Exhibit 10.4.1

                                FIRST SOUTH BANK
                       ENDORSEMENT SPLIT DOLLAR AGREEMENT

         This ENDORSEMENT  SPLIT DOLLAR AGREEMENT (this  "Agreement") is entered
into as of this 20th day of February,  2008,  by and between First South Bank, a
South Carolina-chartered bank (the "Bank"), and Barry L. Slider, an executive of
the Bank (the "Executive").  This Agreement shall append the Split Dollar Policy
Endorsement  entered into on even date herewith or as subsequently  amended,  by
and between the Bank and the Executive.

         WHEREAS, to encourage the Executive to remain a Bank employee, the Bank
is  willing  to divide  the death  proceeds  of a life  insurance  policy on the
Executive's life, and

         WHEREAS,  the Bank will pay life  insurance  premiums  from its general
assets.

         NOW THEREFORE,  in  consideration  of the foregoing  premises and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows.

                                    ARTICLE 1
                               GENERAL DEFINITIONS

         Capitalized  terms not  otherwise  defined in this  Agreement  are used
herein as defined in the 2008 Salary Continuation Agreement between the Bank and
the Executive. The following terms shall have the meanings specified.

         1.1 "Administrator" means the administrator described in Article 7.

         1.2 "Executive's Interest" means the benefit set forth in section 2.2.

         1.3 "Insured" means the Executive.

         1.4 "Insurer"  means each life  insurance  carrier for which there is a
Split Dollar Policy Endorsement attached to this Agreement.

         1.5 "Net Death  Proceeds"  means the total death proceeds of the Policy
minus the cash surrender value.

         1.6  "Policy"  means the  specific  life  insurance  policy or policies
issued by the Insurer.

         1.7 "Salary Continuation  Agreement" means the 2008 Salary Continuation
Agreement dated as of February 20, 2008, between the Bank and the Executive,  as
the same may hereafter be amended.

         1.8 "Split  Dollar Policy  Endorsement"  means the form required by the
Administrator or the Insurer to indicate the Executive's  interest, if any, in a
Policy on the Executive's life.


<PAGE>

                                    ARTICLE 2
                           POLICY OWNERSHIP/INTERESTS

         2.1 Bank Ownership.  The Bank is the sole owner of the Policy and shall
have the right to exercise  all  incidents of  ownership.  The Bank shall be the
beneficiary of the remaining  death proceeds of the Policy after the Executive's
interest is paid according to section 2.2 below.

         2.2 Death Benefit.  Provided the  Executive's  death occurs both before
the Executive's Separation from Service and before the Executive attains age 65,
at the Executive's  death the Executive's  beneficiary  designated in accordance
with the Split Dollar Policy Endorsement shall be entitled to Policy proceeds in
an  amount  equal to the  lesser of (x) 100% of the Net  Death  Proceeds  or (y)
$1,988,360  (the  lesser of the amounts  specified  in clauses (x) and (y) being
referred to in this Agreement as the  "Executive's  Interest").  The Executive's
Interest  shall be  extinguished  at the earlier of the date of the  Executive's
Separation  from  Service  or the date the  Executive  attains  age 65,  and the
Executive's  beneficiary  shall be entitled to no benefits  under this Agreement
for the  Executive's  death occurring  thereafter.  The Executive shall have the
right to designate the beneficiary of the Executive's Interest.

         2.3 Option to Purchase. The Bank shall not sell, surrender, or transfer
ownership of the Policy before the  Executive's  Separation from Service without
first giving the Executive or the Executive's  transferee the option to purchase
the Policy for a period of 60 days.  The purchase price shall be an amount equal
to the Policy cash  surrender  value.  The option to purchase  the Policy  shall
lapse if not  exercised  within 60 days  after the date the Bank  gives  written
notice of the Bank's intention to sell, surrender,  or transfer ownership of the
Policy.  This  provision  shall not impair the Bank's  rights to terminate  this
Agreement.

         2.4  Comparable  Coverage.  The Bank shall  maintain the Policy in full
force and effect. The Bank may not amend,  terminate,  or otherwise abrogate the
Executive's  interest  in the Policy  before  the  Executive's  Separation  from
Service unless the Bank replaces the Policy with a comparable  insurance  policy
to cover the benefit  provided  under this  Agreement  and  executes a new split
dollar agreement and endorsement for the comparable insurance policy. The Policy
or any comparable policy shall be subject to claims of the Bank's creditors.

