Ex10-1_103106


















Greenville First Bank, N.A.



Salary Continuation Agreement

 




            This Salary
Continuation Agreement (this "Agreement") is made and entered into
as of this              day of                                     ,
2                      , by and between Greenville First Bank, N.A., a
South Carolina-chartered bank (the "Bank"), and                                                 ,
its                                (the "Executive").




            Whereas,
the Executive has contributed substantially to the success of the Bank and the
Bank desires that the Executive continue in its employ,




            Whereas,
to encourage the Executive to remain an employee of the Bank, the Bank is
willing to provide salary continuation benefits to the Executive, payable from
the Bank's general assets,




            Whereas,
none of the conditions or events included in the definition of the term "golden
parachute payment" that is set forth in section 18(k)(4)(A)(ii) of the Federal
Deposit Insurance Act [12 U.S.C. 1828(k)(4)(A)(ii)] and in Federal Deposit
Insurance Corporation Rule 359.1(f)(1)(ii) [12 CFR 359.1(f)(1)(ii)] exists or,
to the best knowledge of the Bank, is contemplated insofar as the Bank is
concerned, and




            Whereas,
the parties hereto intend that this Agreement shall be considered an unfunded
arrangement maintained primarily to provide supplemental retirement benefits for
the Executive, and to be considered a non-qualified benefit plan for purposes
of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). 
The Executive is fully advised of the Bank's financial status.




            Now
Therefore, in consideration of these premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Executive and the Bank hereby agree as follows.





Article 1


Definitions




            The following words and phrases used in this
Agreement have the meanings specified.




            1.1       "Accrual Balance" means
the liability that should be accrued by the Bank under generally accepted
accounting principles ("GAAP"), as consistently applied in accordance with past
practices at the Bank, for the Bank's obligation to the Executive under this
Agreement.


            1.2       "Beneficiary" means each
designated person, or the estate of the deceased Executive, entitled to
benefits, if any, upon the death of the Executive, determined according to
Article 4.




            1.3       "Beneficiary Designation
Form" means the form established from time to time by the Plan
Administrator that the Executive completes, signs, and returns to the Plan
Administrator to designate one or more Beneficiaries.
















             1.4       "Change in Control"
shall mean any one of the following events occurs, provided the event
constitutes a change in control within the meaning of Internal Revenue Code
section 409A and rules, regulations, and guidance of general application
thereunder issued by the Department of the Treasury, and provided the
occurrence of the event is objectively determinable and does not require the
exercise of judgment or discretion on the part of the Plan Administrator or any
other person  -




                        (a)       
the individuals who, as of the date of this Agreement, are members of the Board
of Directors of Greenville First Bancshares, Inc., of which the Bank is a
wholly owned subsidiary (the "Incumbent Board") cease for any reason during any
twelve (12) -month period to constitute more than fifty percent (50%) of the
Board of Directors of Greenville First Bancshares, Inc.; provided, however,
that if the election, or nomination for election by Greenville First
Bancshares, Inc.'s shareholders, of any new director was approved in advance by
a vote of more than fifty percent (50%) of the then existing Board of Directors
of Greenville First Bancshares, Inc., such new director shall, for purposes of
this Agreement, be considered as a member of the Incumbent Board;  

                        (b)        acquisitions
during a twelve (12) - month period ending on the date of the most recent
acquisition by such Person (as the term "person" is used for purposes of
Section 13(d) or 14(d) of the Exchange Act, specifically excluding a transfer
to a subsidiary of Greenville First Bancshares, Inc.) of any voting securities
of Greenville First Bancshares, Inc. (the "Voting Securities") by any Person immediately
after which such Person has "Beneficial Ownership" (within the meaning of Rule
13d-3 promulgated under the Exchange Act) of thirty-five percent (35%) or more
of the combined voting power of Greenville First Bancshares, Inc.'s then
outstanding Voting Securities; or

                        (c)        acquisitions
of the assets of Greenville First Bancshares, Inc. that have a total gross fair
market value equal to or more than forty percent (40%) of the total gross fair
market value (as the term "gross fair market value" is used for purposes of
Section 1.409A-3(g)(5)(vi) of the Code) of all of the assets of Greenville
First Bancshares, Inc. immediately prior to such acquisitions by any Person
during a twelve (12) - month period ending on the date of the most recent
acquisition.  




            1.5       "Code" means the
Internal Revenue Code of 1986, as amended, and rules, regulations, and guidance
of general application issued thereunder by the Department of the Treasury.




            1.6       "Disability" means because
of a medically determinable physical or mental impairment that can be expected
to result in death or that can be expected to last for a continuous period of
at least twelve (12) months, (x) the Executive is unable to engage in any
substantial gainful activity, or (y) the Executive is receiving income
replacement benefits for a period of at least three (3) months under an
accident and health plan of the employer.  Medical determination of disability
may be made either by the Social Security Administration or by the provider of
an accident or health plan covering employees of the Bank.  Upon request of the
Plan Administrator, the Executive must submit proof to the Plan Administrator
of the Social Security Administration's or provider's determination.
















             1.7       "Early Termination"
means Separation from Service before Normal Retirement Age for reasons other
than death, Disability, Termination for Cause, or after a Change in Control.




            1.8       "Effective Date" means July 1, 200 6.




