or supplement as may be necessary to correct such statement
or omission or to make the Registration Statement or any Preliminary Prospectus
or the Prospectus comply with such requirements, and the Company will furnish to
Sandler such number of copies of such amendment or supplement as Sandler may
reasonably request. If at any time following issuance of an Issuer-Represented
Free Writing Prospectus there occurred or occurs an event or development as a
result of which such Issuer-Represented Free Writing Prospectus conflicted or
would conflict with the information contained in the Registration Statement or
contained or would contain an untrue statement of a material fact required to be
stated therein or necessary to make the statements therein not misleading, the
Company has promptly notified or will promptly notify Sandler and has promptly
amended or will promptly amend or supplement, at its own expense, such
Issuer-Represented Free Writing Prospectus to eliminate or correct such
conflict, untrue statement or omission. If at any time following issuance of an
Issuer-Represented Free Writing Prospectus there occurred or occurs an event or
development as a result of which such Issuer-Represented Free Writing Prospectus
conflicted or would conflict with the information contained in the Prospectus or
included or would include an untrue statement of a material fact or omitted or
would omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances prevailing at that subsequent time,
not misleading, the Company has promptly notified or will promptly notify
Sandler and has promptly amended or will promptly amend or supplement, at its
own expense, such Issuer-Represented Free Writing Prospectus to eliminate or
correct such conflict, untrue statement or omission. </FONT></P>
<P align=center><FONT face=Arial size=2>14 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(f) </FONT><I><FONT face=Arial size=2>Blue Sky Qualifications.</FONT></I><FONT face=Arial size=2> The Company
will use its reasonable best efforts, in cooperation with Sandler, to qualify
the Securities for offering and sale under the applicable securities laws of
such states and other jurisdictions as Sandler may designate and to maintain
such qualifications in effect for a period of not less than one year from the
later of the effective date of the Registration Statement and any Rule 462(b)
Registration Statement; provided that the Company shall not be obligated to file
any general consent to service of process or to qualify as a foreign corporation
or as a dealer in securities in any jurisdiction in which it is not so qualified
or to subject itself to taxation in respect of doing business in any
jurisdiction in which it is not otherwise so subject. In each jurisdiction in
which the Securities have been so qualified, the Company will file such
statements and reports as may be required by the laws of such jurisdiction to
continue such qualification in effect for a period of not less than one year
from the effective date of the Registration Statement and any Rule 462(b)
Registration Statement. The Company will also supply Sandler with such
information as is necessary for the determination of the legality of the
Securities for investment under the laws of such jurisdiction as Sandler may
request. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(g) </FONT><I><FONT face=Arial size=2>Rule 158.</FONT></I><FONT face=Arial size=2> The Company will timely file
such reports pursuant to the 1934 Act as are necessary in order to make
generally available to its securityholders as soon as practicable an earnings
statement for the purposes of, and to provide the benefits contemplated by, the
last paragraph of Section 11(a) of the 1933 Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(h) </FONT><I><FONT face=Arial size=2>Use of Proceeds.</FONT></I><FONT face=Arial size=2> The Company will use
the net proceeds received by it from the sale of the Securities in the manner
specified in the Registration Statement, the General Disclosure Package and the
Prospectus under &#147;Use of Proceeds&#148;. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(i) </FONT><I><FONT face=Arial size=2>Listing.</FONT></I><FONT face=Arial size=2> The Company will use its best
efforts to effect and maintain the listing of the Securities on the Nasdaq
Global Market and will file with the Nasdaq Stock Market LLC (&#147;NASDAQ&#148;) all
documents and notices required by NASDAQ of companies that have securities that
are listed on the Nasdaq Global Market. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(j) </FONT><I><FONT face=Arial size=2>Restriction on Sale of Securities.</FONT></I><FONT face=Arial size=2>
During a period of 90 days from the date of the Prospectus, the Company will
not, without the prior written consent of Sandler, (i) directly or indirectly,
offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to
purchase or otherwise transfer or dispose of any share of Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock or
file any registration statement under the 1933 Act with respect to any of the
foregoing or (ii) enter into any swap or any other agreement or any transaction
that transfers, in whole or in part, directly or indirectly, the economic
consequence of ownership of the Common Stock, whether any such swap or
transaction described in clause (i) or (ii) above is to be settled by delivery
of Common Stock or such other securities, in cash or otherwise. The foregoing
sentence shall not apply to (A) the Securities to be sold hereunder, (B) any
shares of Common Stock issued by the Company upon the exercise of an option or
warrant or the conversion of a security outstanding on the date hereof and
disclosed in the Registration Statement, General Disclosure Package and
Prospectus, or (C) any shares of Common Stock issued or options to purchase
Common Stock granted pursuant to existing employee benefit plans of the Company
disclosed in the Registration Statement, the General Disclosure Package and the
Prospectus, provided that such options shall not be vested and exercisable
within the 90-day period referred to above. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(k) </FONT><I><FONT face=Arial size=2>Reporting Requirements.</FONT></I><FONT face=Arial size=2> The Company,
during the period when the Prospectus is required to be delivered under the 1933
Act or the 1934 Act, will file all documents required to be filed with the
Commission pursuant to the 1934 Act within the time periods required by the 1934
Act and the 1934 Act Regulations. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(l) </FONT><I><FONT face=Arial size=2>Lock-up Agreements.</FONT></I><FONT face=Arial size=2> The Company agrees
to enforce its rights under any existing registration rights agreements or
shareholders&#146; agreement to the extent applicable to restrict the transfer of
securities within the 90-day period following the Closing Date. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(m) </FONT><I><FONT face=Arial size=2>Issuer Free Writing Prospectus</FONT></I><FONT face=Arial size=2>. The
Company represents and agrees that, unless it obtains the prior consent of
Sandler, it has not made and will not make any offer relating to the Securities
that would constitute an &#147;issuer free writing prospectus,&#148; as defined in Rule
433 under the 1933 Act, or that would otherwise constitute a &#147;free writing
prospectus,&#148; as defined in Rule 405 under the 1933 Act, required to be filed
with the Commission. Any such free writing prospectus consented to by Sandler is
hereinafter referred to as an &#147;</FONT><I><FONT face=Arial size=2>Permitted Free
Writing Prospectus</FONT></I><FONT face=Arial size=2>&#148;. The Company represents
that it has treated or agrees that it will treat each Permitted Free Writing
Prospectus as an &#147;issuer free writing prospectus,&#148; as defined in Rule 433, and
has complied and will comply with the requirements of
Rule 433 applicable to any Permitted Free Writing Prospectus, including timely
filing with the Commission where required, legending and record keeping.
</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"><FONT face=Arial size=2>(n) </FONT><I><FONT face=Arial size=2>Lock-up Release</FONT></I><FONT face=Arial size=2>. The Company agrees to
announce the impending release or waiver of any lock-up restrictions of any
officer or director of the Company by press release through a major news service
at least two business days before the effective date of the release or waiver.
Any release or waiver granted by Sandler to any such officer or director shall
only be effective two business days after the publication date of such press
release. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(o) </FONT><I><FONT face=Arial size=2>Registration Rights, Preemptive Rights and Other Rights. </FONT></I><FONT face=Arial size=2>The Company agrees that it shall not release any party from a
waiver of registration rights, or from a waiver of any preemptive rights, rights
of first refusal or other similar rights to purchase, or equity or debt
securities convertible into or exchangeable or exercisable for, any capital
stock of the Company or any of its subsidiaries, during the 90-day restricted
period referred to in Section 3(j) hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 4. </FONT><U><FONT face=Arial size=2>Payment of Expenses</FONT></U><FONT face=Arial size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(a) </FONT><I><FONT face=Arial size=2>Expenses.</FONT></I><FONT face=Arial size=2> The Company will pay or
cause to be paid all expenses incident to the performance of its obligations
under this Underwriting Agreement, including (i) the preparation, printing and
filing of the Registration Statement (including financial statements and
exhibits) as originally filed and of each amendment thereto, (ii) the
preparation, printing and delivery to Sandler of this Underwriting Agreement,
and such other documents as may be required in connection with the offering,
purchase, sale, issuance or delivery of the Securities, (iii) the preparation,
issuance and delivery of the certificates for the Securities to Sandler, to the
extent applicable, including any stock or other transfer taxes and any stamp or
other duties payable upon the sale, issuance or delivery of the Securities to
Sandler, (iv) the fees and disbursements of the Company&#146;s counsel, accountants
and other advisors, (v) the qualification of the Securities under securities
laws in accordance with the provisions of Section 3(f) hereof, including filing
fees and the reasonable fees and disbursements of counsel for Sandler in
connection therewith and in connection with the preparation of the Blue Sky
Survey and any supplement thereto, (vi) the printing and delivery to Sandler of
copies of each Preliminary Prospectus, any Permitted Free Writing Prospectus and
the Prospectus and any amendments or supplements thereto (including any costs
associated with electronic delivery of these materials), (vii) the preparation,
printing and delivery to Sandler of copies of the Blue Sky Survey and any
supplement thereto, (viii) the fees and expenses of any transfer agent or
registrar for the Securities, (ix) the costs and expenses of the Company
relating to any &#147;road show&#148; undertaken in connection with the marketing of the
Securities, including without limitation, expenses associated with the
production of road show slides and graphics, fees and expenses of any
consultants engaged in connection with the road show, travel and lodging
expenses of the representatives and officers of the Company and any such
consultants, and the cost of aircraft and other transportation chartered in
connection with the road show, (x) the costs, fees and expenses incurred by
Sandler in connection with determining their compliance with the rules and
regulations of FINRA related to Sandler&#146;s participation in the offering and
distribution of the Securities, including any related filing fees and the
reasonable legal fees of, and disbursements by, counsel to Sandler, (xi) the
fees and expenses incurred in connection with the inclusion of the Securities in
the Nasdaq Global Market, and (xii) all reasonable out-of-pocket expenses
incurred by Sandler in connection with the transactions contemplated hereby,
including, without limitation, the fees and disbursements of counsel for
Sandler, marketing and travel expenses, up to a maximum of $150,000. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(b) </FONT><I><FONT face=Arial size=2>Termination of Agreement.</FONT></I><FONT face=Arial size=2> If this
Underwriting Agreement is terminated by Sandler in accordance with the
provisions of Section 5 or Section 9(a) hereof, the Company shall reimburse
Sandler for all of its out-of-pocket expenses, including any fees and
disbursements of counsel for Sandler. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 5. </FONT><U><FONT face=Arial size=2>Conditions of Sandler&#146;s Obligations</FONT></U><FONT face=Arial size=2>.