         2.5  Internal  Revenue  Code  Section  1035  Exchanges.  The  Executive
recognizes  and agrees that the Bank may after this Agreement is adopted wish to
exchange  the  Policy of life  insurance  on the  Executive's  life for  another
contract of life  insurance  insuring the  Executive's  life.  Provided that the
Policy is replaced (or intended to be replaced) with a comparable policy of life
insurance,  the Executive  agrees to provide  medical  information and cooperate
with medical  insurance-related  testing  required by a prospective  insurer for
implementing  the  Policy or, if  necessary,  for  modifying  or  updating  to a
comparable insurer.



<PAGE>


                                    ARTICLE 3
                                    PREMIUMS

         3.1 Premium Payment. The Bank shall pay any premiums due on the Policy.

         3.2 Economic Benefit.  The Administrator  shall annually  determine the
economic  benefit  attributable  to the  Executive  based on the life  insurance
premium factor for the Executive's age multiplied by the aggregate death benefit
payable to the Executive's  beneficiary.  The "life insurance premium factor" is
the minimum factor applicable under guidance published pursuant to Treasury Reg.
section 1.61-22(d)(3)(ii) or any subsequent authority.

         3.3 Imputed Income.  The Bank shall impute the economic  benefit to the
Executive on an annual basis by adding the economic  benefit to the  Executive's
W-2, or if applicable, Form 1099.

                                    ARTICLE 4
                                   ASSIGNMENT

         The Executive may irrevocably  assign without  consideration all of the
Executive's interest in the Policy and in this Agreement to any person,  entity,
or  trust  established  by the  Executive  or  the  Executive's  spouse.  If the
Executive  transfers all of the Executive's  interest in the Policy,  all of the
Executive's  interest in the Policy and in the Agreement  shall be vested in the
Executive's  transferee,  who shall be substituted as a party  hereunder and the
Executive shall have no further interest in this Agreement.

                                    ARTICLE 5
                                     INSURER

         The  Insurer  shall be  bound by the  terms  of the  Policy  only.  Any
payments  the Insurer  makes or actions it takes in  accordance  with the Policy
shall fully discharge it from all claims,  suits, and demands of all entities or
persons.  The  Insurer  shall not be bound by or be deemed to have notice of the
provisions of this Agreement.

                                    ARTICLE 6
                          CLAIMS AND REVIEW PROCEDURES

         6.1  Claims  Procedure.  Any  person  or  entity  who has not  received
benefits  under  this  Agreement  that he or she  believes  should  be paid (the
"claimant") shall make a claim for benefits as follows -

         6.1.1  Initiation - written  claim.  The claimant  initiates a claim by
         submitting to the  Administrator  a written claim for benefits.  If the
         claim relates to the contents of a notice received by the claimant, the
         claim must be made within 60 days after the notice was  received by the
         claimant.  All other claims must be made within 180 days after the date
         of the event that caused the claim to arise.  The claim must state with
         particularity the determination desired by the claimant.

<PAGE>

         6.1.2 Timing of Administrator response. The Administrator shall respond
         to the  claimant  within 90 days  after  receiving  the  claim.  If the
         Administrator  determines that special circumstances require additional
         time for  processing  the  claim,  the  Administrator  can  extend  the
         response  period by an  additional 90 days by notifying the claimant in
         writing,  before  the  end  of  the  initial  90-day  period,  that  an
         additional  period is required.  The notice of extension must set forth
         the  special  circumstances  and the  date by which  the  Administrator
         expects to render its decision.

         6.1.3 Notice of decision.  If the  Administrator  denies part or all of
         the claim,  the  Administrator  shall notify the claimant in writing of
         the denial. The Administrator  shall write the notification in a manner
         calculated to be understood by the claimant. The notification shall set
         forth -

                    (a) The specific reasons for the denial,
                    (b) A reference to the specific provisions of this Agreement
                    on which the denial is based,
                    (c) A description of any additional  information or material
                    necessary  for the  claimant  to  perfect  the  claim and an
                    explanation of why it is needed,
                    (d) An explanation of the Agreement's  review procedures and
                    the time limits applicable to such procedures, and
                    (e) A  statement  of the  claimant's  right to bring a civil
                    action under ERISA section  502(a) after an adverse  benefit
                    determination on review.

         6.2 Review Procedure.  If the  Administrator  denies part or all of the
claim, the claimant shall have the opportunity for a full and fair review by the
Administrator of the denial, as follows -

         6.2.1  Initiation  - written  request.  To  initiate  the  review,  the
         claimant must file with the  Administrator a written request for review
         within 60 days after receiving the Administrator's notice of denial.

         6.2.2 Additional  submissions - information  access. The claimant shall
         then  have the  opportunity  to  submit  written  comments,  documents,
         records,  and other information relating to the claim. Upon request and
         free of charge,  the  Administrator  shall also  provide  the  claimant
         reasonable  access to and copies of all documents,  records,  and other
         information  relevant (as defined in applicable  ERISA  regulations) to
         the claimant's claim for benefits.

         6.2.3   Considerations  on  review.  In  considering  the  review,  the
         Administrator shall take into account all materials and information the
         claimant submits  relating to the claim,  without regard to whether the
         information   was  submitted  or  considered  in  the  initial  benefit
         determination.

<PAGE>

         6.2.4 Timing of Administrator response. The Administrator shall respond
         in writing to the claimant  within 60 days after  receiving the request
         for review. If the Administrator  determines that special circumstances
         require additional time for processing the claim, the Administrator can
         extend the response  period by an  additional  60 days by notifying the
         claimant in writing before the end of the initial 60-day period that an
         additional  period is required.  The notice of extension must set forth
         the  special  circumstances  and the  date by which  the  Administrator
         expects to render its decision.

         6.2.5 Notice of decision.  The Administrator  shall notify the claimant
         in writing of its decision on review. The Administrator shall write the
         notification  in a manner  calculated to be understood by the claimant.
         The notification shall set forth -

                    (a) The specific reasons for the denial,
                    (b) A reference to the specific  provisions of the Agreement
                    on which the denial is based,
                    (c) A  statement  that the  claimant is entitled to receive,
                    upon  request and free of charge,  reasonable  access to and
                    copies of all  documents,  records,  and  other  information
                    relevant (as defined in applicable ERISA regulations) to the
                    claimant's claim for benefits, and
                    (d) A  statement  of the  claimant's  right to bring a civil
                    action under ERISA section 502(a).

                                    ARTICLE 7
                           ADMINISTRATION OF AGREEMENT

         7.1  Administrator  Duties.  This Agreement shall be administered by an
Administrator,  which shall  consist of the Bank's  board of  directors  or such
committee as the board shall  appoint.  The Executive may not be a member of the
Administrator.  The Administrator shall have the discretion and authority to (x)
make,  amend,  interpret,  and enforce all appropriate rules and regulations for
the  administration  of this  Agreement  and (y) decide or  resolve  any and all
questions that may arise, including interpretations of this Agreement.

         7.2 Agents. In the administration of this Agreement,  the Administrator
may employ agents and delegate to them such administrative duties as it sees fit
(including acting through a duly appointed  representative) and may from time to
time consult with counsel, who may be counsel to the Bank.

         7.3  Binding  Effect  of  Decisions.  The  decision  or  action  of the
Administrator   about  any   question   arising   out  of  the   administration,
interpretation,  and application of this Agreement and the rules and regulations
promulgated hereunder shall be final and conclusive and binding upon all persons
having any interest in the Agreement.

         7.4  Indemnity  of  Administrator.  The Bank shall  indemnify  and hold
harmless the members of the  Administrator  against any and all claims,  losses,
damages, expenses, or liabilities arising from any action or failure to act with
respect  to this  Agreement,  except in the case of  willful  misconduct  by the
Administrator or any of its members.

<PAGE>

         7.5 Information.  To enable the Administrator to perform its functions,
the Bank shall supply full and timely  information to the  Administrator  on all
matters  relating to the date and  circumstances  of the  retirement,  death, or
Separation from Service of the Executive,  and such other pertinent  information
as the Administrator may reasonably require.

                                    ARTICLE 8
                                  MISCELLANEOUS

         8.1  Amendment and  Termination  of  Agreement.  This  Agreement may be
amended or terminated  solely by a written  agreement signed by the Bank and the
Executive.  However,  this Agreement  shall terminate upon the first to occur of
(w)  distribution  of the death benefit  proceeds in accordance with section 2.2
above, or (x) termination of the Salary  Continuation  Agreement under Article 5
of the Salary  Continuation  Agreement,  or (y) the Executive's  Separation from
Service, or (z) the date the Executive attains age 65.

         8.2 Binding  Effect.  This  Agreement  shall bind the Executive and the
Bank  and  their  beneficiaries,   survivors,  executors,   administrators,  and
transferees, and any Policy beneficiary.