            1.9       "Intentional" does not
mean an act or failure to act on the part of the Executive if it was due
primarily to an error in judgment or negligence.  An act or failure to act on
the Executive's part shall be considered intentional if it is not in good faith
and if it is without a reasonable belief that the action or failure to act is
in the best interests of the Bank.




            1.10     "Normal Retirement Age"
means the Executive's                                birthday.




            1.11     "Plan Administrator" or "Administrator"
means the plan administrator described in Article 8.




            1.12     "Plan Year" means a
twelve (12) - month period commencing on January 1 and ending on December 31 of
each year.  The initial Plan Year shall commence on the Effective Date of this
Agreement.




            1.13     "Separation from Service"
means the Executive's service as an executive or independent contractor to the
Bank and any member of a controlled group, as defined in Code section 414,
terminates for any reason, other than because of a leave of absence approved by
the Bank or the Executive's death.  For purposes of this Agreement, if there is
a dispute about the employment status of the Executive or the date of the
Executive's Separation from Service, such status will be determined in
compliance with Section 409A of the Code, specifically Prop. Reg. §
1.409A-1(h).




            1.14     "Termination for Cause"
and "Cause" shall have the meaning specified in any effective severance
or employment agreement existing on the date hereof or hereafter entered into
between the Executive and the Bank and/or Greenville First Bancshares, Inc.  If
the Executive is not a party to a severance or employment agreement containing
a definition for termination for cause, Termination for Cause, for purposes of
this Agreement, means the Bank and/or Greenville First Bancshares, Inc. terminates
the Executive's employment for any of the following reasons -




                        (a)        the
Executive's gross negligence or gross neglect of duties or intentional and
material failure to perform stated duties after written notice thereof, or




                        (b)        disloyalty
or dishonesty by the Executive in the performance of the Executive's duties, or
a breach of the Executive's fiduciary duties for personal profit, in any case
whether in the Executive's capacity as a director or officer, or




                        (c)        intentional
wrongful damage by the Executive to the business or property of the Bank or Greenville
First Bancshares, Inc. or any of its affiliates, including without limitation
the reputation of the Bank or Greenville First Bancshares, Inc., which in the
judgment of the Bank or Greenville First Bancshares, Inc. causes material harm
to the Bank or Greenville First Bancshares, Inc. or any of its affiliates, or
















 
                        (d)        a
willful violation by the Executive of any applicable law or significant policy
of the Bank or Greenville First Bancshares, Inc. or any of its affiliates that,
in the Bank's or Greenville First Bancshares, Inc.'s judgment, results in an
adverse effect on the Bank or Greenville First Bancshares, Inc. or any of its affiliates,
regardless of whether the violation leads to criminal prosecution or
conviction.  For purposes of this Agreement, applicable laws include any
statute, rule, regulatory order, statement of policy, or final cease-and-desist
order of any governmental agency or body having regulatory authority over the
Bank or Greenville First Bancshares, Inc., or




                        (e)        the
occurrence of any event that results in the Executive being excluded from
coverage, or having coverage limited for the Executive as compared to other
executives of the Bank or Greenville First Bancshares, Inc., under the Bank's or
Greenville First Bancshares, Inc.'s blanket bond or other fidelity or insurance
policy covering its directors, officers, or employees, or




                        (f)         the
Executive is removed from office or permanently prohibited from participating
in the Bank's or Greenville First Bancshares, Inc.'s affairs by an order issued
under section 8(e)(4) or section 8(g)(1) of the Federal Deposit Insurance Act,
12 U.S.C. 1818(e)(4) or (g)(1), or




                        (g)        conviction
of the Executive for or plea of no contest to a felony or conviction of or plea
of no contest to a misdemeanor involving moral turpitude, or the actual
incarceration of the Executive for forty-five (45) consecutive days or more.




 
Article 2



       Lifetime with
a Fifteen (15) - Year Term Certain Benefits Period




            2.1       Normal Retirement Benefit. 
Unless Separation from Service or a Change in Control occurs before Normal
Retirement Age, when the Executive attains the Normal Retirement Age the Bank
shall pay to the Executive the benefit described in this section 2.1 instead of
any other benefit under this Agreement.  If the Executive's Separation from
Service thereafter is a Termination for Cause or if this Agreement terminates
under Article 5, no further benefits shall be paid.  




            2.1.1
   Amount of Benefit. The annual benefit under this section 2.1 is                                                                          ($                    )
Dollars.




            2.1.2    Payment
of Benefit.  The Bank shall pay the annual benefit to the Executive in               (                      )
equal monthly installments payable on the first (1st) day of each
month, beginning with the month immediately after the month in which the
Executive attains the Normal Retirement Age.  The Normal Retirement annual
benefit shall be paid to the Executive for the Executive's lifetime with a               (          )
- year term certain period.
















             2.2       Early Termination Benefit. 
Provided the Executive shall have been continuously employed by the Bank for
five (5) consecutive years from the Effective Date when Early Termination
occurs, upon such Early Termination the Bank shall pay to the Executive the
benefit described in this section 2.2 instead of any other benefit under this
Agreement.  The Executive and the Executive's Beneficiary shall be entitled to
no benefits whatsoever under this Agreement if Early Termination occurs before
the Executive shall have been continuously employed by the Bank for five (5)
consecutive years from the Effective Date; provided, however, all of the
Executive's benefits under this section 2.2 shall be forfeited if at any time
from the date of the Executive's Early Termination and for a period of one (1)
year thereafter, the Executive (without the prior written consent of the Bank)
competes with the Bank or Greenville First Bancshares, Inc. or any of its
subsidiaries, directly or indirectly, by engaging in forming, by serving as an
organizer, director, officer of, employee or agent, or consultant to, or by acquiring
or maintaining more than a one percent (1%) passive investment in, a depository
financial institution or holding company thereof if such depository financial institution
or holding company has or establishes one (1) or more offices or branches which
are located within thirty (30) miles of any office or branch of the Bank in
existence at the date of the Executive's Early Termination.   




