Document:

Exhibit 10.1 

LOAN AND SECURITY
AGREEMENT 

THIS LOAN AND SECURITY
AGREEMENT made this 30th day of June, 2017,
by and between SOUTHERN FIRST BANCSHARES,
INC., a South Carolina corporation, having
its principal place of business in 100 Verdae Boulevard, Suite 100, Greenville,
South Carolina 29606 (hereinafter referred to as the “Borrower”), and
CENTERSTATE BANK, NATIONAL
ASSOCIATION, a national banking association,
having its principal place of business in 1101 1st Street South,
Winter Haven, Florida 33880 (hereinafter referred to as the “Lender”).

The parties, in consideration of the
making of the loans hereinafter specified and of the promises and undertakings
to be set forth, do hereby agree, it being expressly understood that all
covenants and undertakings herein will survive and remain in full force and
effect, so far as material or appropriate, until such time as all indebtedness
(principal and all accrued interest) direct or indirect, of the Borrower to the
Lender shall have been paid in full as follows: 

	I.	Representations
      and Warranties. The Borrower hereby represents and warrants
    that:
	          	
		A.	Financial
      Statements. The audited consolidated
      financial statements of the Borrower as of and for the fiscal year ended
      December 31, 2016, and the unaudited consolidated financial statements of
      the Borrower as of and for the nine months ending March 31, 2017 which it
      has submitted to the Lender, are complete and correct, and fairly present
      the financial condition of Borrower as of the respective dates stated
      herein.
		          	
		B.	Changes in Financial
      Condition. There have been no
      substantial changes in its financial condition or in that of any of its
      consolidated subsidiaries since that reflected in the most recent balance
      sheet submitted to the Lender nor are, to the knowledge of the Borrower,
      any such changes threatened.
	 
		C.	Liens or
      Encumbrances. The Borrower and its
      consolidated subsidiaries have good marketable title to, or valid
      leasehold interest in, all of their respective properties and assets
      subject to no liens or encumbrances, including but not limited to the
      mortgaging of real or personal properties, assignment of accounts
      receivable, pledging of personal properties, etc., except as provided
      herein or except as otherwise disclosed by the financial statements
      submitted to the Lender and by the information submitted to the Lender in
      the form of Exhibit “A”
      attached hereto.
	 
		D.	Guaranty
      Agreements. Neither the Borrower nor
      any of its consolidated subsidiaries is a party to any suretyship,
      guaranty, or other similar type agreement nor have any of them offered its
      endorsement to any individual or concern which would in any way create a
      contingent liability that does not appear in the financial statements
      referred to in Paragraph A above or in the information submitted to the
      Lender in the form of Exhibit “A”
      attached hereto.
	 
		E.	Organization. The Borrower and each of its consolidated subsidiaries
      is a duly organized corporation and the execution and delivery of this
      Agreement is for a valid corporate purpose and will not violate any laws,
      Borrower’s charter, bylaws, or any other agreement to which it or any of
      its consolidated subsidiaries is a party.
	 
		F.	Litigation. There is no litigation or proceeding pending against
      the Borrower or any of its consolidated subsidiaries nor, to the knowledge
      of the Borrower, are any threatened, financial or otherwise, which might
      have a material adverse effect on the Borrower’s or any of its
      consolidated subsidiaries’ financial condition or business affairs except
      as shown on Exhibit “A”
      attached hereto.
	 
		G.	Taxes. The Borrower and each of its
    consolidated subsidiaries        has filed all required (Federal, State and Local) tax returns and has paid        all taxes
    as shown on such returns as they have become due. No claims have        been assessed and remain unpaid with respect to such
    taxes except as        disclosed by the financial statements submitted to the Lender or by        Exhibit
    “A” attached hereto.

	Loan and
      Security Agreement	Page 2 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

		H.	Corporate
      Action. The Borrower has full power,
      authority and legal right to execute, deliver, and perform this Agreement,
      the Note (as defined below) and all other Loan Documents (this Agreement,
      the Note and any and all other documents executed in connection with this
      loan accommodation shall hereinafter be referred to as, the “Loan
      Documents”) and to borrow hereunder and has taken all necessary corporate
      action to authorize the borrowings hereunder on the terms and conditions
      of this Agreement and to authorize the execution, delivery and performance
      of this Agreement and the Note. This Agreement and the Note have been duly
      authorized, executed and delivered by the Borrower and constitute legal,
      valid and binding obligations of the Borrower enforceable in accordance
      with their respective terms.
	          	          	
		I.	Subsidiaries. The subsidiaries
      of the Borrower and the Borrower’s percentage of ownership thereof are as
      listed in Exhibit “B”
      attached hereto.
		 
		J.	Governmental
      Laws. The Borrower and its consolidated
      subsidiaries are in compliance in all material respects with all
      applicable governmental laws and regulations.
		 
		K.	Stock of
      Southern First Bank (hereinafter
      referred to as "SFB").
		 
			1.	The common stock of SFB pledged
      to Lender (herein "Collateral") represents 100% of the outstanding common
      stock of SFB, represented by Share Certificate No. 001 of SFB. SFB has no
      other capital stock or securities issued or outstanding.
			          	
			2.	The Collateral has been duly
      authorized and validly issued and is fully paid and
    non-assessable.
		 
			3.	Other than those imposed by the
      Change in Bank Control Act of 1978, there are no restrictions upon the
      transfer of the Collateral.
		 