         8.3 No Guarantee of  Employment.  This  Agreement is not an  employment
policy  or  contract.  It does not give the  Executive  the  right to  remain an
employee of the Bank nor does it  interfere  with the Bank's  right to discharge
the  Executive.  It also does not require the Executive to remain an employee or
interfere with the Executive's right to terminate employment at any time.

         8.4 Successors;  Binding Agreement.  By an assumption agreement in form
and  substance  satisfactory  to the  Executive,  the  Bank  shall  require  any
successor (whether direct or indirect, by purchase,  merger,  consolidation,  or
otherwise) to all or substantially  all of the business or assets of the Bank to
expressly  assume and agree to perform this  Agreement in the same manner and to
the same extent that the Bank would be required to perform this Agreement had no
succession occurred.

         8.5 Applicable  Law. This Agreement and all rights  hereunder  shall be
governed by and construed  according to the laws of the State of South Carolina,
except to the extent preempted by the laws of the United States of America.

         8.6  Entire  Agreement.  This  Agreement  and the  Salary  Continuation
Agreement  constitute  the entire  agreement  between the Bank and the Executive
concerning the subject matter. No rights are granted to the Executive under this
Agreement other than those specifically set forth.

         8.7  Severability.  If any provision of this Agreement is held invalid,
such invalidity  shall not affect any other provision of this Agreement not held
invalid,  and each such other  provision shall continue in full force and effect
to the full extent  consistent  with law. If any provision of this  Agreement is
held  invalid in part,  such  invalidity  shall not affect the  remainder of the
provision not held invalid, and the remainder of the provision together with all
other  provisions of this  Agreement  shall continue in full force and effect to
the full extent consistent with law.


<PAGE>

         8.8 Headings.  Headings and subheadings  herein are included solely for
convenience of reference and shall not affect the meaning or  interpretation  of
any provision of this Agreement.

         8.9 Notices.  All notices,  requests,  demands and other communications
hereunder  shall be in  writing  and shall be deemed to have been duly  given if
delivered  by hand or mailed,  certified  or  registered  mail,  return  receipt
requested,  with postage  prepaid,  to the following  addresses or to such other
address as either party may designate by like notice.  Unless otherwise  changed
by notice,  notice shall be properly  addressed to the Executive if addressed to
the address of the Executive on the books and records of the Bank at the time of
the delivery of such notice,  and properly addressed to the Bank if addressed to
the board of  directors,  First  South Bank,  1450 John B. White Sr.  Boulevard,
Spartanburg, South Carolina 29306.

         IN WITNESS WHEREOF, the Executive and a duly authorized  representative
of the Bank have executed this Agreement as of the date first written above.

EXECUTIVE:                                  BANK:
                                            First South Bank
----------------------
Barry L. Slider                             By: -------------------------------


                                            Its: ------------------------------

         AGREEMENT TO COOPERATE WITH INSURANCE UNDERWRITING INCIDENT TO
                  INTERNAL REVENUE CODE SECTION 1035 EXCHANGE

         I acknowledge  that I have read the Endorsement  Split Dollar Agreement
and agree to be bound by its terms,  particularly  the  covenant  on my part set
forth in  section  2.5 of the  Endorsement  Split  Dollar  Agreement  to provide
medical  information  and  cooperate  with  medical   insurance-related  testing
required  by an  insurer  to issue a  comparable  insurance  policy to cover the
benefit provided under this Endorsement Split Dollar Agreement.



--------------------------              ----------------------------------------
Witness                                 Barry L. Slider


<PAGE>
                         SPLIT DOLLAR POLICY ENDORSEMENT

Insured:          Barry L. Slider
Insurer:          New York Life Insurance Company
Policy No.:       56312985

         According to the terms of the First South Bank Endorsement Split Dollar
Agreement dated as of February 20, 2008, the undersigned Owner requests that the
above-referenced  policy  issued  by  the  Insurer  provide  for  the  following
beneficiary designation and limited contract ownership rights to the Insured:

         1. Upon the death of the Insured,  proceeds shall be paid in one sum to
the Owner,  its successors or assigns,  to the extent of the Owner's interest in
the  policy.  It is hereby  provided  that the  Insurer  may rely  solely upon a
statement  from the Owner  concerning  the amount of  proceeds it is entitled to
receive under this paragraph.