            2.2.1
   Amount of Benefit.  The annual benefit under this section 2.2 is
calculated by taking the Accrual Balance existing at the end of the month
immediately before the month in which Separation from Service occurs, compounding
this Accrual Balance forward to the Executive's Normal Retirement Age taking
into account interest at the discount rate or rates established by the Plan
Administrator, and amortizing this resulting amount over the period specified
in section 2.2.2 beginning with the Executive's Normal Retirement Age.




            2.2.2
   Payment of Benefit.   The Bank shall pay the annual benefit to the
Executive in twelve (12) equal monthly installments payable on the first (1st)
day of each month, beginning with the later of (x) the seventh (7th)
month after the Executive's Separation from Service, or (y) the month
immediately after the month in which the Executive attains the Normal
Retirement Age.  The annual benefit shall be paid to the Executive for the
Executive's lifetime with a                          (          )
- year term certain period.




            2.3       Disability Benefit. 
Upon Separation from Service because of Disability before Normal Retirement
Age, the Bank shall pay to the Executive the benefit described in this section
2.3 instead of any other benefit under this Agreement.




            2.3.1    Amount
of Benefit.   The annual benefit under this section 2.3 is calculated by
taking the Accrual Balance existing at the end of the month immediately before
the month in which Separation from Service occurs, compounding this Accrual
Balance forward to the Executive's Normal Retirement Age taking into account
interest at the discount rate or rates established by the Plan Administrator,
and amortizing this resulting amount over the period specified in section 2.3.2
beginning with the Executive's Normal Retirement Age.




            2.3.2
   Payment of Benefit.  Beginning with the later of (x) the
seventh (7th) month after the Executive's Separation from Service,
or (y) the month immediately after the month in which the Executive
attains the Normal Retirement Age, the Bank shall pay the Disability benefit to
the Executive in twelve (12) equal monthly installments on the first (1st)
day of each month.  The annual benefit shall be paid to the Executive for the
Executive's lifetime with a fifteen (15) - year term certain period.
















             2.4       Change-in-Control Benefit. 
If a Change in Control occurs after the date of this Agreement but before
Normal Retirement Age and before Separation from Service, the Bank shall pay to
the Executive the benefit described in this section 2.4 instead of any other
benefit under this Agreement and the Bank shall exercise its discretion to
terminate this Agreement.




            2.4.1
   Amount of Benefit.  The benefit under this section 2.4 is the Executive's
Accrual Balance at the Executive's Normal Retirement Age, without additional discount
for the time value of money.




            2.4.2
   Payment of Benefit.  The Bank shall pay the Change-in-Control benefit
under section 2.4 of this Agreement to the Executive in one lump-sum within
three (3) days after the Change in Control.  Payment of the Change-in-Control
benefit shall fully discharge the Bank from all obligations under this
Agreement, except the legal fee reimbursement obligation under section 7.13 and
the obligation to make section 280G excise-tax gross-up payments under section
7.14.




            2.5       Lump-sum Payment of Normal
Retirement Benefit, Early Termination Benefit, or Disability Benefit Being Paid
to the Executive when a Change in Control Occurs.  If a Change in Control
occurs at any time during the salary continuation benefit payment period and if
when the Change in Control occurs the Executive is receiving the benefit
provided by sections 2.1.2, 2.2.2, or 2.3.2, the Bank shall pay the present
value, calculated at the discount rate or rates established by the Plan
Administrator, of the remaining salary continuation benefits to the Executive
in a single lump-sum within three (3) days after the Change in Control.  




            2.6       Contradiction Between the
Agreement and Schedule A.  Schedule A attached hereto and incorporated
herein contains sample calculations of the Executive's potential benefits under
the various sections of this Agreement, using certain assumptions as detailed
in the attached Schedule A.  These calculations are for illustrative and
informational purposes only and are subject to change due to changes in the
assumptions from time to time, such as changes in the assumed discount rate,
variations between the assumed timing of certain payments and events and the
eventual actual timing of such payments and events, and other factors.  If
there is a contradiction between the terms of this Agreement and Schedule A concerning
the actual amount of a particular benefit amount due the Executive under this
Agreement, then the actual amount of the benefit as set forth in this Agreement
shall control.  If the Plan Administrator changes the discount rate employed
for purposes of calculating the Accrual Balance, the Plan Administrator shall
prepare or cause to be prepared a revised Schedule A, which shall supersede and
replace any and all Schedules A previously prepared under or attached to this
Agreement.