		L.	The pledge of the
      Collateral pursuant to this Agreement creates a valid and perfected first
      priority security interest in the Collateral.
		 

	II.	The
      Loan. Subject to the terms and conditions of the Agreement,
      the Lender agrees to make a revolving line of credit loan to the Borrower
      as of the date hereof in the maximum principal amount of
      $15,000,000.00 (the "Loan").
	          	
		A.	The Note. The Loan shall be evidenced by that certain promissory
      note substantially in the form attached hereto as Exhibit “C” (hereinafter called the "Note"). The Note shall (a) be dated as of
      the date hereof; (b) be stated to be due on June 30, 2020 (the “Maturity
      Date”); (c) bear interest (at the applicable interest rate provided herein
      below) from the date hereof on the unpaid principal amount thereof, with
      quarterly payments of interest only, based on the outstanding principal
      balance of the Note, payable beginning on September 30, 2017 and on the
      thirtieth (30th ) day of each of December, March and June
      during the term hereof; and (d) be due and payable in full as to the
      unpaid principal amount on the Maturity Date.
		          	
			Floating Rate of 30-day LIBOR
      Base Rate. Interest shall accrue on the
      unpaid principal balance of the Note at a variable per annum rate equal to
      the One Month LIBOR Base Rate (as hereinafter defined), plus a margin of
      250 basis points (or 2.50%) (the “Interest Rate”). The Interest Rate may
      change as often as monthly. The interest rate hereunder shall be adjusted
      monthly in accordance with fluctuations in the One Month LIBOR Base Rate.
      The effective date of any rate change will be the last Business Day (as
      defined below) of each month.

	Loan and
      Security Agreement	Page 3 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

			
      For purposes hereof, “One Month LIBOR Base
      Rate” means the percentage rate of interest at which one (1) month
      deposits in United States dollars in an amount equal to the principal
      balance of the Loan on the effective date of this Agreement (or the next
      higher amount for which quotes are available in the London Interbank
      Market) are offered to major banks in the London Interbank Market as
      published in the Wall Street Journal
      on the first Business Day of
      each month. Such One Month LIBOR Base Rate is established by
      CENTERSTATE BANK as an index or base rate and may or may not at any time
      be the best or lowest rate of interest offered by the
      Lender.

      The LIBOR Base Rate shall be the “offered to”
      rate reported by a reliable source for LIBOR quotes selected by the Lender
      in its sole discretion. If two or more applicable “offered to” rates are
      reported by that source, the LIBOR Base Rate shall be the arithmetic mean
      of such rates. “Business Day” means any day on which dealings in deposits
      in United States Dollars are conducted in the London Interbank Market
      other than Saturday, Sunday, or a day on which national banks are
      authorized or required by law to be closed in the city where the Lender’s
      office, as identified above, is located, and any performance which would
      otherwise be required on a day other than a Business Day shall be timely
      performed in such instance, if performed on the next succeeding Business
      Day. Notwithstanding such timely performance, interest shall continue to
      accrue hereunder until such payment or performance has been
      made.

      All interest accruing under this Note shall be
      computed on a 360 day basis (i.e., interest for each day during which the
      principal amount of the Note is outstanding shall be computed at the
      Interest Rate divided by 360, for the actual number of days elapsed) and
      the applicable Interest Rate shall not exceed the maximum rate of interest
      permitted by law.

			 
	          	B.	Commitment Fee. 0.10% ($15,000.00) paid upon execution hereof, prior
      to any funding of the Loan.
		          	
		C.	Prepayments; Revolving Nature
      of Loan. The Borrower may at its option
      prepay the Note, in whole or in part, without penalty, plus accrued
      interest in the amount prepaid to the date of prepayment. Prepayments are
      to be applied to principal installments in inverse order of maturity. The
      Note represents a non-revolving line of credit loan whereby any sums
      advance hereunder may be repaid but not re-borrowed.
	 
		D.	Proceeds of the Loan.
      The proceeds of the Loan made to the
      Borrower under this Agreement shall be used by the Borrower to fund future
      growth, stock repurchases, and other general corporate
  purposes.
	 
		E.	Non-Usage Fee.
      None.
	 
	III.	Collateral.
      As security for the payment of the Loan
      as described herein (and the other “Obligations” as defined in the Pledge
      Agreement defined herein below), the Borrower has pledged or deposited
      with Lender and hereby grants to Lender a security interest in the shares
      of common stock of SFB (herein referred to as "Pledge Agreement"),
      described in Exhibit “D”
      attached hereto (including all
      cash, stock and other dividends and all rights to subscribe for securities
      incident to, declared or granted in connection with such shares of common
      stock) which shares of common stock, together with all additions and
      substitutions thereafter pledged or deposited with the Lender is the
      Collateral. Upon the occurrence of any default under this Agreement,
      Lender shall have the remedies of a secured party under this Agreement,
      Lender shall have the remedies of a secured party under the Uniform
      Commercial Code and, without limiting the generality of the foregoing,
      Lender shall have the right, immediately and without further action by it,
      to set off against the Loan all the money owed by Lender in any capacity
      to Borrower; and Lender shall be deemed to have exercised such right of
      set-off and to have made a charge against any such money immediately upon
      the occurrence of such defaults even though such a charge is made or
      entered on the books of Lender subsequent thereto. The giving of five (5)
      Business Days written notice to the Borrower shall constitute reasonable
      notice to the Borrower. 