         2. Any  proceeds  at the death of the  Insured  in excess of the amount
paid under the  provisions of the preceding  paragraph  shall be paid in one sum
to:

 -------------------------------------------------------------------------------
            PRIMARY BENEFICIARY, RELATIONSHIP/SOCIAL SECURITY NUMBER

 -------------------------------------------------------------------------------
           CONTINGENT BENEFICIARY, RELATIONSHIP/SOCIAL SECURITY NUMBER

The exclusive  rights to change the beneficiary  for the proceeds  payable under
this  paragraph  and to assign  all  rights  and  interests  granted  under this
paragraph are hereby  granted to the Insured.  The sole signature of the Insured
shall be  sufficient  to exercise  the rights.  The Owner  retains all  contract
rights not granted to the Insured under this paragraph.

         3. It is agreed by the  undersigned  that this  designation and limited
assignment of rights shall be subject in all respects to the  contractual  terms
of the policy.

         4. Any payment directed by the Owner under this endorsement  shall be a
full  discharge  of the  Insurer,  and such  discharge  shall be  binding on all
parties claiming any interest under the policy.

         5. This Split Dollar  Policy  Endorsement  supersedes  and replaces all
prior endorsements of the Insured relating to the above-referenced policy issued
by the Insurer.

         6. The exercise by the Owner of the right to surrender the policy shall
terminate the rights of the Insured.

         7. The Owner of the policy is First  South  Bank.  The Owner  alone may
exercise  all  policy  rights,  except  that the Owner  will not have the rights
specified in paragraph 2 of this Split Dollar Policy Endorsement.

         The undersigned for the Owner is signing in a  representative  capacity
and warrants that he or she has the authority to bind the entity on whose behalf
this document is executed.

         Signed at ____________________________, South Carolina this ____ day of
____________________, 2008.

INSURED:                                      OWNER:
                                              First South Bank


                                              By:  __________________________
_________________________________
Barry L. Slider
                                              Its:  __________________________


<PAGE>


                         SPLIT DOLLAR POLICY ENDORSEMENT

Insured:          Barry L. Slider
Insurer:          Lincoln National Life Insurance Company
Policy No.:       C0020285

         According to the terms of the First South Bank Endorsement Split Dollar
Agreement dated as of February 20, 2008, the undersigned Owner requests that the
above-referenced  policy  issued  by  the  Insurer  provide  for  the  following
beneficiary designation and limited contract ownership rights to the Insured:

         1. Upon the death of the Insured,  proceeds shall be paid in one sum to
the Owner,  its successors or assigns,  to the extent of the Owner's interest in
the  policy.  It is hereby  provided  that the  Insurer  may rely  solely upon a
statement  from the Owner  concerning  the amount of  proceeds it is entitled to
receive under this paragraph.

         2. Any  proceeds  at the death of the  Insured  in excess of the amount
paid under the  provisions of the preceding  paragraph  shall be paid in one sum
to:

 -------------------------------------------------------------------------------
            PRIMARY BENEFICIARY, RELATIONSHIP/SOCIAL SECURITY NUMBER

 -------------------------------------------------------------------------------
           CONTINGENT BENEFICIARY, RELATIONSHIP/SOCIAL SECURITY NUMBER

The exclusive  rights to change the beneficiary  for the proceeds  payable under
this  paragraph  and to assign  all  rights  and  interests  granted  under this
paragraph are hereby  granted to the Insured.  The sole signature of the Insured
shall be  sufficient  to exercise  the rights.  The Owner  retains all  contract
rights not granted to the Insured under this paragraph.

         3. It is agreed by the  undersigned  that this  designation and limited
assignment of rights shall be subject in all respects to the  contractual  terms
of the policy.

         4. Any payment directed by the Owner under this endorsement  shall be a
full  discharge  of the  Insurer,  and such  discharge  shall be  binding on all
parties claiming any interest under the policy.

         5. This Split Dollar  Policy  Endorsement  supersedes  and replaces all
prior endorsements of the Insured relating to the above-referenced policy issued
by the Insurer.

         6. The exercise by the Owner of the right to surrender the policy shall
terminate the rights of the Insured.

         7. The Owner of the policy is First  South  Bank.  The Owner  alone may
exercise  all  policy  rights,  except  that the Owner  will not have the rights
specified in paragraph 2 of this Split Dollar Policy Endorsement.

         The undersigned for the Owner is signing in a  representative  capacity
and warrants that he or she has the authority to bind the entity on whose behalf
this document is executed.

         Signed at __________________________, South Carolina this ______ day of
__________________, 2008.

INSURED:                                       OWNER:
                                               First South Bank


                                               By:  _________________________
___________________________
Barry L. Slider
                                               Its:  _________________________