            2.7       Savings Clause Relating to
Compliance with Code Section 409A.  Despite any contrary provision of this
Agreement, if when the Executive's employment terminates the Executive is a
specified employee, as defined in Code section 409A, and if any payments under
Article 2 of this Agreement will result in additional tax or interest to the
Executive because of section 409A, the Executive will not be entitled to the
payments under Article 2 until the earliest of (x) the date that is at
least six (6) months after termination of the Executive's employment for
reasons other than the Executive's death, (y) the date of the
Executive's death, or (z) any earlier date that does not result in
additional tax or interest to the Executive under section 409A.  If any
provision of this Agreement would subject the Executive to additional tax or
interest under section 409A, the Bank shall reform the provision.  However, the
Bank shall maintain to the maximum extent practicable the original intent of
the applicable provision without subjecting the Executive to additional tax or
interest, and the Bank shall not be required to incur any additional
compensation expense as a result of the reformed provision.














             2.8       One Benefit Only. 
Despite anything to the contrary in this Agreement, the Executive and
Beneficiary are entitled to one benefit only under this Agreement, which shall
be determined by the first event to occur that is dealt with by this
Agreement.  Except as provided in section 2.5 or Article 3, subsequent occurrence
of events dealt with by this Agreement shall not entitle the Executive or
Beneficiary to other or additional benefits under this Agreement.





 Article 3



Death Benefits




            3.1       Death during Active Service. 
Except as provided in section 5.2, if the Executive dies in active service to
the Bank before Normal Retirement Age, the Executive's Beneficiary shall be
entitled to:




              3.1.1    Amount
of Benefit.  The benefit under this section 3.1 is an amount equal to the
Executive's Accrual Balance at the time of the Executive's death.




              3.1.2    Payment
of Benefit.  The Bank shall pay the Death during Active Service benefit to
the Executive's Beneficiary within sixty (60) days of the Executive's death.

           
3.2       Death before any
Separation from Service but after Normal Retirement Age and before the End of
the Fifteen (15) - Year Term Certain Period.  If the Executive dies before
any Separation from Service and the Executive is receiving the Executive's normal
retirement benefit provided by section 2.1, but the Executive has not received
the Executive's normal retirement benefit for the full                    (          )
- year term certain period, the Executive's Beneficiary shall be entitled to:




3.2.1    Amount
and Payment of Benefit.   At the Bank's sole discretion upon the
Executive's death, the benefit under this section 3.2 shall be either: (i) the
present value, calculated at the discount rate or rates established by the Plan
Administrator, at the Executive's death of the Executive's remaining salary
continuation benefits as determined under section 2.1, paid to the Executive's
Beneficiary in a lump-sum within sixty (60) days of the Executive's death; or
(ii) the Executive's remaining salary continuation benefits as determined under
section 2.1, paid to the Executive's Beneficiary at the times specified in
section 2.1; provided, however, that no benefits under this
Agreement shall be paid or payable to the Executive or the Executive's
Beneficiary if this Agreement is terminated under Article 5.




            3.3       Death after Separation from
Service before Normal Retirement Age.  If the Executive dies after
Separation from Service and the Executive is entitled to the Early Termination
benefit provided by section 2.2 or the Disability benefit provided by section
2.3, but has not started receiving such benefits because the Executive has not
reached the Normal Retirement Age, the Executive's Beneficiary shall be
entitled to:
















 3.3.1    Amount of Benefit. 
 The lump-sum benefit under this section 3.3 is the present value, calculated
at the discount rate or rates established by the Plan Administrator, at the
Executive's death of the Accrual Balance which existed at the end of the month
immediately before the month in which Separation from Service occurred, after
compounding this Accrual Balance forward to the Executive's Normal Retirement
Age taking into account interest at the discount rate or rates established by
the Plan Administrator.  Assuming the two discount rates referred to in the
previous sentence are the same, the resulting lump-sum benefit under this
section 3.3 would be the Executive's Accrual Balance which existed at the end
of the month immediately before the month in which Separation from Service
occurred; provided, however, that no benefits under this
Agreement shall be paid or payable to the Executive or the Executive's
Beneficiary if this Agreement is terminated under Article 5.




 3.3.2    Payment
of Benefit.  The Bank shall pay the Death after Separation from Service
before Normal Retirement Age lump-sum benefit to the Executive's Beneficiary
within sixty (60) days of the Executive's death.   


            3.4       Death after Separation
from Service after Normal Retirement Age.  If the Executive dies after
Separation from Service and the Executive is receiving the normal retirement
benefit provided by section 2.1, the Early Termination benefit provided by
section 2.2, or the Disability benefit provided by section 2.3, the Executive's
Beneficiary shall be entitled to:




3.4.1    Amount
and Payment of Benefit.   At the Bank's sole discretion upon the
Executive's death, the benefit under this section 3.4 shall be either: (i) the
present value, calculated at the discount rate or rates established by the Plan
Administrator, at the Executive's death of the Executive's remaining salary
continuation benefits as determined under section 2.1, 2.2, or 2.3, as
applicable, paid to the Executive's Beneficiary in a lump-sum within sixty (60)
days of the Executive's death; or (ii) the Executive's remaining salary
continuation benefits as determined under section 2.1, 2.2, or 2.3, as
applicable, in the amounts specified in the applicable section, paid to the
Executive's Beneficiary at the times specified in the applicable section; provided,
however, that no benefits under this Agreement shall be paid or payable
to the Executive or the Executive's Beneficiary if this Agreement is terminated
under Article 5.