	Loan and
      Security Agreement	Page 4 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

	IV.	Conditions of
      Borrowing. It shall have been determined prior to funding of the
      Loan, that SFB’s pro-forma Tier I Leverage Ratio is 9.0% or better and
      their Classified Asset Ratio is 40% or less and the Borrower shall have
      furnished to the Lender:
	          	

		(a)		a copy, certified by the
      Secretary of the Borrower and dated the date hereof, of the resolutions of
      the Board of Directors of the Borrower authorizing the borrowings herein
      provided for and the execution, delivery and performance of this Agreement
      and the Note, in form and substance satisfactory to the
  Lender,
	          		          	
		(b)		a copy of all approvals, if any,
      from all regulatory agencies with jurisdiction over the Borrower and
      SFB.
	 	
		(c)		a summary copy of the SFB’s watch
      list loans, it’s top ten (10) lending relationships and ten (10) largest
      non-performing assets, which said summary shall also include the
      loan-to-value ratio and debt service coverage ratio of each
      loan/non-performing asset included in such summary and Lender shall be
      permitted to independently review the bank files pertaining to said ten
      (10) largest NPAs.
	 	

	V.	Affirmative
      Covenants. Until payment in full of the Note and interest thereon,
      the Borrower agrees that it will:
	          	
		A.	Annual Financial
      Statements. Borrower agrees to supply
      to Lender (i) within one hundred twenty (120) days of its fiscal year end
      of each year, fully completed audited unqualified financial statements on
      Borrower and subsidiaries and related management letter to accountants for
      the recently completed calendar year prepared by an certified public
      accountant selected by the Borrower and satisfactory to the Lender in
      conformity with generally accepted accounting principles, applied on a
      basis consistent with that of the preceding year or containing disclosure
      of the effect on the financial position or results of operations of any
      change in the application of such accounting principles during the year,
      (ii) the annual operating budget for the Borrower and SFB within 30 days
      of board of directors approval, and (iii) quarterly covenant compliance
      certificates as to the terms and conditions of this Agreement within 20
      days following the end of each calendar quarter commencing with the
      calendar quarter of June 30, 2017.
		          	
		B.	Other
      Information. Upon written request on
      the part of the Lender, deliver to the Lender promptly such other
      information about the financial condition and operations of the Borrower
      and its consolidated subsidiaries as the Lender may, from time to time,
      reasonably request, subject to the restrictions in Section VIII.Q
      hereof.
	 
		C.	Inspection. The Borrower and SFB will make available, during
      normal office hours, for inspection to a duly authorized officer of the
      Lender, any of its books of account and financial records and any of the
      books of account and financial records of the consolidated subsidiaries,
      when so requested.
	 
		D.	Payment of
      Obligations. Duly pay and discharge,
      and will cause each of its consolidated subsidiaries to duly pay and
      discharge, all their respective obligations and liabilities, including
      taxes, assessments and governmental charges prior to the date on which
      penalties attach thereto, unless and to the extent only that the same
      shall be contested in good faith and by appropriate proceedings diligently
      prosecuted and against which, if requested by the Lender, the Borrower
      will set up reasonable reserves satisfactory to the Lender.
	 
		E.	Corporate
      Existence. Maintain its corporate
      existence, continue to engage in business of the same general type as now
      conducted by it and keep its properties in good repair, working order and
      condition, and cause each of its consolidated subsidiaries to do the
      same.

	Loan and
      Security Agreement	Page 5 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

		F.	Insurance. Maintain and cause
      SFB to maintain, with financially sound and reputable insurance carriers,
      insurance, in such amounts against such risks, including but not limited
      to, public liability, property damage and business interruption insurance,
      as is satisfactory to the Lender, and as is customarily carried by
      companies engaged in the same or similar business similarly situated, and
      will upon request of the Lender deliver to it the policies concerned or a
      schedule of all insurance in force. Upon failure of the Borrower or SFB to
      maintain adequate insurance, the Lender may obtain such policies it deems
      necessary as long as the face value of such policies is consistent with
      the actual value of the assets to be covered, and the Borrower agrees that
      the cost thereof may be added to the principal of the Loan.
	          	          	
		G.	Notice. Except when prohibited
      by Section VIII.Q. herein, promptly notify the Lender in writing of (i)
      any litigation, proceeding or action by any regulator that will restrict
      the ability of SFB to pay dividends, (ii) any litigation or proceeding
      brought against the Borrower or any of its consolidated subsidiaries
      which, if adversely determined, would have a material adverse effect on
      the financial condition, business or operations of the Borrower or any of
      its consolidated subsidiaries, and shall, if requested by the Lender, set
      up such reasonable reserves as are satisfactory to the Lender, and (iii)
      the occurrence of any Event of Default hereunder or any event or condition
      which, with notice or lapse of time, or both, would constitute such an
      Event of Default.
		 
		H.	Financial
      Ratios. At all times during the term of
      the Loan, the Borrower or SFB, as the case may be, shall comply with the
      following:
		 
			1.	SFB shall maintain a Classified
      Assets to Tier 1 Capital + ALLL not to exceed 40% (measured
      quarterly).
			          	
			2.	SFB shall maintain a Tier I
      Leverage Ratio of at least 9%.
		 
			3.	SFB shall maintain a Total
      Risk-Based Ratio of at least 12%.
		 
			4.	Borrower shall maintain a fixed
      charge coverage ratio of at least 1.5:1 times, to be tested on an annual
      basis, based on the fiscal year end financials. The ratio is defined as
      SFB’s annual net profit after taxes minus any gains on sale of securities,
      minus Borrower shareholder distributions, all divided by the Borrower’s
      annual fixed charges. (Fixed charges are defined as the sum total of
      Borrower’s operating expenses and all debt service payments).
		 