The obligations of Sandler hereunder are subject to the accuracy of the
representations and warranties of the Company and the Bank contained in Section
1 hereof or in certificates of any officer of the Company or any subsidiary of
the Company delivered pursuant to the provisions hereof, to the performance by
the Company of its covenants and other obligations hereunder, and to the
following further conditions: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(a) </FONT><I><FONT face=Arial size=2>Effectiveness of Registration Statement.</FONT></I><FONT face=Arial size=2> The Registration Statement, including any Rule 462(b) Registration
Statement, has become effective and at Closing Time no stop order suspending the
effectiveness of the Registration Statement shall have been issued under the
1933 Act or proceedings therefor initiated or threatened by the Commission, and
any request on the part of the Commission for additional information shall have
been complied with to the reasonable satisfaction of
counsel to Sandler. A Prospectus containing the information that was omitted
from the Registration Statement at the time it became effective pursuant to Rule
430A under the 1933 Act but that is deemed to be part of the Registration
Statement (the &#147;Rule 430A Information&#148;) shall have been filed with the
Commission in the manner and within the time period required by Rule 424(b)
(without reliance on Rule 424(b)(8)) (or a post-effective amendment providing
such information shall have been filed and declared effective in accordance with
the requirements of Rule 430A). </FONT></P>
<P align=center><FONT face=Arial size=2>16 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(b) </FONT><I><FONT face=Arial size=2>Opinion of Counsel for Company.</FONT></I><FONT face=Arial size=2> At
Closing Time, Sandler shall have received the favorable opinion, dated as of
Closing Time, of Nelson Mullins Riley &amp; Scarborough LLP, counsel for the
Company, in form and substance satisfactory to counsel for Sandler to the effect
set forth in Exhibit A hereto and to such further effect as counsel to Sandler
may reasonably request, each in form and substance satisfactory to counsel for
Sandler. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(c) </FONT><I><FONT face=Arial size=2>Opinion of Counsel for Sandler.</FONT></I><FONT face=Arial size=2> At
Closing Time, Sandler shall have received the opinion, dated as of Closing Time,
of Alston &amp; Bird LLP, counsel for Sandler, in form and substance
satisfactory to Sandler. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(d) </FONT><I><FONT face=Arial size=2>Officers&#146; Certificate.</FONT></I><FONT face=Arial size=2> At Closing
Time, there shall not have been, since the date hereof or since the respective
dates as of which information is given in the Registration Statement, the
General Disclosure Package or the Prospectus as of the execution of this
Underwriting Agreement or the Applicable Time, any material adverse change in
the condition, financial or otherwise, or in the earnings, business affairs or
business prospects of the Company and its subsidiaries considered as one
enterprise, whether or not arising in the ordinary course of business, and
Sandler shall have received a certificate of the chief executive officer of the
Company and of the chief financial or chief accounting officer of the Company,
dated as of Closing Time, to the effect that (i) there has been no such material
adverse change, (ii) the representations and warranties in Sections 1(a) and
1(b) hereof are true and correct with the same force and effect as though
expressly made at and as of Closing Time, (iii) the Company has complied with
all agreements and satisfied all conditions on its part to be performed or
satisfied at or prior to Closing Time, and (iv) no stop order suspending the
effectiveness of the Registration Statement has been issued and no proceedings
for that purpose have been instituted or are pending or are contemplated by the
Commission. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(e) </FONT><I><FONT face=Arial size=2>Accountant&#146;s Comfort Letter.</FONT></I><FONT face=Arial size=2> At the
time of the execution of this Underwriting Agreement, Sandler shall have
received from Elliott Davis Decosimo LLC a letter dated the date hereof, in form
and substance satisfactory to Sandler, containing statements and information of
the type ordinarily included in accountants&#146; &#147;comfort letters&#148; to underwriters
with respect to the financial statements and certain financial information
contained in the Registration Statement and General Disclosure Package.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(f) </FONT><I><FONT face=Arial size=2>Bring-down Comfort Letter.</FONT></I><FONT face=Arial size=2> At Closing
Time, Sandler shall have received from Elliott Davis Decosimo LLC a letter,
dated as of Closing Time, to the effect that they reaffirm the statements made
in the letter furnished pursuant to subsection (e) of this Section, except that
the specified date referred to shall be a date not more than three business days
prior to Closing Time with respect to the financial statements and certain
financial information contained in the Prospectus. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(g) </FONT><I><FONT face=Arial size=2>Listing of Common Stock.</FONT></I><FONT face=Arial size=2> The Common
Stock (including the Securities) is registered pursuant to Section 12(b) of the
Exchange Act and is listed on the Nasdaq Global Market, and the Company has
taken no action designed to, or likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act or delisting the Common
Stock from the NASDAQ, nor has the Company received any notification that the
Commission or the NASDAQ is contemplating terminating such registration or
listing. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(h) </FONT><I><FONT face=Arial size=2>Lock-up Agreements.</FONT></I><FONT face=Arial size=2> At the date of
this Underwriting Agreement, Sandler shall have received an agreement
substantially in the form of Exhibit B hereto signed by the persons listed on
Schedule D hereto. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(i) </FONT><I><FONT face=Arial size=2>Delivery of Prospectus.</FONT></I><FONT face=Arial size=2> The Company
shall have complied with the provisions hereof with respect to the furnishing of
prospectuses, in electronic or printed format, on the New York business day next
succeeding the date of this Underwriting Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(j) </FONT><I><FONT face=Arial size=2>No Termination Event.</FONT></I><FONT face=Arial size=2> On or after the
date hereof, there shall not have occurred any of the events, circumstances or
occurrences set forth in Section 9(a). </FONT></P>
<P align=center><FONT face=Arial size=2>17 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(k) </FONT><I><FONT face=Arial size=2>Good Standing</FONT></I><FONT face=Arial size=2>. Sandler shall have
received at Closing Time satisfactory evidence of the good standing of the
Company and the Bank in their respective jurisdictions of organization, in each
case in writing or any standard form of telecommunication from the appropriate
governmental authorities of such jurisdictions. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(l) </FONT><I><FONT face=Arial size=2>Rule 462(b) Registration Statement</FONT></I><FONT face=Arial size=2>. In
the event that a Rule 462(b) Registration Statement is filed in connection with
the offering contemplated by this Underwriting Agreement, such Rule 462(b)
Registration Statement shall have been filed with the Commission, in compliance
with Rule 462(b), on the date of this Underwriting Agreement and shall have
become effective automatically upon such filing. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(m) </FONT><I><FONT face=Arial size=2>Conditions to Purchase of Option Securities.</FONT></I><FONT face=Arial size=2> In the event that Sandler exercise its option provided in Section 2(b)
hereof to purchase all or any portion of the Option Securities, the
representations and warranties of the Company contained herein and the
statements in any certificates furnished by the Company and any subsidiary of
the Company hereunder shall be true and correct as of each Date of Delivery and,
at the relevant Date of Delivery, Sandler shall have received: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(i) </FONT><U><FONT face=Arial size=2>Officers&#146; Certificate</FONT></U><FONT face=Arial size=2>. A certificate,
dated such Date of Delivery, of the chief executive officer of the Company and
of the chief financial or chief accounting officer of the Company confirming
that the certificate delivered at the Closing Time pursuant to Section 5(d)
hereof remains true and correct as of such Date of Delivery. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(ii) </FONT><U><FONT face=Arial size=2>Opinion of Counsel for Company</FONT></U><FONT face=Arial size=2>. The
favorable opinion of Nelson Mullins Riley &amp; Scarborough LLP, counsel for the
Company, in form and substance satisfactory to counsel for Sandler, dated such
Date of Delivery, relating to the Option Securities to be purchased on such Date
of Delivery and otherwise to the same effect as the opinion required by Section
5(b) hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(iii) </FONT><U><FONT face=Arial size=2>Opinion of Counsel for Sandler</FONT></U><FONT face=Arial size=2>. The
favorable opinion of Alston &amp; Bird LLP, counsel for Sandler, dated such Date
of Delivery, relating to the Option Securities to be purchased on such Date of
Delivery and otherwise to the same effect as the opinion required by Section
5(c) hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(iv) </FONT><U><FONT face=Arial size=2>Bring-down Comfort Letter</FONT></U><FONT face=Arial size=2>. A letter
from Elliott Davis Decosimo LLC, in form and substance satisfactory to Sandler
and dated such Date of Delivery, substantially in the same form and substance as
the letter furnished to Sandler pursuant to Section 5(f) hereof, except that the
&#147;specified date&#148; in the letter furnished pursuant to this paragraph shall be a
date not more than five days prior to such Date of Delivery. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(v) </FONT><U><FONT face=Arial size=2>No Termination Event</FONT></U><FONT face=Arial size=2>. There shall not
have occurred prior to the Date of Delivery any of the events, circumstances or
occurrences set forth in Section 9(a). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(vi) </FONT><U><FONT face=Arial size=2>Good Standing</FONT></U><FONT face=Arial size=2>. Satisfactory evidence
of the good standing of the Company and the Bank in their respective
jurisdictions of organization, in each case in writing or any standard form of
telecommunication from the appropriate governmental authorities of such
jurisdictions. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(n) </FONT><I><FONT face=Arial size=2>Additional Documents.</FONT></I><FONT face=Arial size=2> At Closing Time
and at each Date of Delivery counsel for Sandler shall have been furnished with
such documents and opinions as they may reasonably require for the purpose of
enabling them to pass upon the issuance and sale of the Securities as herein
contemplated, or in order to evidence the accuracy of any of the representations
or warranties, or the fulfillment of any of the conditions, herein contained, or
other such documents, certificates and opinions as may reasonably be requested;
and all proceedings taken by the Company in connection with the issuance and
sale of the Securities as herein contemplated shall be satisfactory in form and
substance to Sandler and counsel for Sandler. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(o) </FONT><I><FONT face=Arial size=2>Termination of Agreement.</FONT></I><FONT face=Arial size=2> If any
condition specified in this Section shall not have been fulfilled when and as
required to be fulfilled, this Underwriting Agreement, or, in the case of any
condition to the purchase of Option Securities on a Date of Delivery which is
after the Closing Time, the obligations of Sandler to purchase the relevant
Option Securities, may be terminated by Sandler by notice to the Company at any
time at or prior to Closing Time or such Date of Delivery, as the case may be,
and such termination shall be without liability of any party to any other party
except as provided in Section 4 and except that Sections 1, 6, 7 and 8 shall
survive any such termination and remain in full force and effect. </FONT></P>
<P align=center><FONT face=Arial size=2>18 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 6. </FONT><U><FONT face=Arial size=2>Indemnification</FONT></U><FONT face=Arial size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(a) </FONT><I><FONT face=Arial size=2>Indemnification of
Sandler.</FONT></I><FONT face=Arial size=2> The Company and the Bank, jointly
and severally, agree to indemnify and hold harmless Sandler, its affiliates (as
such term is defined in Rule 501(b) under the 1933 Act) (&#147;Affiliates&#148;), its and
its Affiliates&#146; respective selling agents, partners, directors, officers and
employees and each person, if any, who controls Sandler within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act to the extent and in
the manner set forth in clauses (i), (ii) and (iii) below as follows:
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(i) against any and all loss,
liability, claim, damage and reasonable expense whatsoever, as incurred, arising
out of any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement (or any amendment thereto), including
the Rule 430A Information or the omission or alleged omission therefrom of a
material fact required to be stated therein or necessary to make the statements
therein not misleading or arising out of any untrue statement or alleged untrue
statement of a material fact included in any Preliminary Prospectus, any
Issuer-Represented Free Writing Prospectus, the Prospectus (or any amendment or
supplement thereto), the General Disclosure Package, or any amendment or
supplement thereto, or the omission or alleged omission therefrom of a material
fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(ii) against any and all loss,
liability, claim, damage and reasonable expense whatsoever, as incurred, to the
extent of the aggregate amount paid in settlement of any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission; provided that
(subject to Section 6(d) below) any such settlement is effected with the written
consent of the Company; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face=Arial size=2>(iii) against any and all expense
whatsoever (including the reasonable fees and disbursements of counsel chosen by
Sandler), incurred in investigating, preparing or defending against any
litigation, or any investigation or proceeding by or before any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue statement or omission, or any such alleged untrue statement or
omission, to the extent that any such expense is not paid under (i) or (ii)
above; </FONT></P>
<P align=justify><FONT face=Arial size=2>provided, however, that this indemnity
agreement shall not apply to and neither the Company nor the Bank shall be
liable for any loss, liability, claim, damage or expense to the extent arising
out of any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with the Underwriter Information.
Notwithstanding the foregoing, the indemnification provided for in this Section
and the contribution provided for in Section 7 below shall not apply to the Bank
to the extent that such indemnification or contribution, as the case may be, by
the Bank is found by either (i) the Federal Reserve Board, the FDIC or any
federal or state bank regulator or regulatory authority having jurisdiction over
the Bank by regulation, policy statement or interpretive release or by written
order or written advice addressed to the Bank and specifically addressing the
provisions of Sections 6 and 7 hereof, or (ii) a court of competent jurisdiction
in a final judgment, to constitute an impermissible covered transaction under
Section 23A of the Federal Reserve Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The obligations of the Company and the
Bank under this Section and Section 7 below shall be in addition to any
liability which the Company or the Bank may otherwise have and shall extend,
upon the same terms and conditions, to Sandler, its Affiliates, its and its
Affiliates&#146; respective selling agents, partners, directors, officers and
employees and each person, if any, who controls Sandler within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act; and the obligations of
Sandler under this Section and Section 7 below shall be in addition to any
liability which Sandler may otherwise have and shall extend, upon the same terms
and conditions, to each director of the Company (including any person who, with
his or her consent, is named in the Registration Statement as about to become a
director of the Company), each officer of the Company who signs the Registration
Statement and to each person, if any, who controls the Company or the Bank, as
the case may be, within the meaning of the 1933 Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(b) </FONT><I><FONT face=Arial size=2>Indemnification of Company, Directors and Officers.</FONT></I><FONT face=Arial size=2> Sandler agrees to indemnify and hold harmless the Company,
its directors, each of its officers who signed the Registration Statement, and
each person, if any, who controls the Company within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act, against any and all loss,
liability, claim, damage and expense described in the indemnity contained in
subsection (a) of this Section, as incurred, but only with respect to untrue
statements or omissions, or alleged untrue statements or omissions, made in the
Registration Statement (or any amendment thereto), including the Rule 430A
Information, any Preliminary Prospectus, any
Issuer-Represented Free Writing Prospectus or the Prospectus (or any amendment
or supplement thereto) in reliance upon and in conformity with the Underwriter
Information. </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>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(c) </FONT><I><FONT face=Arial size=2>Actions against Parties; Notification.</FONT></I><FONT face=Arial size=2>
Each indemnified party shall give notice as promptly as reasonably practicable
to each indemnifying party of any action commenced against it in respect of
which indemnity may be sought hereunder, but failure to so notify an
indemnifying party shall not relieve such indemnifying party from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and
in any event shall not relieve it from any liability which it may have otherwise
than on account of this indemnity agreement. In the case of parties indemnified
pursuant to Section 6(a) above, counsel to the indemnified parties shall be
selected by Sandler, and, in the case of parties indemnified pursuant to Section
6(b) above, counsel to the indemnified parties shall be selected by the Company.
An indemnifying party may participate at its own expense in the defense of any
such action; provided that counsel to the indemnifying party shall not (except
with the consent of the indemnified party) also be counsel to the indemnified
party. In no event shall the indemnifying parties be liable for fees and
expenses of more than one counsel (in addition to any local counsel) separate
from their own counsel for all indemnified parties in connection with any one
action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. No indemnifying
party shall, without the prior written consent of the indemnified parties,
settle or compromise or consent to the entry of any judgment with respect to any
litigation, or any investigation or proceeding by or before any governmental
agency or body, commenced or threatened, or any claim whatsoever in respect of
which indemnification or contribution could be sought under this Section 6 or
Section 7 hereof (whether or not the indemnified parties are actual or potential
parties thereto), unless such settlement, compromise or consent (i) includes an
unconditional release of each indemnified party from all liability arising out
of such litigation, investigation, proceeding or claim and (ii) does not include
a statement as to or an admission of fault, culpability or a failure to act by
or on behalf of any indemnified party. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(d) </FONT><I><FONT face=Arial size=2>Settlement Without Consent if Failure to Reimburse.</FONT></I><FONT face=Arial size=2> If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 6(a)(ii) effected without its
written consent if (i) such settlement is entered into more than 45 days after
receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at
least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 7. </FONT><U><FONT face=Arial size=2>Contribution</FONT></U><FONT face=Arial size=2>. If the indemnification
provided for in Section 6 hereof is for any reason unavailable to or
insufficient to hold harmless an indemnified party in respect of any losses,
liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses,
liabilities, claims, damages and expenses incurred by such indemnified party, as
incurred, (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company on the one hand and Sandler on the other hand
from the offering of the Securities pursuant to this Underwriting Agreement or
(ii) if the allocation provided by clause (i) is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the
Company on the one hand and of Sandler on the other hand in connection with the
statements or omissions, which resulted in such losses, liabilities, claims,
damages or expenses, as well as any other relevant equitable considerations.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The relative benefits received by the
Company on the one hand and Sandler on the other hand in connection with the
offering of the Securities pursuant to this Underwriting Agreement shall be
deemed to be in the same respective proportions as the total net proceeds from
the offering of the Securities pursuant to this Underwriting Agreement (before
deducting expenses) received by the Company, on the one hand, and the total
underwriting discount and commissions received by Sandler, on the other hand, in
each case as set forth on the cover of the Prospectus bear to the aggregate
public offering price of the Securities as set forth on the cover of the
Prospectus. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The relative fault of the Company, on
the one hand, and Sandler, on the other hand, shall be determined by reference
to, among other things, whether any such untrue or alleged untrue statement of a
material fact or omission or alleged omission to state a material fact relates
to information supplied by the Company or by Sandler and the parties&#146; relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. </FONT></P>
<P align=center><FONT face=Arial size=2>20 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The Company and Sandler agree that it
would not be just and equitable if contribution pursuant to this Section 7 were
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to above in this
Section 7. The aggregate amount of losses, liabilities, claims, damages and
expenses incurred by an indemnified party and referred to above in this Section
7 shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue or alleged untrue statement or omission or alleged omission. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Notwithstanding the provisions of this
Section 7, Sandler shall not be required to contribute any amount in excess of
the amount by which the total discounts, fees and commissions received by it
exceeds the amount of any damages which Sandler has otherwise been required to
pay by reason of any such untrue or alleged untrue statement or omission or
alleged omission. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>For purposes of this Section 7, each
person, if any, who controls Sandler within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act and each of Sandler&#146;s Affiliates, its and
its Affiliates&#146; respective selling agents, partners, directors, officers and
employees shall have the same rights to contribution as Sandler, and each
director of the Company, each officer of the Company who signed the Registration
Statement, and each person, if any, who controls the Company within the meaning
of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same
rights to contribution as the Company. The obligations of the Company and the
Bank in this Section 7 to contribute are joint and several. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 8. </FONT><U><FONT face=Arial size=2>Representations, Warranties and Agreements to Survive
Delivery</FONT></U><FONT face=Arial size=2>. All representations, warranties and
agreements contained in this Underwriting Agreement or in certificates of
officers of the Company or any of its subsidiaries submitted pursuant hereto,
shall remain operative and in full force and effect, regardless of any (i)
investigation made by or on behalf of Sandler, its Affiliates, its and its
Affiliates&#146; respective selling agents, partners, directors, officers and
employees and each person, if any, who controls Sandler within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act, or by or on behalf of
the Company, and (ii) delivery of and payment for the Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 9. </FONT><U><FONT face=Arial size=2>Termination of Underwriting Agreement</FONT></U><FONT face=Arial size=2>.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(a) </FONT><I><FONT face=Arial size=2>Termination; General.</FONT></I><FONT face=Arial size=2> Sandler may
terminate this Underwriting Agreement, by notice to the Company, at any time at
or prior to Closing Time (i) if there has been, since the time of execution of
this Underwriting Agreement or since the respective dates as of which
information is given in the Registration Statement, the General Disclosure
Package or the Prospectus, any material adverse change in the condition,
financial or otherwise, or in the earnings, business affairs or business
prospects of the Company and its subsidiaries considered as one enterprise,
whether or not arising in the ordinary course of business, (ii) if there has
occurred any material adverse change in the financial markets in the United
States, any outbreak of hostilities or escalation thereof or other calamity or
crisis or any change or development involving a prospective change in national
or international political, financial or economic conditions, including without
limitation as a result of terrorist activities, in each case the effect of which
is such as to make it, in the judgment of Sandler, impracticable or inadvisable
to market the Securities or to enforce contracts for the sale of the Securities,
(iii) if trading in any securities of the Company has been suspended or
materially limited by the Commission or NASDAQ, or if trading generally on the
New York Stock Exchange or on NASDAQ has been suspended or materially limited,
or minimum or maximum prices for trading have been fixed, or maximum ranges for
prices have been required, by any of said exchanges or by such system or by
order of the Commission, FINRA or any other governmental authority, (iv) a
material disruption has occurred in commercial banking or securities settlement
or clearance services in the United States, or (v) if a banking moratorium has
been declared by either Federal or New York authorities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>(b) </FONT><I><FONT face=Arial size=2>Liabilities.</FONT></I><FONT face=Arial size=2> If this Underwriting
Agreement is terminated pursuant to this Section, such termination shall be
without liability of any party to any other party except as provided in Section
4 hereof, and provided further that Sections 1, 6, 7 and 8 shall survive such
termination and remain in full force and effect. </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>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 10. </FONT><U><FONT face=Arial size=2>Notices</FONT></U><FONT face=Arial size=2>. All notices and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if mailed or transmitted by any standard form of telecommunication.
Notices to Sandler shall be directed to Sandler at Sandler O&#146;Neill &amp;
Partners, L.P., 1251 Avenue of the Americas, 6<SUP>th</SUP> Floor, New York, New
York 10020, attention of the General Counsel; notices to the Company shall be
directed to it at 100 Verdae Boulevard, Suite 100, Greenville, SC 29607,
attention of the Chief Executive Officer. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 11. </FONT><U><FONT face=Arial size=2>Parties</FONT></U><FONT face=Arial size=2>. This Underwriting Agreement
shall inure to the benefit of and be binding upon Sandler, the Company, the Bank
and their respective successors. Nothing expressed or mentioned in this
Underwriting Agreement is intended or shall be construed to give any person,
firm or corporation, other than Sandler, the Company, the Bank and their
respective successors and the controlling persons, officers and directors and
other persons or entities referred to in Sections 6 and 7 and their heirs and
legal representatives, any legal or equitable right, remedy or claim under or in
respect of this Underwriting Agreement or any provision herein contained. This
Underwriting Agreement and all conditions and provisions hereof are intended to
be for the sole and exclusive benefit of Sandler, the Company, the Bank and
their respective successors, and said controlling persons, officers and
directors and other persons or entities and their heirs and legal
representatives, and for the benefit of no other person, firm or corporation. No
purchaser of Securities from Sandler shall be deemed to be a successor by reason
merely of such purchase. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 12. </FONT><U><FONT face=Arial size=2>No Fiduciaries</FONT></U><FONT face=Arial size=2>. Each of the Company
and the Bank, severally and not jointly, acknowledges and agrees that (i) the
purchase and sale of the Securities pursuant to this Underwriting Agreement,
including the determination of the public offering price of the Securities and
any related discounts and commissions, is an arm&#146;slength commercial transaction
between the Company, on the one hand, and Sandler, on the other hand, (ii) in
connection with the offering contemplated hereby and the process leading to such
transaction Sandler is and has been acting solely as a principal and is not the
agent or fiduciary of the Company, the Bank, or their respective shareholders,
creditors, employees or any other third party, (iii) Sandler has not assumed or
will not assume an advisory or fiduciary responsibility in favor of the Company
or the Bank with respect to the offering contemplated hereby or the process
leading thereto (irrespective of whether Sandler has advised or is currently
advising the Company or the Bank on other matters) and Sandler has no obligation
to the Company or the Bank with respect to the offering contemplated hereby
except the obligations expressly set forth in this Underwriting Agreement, (iv)
Sandler and its respective affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Company or the
Bank, and (v) Sandler has not provided any legal, accounting, regulatory or tax
advice with respect to the offering contemplated hereby and the Company and the
Bank have consulted their own legal, accounting, regulatory and tax advisors to
the extent they deemed appropriate. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 13. </FONT><U><FONT face=Arial size=2>GOVERNING LAW AND TIME</FONT></U><FONT face=Arial size=2>. THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>SECTION 14. </FONT><U><FONT face=Arial size=2>General Provisions</FONT></U><FONT face=Arial size=2>. This Underwriting
Agreement constitutes the entire agreement of the parties to this Underwriting
Agreement and supersedes all prior written or oral and all contemporaneous oral
agreements, understandings and negotiations with respect to the subject matter
hereof. This Underwriting Agreement may be executed in two or more counterparts,
each one of which shall be an original, but all of which together shall
constitute one and the same instrument. The exchange of copies of this
Underwriting Agreement and of signature pages by facsimile or other electronic
means shall constitute effective execution and delivery of this Underwriting
Agreement by the parties hereto and may be used in lieu of the original
signature pages to this Underwriting Agreement for all purposes. This
Underwriting Agreement may not be amended or modified unless in writing by all
of the parties hereto, and no condition herein (express or implied) may be
waived unless waived in writing by each party whom the condition is meant to
benefit. The headings herein are for convenience only and shall not affect the
construction hereof. </FONT></P>
<P align=center><FONT face=Arial size=2>[Signatures appear on the following
page.] </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>If the foregoing is in accordance with
your understanding, please sign and return to us four counterparts hereof, and
upon the acceptance hereof by us, this letter and such acceptance hereof shall
constitute a binding agreement among Sandler, the Company and the Bank.
</FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=4><FONT face=Arial size=2>Very truly yours,</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=4><FONT face=Arial size=2>SOUTHERN FIRST BANCSHARES, INC.</FONT></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%" colSpan=2><FONT face=Arial size=2>/s/ Michael D.
    Dowling</FONT> &nbsp;</TD>
    <TD noWrap align=left width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT face=Arial size=2>Michael D.
    Dowling</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: left; vertical-align: top"><FONT face=Arial size=2>Title:</FONT></TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT face=Arial size=2>Chief Financial
      Officer and<BR>
Executive Vice President</FONT></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=4><FONT face=Arial size=2>SOUTHERN FIRST BANK</FONT></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%" colSpan=2><FONT face=Arial size=2>/s/ Michael D.
    Dowling</FONT></TD>
    <TD noWrap align=left width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>Name:</FONT></TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT face=Arial size=2>Michael D. Dowling</FONT>
    &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: left; vertical-align: top"><FONT face=Arial size=2>Title:</FONT></TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT face=Arial size=2>Chief Financial
      Officer and<BR>
Executive Vice President</FONT></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>CONFIRMED AND
      ACCEPTED,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as of the date first above
      written:</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face=Arial size=2>SANDLER O&#146;NEILL &amp;
      PARTNERS, L.P.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face=Arial size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD nowrap align=left width="99%"><FONT face=Arial size=2>Sandler O&#146;Neill &amp; Partners Corp., the
      sole <BR>general partner</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"><FONT face=Arial size=2>/s/
      Robert A. Kleinert</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%"><FONT face=Arial size=2>Name: Robert A. Kleinert</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="text-align: center" width="1%"></TD>
    <TD align=left width="99%"><FONT face=Arial size=2>Title: An Officer of the
  Corporation</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face=Arial size=2>SCHEDULE A<BR></FONT><U><FONT face=Arial size=2>Issuer-Represented General Free Writing Prospectus</FONT></U><FONT face=Arial size=2> </FONT></P>
<P align=justify><FONT face=Arial size=2>Issuer Free-Writing Prospectus filed by the Company with the Commission on April 26, 2017 regarding the Investor Presentation.<BR><BR><BR></FONT></P>
<P align=center><FONT face=Arial size=2>Schedule A-1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face=Arial size=2>SCHEDULE B<BR></FONT><U><FONT face=Arial size=2>Pricing Terms</FONT></U><FONT face=Arial size=2> </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>1.</FONT></TD>
    <TD noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>The Company is sell</FONT><FONT face=Arial size=2>ing 700,000 shares of Common Stock.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>2.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>The Company has granted an option
      to Sandler to purchase up to 105,000 shares of Common Stock.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>3.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>The public offering price per
      share for the Securities is $32.75.</FONT></TD></TR></TABLE>
<P align=center><FONT face=Arial size=2>Schedule B-1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face=Arial size=2>SCHEDULE C<BR></FONT><U><FONT face=Arial size=2>List of Subsidiaries</FONT></U><FONT face=Arial size=2> </FONT></P>
<P align=justify><FONT face=Arial size=2>Southern First Bank </FONT></P>
<P align=justify><FONT face=Arial size=2>Greenville Statutory Trust I and II
</FONT></P>
<P align=center><FONT face=Arial size=2>Schedule C-1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face=Arial size=2>SCHEDULE D </FONT></P>
<P align=center><U><FONT face=Arial size=2>List of persons and entities subject
to lock-up</FONT></U><FONT face=Arial size=2> </FONT></P>
<P align=justify><FONT face=Arial size=2>Directors and Executive Officers:
</FONT></P>
<P align=justify><FONT face=Arial size=2>Andrew B. Cajka<BR>Mark A.
Cothran<BR>Leighton M. Cubbage<BR>Anne S. Ellefson<BR>David G. Ellison<BR>Fred
Gilmer, Jr.<BR>Tecumseh Hooper, Jr.<BR></FONT><FONT face=Arial size=2>Rudolph G.
Johnstone, III, M.D.<BR>James B. Orders, III <BR></FONT><FONT face=Arial size=2>R. Arthur Seaver, Jr.</FONT></P>
<P align=justify><FONT face=Arial size=2>Michael D. Dowling<BR>F. Justin
Strickland </FONT></P>
<P align=center><FONT face=Arial size=2>Schedule D-1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face=Arial size=2>EXHIBIT A </FONT></P>
<P align=center><FONT face=Arial size=2>FORM OF OPINION </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>1.</FONT></TD>
    <TD noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: justify; width: 100%; vertical-align: middle"><FONT face=Arial size=2>The Company has been duly
      incorporated and is validly existing as a corporation in good standing
      under the laws of the State of South Carolina.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>2.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify; width: 100%; vertical-align: middle"><FONT face=Arial size=2>The Bank has been duly incorporated
      and is validly existing as a South Carolina-chartered bank in good
      standing under the laws of the State of South Carolina.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>3.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify; width: 100%; vertical-align: middle"><FONT face=Arial size=2>The Company and the Bank have the
      corporate power and authority to own, lease and operate their respective
      properties and to conduct their respective businesses, in each case as
      described in the Registration Statement, the General Disclosure Package
      and the Prospectus, and to enter into and perform their respective
      obligations under the Underwriting Agreement.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>4.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify; width: 100%; vertical-align: middle"><FONT face=Arial size=2>The Company is duly qualified as a
      foreign corporation to transact business and is in good standing in each
      jurisdiction in which such qualification is required, whether by reason of
      the ownership or leasing of property or the conduct of business as
      described in the Registration Statement, the General Disclosure Package
      and the Prospectus, except where the failure so to qualify or to be in
      good standing would not result in a Material Adverse Effect.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>5.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify; width: 100%; vertical-align: middle"><FONT face=Arial size=2>The Company is a registered bank
      holding company under the Bank Holding Company Act of 1956, as
      amended.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>6.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify; width: 100%; vertical-align: middle"><FONT face=Arial size=2>The Bank is an &#147;insured depository
      institution&#148; under Section 3(c)(2) of the Federal Deposit Insurance Act
      and a member of the FDIC, and no proceedings for the termination or
      revocation of such insurance are pending or threatened, in each case based
      upon a recent certificate of the FDIC.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>7.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify; width: 100%; vertical-align: middle"><FONT face=Arial size=2>The authorized, issued and
      outstanding capital stock of the Company is as set forth in the
      Registration Statement, the General Disclosure Package and the Prospectus
      in the column entitled &#147;Actual&#148; under the caption &#147;Capitalization&#148; (except
      for subsequent issuances, if any, pursuant to the Underwriting Agreement
      or pursuant to reservations, agreements or employee benefit plans referred
      to in the Registration Statement, the General Disclosure Package and the
      Prospectus or pursuant to the exercise of convertible securities or
      options referred to in the Registration Statement, the General Disclosure
      Package and the Prospectus); the shares of issued and outstanding capital
      stock of the Company have been duly authorized and validly issued and are
      fully paid and non-assessable; and none of the outstanding shares of
      capital stock of the Company was issued in violation of the preemptive or
      other similar rights of any securityholder of the Company provided by the
      articles of incorporation or bylaws of the Company, the laws of the State
      of South Carolina, or any material contract required to be filed as a
      exhibit to the Company&#146;s Annual Report on Form 10-K filed with the
      SEC.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>8.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify; width: 100%; vertical-align: middle"><FONT face=Arial size=2>The Securities to be purchased by
      Sandler from the Company have been duly authorized for issuance and sale
      to Sandler pursuant to the Underwriting Agreement and, when issued and
      delivered by the Company pursuant to the Underwriting Agreement against
      payment of the consideration set forth in the Underwriting Agreement, will
      be validly issued and fully paid and non-assessable, and no holder of the
      Securities is or will be subject to personal liability by reason of being
      such a holder.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>9.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify; width: 100%; vertical-align: middle"><FONT face=Arial size=2>The issuance and sale of the
      Securities by the Company is not subject to the preemptive or other
      similar rights of any securityholder of the Company provided by the
      articles of incorporation or bylaws of the Company, the laws of the State
      of South Carolina, or any material contract required to be filed as a
      exhibit to the Company&#146;s Annual Report on Form 10-K filed with the
      SEC.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>10.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="text-align: justify; width: 100%; vertical-align: middle"><FONT face=Arial size=2>No person has the right, pursuant to
      any material contract required to be filed as a exhibit to the Company&#146;s
      Annual Report on Form 10-K filed with the SEC, to require the Company or
      any of its subsidiaries to register any securities for sale under the 1933
      Act by reason of the filing of the Registration Statement with the
      Commission or the issuance and sale of the Securities to be sold by the
      Company pursuant to the Underwriting Agreement, except for such rights as
      have been duly waived and are described in the Registration Statement, the
      General Disclosure Package and the Prospectus.</FONT></TD></TR>
 </TABLE>
<P align=center><FONT face=Arial size=2>Exhibit A-1 </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=2>11.</FONT></TD>
    <TD noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>Each subsidiary has been duly
      incorporated or formed and is validly existing as a corporation or trust,
      as applicable, in good standing under the laws of the jurisdiction of its
      incorporation, has corporate power and authority to own, lease and operate
      its properties and to conduct its business as described in the
      Registration Statement, the General Disclosure Package and the Prospectus
      and is duly qualified as a foreign corporation to transact business and is
      in good standing in each jurisdiction in which such qualification is
      required, whether by reason of the ownership or leasing of property or the
      conduct of business, except where the failure so to qualify or to be in
      good standing would not result in a Material Adverse Effect; except as
      otherwise disclosed in the Registration Statement, the General Disclosure
      Package and the Prospectus, all of the issued and outstanding capital
      stock of each subsidiary has been duly authorized and validly issued, is
      fully paid and non-assessable and, to the best of our knowledge, is owned
      by the Company, directly or through subsidiaries, free and clear of any
      security interest, mortgage, pledge, lien, encumbrance, claim or equity;
      none of the outstanding shares of capital stock of any subsidiary was
      issued in violation of the preemptive or similar rights of any
      securityholder of such subsidiary.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>12.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>The Underwriting Agreement has
      been duly authorized, executed and delivered by the Company and the
      Bank.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>13.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>The Registration Statement,
      including any Rule 462(b) Registration Statement, has been declared
      effective under the 1933 Act; any required filing of the Prospectus
      pursuant to Rule 424(b) has been made in the manner and within the time
      period required by Rule 424(b); and, to the best of our knowledge, no stop
      order suspending the effectiveness of the Registration Statement or any
      Rule 462(b) Registration Statement has been issued under the 1933 Act and
      no proceedings for that purpose have been instituted or are pending or
      threatened by the Commission.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>14.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>The Registration Statement,
      including any Rule 462(b) Registration Statement, the Rule 430A
      Information, each preliminary prospectus, the Prospectus, and each
      amendment or supplement to the Registration Statement, each preliminary
      prospectus and the Prospectus, excluding the documents incorporated by
      reference therein, as of their respective effective or issue dates (other
      than the financial statements and supporting schedules included therein or
      omitted therefrom, as to which we need express no opinion) complied as to
      form in all material respects with the requirements of the 1933 Act and
      the 1933 Act Regulations.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>15.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>The documents incorporated by
      reference in the Registration Statement, the General Disclosure Package
      and the Prospectus (other than the financial statements and supporting
      schedules included therein or omitted therefrom, as to which we need
      express no opinion), when they became effective or were filed with the
      Commission, as the case may be, complied as to form in all material
      respects with the requirements of the 1933 Act or the 1934 Act, as
      applicable, and the rules and regulations of the Commission
      thereunder.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>16.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>To the best of our knowledge,
      there is not pending or threatened any action, suit, proceeding, inquiry
      or investigation, to which the Company or any subsidiary is a party, or to
      which the property of the Company or any subsidiary is subject, before or
      brought by any court or governmental or regulatory agency or body,
      domestic or foreign, which might reasonably be expected to result in a
      Material Adverse Effect, or which might reasonably be expected to
      materially and adversely affect the properties or assets thereof or the
      consummation of the transactions contemplated in the Underwriting
      Agreement or the performance by the Company of its obligations
      thereunder.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>17.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>The information (i) in the
      Registration Statement, the General Disclosure Package and the Prospectus
      under &#147;Description of Our Capital Stock&#148;, &#147;Description of Common Stock&#148;,
      &#147;Description of Preferred Stock&#148;, &#147;Anti-Takeover Effects of Certain
      Articles of Incorporation Provisions&#148;, &#147;Market for Common Stock and Our
      Dividend Policy&#148;, &#147;Underwriting&#148; (except for the following subsections of
      the &#147;Underwriting&#148; section &#150; &#147;Discounts and Expenses;&#148; &#147;&#151;Stabilization;&#148;
      and &#147;&#151;Passive Market Making&#148;), and &#147;Risk Factors&#148;, (ii) in the
      Registration Statement under Item 15, and (iii) in the Company&#146;s Annual
      Report on Form 10-K for the year ended December 31, 2016 under
      &#147;Business-Supervision and Regulation&#148;, in each case to the extent that it
      constitutes matters of law, summaries of legal matters, the Company&#146;s
      articles of incorporation and bylaws or legal proceedings, or legal
      conclusions, has been reviewed by us and is correct in all material
      respects.</FONT></TD></TR></TABLE>
<P align=center><FONT face=Arial size=2>Exhibit A-2 </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=2>18.</FONT></TD>
    <TD noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>All descriptions in the
      Registration Statement, the General Disclosure Package and the Prospectus
      of contracts and other documents to which the Company or its subsidiaries
      are a party are accurate in all material respects; to the best of our
      knowledge, there are no franchises, contracts, indentures, mortgages, loan
      agreements, notes, leases or other instruments required to be described or
      referred to in the Registration Statement, the General Disclosure Package
      and the Prospectus or to be filed as exhibits thereto other than those
      described or referred to therein or filed or incorporated by reference as
      exhibits thereto, and the descriptions thereof or references thereto are
      correct in all material respects.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>19.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>To the best of our knowledge, (i)
      neither the Company nor any subsidiary is in violation of its articles of
      incorporation, charter or bylaws, and (ii) no default by the Company or
      any subsidiary exists in the due performance or observance of any material
      obligation, agreement, covenant or condition contained in any contract,
      indenture, mortgage, loan agreement, note, lease or other agreement or
      instrument that is described or referred to in the Registration Statement,
      the General Disclosure Package or the Prospectus or filed or incorporated
      by reference as an exhibit to the Registration Statement, except in the
      case of (ii), where any such default would not, individually or in the
      aggregate, have a Material Adverse Effect.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>20.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>No filing with, or authorization,
      approval, consent, license, order, registration, qualification or decree
      of, any court or governmental or regulatory authority or agency, domestic
      or foreign (other than under the 1933 Act and the 1933 Act Regulations,
      which have been obtained, or as may be required under the securities or
      blue sky laws of the various states, as to which we express no opinion),
      is necessary or required in connection with the due authorization,
      execution, and delivery of the Underwriting Agreement or for the offering,
      issuance, sale or delivery of the Securities.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>21.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>The execution, delivery and
      performance of the Underwriting Agreement and the consummation of the
      transactions contemplated in the Underwriting Agreement and in the
      Registration Statement, the General Disclosure Package and the Prospectus
      (including the issuance and sale of the Securities and the use of the
      proceeds from the sale of the Securities as described in the Registration
      Statement, the General Disclosure Package and the Prospectus under the
      caption &#147;Use Of Proceeds&#148;) and compliance by the Company and the Bank with
      their respective obligations under the Underwriting Agreement do not and
      will not, whether with or without the giving of notice or lapse of time or
      both, conflict with or constitute a breach of, or default or Repayment
      Event (as defined in Section 1(a)(xii) of the Underwriting Agreement)
      under or result in the creation or imposition of any lien, charge or
      encumbrance upon any property or assets of the Company or any subsidiary
      pursuant to any contract, indenture, mortgage, deed of trust, loan or
      credit agreement, note, lease or any other agreement or instrument, known
      to us, to which the Company or any subsidiary is a party or by which it or
      any of them may be bound, or to which any of the property or assets of the
      Company or any subsidiary is subject (except for such conflicts, breaches
      or defaults or liens, charges or encumbrances that would not have a
      Material Adverse Effect), nor will such action result in any violation of
      the provisions of the articles of incorporation, charter or bylaws of the
      Company or any subsidiary, or any applicable law, statute, rule,
      regulation, judgment, order, writ or decree, known to us, of any
      government, government instrumentality or court, domestic or foreign,
      having jurisdiction over the Company or any subsidiary or any of their
      respective properties, assets or operations.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=Arial size=2>22.</FONT></TD>
    <TD noWrap></TD>
    <TD STYLE="width: 100%; vertical-align: middle; text-align: justify"><FONT face=Arial size=2>The Company is not, and after
      giving effect to the offering and sale of the Securities and the
      application of the proceeds thereof as described in the Prospectus, will
      not be, an &#147;investment company&#148; or an entity &#147;controlled&#148; by an
      &#147;investment company,&#148; as such terms are defined in the 1940
  Act.</FONT></TD></TR></TABLE>
<P align=center><FONT face=Arial size=2>Exhibit A-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: 30pt"><FONT face=Arial size=2>In addition, we have
      participated in conferences with officers and other representatives of the
      Company, representatives of the independent public or certified public
      accountants for the Company and representatives of the Underwriter at
      which the contents of the Registration Statement, the Disclosure Package,
      the Prospectus, and any supplements or amendments thereto, and related
      matters were discussed. Because of the inherent limitations in the
      independent verification of factual matters and because of the character
      of the determinations involved in the preparation of registration
      statements under the 1933 Act, we are not passing upon and do not assume
      any&nbsp;responsibility for, and make no
      representation that we have independently verified, the accuracy,
      completeness or fairness of the information and statements contained in
      the Registration Statement, General Disclosure Package or the Prospectus
      (except as expressly provided in the opinions above). Although we do not
      assume any responsibility for the accuracy, completeness or fairness of
      the statements contained in the Registration Statement, the General
      Disclosure Package, the Prospectus and any amendment or supplement thereto
      (except as expressly provided in the opinions above), nothing has come to
      our attention that causes us to believe (i) that the Registration
      Statement or any amendment thereto, including the Rule 430A Information
      (except for financial statements and schedules and other financial data
      included or incorporated by reference therein or omitted therefrom, as to
      which we make no statement), at the time such Registration Statement or
      any such amendment became effective, contained an untrue statement of a
      material fact or omitted to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading, (ii)
      that the General Disclosure Package, taken together with the Pricing
      Information (as defined below), or any amendment or supplement thereto
      (except for financial statements and schedules and other financial data
      included or incorporated by reference therein or omitted therefrom, as to
      which we make no statement), as of the Applicable Time, included or
      includes an untrue statement of a material fact or omitted or omits to
      state a material fact necessary in order to make the statements therein,
      in the light of the circumstances under which they were made, not
      misleading, or (iii) that the Prospectus or any amendment or supplement
      thereto (except for financial statements and schedules and other financial
      data included or incorporated by reference therein or omitted therefrom,
      as to which we make no statement), at the time the Prospectus was issued,
      at the time any such amended or supplemented prospectus was issued or at
      the Closing Time, included or includes an untrue statement of a material
      fact or omitted or omits to state a material fact necessary in order to
      make the statements therein, in the light of the circumstances under which
      they were made, not misleading </FONT></P>

<P align=center><FONT face=Arial size=2>Exhibit A-4 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face=Arial size=2>EXHIBIT B </FONT></P>
<P align=center><FONT face=Arial size=2>FORM OF LOCK-UP FROM DIRECTORS, OFFICERS
OR<BR>OTHER SHAREHOLDERS PURSUANT TO SECTION 5(k) </FONT></P>
<P align=center><FONT face=Arial size=2>[Date] </FONT></P>
<P align=justify><FONT face=Arial size=2>SANDLER O&#146;NEILL &amp; PARTNERS,
L.P.<BR>1251 Avenue of the Americas, 6th Floor<BR>New York, New York 10020
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Re: </FONT><U><FONT face=Arial size=2>Proposed Public Offering by Southern First Bancshares,
Inc.</FONT></U><FONT face=Arial size=2> </FONT></P>
<P align=justify><FONT face=Arial size=2>Dear Sirs: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The undersigned, a shareholder and an
executive officer and/or director of Southern First Bancshares, Inc., a South
Carolina corporation (the &#147;</FONT><U><FONT face=Arial size=2>Company</FONT></U><FONT face=Arial size=2>&#148;), understands that Sandler
O&#146;Neill &amp; Partners, L.P. (&#147;</FONT><U><FONT face=Arial size=2>Sandler</FONT></U><FONT face=Arial size=2>&#148;), proposes to enter into an
Underwriting Agreement (the &#147;</FONT><U><FONT face=Arial size=2>Underwriting
Agreement</FONT></U><FONT face=Arial size=2>&#148;) with the Company providing for
the public offering (the &#147;</FONT><U><FONT face=Arial size=2>Offering</FONT></U><FONT face=Arial size=2>&#148;) of shares (the
&#147;</FONT><U><FONT face=Arial size=2>Securities</FONT></U><FONT face=Arial size=2>&#148;) of the Company&#146;s common stock, $0.01 par value per share (the
&#147;</FONT><U><FONT face=Arial size=2>Common Stock</FONT></U><FONT face=Arial size=2>&#148;). In recognition of the benefit that such an offering will confer upon
the undersigned as a shareholder and an executive officer and/or director of the
Company, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned agrees with
Sandler that, during a period beginning on the date hereof and ending at the
close of business on the date that is 90 days from the date of the Underwriting
Agreement, the undersigned will not, without the prior written consent of
Sandler, directly or indirectly, (i) offer, pledge, sell, contract to sell, sell
any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant for the sale of, or otherwise dispose of or
transfer any shares of the Company&#146;s Common Stock or any securities convertible
into or exchangeable or exercisable for Common Stock, whether now owned or
hereafter acquired by the undersigned or with respect to which the undersigned
has or hereafter acquires the power of disposition, or file any registration
statement under the Securities Act of 1933, as amended, with respect to any of
the foregoing or (ii) enter into any swap or any other agreement or any
transaction that transfers, in whole or in part, directly or indirectly, the
economic consequence of ownership of the Common Stock, whether any such swap or
transaction is to be settled by delivery of Common Stock or other securities, in
cash or otherwise.</FONT></P>
<P align=justify><FONT face=Arial size=2>Notwithstanding the foregoing, the
undersigned may transfer the undersigned&#146;s shares of Common Stock (i) as a
</FONT><I><FONT face=Arial size=2>bona fide</FONT></I><FONT face=Arial size=2>
gift or gifts, provided that the donee or donees agree to be bound in writing by
the restrictions set forth herein, (ii) to any trust or family limited
partnership for the direct or indirect benefit of the undersigned or the
immediate family of the undersigned, provided that the trustee of the trust or
general partner of the family limited partnership, as the case may be, agrees to
be bound by the restrictions set forth herein, and provided further that any
such transfer shall not involve a disposition for value, (iii) pursuant to the
exercise by the undersigned of stock options that have been granted by the
Company prior to, and are outstanding as of, the date of the Underwriting
Agreement, where the Common Stock received upon any such exercise is held by the
undersigned, individually or as fiduciary, in accordance with the terms of this
Lock-Up Agreement, or (iv) with the prior written consent of Sandler. For
purposes of this Lock-Up Agreement, &#147;immediate family&#148; shall mean any
relationship by blood, marriage or adoption, not more remote than first cousin.
</FONT></P>
<P align=justify><FONT face=Arial size=2>The undersigned now has and, except as
contemplated by clauses (i) through (iv) above, for the duration of the Lock-Up
Agreement will have good and marketable title to the undersigned&#146;s shares of
Common Stock, free and clear of all liens, encumbrances, and claims whatsoever,
except with respect to any liens, encumbrances and claims that were in existence
on the date hereof. The undersigned also agrees and consents to the entry of
stop transfer instructions with the Company&#146;s transfer agent and registrar
against the transfer of the undersigned&#146;s common stock, except in compliance
with this Lock-Up Agreement. In furtherance of the foregoing, the Company and
its transfer agent are hereby authorized to decline to make any transfer of
securities if such transfer would constitute a violation or breach of this
Lock-Up Agreement. </FONT></P>
<P align=center><FONT face=Arial size=2>Exhibit B-1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face=Arial size=2>With respect to the Offering only, the
undersigned waives any registration rights relating to registration under the
Securities Act of 1933 of the offer and sale of any Common Stock and/or any
securities convertible into or exchangeable or exercisable for Common Stock,
owned either of record or beneficially by the undersigned, including any rights
to receive notice of the Offering. </FONT></P>
<P align=justify><FONT face=Arial size=2>The undersigned represents and warrants
that the undersigned has full power and authority to enter into this LockUp
Agreement. The undersigned agrees that the provisions of this Lock-Up Agreement
shall be binding also upon the successors, assigns, heirs and personal
representatives of the undersigned. </FONT></P>
<P align=justify><FONT face=Arial size=2>The undersigned understands that, if
the Underwriting Agreement does not become effective, or if the Underwriting
Agreement (other than the provisions thereof which survive termination) shall
terminate or be terminated prior to payment for and delivery of the Common Stock
to be sold thereunder, the undersigned shall be released from all obligations
under this Lock-up Agreement. </FONT></P>
<P align=justify><FONT face=Arial size=2>This Lock-up Agreement shall be
governed by and construed in accordance with the laws of the State of New York.
</FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face=Arial size=2>Very truly yours,</FONT>
    &nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>Signature:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%">&nbsp;</TD>
    <TD noWrap align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>Print
      Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%">&nbsp;</TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=Arial size=2>Exhibit B-2 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>southern3245631-ex51.htm
<DESCRIPTION>OPINION OF NELSON MULLINS RILEY & SCARBOROUGH, LLP
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor=#ffffff>
<BR>
<P align=RIGHT><B><FONT face=Arial size=2>Exhibit 5.1 </FONT></B></P>
<P align=justify><FONT face=Arial size=2>April 27, 2017 </FONT></P>
<P align=justify><FONT face=Arial size=2>Board of Directors<BR></FONT><FONT face=Arial size=2>Southern First Bancshares, Inc.<BR>100 Verdae Boulevard, Suite
100<BR>Greenville, South Carolina 29607 </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Re: </FONT><U><FONT face=Arial size=2>Registration Statement on Form S-3 of Southern First Bancshares, Inc.
(No. 333-217031)</FONT></U><FONT face=Arial size=2> </FONT></P>
<P align=justify><FONT face=Arial size=2>Dear Ladies and Gentlemen: </FONT></P>
<P align=justify><FONT face=Arial size=2>This opinion is furnished to you in
connection with the above-referenced registration statement (the &#147;Registration
Statement&#148;), the base prospectus dated March 30, 2017 (the &#147;Base Prospectus&#148;)
and the prospectus supplement dated April 27, 2017 (together with the Base
Prospectus, the &#147;Prospectus&#148;). The Prospectus relates to the offering by
Southern First Bancshares, Inc. (the &#147;Company&#148;) of 700,000 shares (the
&#147;Shares&#148;) of the Company&#146;s common stock, par value $0.01 per share (the &#147;Common
Stock&#148;), which Shares are covered by the Registration Statement. We understand
that the Shares are to be offered and sold in the manner described in the
Prospectus. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We have acted as counsel for the
Company in connection with its registered offering of the Shares. This opinion
is being furnished in accordance with the requirements of Item 601(b)(5) of
Regulation S-K under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>In connection with the issuance of this
opinion letter, we have examined originals or copies, certified or otherwise
identified to our satisfaction, of: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap ><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(a)</FONT></TD>
    <TD noWrap><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=2>the Articles of Incorporation of the Company filed with
      the South Carolina Secretary of State on March 29, 1999, the Amended and
      Restated Articles of Incorporation filed with the South Carolina Secretary
      of State on July 16, 1999 and the Articles of Amendment to the Amended and
      Restated Articles of Incorporation filed with the South Carolina Secretary
      of State on June 25, 2007 and February 24, 2009;</FONT></TD></TR>
  <TR>
    <TD ></TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(b)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=2>the Amended and Restated Bylaws of the Company filed as
      Exhibit 3.4 to the Company&#146;s Form 10-K filed with the Securities and
      Exchange Commission (the &#147;Commission&#148;) on March 24, 2008;</FONT></TD></TR>
  <TR>
    <TD ></TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(c)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=2>the Registration Statement, including the
      Prospectus;</FONT></TD></TR>
  <TR>
    <TD ></TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(d)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=2>a specimen certificate representing the Shares;
      and</FONT></TD></TR>
  <TR>
    <TD ></TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap ></TD>
    <TD vAlign=top noWrap><FONT face=Arial size=2>(e)</FONT></TD>
    <TD noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face=Arial size=2>certain resolutions adopted by the Board of Directors of
      the Company with respect to the issuance of the
  Shares.</FONT></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We have also examined originals or
copies, certified or otherwise identified to our satisfaction, of such records
of the Company and such agreements, certificates of public officials,
certificates of officers or other representatives of the Company and others, and
such other documents, certificates and records, as we have deemed necessary or
appropriate as a basis for the opinion set forth herein. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>In our examination, we have assumed and
have not verified (i) the legal capacity of all natural persons, (ii) the
genuineness of all signatures (other than persons signing on behalf of the
Company), (iii) the authenticity of all documents submitted to us as originals,
(iv) the conformity with the originals of all documents supplied to us as
copies, (v) the accuracy and completeness of all corporate records and documents
made available to us by the Company, and (vi) that the foregoing documents, in
the form submitted to us for our review, have not been altered or amended in any
respect material to our opinion stated herein. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>The opinion letter which we render
herein is limited to those matters governed by the laws of the State of South
Carolina as of the date hereof. Our opinion expressed herein is as of the date
hereof, and we assume no obligation to revise or supplement the opinion rendered
herein should the above-referenced laws be changed by legislative or regulatory
action, judicial decision or otherwise. We express no opinion as to whether, or
the extent to which, the laws of any particular jurisdiction apply to the
subject matter hereof. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>Based upon and subject to the
foregoing, we are of the opinion that the Shares have been duly authorized and,
when sold as described in the Prospectus, will be validly issued, fully paid and
non-assessable. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>This opinion is limited to the specific
issues addressed herein, and no opinion may be implied or inferred beyond the
opinion expressly stated above. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face=Arial size=2>We hereby consent to your filing of
this opinion with Commission as an exhibit to a Current Report on Form 8-K to be
incorporated by reference in the Registration Statement and to the use of our
name under the caption &#147;Legal Matters&#148; in the Prospectus contained therein. In
giving this consent, we do not admit that we come within the category of persons
whose consent is required under Section 7 of the Securities Act or the rules and
regulations of the SEC adopted under the Securities Act. </FONT></P>
<DIV align=right>
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    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Sincerely,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>/s/ Nelson Mullins Riley &amp;
      Scarborough, LLP</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=Arial size=2>Nelson Mullins Riley &amp;
      Scarborough, LLP</FONT></TD></TR></TABLE></DIV><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>southern3245631-ex991.htm
<DESCRIPTION>PRESS RELEASE DATED APRIL 27, 2017
<TEXT>

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<P align=right><B><FONT face=Arial size=2>Exhibit 99.1</FONT></B></P>

<IMG src="southern3245631-ex991x1x1.jpg" border=0><BR>
<P align=center><B><FONT face=Arial size=3>Southern First Bancshares Announces
Pricing of Public Offering of Common Stock </FONT></B></P>
<P align=justify><B><FONT face=Arial size=2>Greenville, South Carolina, April
27, 2017</FONT></B><FONT face=Arial size=2> &#150; Southern First Bancshares, Inc.
</FONT><B><FONT face=Arial size=2>(NASDAQ: SFST)</FONT></B><FONT face=Arial size=2>, the Company, announced today that on April 27, 2017 it priced its previously announced
public offering of 700,000 shares of common stock at $32.75 per share for
gross proceeds of $22.9 million. The Company expects to close the sale of the
shares of common stock on or about May 2, 2017, subject to customary closing
conditions. Sandler O&#146;Neill + Partners, L.P. is the sole underwriter for the
offering. The underwriter will have a 30-day option to purchase up to an
additional 105,000 shares of common stock from the Company at the offering
price.</FONT></P>
<P align=justify><FONT face=Arial size=2>The Company intends to use the proceeds
of the offering to improve its capital structure, including by repaying its $10
million holding company line of credit, to fund future organic growth and for
working capital and other general corporate purposes. </FONT></P>
<P align=justify><I><FONT face=Arial size=2>This announcement is for
informational purposes only and is not an offer to sell or the solicitation of
an offer to buy any securities of the Company, which is made only by means of a
prospectus supplement and related base prospectus, nor will there be any sale of
these securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such state or jurisdiction. The Company has filed a shelf registration statement
(including a prospectus) (File No. 333-217031) and a preliminary prospectus supplement with
the Securities and Exchange Commission, or the SEC, for the offering to which
this communication relates. The sale of shares of common stock in the
underwritten offering is being made solely pursuant to such prospectus supplement and accompanying
base prospectus. Before you invest, you should read the
prospectus in the registration statement, the preliminary prospectus supplement, and other
documents the Company has filed with the SEC for more complete information about
the Company and this offering. You may get these documents for free by visiting
EDGAR on the SEC website at </FONT></I><I><FONT face=Arial size=2>www.sec.gov</FONT></I><I><FONT face=Arial size=2> or by visiting the
Company&#146;s website at </FONT></I><I><FONT face=Arial size=2>www.southernfirst.com</FONT></I><I><FONT face=Arial size=2>.
Alternatively, copies of the preliminary prospectus supplement and the accompanying prospectus relating
to the offering may be obtained by contacting Sandler O&#146;Neill + Partners, L.P.,
1251 Avenue of the Americas, 6th Floor, New York, New York 10020, or by phone at
1-866-805-4128. </FONT></I></P>
<P align=justify><B><FONT face=Arial size=2>ABOUT SOUTHERN FIRST BANCSHARES
</FONT></B><BR><FONT face=Arial size=2>Southern First Bancshares, Inc.,
Greenville, South Carolina is a registered bank holding company incorporated
under the laws of South Carolina. The Company consists of Southern First Bank,
the 3rd largest bank headquartered in South Carolina. Southern First Bancshares,
Inc. has been providing financial services since 1999 and now operates in nine
locations in the Greenville, Columbia, and Charleston markets of South Carolina
along with one location in Raleigh, North Carolina. Southern First Bancshares,
Inc. has assets of approximately $1.47 billion and its common stock is traded in
The NASDAQ Global Market under the symbol SFST. </FONT></P>
<P align=justify><B><FONT face=Arial size=2>FORWARD-LOOKING
STATEMENTS</FONT></B><FONT face=Arial size=2> </FONT><BR><FONT face=Arial size=2>The statements contained herein that
are not historical facts are forward-looking statements (as defined by the
Private Securities Litigation Reform Act of 1995) and are based on management's
current expectations and beliefs concerning future developments and their
potential effects on the Company. Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are generally beyond
the control of the Company. There can be no assurance that future developments
affecting the Company will be the same as those anticipated by management. These
statements are evidenced by terms such as &#147;anticipate,&#148; &#147;estimate,&#148; &#147;should,&#148;
&#147;expect,&#148; &#147;believe,&#148; &#147;intend,&#148; and similar expressions. Although these
statements reflect management&#146;s good faith beliefs and projections, they are not
guarantees of future performance and they may not prove true. These projections
involve risks and uncertainties that could cause actual results to differ
materially from those addressed in the forward-looking
statements. For a discussion of these risks and uncertainties, see the section
of the periodic reports filed by Southern First Bancshares, Inc. with the SEC
entitled &#147;Risk Factors&#148;. </FONT></P>
<P align=justify><FONT face=Arial size=2>The Company specifically disclaims any
obligation to update any factors or to publicly announce the result of revisions
to any of the forward-looking statements included herein to reflect future
events or developments. </FONT></P>
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    <TD style="BORDER-TOP: #000000 1pt dashed" vAlign=top noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=Arial size=1 >FINANCIAL CONTACT: MIKE DOWLING
      864-679-9070</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=Arial size=1 >MEDIA CONTACT: ART SEAVER
    864-679-9010</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face=Arial size=1 >WEB SITE: </FONT><FONT face=Arial size=2 >www.southernfirst.com</FONT></TD></TR></TABLE><BR>

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