Article 4



Beneficiaries




            4.1       Beneficiary Designations. 
The Executive shall have the right to designate at any time a Beneficiary to
receive any benefits payable under this Agreement upon the death of the
Executive.  The Beneficiary designated under this Agreement may be the same as
or different from the beneficiary designation under any other benefit plan of
the Bank in which the Executive participates.
































            4.2       Beneficiary Designation:
Change.  The Executive shall designate a Beneficiary by completing and
signing the Beneficiary Designation Form and delivering it to the Plan
Administrator or its designated agent.  The Executive's Beneficiary designation
shall be deemed automatically revoked if the Beneficiary predeceases the
Executive or if the Executive names a spouse as Beneficiary and the marriage is
subsequently dissolved.  The Executive shall have the right to change a
Beneficiary by completing, signing, and otherwise complying with the terms of
the Beneficiary Designation Form and the Plan Administrator's rules and
procedures, as in effect from time to time.  Upon the acceptance by the Plan
Administrator of a new Beneficiary Designation Form, all Beneficiary
designations previously filed shall be cancelled.  The Plan Administrator shall
be entitled to rely on the last Beneficiary Designation Form filed by the
Executive and accepted by the Plan Administrator before the Executive's death.
            4.3       Acknowledgment.  No
designation or change in designation of a Beneficiary shall be effective until
received, accepted, and acknowledged in writing by the Plan Administrator or
its designated agent.




            4.4       No Beneficiary Designation. 
If the Executive dies without a valid beneficiary designation, or if all designated
Beneficiaries predecease the Executive, then the Executive's spouse shall be
the designated Beneficiary.  If the Executive has no surviving spouse, the
benefits shall be made to the personal representative of the Executive's
estate.




            4.5       Facility of Payment.  If
a benefit is payable to a minor, to a person declared incapacitated, or to a
person incapable of handling the disposition of his or her property, the Bank
may pay such benefit to the guardian, legal representative, or person having
the care or custody of the minor, incapacitated person, or incapable person. 
The Bank may require proof of incapacity, minority, or guardianship as it may
deem appropriate before distribution of the benefit.  Distribution shall
completely discharge the Bank from all liability for the benefit.




 Article 5



General Limitations




            5.1       Termination for Cause. 
Despite any contrary provision of this Agreement, the Bank shall not pay any
benefit under this Agreement and this Agreement shall terminate if Separation
from Service is the result of Termination for Cause.   




            5.2       Suicide or Misstatement. 
The Bank shall not pay any benefit under this Agreement and the Beneficiary
shall be entitled to no benefits if the Executive commits suicide within two
(2) years after the date of this Agreement or if the Executive makes any
material misstatement of fact on any application or resume provided to the Bank
or on any application for benefits provided by the Bank.




            5.3       Removal.  If the
Executive is removed from office or permanently prohibited from participating
in the Bank's affairs by an order issued under section 8(e)(4) or (g)(1) of the
Federal Deposit Insurance Act, 12 U.S.C. 1818(e)(4) or (g)(1), all obligations
of the Bank under this Agreement shall terminate as of the effective date of
the order.




            5.4       Default.  Despite any
contrary provision of this Agreement, if the Bank is in "default" or "in danger
of default," as those terms are defined in section 3(x) of the Federal Deposit
Insurance Act, 12 U.S.C. 1813(x), all obligations under this Agreement shall
terminate.




            5.5       FDIC Open-Bank Assistance. 
All obligations under this Agreement shall terminate, except to the extent
determined that continuation of the contract is necessary for the continued
operation of the Bank, when the Federal Deposit Insurance Corporation enters
into an agreement to provide assistance to or on behalf of the Bank under the
authority contained in Federal Deposit Insurance Act section 13(c).  12 U.S.C.
1823(c).  Rights of the parties that have already vested shall not be affected
by such action, however.








































 Article 6


Claims and Review Procedures




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




                6.1.1    Initiation
- Written Claim.  The claimant initiates a claim by submitting to the
Administrator a written claim for the benefits.  If the claim relates to the
contents of a notice received by the claimant, the claim must be made within sixty
(60) days after the notice was received by the claimant.  All other claims must
be made within one-hundred eighty (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.




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




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




                                                            6.1.3.1
            the specific reasons for the denial,




                                                            6.1.3.2
            a reference to the specific provisions of the Agreement on which
the denial is based,




                                                            6.1.3.3
            a description of any additional information or material necessary
for the claimant to perfect the claim and an explanation of why it is needed,




                                                            6.1.3.4
            an explanation of the Agreement's review procedures and the time
limits applicable to such procedures, and




                                                            6.1.3.5
            a statement of the claimant's right to bring a civil action under
ERISA section 502(a) following an adverse benefit determination on review.




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




                6.2.1    Initiation
- Written Request.  To initiate the review, the claimant, within sixty (60)
days after receiving the Bank's notice of denial, must file with the Bank a
written request for review.
































                            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.  The Bank shall also provide the claimant,
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.

                6.2.3    Considerations
on Review.  In considering the review, the Bank 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.




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




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




                                                            6.2.5.1
            the specific reason for the denial,




                                                            6.2.5.2
            a reference to the specific provisions of the Agreement on which
the denial is based,




                                                            6.2.5.3
            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




                                                            6.2.5.4
            a statement of the claimant's right to bring a civil action under
ERISA section 502(a).