			For purposes of this
      Section V.H. the ratios set forth in subsections 1, 2, and 3 above shall
      each be tested quarterly. The ratio set forth in subsection 4 above shall be
      tested annually at Borrower’s fiscal year end.
		 

		I.	Financial
      Covenants. At all times during the term
      of the Loan, the Borrower shall comply with the following:
	          	          	          	
			1.	Neither the Borrower nor SFB
      shall be a party to or under any investigation with respect to any
      corrective, suspension or cease-and-desist order, agreement, consent
      agreement, memorandum of understanding or other regulatory enforcement
      action, proceeding or order with or by, or a party to any commitment
      letter or similar undertaking to, or subject to any directive by, or have
      been a recipient of any supervisory letter from, or have adopted any board
      resolutions at the request of, any Regulatory Agency (other than civil
      fees and flood type violations). A Regulatory Agency means any federal or
      state agency charged with the supervision or regulation of depository
      institutions or holding companies of depository institutions, or engaged
      in the insurance of depository institution deposits, or any court,
      administrative agency or commission or other authority, body or agency
      having supervisory or regulatory authority with respect to the Borrower or
      any of its subsidiaries.

	Loan and
      Security Agreement	Page 6 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

		          	2.	Beginning June 30, 2017 Borrower
      shall maintain at least FIVE HUNDRED
      THOUSAND DOLLARS AND NO/100 ($500,000.00) in liquid assets (e.g., cash and marketable securities) at all
      times during the term of the Loan.
			          	
	          	J.	Governmental
      Laws. Comply, and cause each of its
      consolidated subsidiaries to comply, in all material respects, with all
      applicable governmental laws and regulations.

	VI.	Negative
      Covenants. Until payment in full of the Note and interest thereon
      the Borrower agrees that, without prior written approval of the Lender,
      which approval will not be unreasonably withheld, it will
not:
	          	 
		A.	Contingent
      Liabilities. Guarantee, endorse or
      become liable, directly or indirectly, contingently or otherwise, for the
      obligations of others (except by the endorsement of negotiable instruments
      payable at sight for deposit or collection) or become a party to any
      suretyship, guaranty or other similar type agreement, nor permit any
      consolidated subsidiary to do the same (except as may be provided for
      herein).
		          	
		B.	Other
      Debts. Hereafter create or assume any
      debt or other liability for money borrowed or the equivalent.
	 
		C.	Disposal of
      Assets. Sell, lease, convey or
      otherwise dispose of any of its assets or property except for leases
      entered into in the ordinary course of business, the sale of mortgages in
      the secondary market or other banking transactions in the usual course of
      business, nor permit SFB to do the same; provided, however, should the
      Borrower or SFB propose to sell certain real estate interests, which it
      owns or they own or at any time during the term hereof use to conduct
      business operations, but is not then required for the successful conduct
      of its business, they may do so at prices consistent with the then
      existing market values.
	 
		D.	Retirement of Term
      Debt. Retire any long term or funded
      debt entered into prior to or subsequent to the date of this Agreement, at
      a date in advance of its legal obligation to do so, other than retirement
      of the Treasury Securities and the debt evidenced by the
Note.
	 
		E.	Encumbrances. Create or permit,
      or permit SFB to create or permit, to exist against any of their
      respective assets now owned or hereafter acquired, any pledge, mortgage,
      lien, encumbrance, or security interest of any kind whatsoever
      except:
	 
			1.	existing liens evidenced by
      Exhibit
      “A”;
	 		          	
			2.	security interests in favor of
      the Lender which is required by this Agreement;
	 
			3.	liens for taxes being contested
      in good faith;
	 
			4.	liens accruing under provisions
      of the law in connection with employee benefits; and
	 
			5.	transactions in the normal course
      of banking business, including but not limited to securing public
      deposits, secured borrowing at the discount window and repurchase
      agreements.
	 
		F.	Investments. Make, or permit any
      consolidated subsidiary to make, investments in any other company or
      entity, except: (i) as permitted by this Agreement and (ii) investments
      made by SFB in the ordinary course of
business.

	Loan and
      Security Agreement	Page 7 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

		G.	Conduct of
      Business. Make, nor permit any
      consolidated subsidiary to make, material changes in the general conduct
      of their respective business.
	          	          	
		H.	Dividends, Stock Purchases,
      etc. Directly or indirectly declare,
      order, pay or make any cash dividend distribution on account of any shares
      of its capital stock of any class now or hereafter outstanding, if such
      transaction will cause the Borrower to not be in compliance with any of
      its obligations under this Agreement. Redeem, purchase or otherwise
      acquire any shares of its capital stock of any class now or hereafter
      outstanding, if such transaction will cause the Borrower to not be in
      compliance with of any of its obligations under this
  Agreement.
		 
		I.	Acquisition of
      Assets. Acquire or transfer assets from
      any consolidated subsidiary that would cause the Borrower to not be in
      compliance with the ratios in Section V, Paragraph H.
		 
		J.	Merger or Sale. Become a party to, or permit SFB to become a party to,
      a sale, a merger, or a consolidation with any other company or sell all or
      substantially all of their assets, except (i) a merger with a consolidated
      subsidiary in which the Borrower is the surviving company (ii) a merger or
      consolidation of two or more subsidiaries of Borrower with each other or
      (iii) where the Loan is to be paid in full as a condition of the sale,
      merger or consolidation.