 Article 7



Miscellaneous




            7.1       Amendments and Termination. 
Subject to section 7.15 of this Agreement, this Agreement may be amended solely
by a written agreement signed by the Bank and by the Executive, and except for
termination occurring under Article 5 this Agreement may be terminated solely
by a written agreement signed by the Bank and by the Executive.




            7.2       Binding Effect.  This
Agreement shall bind the Executive, the Bank, and their beneficiaries,
survivors, executors, successors, administrators, and transferees.
































            7.3       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 nor interfere with the Executive's right to
terminate employment at any time.            7.4       Non-Transferability. 
Benefits under this Agreement cannot be sold, transferred, assigned, pledged,
attached, or encumbered in any manner.




            7.5       Successors; Binding
Agreement.  The Bank will 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, by an assumption agreement in form
and substance satisfactory to the Executive, 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 if no such succession had occurred.




            7.6       Tax Withholding.  The
Bank shall withhold any taxes that are required to be withheld from the
benefits provided under this Agreement.




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




            7.8       Unfunded Arrangement. 
The Executive and Beneficiary are general unsecured creditors of the Bank for the
payment of benefits under this Agreement.  The benefits represent the mere
promise by the Bank to pay the benefits.  Rights to benefits are not subject in
any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, attachment, or garnishment by creditors.  Any insurance on the
Executive's life is a general asset of the Bank to which the Executive and
Beneficiary have no preferred or secured claim.




            7.9       Entire Agreement.  This
Agreement constitutes 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.




            7.10     Severability.  If for any
reason 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 such provision together with all other provisions
of this Agreement shall continue in full force and effect to the full extent
consistent with law.




            7.11     Headings.  Caption
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.
































            7.12     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.  If to the Bank, notice shall be given to the board
of directors, Greenville First Bank, N.A., 112 Haywood Road, Greenville, South Carolina 29607, or to such other or additional person or persons as the Bank shall
have designated to the Executive in writing.  If to the Executive, notice shall
be given to the Executive at the Executive's address appearing on the Bank's
records, or to such other or additional person or persons as the Executive
shall have designated to the Bank in writing.
            7.13     Payment of Legal Fees. 
The Bank is aware that after a Change in Control management of the Bank could
cause or attempt to cause the Bank to refuse to comply with its obligations
under this Agreement, or could institute or cause or attempt to cause the Bank
to institute litigation seeking to have this Agreement declared unenforceable,
or could take or attempt to take other action to deny Executive the benefits
intended under this Agreement.  In these circumstances, the purpose of this Agreement
would be frustrated.  It is the intention of the Bank that the Executive not be
required to incur the expenses associated with the enforcement of rights under
this Agreement, whether by litigation or other legal action, because the cost
and expense thereof would substantially detract from the benefits intended to
be granted to the Executive hereunder.  It is the intention of the Bank that
the Executive not be forced to negotiate settlement of rights under this
Agreement under threat of incurring expenses.  Accordingly, if after a Change
in Control occurs it appears to the Executive that (x) the Bank has
failed to comply with any of its obligations under this Agreement, or (y)
the Bank or any other person has taken any action to declare this Agreement void
or unenforceable, or instituted any litigation or other legal action designed
to deny, diminish, or to recover from the Executive the benefits intended to be
provided to the Executive hereunder, the Bank irrevocably authorizes the
Executive from time to time to retain counsel of the Executive's choice, at the
expense of the Bank as provided in this section 7.13, to represent the
Executive in connection with the initiation or defense of any litigation or
other legal action, whether by or against the Bank or any director, officer,
stockholder, or other person affiliated with the Bank, in any jurisdiction. 
Notwithstanding any existing or previous attorney-client relationship between
the Bank and any counsel chosen by the Executive under this section 7.13, the
Bank irrevocably consents to the Executive entering into an attorney-client
relationship with that counsel, and the Bank and the Executive agree that a
confidential relationship shall exist between the Executive and that counsel. 
The fees and expenses of counsel selected from time to time by the Executive as
provided in this section shall be paid or reimbursed to the Executive by the
Bank on a regular, periodic basis upon presentation by the Executive of a
statement or statements prepared by such counsel in accordance with such
counsel's customary practices, up to a maximum aggregate amount of Five Hundred
Thousand & No/100 ($500,000) Dollars, whether suit be brought or not, and
whether or not incurred in trial, bankruptcy, or appellate proceedings.  The
Bank's obligation to pay the Executive's legal fees provided by this section
7.13 operates separately from and in addition to any legal fee reimbursement
obligation the Bank may have with the Executive under any separate employment,
severance, or other agreement between the Executive and the Bank.  Anything in
this section 7.13 to the contrary notwithstanding however, the Bank shall not
be required to pay or reimburse the Executive's legal expenses if doing so
would violate section 18(k) of the Federal Deposit Insurance Act [12 U.S.C.
1828(k)] and Rule 359.3 of the Federal Deposit Insurance Corporation [12 CFR
359.3].
















             7.14     Internal Revenue Code Section
280G Gross Up.  (a)  Additional Payment to Account for Excise Taxes. 
If as the result of a Change in Control the Executive becomes entitled to
acceleration of benefits under this Agreement or under any other plan or
agreement of or with the Bank or its affiliates (together, the "Total
Benefits"), and if any of the Total Benefits will be subject to the Excise Tax
as set forth in sections 280G and 4999 of the Internal Revenue Code of 1986
(the "Excise Tax"), the Bank shall pay to the Executive the following
additional amounts, consisting of (x) a payment equal to the Excise Tax
payable by the Executive on the Total Benefits under section 4999 of the
Internal Revenue Code (the "Excise Tax Payment"), and (y) a payment
equal to the amount necessary to provide the Excise Tax Payment net of all
income, payroll and excise taxes.  Together, the additional amounts described
in clauses (x) and (y) are referred to in this Agreement as the
"Gross-Up Payment Amount."




            Calculating the Excise Tax.  For purposes
of determining whether any of the Total Benefits will be subject to the Excise
Tax and for purposes of determining the amount of the Excise Tax,




                        1)
   Determination of "Parachute Payments" Subject to the Excise Tax:
any other payments or benefits received or to be received by the Executive in
connection with a Change in Control or the Executive's Separation from Service
(whether under the terms of this Agreement or any other agreement or any other
benefit plan or arrangement with the Bank, any person whose actions result in a
Change in Control, or any person affiliated with the Bank or such person) shall
be treated as "parachute payments" within the meaning of section 280G(b)(2) of
the Internal Revenue Code, and all "excess parachute payments" within the
meaning of section 280G(b)(1) shall be treated as subject to the Excise Tax,
unless in the opinion of the certified public accounting firm that is retained
by the Bank as of the date immediately before the Change in Control (the
"Accounting Firm") such other payments or benefits do not constitute (in whole
or in part) parachute payments, or such excess parachute payments represent (in
whole or in part) reasonable compensation for services actually rendered within
the meaning of section 280G(b)(4) of the Internal Revenue Code in excess of the
base amount (as defined in section 280G(b)(3) of the Internal Revenue Code), or
are otherwise not subject to the Excise Tax,




                        2)
    Calculation of Benefits Subject to Excise Tax:  the amount of
the Total Benefits that shall be treated as subject to the Excise Tax shall be
equal to the lesser of (x) the total amount of the Total Benefits
reduced by the amount of such Total Benefits that in the opinion of the
Accounting Firm are not parachute payments, or (y) the amount of excess
parachute payments within the meaning of section 280G(b)(1) (after applying
clause (1), above), and




                        3)
    Value of Noncash Benefits and Deferred Payments:  the value of
any noncash benefits or any deferred payment or benefit shall be determined by
the Accounting Firm in accordance with the principles of sections 280G(d)(3)
and (4) of the Internal Revenue Code.
















             Assumed Marginal Income Tax Rate. For
purposes of determining the amount of the Gross-Up Payment Amount, the
Executive shall be deemed to pay federal income taxes at the highest marginal
rate of federal income taxation in the calendar years in which the Gross-Up
Payment Amount is to be made and state and local income taxes at the highest
marginal rate of taxation in the state and locality of the Executive's
residence on the date of Separation from Service, net of the reduction in
federal income taxes that can be obtained from deduction of such state and
local taxes (calculated by assuming that any reduction under section 68 of the
Internal Revenue Code in the amount of itemized deductions allowable to the
Executive applies first to reduce the amount of such state and local income
taxes that would otherwise be deductible by the Executive, and applicable
federal FICA and Medicare withholding taxes).




            Return of Reduced Excise Tax Payment or
Payment of Additional Excise Tax.  If the Excise Tax is later determined to
be less than the amount taken into account hereunder when the Executive's
employment terminated, the Executive shall repay to the Bank - when the amount
of the reduction in Excise Tax is finally determined - the portion of the
Gross-Up Payment Amount attributable to the reduction (plus that portion of the
Gross-Up Payment Amount attributable to the Excise Tax, federal, state and
local income taxes and FICA and Medicare withholding taxes imposed on the
Gross-Up Payment Amount being repaid by the Executive to the extent that the
repayment results in a reduction in Excise Tax, FICA, and Medicare withholding
taxes and/or a federal, state, or local income tax deduction).




            If the Excise Tax is later determined to be more
than the amount taken into account hereunder when the Executive's employment
terminated (due, for example, to a payment whose existence or amount cannot be
determined at the time of the Gross-Up Payment Amount), the Bank shall make an
additional Gross-Up Payment Amount to the Executive for that excess (plus any
interest, penalties, or additions payable by the Executive for the excess) when
the amount of the excess is finally determined.




            (b)        Responsibilities of the Accounting
Firm and the Bank.  Determinations Shall Be Made by the Accounting Firm. 
Subject to the provisions of section 7.14(a), all determinations required to be
made under this section 7.14(b) - including whether and when a Gross-Up Payment
Amount is required, the amount of the Gross-Up Payment Amount and the
assumptions to be used to arrive at the determination (collectively, the
"Determination") - shall be made by the Accounting Firm, which shall provide
detailed supporting calculations both to the Bank and the Executive within 15
business days after receipt of notice from the Bank or the Executive that there
has been a Gross-Up Payment Amount, or such earlier time as is requested by the
Bank.




            Fees and Expenses of the Accounting Firm and
Agreement with the Accounting Firm.  All fees and expenses of the
Accounting Firm shall be borne solely by the Bank.  The Bank shall enter into
any agreement requested by the Accounting Firm in connection with the
performance of its services hereunder.




            Accounting Firm's Opinion.  If the
Accounting Firm determines that no Excise Tax is payable by the Executive, the
Accounting Firm shall furnish the Executive with a written opinion to that
effect, and to the effect that failure to report Excise Tax, if any, on the
Executive's applicable federal income tax return will not result in the imposition
of a negligence or similar penalty.
