	          	
	VII.	Events of
      Default.  It shall be considered an Event of Default under this Agreement if: (i) the Borrower
fails to pay any interest or principal within 10 days of the day when due under the terms of the Note; (ii)
the Borrower or consolidated subsidiary fails to pay any other indebtedness of the Borrower or any
consolidated subsidiary to the Lender within 20 days of due date; (iii) any covenant, condition or
provisions, contained in Section V or VI hereof shall be breached or defaulted and such breach or default
shall continue unremedied for a period of thirty (30) days after the occurrence thereof; (iv) any covenant,
condition or provision elsewhere contained in this Agreement shall be breached or defaulted by the
Borrower and such breach or default shall continue unremedied for a period of thirty (30) days after
written notice thereof shall have been given to the Borrower by the Lender; (v) any covenant, condition
or provision contained in any other agreement is breached or defaulted by Borrower or any consolidated
subsidiary the effect of which is to permit any indebtedness of the Borrower of any consolidated
subsidiary to become due prior to its stated maturity; (vi) any representation or warranty made by the
Borrower in this Agreement or any certificate, financial or other statement furnished by the Borrower
pursuant hereto shall prove to be false in any material respect at the time when made; (vii) any
proceeding or action is commenced by or against the Borrower or any of its consolidated subsidiaries
in bankruptcy or seeking reorganization, arrangement, readjustment of its debts, dissolution, liquidation,
winding-up, composition or any other relief under any federal or state bankruptcy or insolvency,
reorganization, liquidation, dissolution, arrangement, composition, readjustment of debtor or any similar
act or law and such action is not stayed within thirty (30) days of the filing thereof, (viii) any judgment
shall be entered against the Borrower or any of its consolidated subsidiaries, or any attachment shall be
made against any property of the Borrower or any of its consolidated subsidiaries, if such judgment or
attachment is in excess of $750,000.00 when entered or made, and if the same remains unappealed,
undischarged, unbounded, or undismissed for a period of thirty (30) days, or (ix) the Borrower shall be
in breach or in default of any non-payment related covenant, condition, or provisions contained in the
Note, the Pledge Agreement or any other agreement between the Borrower and the Lender and such
default remains uncured or unremedied for a period of thirty (30) days after the occurrence thereof.
Upon any Event of Default hereinabove, the Lender may elect after thirty (30) days’ notice to cure such
default, except that as to (i), (ii) and (vi) above there are no days to cure, to (i) make immediately due
and payable all sums owned to the Lender hereunder and under the Note without demand, presentment,
protest or notice of any type, all of which are hereby expressly waived, and/or (ii) require the Borrower
to pledge additional collateral to the Lender as security for the payment of such sums, from the
Borrower’s assets and properties, the acceptability and sufficiency of such collateral to be determined
solely by the Lender. The rights and remedies provided in the Loan Documents are cumulative,
concurrent and not exclusive of any rights or remedies provided by law, and may be pursued separately,
successively or together against any Borrower, any property encumbered by the Loan Documents or
any part or parcel thereof, any other collateral, or any one or more of them, at the sole discretion of
Lender, and may be exercised as often as occasion therefor shall arise, all to the maximum extent
permitted by the laws of the State of Florida.

	Loan and
      Security Agreement	Page 8 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

	VIII.	Miscellaneous.
	          	
		A.	Indirect Acts. Any act which the Borrower is prohibited from doing
      hereunder shall not be done indirectly through a consolidated subsidiary
      or by any other indirect means.
		          	
		B.	No Waiver. Neither the failure nor any delay on the part of the
      Lender to exercise any right, power or privilege shall preclude any other
      or further exercise thereof or the exercise of any other right, power or
      privilege. The rights and remedies herein provided are cumulative and not
      exclusive of any rights or remedies provided by law.
	 
		C.	Severability. In case any one or more of the provisions contained in
      the Agreement or the Note shall be held invalid, illegal or unenforceable
      in any respect, the validity, legality and enforceability of the remaining
      provisions contained in the Note and this Agreement shall not in any way
      be affected or impaired thereby, and this Agreement and the Note shall
      otherwise remain in full force and effect.
	 
		D.	Applicable Law. This Agreement and the Note and the rights and
      obligations of the parties hereunder, and under the Note and any other
      instruments or documents issued hereunder shall be construed and
      interpreted in accordance with the laws of the State of Florida and shall
      be binding upon and inure to the benefit of the successors and assigns of
      the parties hereto, provided, however, that no rights or obligations under
      this Agreement may be assigned or transferred by the Borrower without the
      prior written consent of the Lender.
	 
		E.	Holidays. Whenever any payment to be made hereunder shall be
      stated to be due on a Saturday, Sunday or a public holiday under the laws
      of the State of Florida, such payment may be made on the next succeeding
      business day and such extension of time shall in such case be included in
      computing interest, if any, in connection with such payment.
	 
		F.	Waiver. The Lender may, by written notice to the Borrower, at
      any time and from time to time, waive any Event of Default hereunder. Any
      such waiver shall be for such period and subject to such conditions as
      shall be specified in any such notice, but no such waiver shall extend to
      any subsequent or other Event of Default, or impair any right consequent
      thereon.
	 
		G.	Expense. The Borrower agrees to pay, or reimburse the Lender
      for, actual out-of-pocket expenses (including legal fees) incurred by the
      Lender in connection with the preparation of, the enforcement of, or the
      preservation of any rights under this Agreement and the Note.
	 
		H.	Counterparts; Effective
      Date. This Agreement may be signed in
      any number of separate counterparts, no one of which need contain all of
      the signatures of the parties, and as many of such counterparts as shall
      together contain all of the signatures of the parties shall be deemed to
      constitute one and the same instrument. A set of counterparts of this
      Agreement signed by all parties hereto shall be lodged with Lender. This
      Agreement shall become effective upon the receipt by Lender of signed
      counterparts of this Agreement from each of the parties hereto or telex
      confirmation of the signing of counterparts of this Agreement by each of
      the parties hereto.
	 
		I.	Participations. Borrower recognizes that Lender may enter into a
      participation agreement with other financial institutions, including one
      or more banks or other lenders, whereby Lender will allocate a portion of
      the Loan contemplated hereunder. For the benefit of such other banks and
      lenders, Borrower agrees that such other banks and lenders shall have the
      same rights of set off against Borrower granted Lender in Section III
      hereof. Upon the written request of Borrower, Lender will advise Borrower
      of the names of any participants and the extent of their interest
      herein.

	Loan and
      Security Agreement	Page 9 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

	          	J.	Venue. The parties hereto agree that venue for any and all actions,
      suits, or other legal proceedings arising under the Loan Documents or
      related thereto shall lie in the appropriate court of competent
      jurisdiction in Polk County, Florida.
		 
		K.	Complete
      Agreement. The Loan Documents contain
      the final, complete, and exclusive expression of the understanding of
      Borrower and Lender with respect to the transactions contemplated by the
      Loan Documents and supersede any prior or contemporaneous agreement or
      representation, oral or written, by or between the parties related to the
      subject matter hereof.
		 
		L.	Relief from Automatic
      Stay. The Borrower hereby agrees that,
      in consideration of the Lender funding the Loan, in the event that the
      Borrower shall: (i) file with any bankruptcy court of competent
      jurisdiction or be the subject of any petition under Title 11 of the
      United States Code, as amended ("Title 11"); (ii) be the subject of any
      order for relief issued under Title 11; (iii) file or be the subject of any petition seeking any
      reorganization, arrangement, composition, readjustment, liquidation,
      dissolution or similar relief under any present or future federal or state
      act or law relating to insolvency or bankruptcy, or other relief from
      creditors for debtors; (iv) have sought or consented to or acquiesced in the
      appointment of any trustee, receiver, conservator, or liquidator; or (v)
      be the subject of any order, judgment, or decree entered by any court of
      competent jurisdiction approving a petition filed against such party for
      any reorganization, arrangement, composition, readjustment, liquidation,
      dissolution, or similar relief under any present or future federal or
      state act or law relating to insolvency or bankruptcy, or other relief
      from creditors for debtors, the Lender shall thereupon be entitled to
      relief from any automatic stay imposed by Section 362 of Title 11, or
      otherwise, on or against the exercise of the rights and remedies otherwise
      available to the Lender under this Loan Agreement and the Loan Documents,
      and as otherwise provided by law.
	 	 	 
		M.	No Claims/Set Off, Etc.
      The Borrower acknowledges by the
      execution hereof that as of the date hereof all principal and interest
      evidenced by the Note through the date of this Agreement are
      unconditionally due and owing to the Lender as provided in the said Note
      and that the Borrower has no actions, defenses, demands and/or claims of
      set-off or deduction whatsoever, against (a) the Lender, or (b) the
      indebtedness evidenced by the Note and owed to the Lender, or (c) the
      Pledge Agreement. Furthermore, the Borrower acknowledges that, as of the
      date hereof, the Lender has in no way defaulted or performed any act or
      omission under the Note, the Pledge Agreement or the other Loan Documents
      or any other agreements between the Borrower and the Lender which would
      give rise to any action or actions, cause or causes of actions, suits,
      debts, sums of money, damages, claims, costs, expenses and or demands
      whatsoever, in law or in equity or otherwise, by the Borrower against the
      Lender.
		 
		N.	WAIVER OF RIGHT TO JURY TRIAL.
      BORROWER AND LENDER HEREBY KNOWINGLY,
      VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL
      BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF,
      UNDER OR IN CONNECTION WITH THIS LOAN AGREEMENT AND ANY AGREEMENT
      CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF
      CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
      ACTIONS OF EITHER PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE
      LENDER ENTERING INTO THIS AGREEMENT AND MAKING THE LOAN OR EXTENSION OF
      CREDIT EVIDENCED BY THE NOTE.
	 		
		O.	Notices. All notices, requests, and demands to or upon the
      respective parties hereto shall be deemed to have been given or made when
      deposited in the mail, certified and postage prepaid, addressed as follows
      or to such other address as may hereafter be designated in writing by the
      respective parties hereto:
		          	 
			
      The Borrower: 

      SOUTHERN FIRST BANCSHARES, INC.
      
100 Verdae Boulevard 
Suite 100 
Greenville, South Carolina,
      29606 
Attention: Michael D. Dowling,
      Chief Financial Officer

	Loan and
      Security Agreement	Page 10 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

	          	          	
      The Lender: 

      

      CENTERSTATE BANK, NATIONAL
      ASSOCIATION 
1101 1st Street South 
Winter Haven, Florida
      33880 
Attention: Ted A. Hicks, Vice President

			 
		P.	Definitions. The following
      definitions shall be used when calculating the ratios in Section V
      Paragraph H.
			          	
			1.	Tier I Leverage Ratio
      = the ratio of Tier 1 capital to total
      assets, as calculated under Part 324 of Title 12 Code of Federal
      Regulations.
		 
			2.	Tier 1 Capital
      = the meaning given to such term as set
      forth in 12 CFR Section 324.2 and any successor regulation.
		 
			3.	Total Risk-Based Ratio
      = the meaning given to such term as set
      forth in 12 CFR Section 324.2 and any successor regulation.
		 
			4.	Classified Assets
      = nonperforming assets, plus loans
      classified as “substandard” or lower as such terms maybe defined in 12 CFR
      Section 324.2.
		 
			5.	ALLL= allowance for loan losses computed in accordance with
      generally accepted accounting principles, applied on a consistent
      basis.

Q. Confidential Supervisory Information.
No disclosure, representation, or warranty shall be required to be made (or any
other action taken) pursuant to this Agreement that would involve the disclosure
of confidential supervisory information of a Regulatory Agency by any Party
hereto to the extent prohibited by applicable Law, and to the extent legally
permissible, appropriate substitute disclosures or actions shall be made or
taken under circumstances in which the limitations of this sentence apply.
Confidential supervisory information is defined as any information that is
prepared by, on behalf of, or for the use of the Federal Reserve Board, a
Reserve Bank, or a state or federal banking supervisor, including any
information related to an examination, inspection, or visitation of an
institution. Confidential supervisory information also includes any
correspondence between an institution and its regulators.

REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK. 

	Loan and
      Security Agreement	Page 11 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

IN WITNESS WHEREOF, Borrower and Lender have caused these presents to be
executed by their proper officers under due corporate authority, and their
corporate seals to be affixed, this the day and year first above written.

		     	“BORROWER”
	 
	 	 	SOUTHERN FIRST BANCSHARES,
      INC.,
	 		a South Carolina
      corporation
	 
	 		By: 	/s/ Michael D. Dowling
	 			Michael D.
      Dowling, Chief Financial Officer
	(CORPORATE SEAL)		
	 
	 		“LENDER”
	 
	 		CENTERSTATE
  BANK,
	 		NATIONAL
    ASSOCIATION
	 		a national banking
      association
	 
	 
	 		By:	/s/ Ted A. Hicks
	 			Ted A. Hicks,
      Vice President

	Loan and
      Security Agreement	Page 12 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

EXHIBIT
“A” 

	(A)	Liens or
      Encumbrances. Neither Borrower nor SFB,
      its wholly-owned subsidiary, has any liens or encumbrances on their
      respective properties and assets, except for the following: (i) liens for
      taxes, assessments, or governmental charges, carriers’, warehousemen’s,
      repairmen’s, mechanics’, materialmen’s and other like liens, which are
      either not delinquent or are being contested in good faith by appropriate
      proceedings which will prevent foreclosure of such liens, and against
      which adequate cash reserves have been provided; (ii) easements,
      restrictions, minor title irregularities and similar matters which have no
      material adverse effect upon the ownership and use of the affected
      property; (iii) liens or deposits in connection with worker’s
      compensation, unemployment insurance, social security or other insurance
      or to secure customs duties, public or statutory obligations in lieu of
      surety, stay or appeal bonds, or to secure performance of contracts or
      bids, other than contracts for the payment of money borrowed, or deposits
      required by law as a condition to the transaction of business or other
      liens or deposits of a like nature made in the ordinary course of
      business; (iv) liens in favor of the Lender pursuant to the Loan
      Documents; (v) liens evidenced by conditional sales, purchase money
      mortgages or other title retention agreements on, or leases with respect
      to, machinery and equipment (acquired in the ordinary course of business
      and otherwise permitted to be acquired hereunder) which are created at the
      time of the acquisition of such property solely for the purposes of
      securing the Indebtedness incurred to finance the cost of such property,
      provided no such lien shall extend to any property other than the property
      so acquired and identifiable proceeds; (vi) liens granted to the Federal
      Home Loan Bank; (vii) government deposit security pledges; and (viii)
      liens and pledges made in connection with repurchase agreements entered
      into by SFB.
	          	
	(B)	Guaranty
      Agreements. Neither Borrower nor SFB,
      its wholly owned subsidiary, is a party to any suretyship, guaranty, or
      other similar type agreement, nor has either of them offered their
      endorsement to any individual or concern which would in any way create a
      contingent liability that does not appear in their financial
      statements.
	 
	(C)	Litigation. To the knowledge of the Borrower, there is no
      litigation or proceeding pending or threatened, financial or otherwise,
      which might have a material adverse effect on the financial condition or
      business affairs of Borrower or SFB, its wholly-owned subsidiary, except
      for the following: None
	 
	(D)	Taxes. No claims have been assessed and remain unpaid with
      respect to any federal, state and local taxes assessed against Borrower or
      SFB, its wholly-owned subsidiary, except for the following:
  None

	Loan and
      Security Agreement	Page 13 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

EXHIBIT “B” 

	Subsidiaries of Borrower		Ownership
  Percentage
	Southern First Bank		100%
	Greenville
      Statutory Trusts I and II		100%

	Loan and Security
Agreement	Page 14 of 15
	SOUTHERN FIRST BANCSHARES,
      INC.	

EXHIBIT “C” 

The form of the Promissory Note.

	Loan and
      Security Agreement	Page 15 of
      15
	SOUTHERN FIRST
      BANCSHARES, INC.	

EXHIBIT “D” 

The Collateral 

850,000 shares of Southern First Bank,
Share Certificate No. 001Exhibit 10.2 

PROMISSORY
NOTE 

	$15,000,000.00		June 30, 2017

FOR VALUE RECEIVED, the undersigned, SOUTHERN
FIRST BANCSHARES, INC., a South Carolina
corporation (the "Borrower"), promises to pay to the order of CENTERSTATE BANK, NATIONAL ASSOCIATION, a national banking association (the "Lender"), in lawful
money of the United States of America and in immediately available funds, the
principal amount of FIFTEEN MILLION AND 00/100
DOLLARS ($15,000,000.00) , or such lesser
principal amount as may then constitute the unpaid aggregate principal amount of
the Loan made by the Lender to the Borrower pursuant to the Loan and Security
Agreement (defined herein below) on each designated installment payment date
provided in the Loan Agreement, on the “Maturity Date” (as defined in the Loan
Agreement). This Promissory Note represents a secured revolving line of credit
loan and may revolve; thus, any and all sums advanced hereunder may be repaid
and re-borrowed subject to the terms and conditions hereof and of the Loan
Agreement (as defined in the “Loan Agreement” described and defined below).

The Borrower further agrees to pay
interest, in like money, on the unpaid principal amount owing hereunder from
time to time on the dates and at the rates and at the times specified in Section
II, A of the Loan Agreement, and after the occurrence of an Event of Default, as
otherwise specified in the Loan Agreement. 

If any payment of this Note becomes due
and payable on a day other than a business day, the maturity thereof shall be
extended to the next succeeding business day, and with respect to payments of
principal, interest thereon shall be payable at the then applicable rate during
such extension. 

This Note is the “Note” referred to in
that certain Loan and Security Agreement, dated as of the date hereof (as
amended, restated, modified or supplemented from time to time, the "Loan
Agreement"), by and between the Borrower and the Lender. This Note is subject
to, and entitled to, all provisions and benefits of the Loan Agreement
(including all indemnities contained therein) and is subject to optional and
mandatory prepayment in whole or in part as provided therein. Capitalized terms
used herein and not defined shall have the respective meanings given such terms
in the Loan Agreement. The Loan Agreement, among other things, provides for the
making of a loan by the Lender to Borrower from time to time in an amount not to
exceed at any time outstanding the dollar amount first above mentioned.

Upon the occurrence and during the
continuance of any one or more of the Events of Default specified in the Loan
Agreement, the Lender or any other holder of this Note shall have the right, in
addition to its rights under applicable law and the Loan Agreement, to take any
and all of the following actions, to enforce its claims against Borrower: (a)
declare the Loan immediately due and payable without presentment, demand,
protest or any other action or obligation of the Lender; and (b) immediately
terminate any commitment to fund additional sums under the Loan Agreement.

This Note shall be entitled to the
benefits of the Loan Agreement and to the other Loan Documents (to the extent
and with the effect as therein defined and provided). 

The Borrower hereby waives presentment,
demand, protest and notice of any kind. No failure to exercise, and no delay in
exercising any rights hereunder on the part of the holder hereof shall operate
as a waiver of such rights. 

THE VALIDITY, INTERPRETATION, AND
ENFORCEMENT OF THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF FLORIDA WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF. 

	Promissory Note	Page 2 of 3
	PROGRESS FINANCIAL CORPORATION	

THE BORROWER ACKNOWLEDGES THAT ANY
DISPUTE OR CONTROVERSY BETWEEN THE BORROWER AND THE LENDER WOULD BE BASED ON
DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT. ACCORDINGLY, BY EXECUTION OR
ACCEPTANCE HEREOF, AS THE CASE MAY BE, THE LENDER AND THE BORROWER HEREBY WAIVE
TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR
TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST THE BORROWER ARISING
OUT OF THIS NOTE OR ANY OTHER LOAN DOCUMENT OR IN CONNECTION WITH THE COLLATERAL
OR ANY LIEN OR BY REASON OF ANY OTHER CAUSE OR DISPUTE WHATSOEVER BETWEEN THE
BORROWER AND THE LENDER OF ANY KIND OR NATURE. 

THE BORROWER AND THE LENDER EACH
HEREBY AGREE THAT THE CIRCUIT COURT IN AND FOR POLK COUNTY, FLORIDA AND THE
UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF FLORIDA, SHALL HAVE
EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE
BORROWER AND THE LENDER, PERTAINING DIRECTLY OR INDIRECTLY TO THIS NOTE, THE
LOAN AND SECURITY AGREEMENT, OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING
HEREFROM OR THEREFROM OR THE COLLATERAL. THE BORROWER EXPRESSLY SUBMITS AND
CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED
IN SUCH COURTS. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE
DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE LENDER FOR THE ENFORCEMENT
BY THE LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE
JURISDICTION. 

THE FOREGOING WAIVERS HAVE BEEN MADE
WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL
CONSEQUENCES THEREOF. 

REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK.

	Promissory Note	Page 3 of 3
	PROGRESS FINANCIAL CORPORATION	

IN WITNESS WHEREOF, the undersigned hereby executes this Note under seal as of
the date written above. 

			“BORROWER”
	 	 	 
		 	SOUTHERN FIRST BANCSHARES,
      INC.,
	 		a South Carolina
      corporation
	 
	 
			By: 	/s/ Michael D. Dowling
		 		Michael D.
      Dowling, Chief Financial Officer
	(CORPORATE SEAL)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]