            Accounting Firm's Determination Is Binding;
Underpayment and Overpayment.  The Determination by the Accounting Firm
shall be binding on the Bank and the Executive.  Because of the uncertainty in
determining whether any of the Total Benefits will be subject to the Excise Tax
at the time of the Determination, it is possible that a Gross-Up Payment Amount
that should have been made will not have been made by the Bank
("Underpayment"), or that a Gross-Up Payment Amount will be made that should
not have been made by the Bank  ("Overpayment").  If, after a Determination by
the Accounting Firm, the Executive is required to make a payment of additional
Excise Tax, the Accounting Firm shall determine the amount of the Underpayment
that has occurred.  The Underpayment (together with interest at the rate
provided in section 1274(d)(2)(B) of the Internal Revenue Code) shall be paid
promptly by the Bank to or for the benefit of the Executive.  If the Gross-Up
Payment Amount exceeds the amount necessary to reimburse the Executive for his
Excise Tax according to section 7.14(a), the Accounting Firm shall determine
the amount of the Overpayment that has been made.  The Overpayment (together
with interest at the rate provided in section 1274(d)(2)(B) of the Internal
Revenue Code) shall be paid promptly by the Executive to or for the benefit of
the Bank.  Provided that the Executive's expenses are reimbursed by the Bank,
the Executive shall cooperate with any reasonable requests by the Bank in any
contests or disputes with the Internal Revenue Service relating to the Excise
Tax.            Accounting Firm Conflict of Interest.  If
the Accounting Firm is serving as accountant or auditor for the individual,
entity, or group effecting the Change in Control, the Executive may appoint
another nationally recognized public accounting firm to make the Determinations
required hereunder (in which case the term "Accounting Firm" as used in this
Agreement shall be deemed to refer to the accounting firm appointed by the
Executive under this paragraph).




            7.15     Termination or Modification
of Agreement Because of Changes in Law, Rules or Regulations.  The Bank is
entering into this Agreement on the assumption that certain existing tax laws,
rules, and regulations will continue in effect in their current form.  If that
assumption materially changes and the change has a material detrimental effect
on this Agreement, then the Bank reserves the right to terminate or modify this
Agreement accordingly, subject to the written consent of the Executive, which
shall not be unreasonably withheld.  This section 7.15 shall become null and
void effective immediately upon a Change in Control.




 Article 8



Administration of Agreement




            8.1       Plan Administrator Duties. 
This Agreement shall be administered by a Plan Administrator consisting of the
Bank's board of directors or such committee or person(s) as the board shall
appoint.  The Executive may be a member of the Plan Administrator.  The Plan
Administrator shall also 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, including interpretations of this Agreement, as may arise in connection
with the Agreement.




            8.2       Agents.  In the
administration of this Agreement, the Plan 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.




            8.3       Binding Effect of Decisions. 
The decision or action of the Plan Administrator with respect to any question
arising out of or in connection with the administration, interpretation, and
application of the Agreement and the rules and regulations promulgated
hereunder shall be final and conclusive and binding upon all persons having any
interest in the Agreement.  No Executive or Beneficiary shall be deemed to have
any right, vested or nonvested, regarding the continued use of any previously
adopted assumptions.
































            8.4       Indemnity of Plan
Administrator.  The Bank shall indemnify and hold harmless the members of
the Plan 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 Plan Administrator
or any of its members.            8.5       Bank Information.  To
enable the Plan Administrator to perform its functions, the Bank shall supply
full and timely information to the Plan Administrator on all matters relating
to the date and circumstances of the retirement, Disability, death, or
Separation from Service of the Executive and such other pertinent information as
the Plan Administrator may reasonably require.








[SIGNATURES APPEAR
ON THE FOLLOWING PAGE]


           
 














 In Witness Whereof, the Executive and a duly authorized
officer of the Bank have executed this Salary Continuation Agreement as of the
date first written above.




                        Executive:                                                                                          Bank:


                                                                                                                                   Greenville
First Bank, N.A.




                                                                               

                                                    By:
                                                           

                                                                      


 






                                                                                                                                   And
By:                                                     


                                                                                                                                                        James
B. Orders III


                                                                                                                                    Its:
             Chairman of the Board















































 Beneficiary Designation



Greenville
First Bank, N.A.



Salary
Continuation Agreement

 




            I,                                              ,
designate the following as beneficiary of any death benefits under this Salary
Continuation Agreement -

 




            Primary:
                                                                                                                                 

 


                                                                                                                              
                            .

 




            Contingent:
                                                                                                                            

 


                                                                                       
                                                                   .

 




            Note:  To name a trust as beneficiary, please
provide the name of the trustee(s) and the exact name and date of the trust
agreement.

 




            I understand that I may change these beneficiary
designations by filing a new written designation with the Bank.  I further
understand that the designations will be automatically revoked if the
beneficiary predeceases me, or if I have named my spouse as beneficiary and our
marriage is subsequently dissolved.

 




                                    Signature:
                                                                               
                                                     


                                   
 




                                    Date:
                                                          , 2
            
 

 






            Accepted by the Bank this              day
of                                            , 2                     .

 




                                                            By:      
            
                                                              

 




                                                            Print
Name:                                                                     

 




                                                            Title: