Document:

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                                                                    Exhibit 10.4

                         EXECUTIVE EMPLOYMENT AGREEMENT

THIS EXECUTIVE EMPLOYMENT AGREEMENT ("Agreement"), made this ____ day of August,
2001, by and between First Reliance Bank and First Reliance BancShares Corp.,
with principal offices located at 2170 West Palmetto Street, Florence, South
Carolina 29501 (collectively, "the Bank"), and F. R. Saunders, Jr., of Florence,
South Carolina ("the Executive").

WHEREAS the Executive is, as of the date hereof, employed by the Bank as
President and Chief Executive Officer of the Bank, and the Bank desires to
insure the Executive's continued employment; and

WHEREAS the Bank and the Executive mutually desire that their employment
relationship be set forth under the terms of a written employment agreement;

NOW, THEREFORE, in consideration of the foregoing and of the promises and mutual
agreements set forth below, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto do
hereby agree as follows:

1.   Employment. The Bank agrees to employ the Executive, and the Executive
     ----------
agrees to serve the Bank, on the terms and conditions set forth herein.

2.   Term. Unless earlier terminated as provided herein, the Executive's
     ----
employment hereunder shall be for a term of three years ("Term") commencing on
March 1, 2001 and ending on March 1, 2004. This Agreement shall be deemed to
extend each month for an additional month automatically without any action on
behalf of either party hereto; provided, however, that either party may, by
written notice to the other, cause this Agreement to cease to extend
automatically, and upon such notice the Term of this Agreement shall be the
three years following the date of such notice, and this Agreement shall
terminate upon the expiration of such Term. Notwithstanding the foregoing, no
extension shall be granted that would extend the Term of this Agreement beyond
the last day of the month during which the Executive attains age 65.

3.   Position and Duties. The Executive shall serve as President and Chief
     -------------------
Executive Officer, and shall perform all duties, authorities, and
responsibilities as set forth in the Bylaws of the Bank, and shall assume such
additional responsibilities and authority as may from time to time be assigned
to him by the Board of Directors of the Bank ("Board of Directors"). The
Executive shall perform his responsibilities and duties in the best interest of
the Bank and its stockholders.

4.   Place of Performance.  The Executive shall be based in Florence, South
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Carolina, subject to reasonable travel necessary to the business of the Bank.

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5.   Compensation and Benefits. In consideration of the Executive's performance
     -------------------------
of his duties hereunder, the Bank shall provide the Executive with the following
compensation and benefits during the Term hereof.

     a.   Base Salary. The Bank shall pay the Executive a base salary at the
          -----------
          rate of $115,000 per annum ("Base Salary") in accordance with the
          salary payment practices of the Bank. The Compensation Committee of
          the Board of Directors ("Compensation Committee") shall review the
          Executive's salary at the beginning of each of its fiscal years and,
          at the sole discretion of the Committee, may increase the Executive's
          Base Salary for such year, provided that at no time shall the Bank pay
          the Executive less than the median base salary of presidents and chief
          executive officers of banks in the Southeastern United States with
          similar total assets (currently $50,000,000 to $100,000,000) based on
          the then-current Sheshunoff Information Services Survey (or, for any
          year in which Sheshunoff does not provide a survey, the then-current
          surveys by the American Bankers Association and the Independent
          Bankers of America). Annual performance reviews will be conducted and
          will include evaluation of forward-thinking, supervisory, and team
          skills, and the effort necessary to keep the Bank competitive. The
          Compensation Committee reserves the right to decrease the Executive's
          Base Salary if a CAMEL rating of at least "2" is not maintained.

     b.   Incentive Bonus. If mutually agreeable individual and team performance
          ---------------
          criteria and budgeted profit targets are met, the Compensation
          Committee will approve, within 90 days of the close of each calendar
          year, an incentive bonus for the Executive computed on 5% of the
          Bank's consolidated pre-tax earnings for the calendar year (calculated
          without regard to the executive bonus accruals for the Bank's
          President and Chief Executive Officer, Executive Vice-President and
          Chief Financial Officer, and Senior Vice-President). Failure to
          achieve budgeted profit targets will result in a decrease in bonus in
          direct ratio to the shortfall. (For example, if budgeted consolidated
          pre-tax profit without regard to executive bonuses equals $1,000,000
          and actual profit on the same basis equals $750,000, a short-fall of
          25%, the 5% bonus of $50,000 would be reduced by 25%.) If budgeted
          profit is missed by 60% or more, the Executive will receive no annual
          bonus. If budgeted profit is exceeded by more than 10%, an addition to
          the 5% bonus will be given serious consideration by the Compensation
          Committee and Board of Directors. In no event shall the Executive's
          bonus amount exceed an amount equal to 100% of the Executive's Base
          Salary for the calendar year for which the bonus was paid. The
          Executive's incentive bonus shall not become payable until the Board
          of Directors determines that, according to reasonable safety and
          soundness standards:

          (1)  The Bank meets and, after payment of any bonus, will continue to
               meet, the capital adequacy standards established by the Bank's
               Board of Directors and its primary regulator.

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          (2)  Neither the Bank nor the Executive are subject to any regulatory
               disciplinary actions (for example, a Memorandum of Understanding
               or Cease and Desist Order).

          (3)  The Capital, Management, Asset, and Liquidity components of the
               Bank's most recent CAMEL rating is "2" or better, and the Bank
               receives an overall CAMEL rating of "2" or better from its
               primary banking regulator.

          (4)  The Bank's current loan loss reserve is adequate and the loan
               portfolio quality is satisfactory based on the Board of
               Directors' review of:

               (a)  the most recent report of the Bank's primary banking
                    regulator,

               (b)  the audit report of the Bank's independent auditors for the
                    calendar year then ended, and

               (c)  any other credit review that the Board of Directors deems
                    necessary.

          (5)  The overall financial condition of the Bank, including asset
               quality, is satisfactory, and will not be adversely affected by
               the payment of any bonus. The overall financial condition shall
               be presumed to be unsatisfactory if the Bank's average
               non-performing loans, as a percentage of total average loans (the
               non-performing ratio) for the calendar year then ended, exceeds
               the average non-performing ratio for the Bank's pier group by
               greater than .25%.

     c.   Stock Options. In the event that the Bank obtains additional capital
          -------------
          in a public offering, the Bank will issue additional options to the
          Executive to ensure that the Executive's options for 5% of the Bank's
          outstanding shares are not diluted by the additional capitalization.

     d.   Business Expenses. The Bank shall reimburse the Executive for all
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          reasonable and necessary expenses incurred by the Executive in his
          performance of services hereunder, including but not limited to
          expenses for business travel, upon presentation of itemized accounts
          and receipts for any single expense in excess of $50. Reimbursement
          for airfare other than coach class shall require the prior written
          approval of an officer of the Board of Directors.

     e.   Health and Disability Insurance. The Bank shall provide full health
          -------------------------------
          insurance coverage for the Executive, his spouse, and his dependents
          until

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          the Executive reaches age 65. The Bank shall provide disability
          insurance coverage for the Executive until the Executive reaches age
          65.

     f.   Life Insurance. The Bank shall purchase and maintain term life
          --------------
          insurance coverage providing a death benefit of $1,000,000 payable to
          any beneficiary or beneficiaries designated by the Executive. The
          policy will be convertible to an Executive-owned policy at the
          Executive's discretion and, (A) at the Executive's expense, if his
          employment with the Bank is terminated for the reasons described in
          Section 6.b. below, or (B) at the Bank's expense, if his employment
          with the Bank terminated for the reasons described in Sections 6.c. or
          6.d. below. The policy shall not be required to be paid-up after such
          conversion, and the Executive shall be solely responsible for paying
          premiums on the policy after such conversion.

     g.   Clubs and Professional Organizations. The Bank shall pay the
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          Executive's initiation and membership fees in any civic clubs. The
          Bank shall also pay the Executive's initiation and membership dues and
          assessments for one country club, provided the club membership is used
          for significant business promotion.

     h.   Automobile. The Bank shall provide the Executive with an automobile to
          ----------
          be used for business and personal purposes. The Executive shall select
          the make and model of the automobile and the purchase or lease shall
          be approved by the Compensation Committee. The automobile shall be
          valued at no less than $25,000, excluding maintenance, repairs, taxes,
          and insurance for the automobile. The Compensation Committee and the
          Executive shall mutually agree on whether the automobile shall be
          purchased or leased. The Executive may exchange the automobile every
          24 months. The Bank shall pay for all normal ownership and operating
          costs of the automobile.

     i.   Other Benefits. The Executive shall be entitled to participate in all
          --------------
          other benefits accorded to Bank employees.

     j.   Withholding. The Bank may deduct from each payment of compensation
          -----------
          hereunder all amounts required to be deducted and withheld in
          accordance with applicable federal and state income, FICA, and other
          withholding requirements.

6.   Compensation and Benefits in the Event of Termination. In the event of the
     -----------------------------------------------------
termination of the Executive's employment by the Bank or by the Executive during
the Term of this Agreement, compensation and benefits shall be paid as set forth
below.

     a.   Definitions. For purposes of this Agreement, the following terms shall
          -----------
          have the meanings indicated:

          (1)  "Cause" shall mean (A) the breach by the Executive of any
               material provision of this Agreement, provided that the Bank
               gives the

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               Executive written notice of such failure and such failure is not
               cured within 30 days thereafter; (B) the willful and continued
               failure by the Executive to substantially perform his duties
               under this Agreement (other than the Executive's inability to
               perform, with or without reasonable accommodation, resulting from
               his incapacity due to physical or mental illness or impairment),
               after a written demand for substantial performance is delivered
               to him by the Board of Directors, which demand specifically
               identifies the manner in which the Executive is alleged to have
               not substantially performed his duties; (C) the willful engaging
               by the Executive in misconduct which is materially injurious to
               the Bank, its officers, directors, shareholders, employees, or
               customers; (D) the Executive's conviction of a felony; or (E) the
               commission in the course of the Executive's employment of an act
               of fraud, embezzlement, theft or proven dishonesty, or any other
               illegal act or practice, which would constitute a felony (whether
               or not resulting in criminal prosecution or conviction), or any
               act or practice which the Bank shall, in good faith, deem to have
               resulted in the Executive becoming unbondable under the Bank's
               "banker's blanket bond." Notwithstanding the foregoing, the
               Executive shall not be deemed to have been terminated for Cause
               unless and until the Executive has been afforded a reasonable
               opportunity, together with his counsel, to be heard before the
               Board of Directors, and a written finding has been delivered to
               him to the effect that in the good faith opinion of the Board of
               Directors, the Executive is guilty of conduct as set forth under
               clause (A), (B), (C), (D), or (E) of the first sentence of this
               sub-paragraph, specifying in writing the particulars thereof in
               detail.

          (2)  "Change in Control" shall mean either:

               (a)  the acquisition, directly or indirectly, by any "person" (as
                    such term is defined for purposes of Section 13(d) and 14(d)
                    of the Securities Exchange Act of 1934 ("Exchange Act")), of
                    the "beneficial ownership" (as such Term is defined for
                    purposes of section 13(d) (1) of the Exchange Act) of shares
                    in the Bank which, when added to any other shares
                    "beneficially owned," such acquirer shall have 50% or more
                    of the combined voting power of the Bank's then outstanding
                    voting securities; or

               (b)  the occurrence of any merger, consolidation or
                    reorganization to which the Bank is a party and to which the
                    Bank is not a surviving entity, or the sale of all or
                    substantially all of the assets of the Bank.

          (3)  "Date of Termination" shall mean: (A) if the Executive's
               employment is terminated by reason of his death, his date of
               death; (B) if the Executive's employment is terminated for
               Disability, 30 days after

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               Notice of Termination is given (provided that the Executive shall
               not have returned to the performance of his duties as provided
               under sub-paragraph (4) of this paragraph a.); or (C) if the
               Executive's employment is terminated for Cause, the date
               specified in the Notice of Termination; provided, however, that
               if within 30 days after any Notice of Termination is given, the
               Executive notifies the Bank that a dispute exists concerning the
               termination, the Date of Termination shall be the date on which
               the dispute is finally resolved, either by mutual written
               agreement of the parties, or by a final judgment, order, or
               decree of a court of competent jurisdiction (the time for appeal
               therefrom having expired and no appeal having been perfected).

          (4)  "Disability" shall mean the Executive's failure to satisfactorily
               perform the essential functions of his office on a full-time
               basis for 180 consecutive days, with or without accommodation, by
               reason of the Executive's incapacity resulting from physical or
               mental illness or impairment, except where within 15 days after
               Notice of Termination is given following such absence, the
               Executive shall have returned to the satisfactory, full-time
               performance of such duties. Any determination of Disability
               hereunder shall be made by the Board of Directors in good faith
               and on the basis of the certificates of at least three qualified
               physicians chosen by it for such purpose, one of whom shall be
               the Executive's regular attending physician.

          (5)  "Good Reason" shall mean either:

               (a)  Failure by the Bank to comply with any material provision of
                    this Agreement, provided that the Executive gives the Bank
                    written notice of such failure and such failure is not cured
                    within 30 days thereafter;

               (b)  Failure by the Bank to obtain the assumption of its
                    obligations under this Agreement by any successor;

               (c)  The occurrence of any of the following:

                    (i)  Without the Executive's express written consent, a
                         reduction in the Executive's Base Salary or incentive
                         bonus, a reduction in the Executive's other benefits
                         and perquisites, or a reduction in the Executive's
                         title, position, reporting relationship,
                         responsibilities, or authority, except in connection
                         with the termination of his employment for Cause,
                         Disability, or Retirement, or as a result of his death;

                    (ii) Without the Executive's express written consent, the
                         Bank's requiring him to be based anywhere other than

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                          in Florence, South Carolina except for required travel
                          on the Bank's business consistent with his business
                          travel obligations immediately prior to such Change in
                          Control; or

                    (iii) The failure by the Bank to comply with Section 5 of
                          this Agreement; or

               (d)  Any purported termination of the Executive's employment by
                    action of the Bank which is not effected pursuant to a
                    Notice of Termination.

          (6)  "Notice of Termination" shall mean a written notice which shall
               include the specific termination provision under this Agreement
               relied upon, and shall set forth in reasonable detail the facts
               and circumstances claimed to provide a basis for termination of
               the Executive's employment.

          (7)  "Retirement" shall mean termination of the Executive's employment
               pursuant to the Bank's regular retirement policy applicable to
               the position held by the Executive at the time of such
               termination.

     b.   Termination For Cause, For Other Than For Good Reason, Or For
          -------------------------------------------------------------
          Disability, Death, Or Retirement. In the event the Executive's
          --------------------------------
          employment hereunder is terminated (A) by action of the Bank for
          Cause; (B) by action of the Executive not for Good Reason; or (C) by
          reason of the Executive's death, Disability, or Retirement, the
          following compensation and benefits shall be paid and provided the
          Executive (or his beneficiary or beneficiaries):

          (1)  The Executive's Base Salary provided for under paragraph a. of
               Section 5 through the last day of the month in which the Date of
               Termination occurs, at the annual rate in effect at the time
               Notice of Termination is given (or death occurs), to the extent
               unpaid prior to such Date of Termination;

          (2)  Any incentive bonus under paragraph b. of Section 5 which has
               been awarded prior to the Date of Termination, to the extent
               unpaid prior to such date;

          (3)  Any benefits to which the Executive (or his beneficiary or
               beneficiaries) may be entitled as of the Date of Termination
               under the insurance coverages or benefits identified in
               paragraphs e. f. and i. of Section 5; and

          (4)  Any amounts due the Executive with respect to paragraph d. of
               Section 5 as of the Date of Termination.

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     c.   Termination For Good Reason Or For Other Than Cause Not Following a
          -------------------------------------------------------------------
          Change In Control. In the event the Executive's employment hereunder
          -----------------
          is terminated (A) by action of the Executive not following a Change in
          Control and for Good Reason, or (B) by action of the Bank not
          following a Change in Control and other than for Cause, the Bank shall
          pay and provide the Executive the compensation and benefits stipulated
          under paragraph b. immediately above; provided, however, in addition
          thereto and without set-off, the following compensation shall be paid
          and provided the Executive:

          (1)  The Bank shall continue to pay the Executive the Base Salary
               provided for in Section 5.a. above at the annual rate in effect
               at the time Notice of Termination is given, plus the Executive's
               incentive bonus for the calendar year immediately prior to the
               Date of Termination, for a period of three years from the Date of
               Termination, on a monthly basis.

          (2)  In addition, the Bank will continue to provide the Executive with
               the insurance coverages he would have had had he remained as an
               employee of the Bank at the Executive's expense at COBRA rates.

     d.   Termination For Good Reason Or For Other Than Cause Following A Change
          ----------------------------------------------------------------------
          In Control. In the event the Executive's employment hereunder is
          ----------
          terminated (A) by action of the Executive following a Change in
          Control and for Good Reason, or (B) by action of the Bank following a
          Change in Control and other than for Cause, the Bank shall pay and
          provide the Executive the compensation and benefits stipulated under
          paragraph b. above; provided, however, in addition thereto and without
          set-off, the compensation provided in subparagraphs (1), (2), (3), and
          (4) of this paragraph d. shall be paid to the Executive. However, the
          Bank may prospectively terminate payments under this paragraph d. if
          the Executive accepts employment by or acquires a meaningful ownership
          position in a community, commercial, or consumer bank within a 25-mile
          radius of any branch of the Bank.

          (1)  The Bank shall continue to pay to the Executive 150% of the Base
               Salary provided for in Section 5.a. above at the annual rate in
               effect at the time Notice of Termination is given for a period of
               five years from the Date of Termination, on a monthly basis.

          (2)  In addition, the Bank shall pay to the Executive a severance
               payment of the sum of three times the Base Salary provided for in
               Section 5.a. above at the annual rate in effect at the time
               Notice of Termination is given and three times the Executive's
               incentive bonus for the calendar year immediately prior to the
               Date of Termination. Such severance payment shall be payable over
               five years from the Date of Termination at such frequencies and
               in such amounts as the Executive shall dictate, but not more
               frequently than monthly.

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          (3)  In addition, at its sole cost and expense, the Bank will continue
               to provide the Executive with the insurance coverages he would
               have had had he remained as an employee of the Bank.

          (4)  If the payments due to the Executive under subparagraphs (1),
               (2), and (3) of this paragraph d. would constitute a "parachute
               payment," as defined in Section 280G of the Internal Revenue Code
               of 1986, as amended (the "Code"), and would be subject to the
               excise tax imposed by Section 4999 of the Code, then the Bank
               shall pay to the Executive an additional "gross-up" payment in an
               amount such that the net amount retained by the Executive, after
               the deduction of the excise tax, shall equal the amount of the
               payments due to the executive under subparagraphs (1), (2), and
               (3) of this paragraph d.

7.   Confidentiality.
     ---------------

     a.   For the purposes of this Agreement, "Confidential Information" means
          any data or information that is material to the Bank and not generally
          known by the public.

     b.   The Executive agrees to abide by all of the Bank's rules and
          procedures designed to protect its Confidential Information and to
          preserve and maintain all such information in strict confidence during
          the Executive's employment with the Bank and as long thereafter as the
          Confidential Information remains, in the sole opinion of the Bank,
          proprietary and confidential to the Bank. The Executive agrees not to
          use, disclose, or in any other way disseminate any Confidential
          Information to any person not properly authorized by the Bank.

8.   Return of Materials. Upon the request of the Bank, and in any event, upon
     -------------------
the termination of the Executive's employment, the Executive must return to the
Bank and leave at the disposal of the Bank, all memoranda, notes, records, and
other documents pertaining to the business of the Bank (including all copies of
such materials). The Executive must also return to the Bank and leave at the
disposal of the Bank all materials involving any Confidential Information of the
Bank.

9.   Restrictive Covenant. In consideration of the Bank's employment of the
     --------------------
Executive, the Executive agrees that in addition to any other limitation, for a
period of two years after the termination of his employment hereunder, he will
not, within a 25-mile radius of any branch of the Bank, manage, operate, be
employed by, participate in, or be connected in any manner with the management,
operation, or control of any community, commercial, or consumer bank.

10.  Remedies for Breach of Employment Contract. Irreparable harm shall be
     ------------------------------------------
presumed if the Executive breaches the covenants contained in Sections 7, 8, or
9 of this Agreement. The faithful observance of such covenants is an essential
condition to the Executive's employment, and the Bank is depending upon absolute
compliance. Damages would be

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very difficult to ascertain if the Executive breached any such covenant. This
Agreement is intended to protect the proprietary rights of the Bank. In light of
these facts, the Executive agrees that any court of competent jurisdiction may
immediately enjoin any breach of this Agreement, upon the request of the Bank,
and the Executive specifically releases the Bank from the requirement to post
any bond in connection with any temporary or interlocutory injunctive relief, to
the extent permitted by law.

11.  Notices. All notices, requests, demands and other communications provided
     -------
for by this Agreement shall be in writing and shall be sufficiently given if and
when mailed in the continental United States by registered or certified mail, or
personally delivered to the party entitled thereto, at the address stated below
or to such changed address as the addressee may have given by a similar notice:

               To the Bank:         Mr. Leonard A. Hoogenboom
                                    Chairman of the Board of Directors
                                    First Reliance Bank
                                    P. O. Box 5658
                                    Florence, South Carolina 29502

               With copy to:        Craig M. Garner, Jr., Esq.
                                    McNair Law Firm, P.A.
                                    P.O. Box 11390
                                    Columbia, South Carolina 29211

               To the Executive:    Mr. F.R. Saunders, Jr.
                                    President and Chief Executive Officer
                                    First Reliance Bank
                                    2170 West Palmetto Street
                                    Florence, South Carolina 29501

               With copy to:        David E. Dubberly, Esq.
                                    Nexsen, Pruet, Jacobs & Pollard, L.L.C.
                                    P.O. Box 2426
                                    Columbia, South Carolina 29202

12.  Successors; Binding Agreement. This Agreement shall be binding on any
     -----------------------------
successors to the Bank, including any person or entity that may acquire all or
part of the ownership interest in the Bank through merger, consolidation,
reorganization, or otherwise. Upon acquisition of all or part of the ownership
interest in the Bank, the acquiring person or entity shall be deemed to be
substituted for the Bank for all purposes under this Agreement. This Agreement
shall inure to the benefit of and be enforceable by the Executive's personal or
legal representatives, executors, administrators, successors, heirs,
distributees, devisees, and legatees. If the Executive should die while any
amount would still be payable to him hereunder if he had continued to live, all
such amounts, except to the extent otherwise provided under this Agreement,
shall be paid in accordance with the terms of this Agreement to his devisee,
legatee, or other designee, or if there be no such designee, to the Executive's
estate.

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13.  Modification, Waiver, or Discharge. No provision of this Agreement may be
     ----------------------------------
modified, waived, or discharged unless such waiver, modification, or discharge
is agreed to in a writing signed by the Executive and an authorized officer of
the Bank. No waiver by either party hereto at any time of any breach by the
other party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
party which are not expressly set forth in this Agreement; provided, however,
that this Agreement shall not supersede or in any way limit the right, duties,
or obligations that the Executive or the Bank may have under any other written
agreement between such parties, under any employee pension benefit plan or
employee welfare benefit plan as defined under the Employee Retirement Income
Security Act of 1974, as amended, and maintained by the Bank, or under any
established personnel practice or policy applicable to the Executive.

14.  Governing Law. The validity, interpretation, construction, and performance
     -------------
of this Agreement shall be governed by the laws of the State of South Carolina.

15.  Validity. The invalidity or unenforceability of any provision of this
     --------
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which latter shall remain in full force and effect.

16.  No Right of Set-off or Counterclaim. There shall be no right of set-off or
     -----------------------------------
counterclaim, in respect of any claim (other than a claim for violation of this
Agreement), debt, or obligation against any payments to the Executive, his
beneficiaries, or estates provided for in this Agreement.

17.  Non-Assignability. No right, benefit, or interest hereunder shall be
     -----------------
subject to anticipation, alienation, sale, assignment, encumbrance, charge,
pledge, hypothecation, or set-off in respect of any claim, debt or obligation,
or to execution, attachment, levy, or similar process, or assignment by
operation of law. Any attempt, voluntary or involuntary, to effect any action
specified in the immediately preceding sentence shall, to the full extent
permitted by law, be null, void, and of no effect. Any of the foregoing to the
contrary notwithstanding, this provision shall not preclude the Executive from
designating one or more beneficiaries to receive any amount that may be payable
after his death, and shall not preclude the legal representative of the of the
Executive's estate from assigning any right hereunder to the person or persons
entitled thereto under his will or, in the case of intestacy applicable to his
estate.

18.  Enforcement of Agreement; Attorneys' Fees. In the event litigation is
     -----------------------------------------
commenced by the Executive against the Bank in seeking to obtain or enforce any
right, benefit or payment under this Agreement or to enforce any obligation of
the Bank described herein, then, provided the Executive shall prevail in such
litigation, the Bank shall be obligated to pay all reasonable expenses
(including without limitation all reasonable attorney's fees and court costs)
paid or incurred by the Executive in connection with such litigation.

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19.  Counterparts. This Agreement may be executed in one or more
     ------------
counterparts, each of which shall be deemed to be an original, but all of which
together will constitute one and the same instrument.

     IN WITNESS WHEREOF, the Executive and the Bank have executed this Agreement
effective as of the date first above written.

ATTEST: _____________________           First Reliance Bank
                                        By: ___________________________________
                                            Leonard A. Hoogenboom
                                            Chairman of the Board of Directors

                                        F. R. Saunders, Jr.
ATTEST: _____________________           _______________________________________

                                       12<PAGE>

                                                                    Exhibit 10.5

                         EXECUTIVE EMPLOYMENT AGREEMENT

THIS EXECUTIVE EMPLOYMENT AGREEMENT ("Agreement"), made _____ this ____day of
August, 2001, by and between First Reliance Bank and First Reliance BancShares
Corp., a South Carolina banking corporation with principal offices located at
2170 West Palmetto Street, Florence, South Carolina 29501 (collectively "the
Bank"), and A. Dale Porter, of Florence, South Carolina ("the Executive").

WHEREAS the Executive is, as of the date hereof, employed by the Bank as
Executive Vice-President and Chief Financial Officer of the Bank, and the Bank
desires to insure the Executive's continued employment; and

WHEREAS the Bank and the Executive mutually desire that their employment
relationship be set forth under the terms of a written employment agreement;

NOW, THEREFORE, in consideration of the foregoing and of the promises and mutual
agreements set forth below, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto do
hereby agree as follows:

1. Employment. The Bank agrees to employ the Executive, and the Executive agrees
   ----------
to serve the Bank, on the terms and conditions set forth herein.

2. Term. Unless earlier terminated as provided herein, the Executive's
   ----
employment hereunder shall be for a term of three years ("Term") commencing on
March 1, 2001 and ending on March 1, 2004. This Agreement shall be deemed to
extend each month for an additional month automatically without any action on
behalf of either party hereto; provided, however, that either party may, by
written notice to the other, cause this Agreement to cease to extend
automatically, and upon such notice the Term of this Agreement shall be the
three years following the date of such notice, and this Agreement shall
terminate upon the expiration of such Term. Notwithstanding the foregoing, no
extension shall be granted that would extend the Term of this Agreement beyond
the last day of the month during which the Executive attains age 65.

3. Position and Duties. The Executive shall serve as Executive Vice-President
   -------------------
and Chief Financial Officer, and shall perform all duties, authorities, and
responsibilities as set forth in the Bylaws of the Bank, and shall assume such
additional responsibilities and authority as may from time to time be assigned
to him by the Board of Directors of the Bank ("Board of Directors"). The
Executive shall perform his responsibilities and duties in the best interest of
the Bank and its stockholders. The Board of Directors may in its sole discretion
reassign the Executive to an alternative position as long as his compensation
and benefits remain consistant with paragraphs a. and b. of Section 5 and apply
to the Executive's position assigned by the Board.

4. Place of Performance. The Executive shall be based in Florence, South
   --------------------
Carolina, subject to reasonable travel necessary to the business of the Bank.

<PAGE>

5.  Compensation and Benefits. In consideration of the Executive's performance
    -------------------------
of his duties hereunder, the Bank shall provide the Executive with the following
compensation and benefits during the Term hereof.

    a.    Base Salary. The Bank shall pay the Executive a base salary at the
          -----------
          rate of $90,000 per annum ("Base Salary") in accordance with the
          salary payment practices of the Bank. The Compensation Committee of
          the Board of Directors ("Compensation Committee") shall review the
          Executive's salary at the beginning of each of its fiscal years and,
          at the sole discretion of the Committee, may increase or decrease the
          Executive's Base Salary for such year, provided that at no time shall
          the Bank pay the Executive less than the median base salary of
          comparable executive officers of banks in the Southeastern United
          States with similar total assets (currently $50,000,000 to
          $100,000,000) based on the then-current Sheshunoff Information
          Services Survey (or, for any year in which Sheshunoff does not provide
          a survey, the then-current surveys by the American Bankers Association
          and the Independent Bankers of America). Annual performance reviews
          will be conducted and will include evaluation of forward-thinking,
          supervisory, and team skills, and the effort necessary to keep the
          Bank competitive. The Compensation Committee reserves the right to
          decrease the Executive's Base Salary if a CAMEL rating of at least "2"
          is not maintained.

    b.    Incentive Bonus. If mutually agreeable individual and team performance
          ---------------
          criteria and budgeted profit targets are met, the Compensation
          Committee will approve, within 90 days of the close of each calendar
          year, an incentive bonus for the Executive.

    c.    Stock Options. In the event that the Bank obtains additional capital
          -------------
          in a public offering, the Bank will issue additional options to the
          Executive to ensure that the Executive's options for 5% of the Bank's
          outstanding shares are not diluted by the additional capitalization.

    d.    Business Expenses. The Bank shall reimburse the Executive for all
          -----------------
          reasonable and necessary expenses incurred by the Executive in his
          performance of services hereunder, including but not limited to
          expenses for business travel, upon presentation of itemized accounts
          and receipts for any single expense in excess of $50. Business mileage
          shall be reimbursed at the approved IRS rate. Reimbursement for
          airfare other than coach class shall require the prior written
          approval of an officer of the Board of Directors.

    e.    Health and Disability Insurance. The Bank shall provide full health
          -------------------------------
          insurance coverage for the Executive, his spouse, and his dependents
          until the Executive reaches age 65. The Bank shall provide disability
          insurance coverage for the Executive until the Executive reaches age
          65.

                                       2

<PAGE>

     f.   Life Insurance. The Bank shall purchase and maintain term life
          --------------
          insurance coverage providing a death benefit of $500,000 payable to
          any beneficiary or beneficiaries designated by the Executive. The
          policy will be convertible to an Executive-owned policy at the
          Executive's discretion and, (A) at the Executive's expense, if his
          employment with the Bank is terminated for the reasons described in
          Section 6.b. below, or (B) at the Bank's expense, if his employment
          with the Bank terminated for the reasons described in Sections 6.c. or
          6.d. below. The policy shall not be required to be paid-up after such
          conversion, and the Executive shall be solely responsible for paying
          premiums on the policy after such conversion.

     g.   Other Benefits. The Executive shall be entitled to participate in all
          --------------
          other benefits accorded to Bank employees.

     h.   Withholding. The Bank may deduct from each payment of compensation
          -----------
          hereunder all amounts required to be deducted and withheld in
          accordance with applicable federal and state income, FICA, and other
          withholding requirements.

6.   Compensation and Benefits in the Event of Termination. In the event of the
     -----------------------------------------------------
termination of the Executive's employment by the Bank or by the Executive during
the Term of this Agreement, compensation and benefits shall be paid as set forth
below.

     a.   Definitions. For purposes of this Agreement, the following terms shall
          -----------
          have the meanings indicated:

          (1)  "Cause" shall mean (A) the breach by the Executive of any
               material provision of this Agreement, provided that the Bank
               gives the Executive written notice of such failure and such
               failure is not cured within 30 days thereafter; (B) the willful
               and continued failure by the Executive to substantially perform
               his duties under this Agreement (other than the Executive's
               inability to perform, with or without reasonable accommodation,
               resulting from his incapacity due to physical or mental illness
               or impairment), after a written demand for substantial
               performance is delivered to him by the Board of Directors, which
               demand specifically identifies the manner in which the Executive
               is alleged to have not substantially performed his duties; (C)
               the willful engaging by the Executive in misconduct which is
               materially injurious to the Bank, its officers, directors,
               shareholders, employees, or customers; (D) the Executive's
               conviction of a felony; or (E) the commission in the course of
               the Executive's employment of an act of fraud, embezzlement,
               theft or proven dishonesty, or any other illegal act or practice,
               which would constitute a felony (whether or not resulting in
               criminal prosecution or conviction), or any act or practice which
               the Bank shall, in good faith, deem to have resulted in the
               Executive becoming unbondable under the Bank's "banker's blanket
               bond." Notwithstanding the foregoing, the Executive shall

                                       3

<PAGE>

               not be deemed to have been terminated for Cause unless and until
               the Executive has been afforded a reasonable opportunity,
               together with his counsel, to be heard before the Board of
               Directors, and a written finding has been delivered to him to the
               effect that in the good faith opinion of the Board of Directors,
               the Executive is guilty of conduct as set forth under clause (A),
               (B), (C), (D), or (E) of the first sentence of this
               sub-paragraph, specifying in writing the particulars thereof in
               detail.

          (2)  "Change in Control" shall mean either:

               (a)  the acquisition, directly or indirectly, by any "person" (as
                    such term is defined for purposes of Section 13(d) and 14(d)
                    of the Securities Exchange Act of 1934 ("Exchange Act")), of
                    the "beneficial ownership" (as such Term is defined for
                    purposes of section 13(d) (1) of the Exchange Act) of shares
                    in the Bank which, when added to any other shares
                    "beneficially owned," such acquirer shall have 50% or more
                    of the combined voting power of the Bank's then outstanding
                    voting securities; or

               (b)  the occurrence of any merger, consolidation or
                    reorganization to which the Bank is a party and to which the
                    Bank is not a surviving entity, or the sale of all or
                    substantially all of the assets of the Bank.

          (3)  "Date of Termination" shall mean: (A) if the Executive's
               employment is terminated by reason of his death, his date of
               death; (B) if the Executive's employment is terminated for
               Disability, 30 days after Notice of Termination is given
               (provided that the Executive shall not have returned to the
               performance of his duties as provided under sub-paragraph (4) of
               this paragraph a.); or (C) if the Executive's employment is
               terminated for Cause, the date specified in the Notice of
               Termination; provided, however, that if within 30 days after any
               Notice of Termination is given, the Executive notifies the Bank
               that a dispute exists concerning the termination, the Date of
               Termination shall be the date on which the dispute is finally
               resolved, either by mutual written agreement of the parties, or
               by a final judgment, order, or decree of a court of competent
               jurisdiction (the time for appeal therefrom having expired and no
               appeal having been perfected).

          (4)  "Disability" shall mean the Executive's failure to satisfactorily
               perform the essential functions of his office on a full-time
               basis for 180 consecutive days, with or without accommodation, by
               reason of the Executive's incapacity resulting from physical or
               mental illness or impairment, except where within 15 days after
               Notice of Termination is given following such absence, the
               Executive shall have returned to the satisfactory, full-time
               performance of such duties. Any

                                       4

<PAGE>

               determination of Disability hereunder shall be made by the Board
               of Directors in good faith and on the basis of the certificates
               of at least three qualified physicians chosen by it for such
               purpose, one of whom shall be the Executive's regular attending
               physician.

          (5)  "Good Reason" shall mean either:

               (a)  Failure by the Bank to comply with any material provision of
                    this Agreement, provided that the Executive gives the Bank
                    written notice of such failure and such failure is not cured
                    within 30 days thereafter;

               (b)  Failure by the Bank to obtain the assumption of its
                    obligations under this Agreement by any successor;

               (c)  The occurrence of any of the following:

                    (i)   Without the Executive's express written consent, a
                          reduction in the Executive's position that results in
                          the Executive no longer being in an executive officer
                          position, except in connection with the termination of
                          his employment for Cause, Disability, or Retirement,
                          or as a result of his death;

                    (ii)  Without the Executive's express written consent, the
                          Bank's requiring him to be based anywhere other than
                          in Florence, South Carolina except for required travel
                          on the Bank's business consistent with his business
                          travel obligations immediately prior to such Change in
                          Control; or

                    (iii) The failure by the Bank to comply with Section 5 of
                          this Agreement; or

               (d)  Any purported termination of the Executive's employment by
                    action of the Bank which is not effected pursuant to a
                    Notice of Termination.

          (6)  "Notice of Termination" shall mean a written notice which shall
               include the specific termination provision under this Agreement
               relied upon, and shall set forth in reasonable detail the facts
               and circumstances claimed to provide a basis for termination of
               the Executive's employment.

          (7)  "Retirement" shall mean termination of the Executive's employment
               pursuant to the Bank's regular retirement policy applicable to
               the position held by the Executive at the time of such
               termination.

                                       5

<PAGE>

     b.   Termination For Cause, For Other Than For Good Reason, Or For
          -------------------------------------------------------------
          Disability, Death, Or Retirement. In the event the Executive's
          --------------------------------
          employment hereunder is terminated (A) by action of the Bank for
          Cause; (B) by action of the Executive not for Good Reason; or (C) by
          reason of the Executive's death, Disability, or Retirement, the
          following compensation and benefits shall be paid and provided the
          Executive (or his beneficiary or beneficiaries):

          (1)  The Executive's Base Salary provided for under paragraph a. of
               Section 5 through the last day of the month in which the Date of
               Termination occurs, at the annual rate in effect at the time
               Notice of Termination is given (or death occurs), to the extent
               unpaid prior to such Date of Termination;

          (2)  Any incentive bonus under paragraph b. of Section 5 which has
               been awarded prior to the Date of Termination, to the extent
               unpaid prior to such date;

          (3)  Any benefits to which the Executive (or his beneficiary or
               beneficiaries) may be entitled as of the Date of Termination
               under the insurance coverages or benefits identified in
               paragraphs e. f. and i. of Section 5; and

          (4)  Any amounts due the Executive with respect to paragraph d. of
               Section 5 as of the Date of Termination.

     c.   Termination For Good Reason Or For Other Than Cause Not Following a
          -------------------------------------------------------------------
          Change In Control. In the event the Executive's employment hereunder
          -----------------
          is terminated (A) by action of the Executive not following a Change in
          Control and for Good Reason, or (B) by action of the Bank not
          following a Change in Control and other than for Cause, the Bank shall
          pay and provide the Executive the compensation and benefits stipulated
          under paragraph b. immediately above; provided, however, in addition
          thereto and without set-off, the following compensation shall be paid
          and provided the Executive:

          (1)  The Bank shall continue to pay the Executive the Base Salary
               provided for in Section 5.a. above at the annual rate in effect
               at the time Notice of Termination is given, plus the Executive's
               incentive bonus for the calendar year immediately prior to the
               Date of Termination, for a period of three years from the Date of
               Termination, on a monthly basis.

          (2)  In addition, the Bank will continue to provide the Executive with
               the insurance coverages he would have had had he remained as an
               employee of the Bank at the Executive's expense at COBRA rates.

                                       6

<PAGE>

     d.   Termination For Good Reason Or For Other Than Cause Following A Change
          ----------------------------------------------------------------------
          In Control. In the event the Executive's employment hereunder is
          ----------
          terminated (A) by action of the Executive following a Change in
          Control and for Good Reason, or (B) by action of the Bank following a
          Change in Control and other than for Cause, the Bank shall pay and
          provide the Executive the compensation and benefits stipulated under
          paragraph b. above; provided, however, in addition thereto and without
          set-off, the compensation provided in subparagraphs (1), (2), (3), and
          (4) of this paragraph d. shall be paid to the Executive. However, the
          Bank may prospectively terminate payments under this paragraph d. if
          the Executive accepts employment by or acquires a meaningful ownership
          position in a community, commercial, or consumer bank within a 25-mile
          radius of any branch of the Bank.

          (1)  The Bank shall continue to pay to the Executive 110% of the Base
               Salary provided for in Section 5.a. above at the annual rate in
               effect at the time Notice of Termination is given for a period of
               two years from the Date of Termination, on a monthly basis.

          (2)  In addition, the Bank shall pay to the Executive a severance
               payment of the sum of two times the Base Salary provided for in
               Section 5.a. above at the annual rate in effect at the time
               Notice of Termination is given and two times the Executive's
               incentive bonus for the calendar year immediately prior to the
               Date of Termination. Such severance payment shall be payable over
               four years from the Date of Termination at such frequencies and
               in such amounts as the Executive shall dictate, but not more
               frequently than monthly.

          (3)  In addition, at its sole cost and expense, the Bank will continue
               to provide the Executive with the insurance coverages he would
               have had had he remained as an employee of the Bank.

          (4)  If the payments due to the Executive under subparagraphs (1),
               (2), and (3) of this paragraph d. would constitute a "parachute
               payment," as defined in Section 280G of the Internal Revenue Code
               of 1986, as amended (the "Code"), and would be subject to the
               excise tax imposed by Section 4999 of the Code, then the Bank
               shall pay to the Executive an additional "gross-up" payment in an
               amount such that the net amount retained by the Executive, after
               the deduction of the excise tax, shall equal the amount of the
               payments due to the executive under subparagraphs (1), (2), and
               (3) of this paragraph d.

7.   Confidentiality.
     ---------------

     a.   For the purposes of this Agreement, "Confidential Information" means
          any data or information that is material to the Bank and not generally
          known by the public.

                                       7

<PAGE>

     b.   The Executive agrees to abide by all of the Bank's rules and
          procedures designed to protect its Confidential Information and to
          preserve and maintain all such information in strict confidence during
          the Executive's employment with the Bank and as long thereafter as the
          Confidential Information remains, in the sole opinion of the Bank,
          proprietary and confidential to the Bank. The Executive agrees not to
          use, disclose, or in any other way disseminate any Confidential
          Information to any person not properly authorized by the Bank.

8.   Return of Materials. Upon the request of the Bank, and in any event, upon
     -------------------
the termination of the Executive's employment, the Executive must return to the
Bank and leave at the disposal of the Bank, all memoranda, notes, records, and
other documents pertaining to the business of the Bank (including all copies of
such materials). The Executive must also return to the Bank and leave at the
disposal of the Bank all materials involving any Confidential Information of the
Bank.

9.   Restrictive Covenant. In consideration of the Bank's employment of the
     --------------------
Executive, the Executive agrees that in addition to any other limitation, for a
period of one year after the termination of his employment hereunder, he will
not, within a 25-mile radius of any branch of the Bank, manage, operate, be
employed by, participate in, or be connected in any manner with the management,
operation, or control of any community, commercial, or consumer bank.

10.  Remedies for Breach of Employment Contract. Irreparable harm shall be
     ------------------------------------------
presumed if the Executive breaches the covenants contained in Sections 7, 8, or
9 of this Agreement. The faithful observance of such covenants is an essential
condition to the Executive's employment, and the Bank is depending upon absolute
compliance. Damages would be very difficult to ascertain if the Executive
breached any such covenant. This Agreement is intended to protect the
proprietary rights of the Bank. In light of these facts, the Executive agrees
that any court of competent jurisdiction may immediately enjoin any breach of
this Agreement, upon the request of the Bank, and the Executive specifically
releases the Bank from the requirement to post any bond in connection with any
temporary or interlocutory injunctive relief, to the extent permitted by law.

11.  Notices. All notices, requests, demands and other communications provided
     -------
for by this Agreement shall be in writing and shall be sufficiently given if and
when mailed in the continental United States by registered or certified mail, or
personally delivered to the party entitled thereto, at the address stated below
or to such changed address as the addressee may have given by a similar notice:

            To the Bank:        Mr. Leonard A. Hoogenboom
                                Chairman of the Board of Directors
                                First Reliance Bank
                                P. O. Box 5658
                                Florence, South Carolina 29502

            With copy to:       Craig M. Garner, Jr., Esq.

                                       8

<PAGE>

                               McNair Law Firm, P.A.
                               P.O. Box 11390
                               Columbia, South Carolina 29211

          To the Executive:    Mr. A. Dale Porter
                               Executive Vice-President and Chief
                               Financial Officer
                               First Reliance Bank
                               2170 West Palmetto Street
                               Florence, South Carolina 29501

          With copy to:        David E. Dubberly, Esq.
                               Nexsen, Pruet, Jacobs & Pollard, L.L.C.
                               P.O. Box 2426
                               Columbia, South Carolina 29202

12.  Successors; Binding Agreement. This Agreement shall be binding on any
     -----------------------------
successors to the Bank, including any person or entity that may acquire all or
part of the ownership interest in the Bank through merger, consolidation,
reorganization, or otherwise. Upon acquisition of all or part of the ownership
interest in the Bank, the acquiring person or entity shall be deemed to be
substituted for the Bank for all purposes under this Agreement. This Agreement
shall inure to the benefit of and be enforceable by the Executive's personal or
legal representatives, executors, administrators, successors, heirs,
distributees, devisees, and legatees. If the Executive should die while any
amount would still be payable to him hereunder if he had continued to live, all
such amounts, except to the extent otherwise provided under this Agreement,
shall be paid in accordance with the terms of this Agreement to his devisee,
legatee, or other designee, or if there be no such designee, to the Executive's
estate.

13.  Modification, Waiver, or Discharge. No provision of this Agreement may be
     ----------------------------------
modified, waived, or discharged unless such waiver, modification, or discharge
is agreed to in a writing signed by the Executive and an authorized officer of
the Bank. No waiver by either party hereto at any time of any breach by the
other party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
party which are not expressly set forth in this Agreement; provided, however,
that this Agreement shall not supersede or in any way limit the right, duties,
or obligations that the Executive or the Bank may have under any other written
agreement between such parties, under any employee pension benefit plan or
employee welfare benefit plan as defined under the Employee Retirement Income
Security Act of 1974, as amended, and maintained by the Bank, or under any
established personnel practice or policy applicable to the Executive.

14.  Governing Law. The validity, interpretation, construction, and performance
     -------------
of this Agreement shall be governed by the laws of the State of South Carolina.

                                       9

<PAGE>

15.  Validity. The invalidity or unenforceability of any provision of this
     --------
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which latter shall remain in full force and effect.

16.  No Right of Set-off or Counterclaim. There shall be no right of set-off or
     -----------------------------------
counterclaim, in respect of any claim (other than a claim for violation of this
Agreement), debt, or obligation against any payments to the Executive, his
beneficiaries, or estates provided for in this Agreement.

17.  Non-Assignability. No right, benefit, or interest hereunder shall be
     -----------------
subject to anticipation, alienation, sale, assignment, encumbrance, charge,
pledge, hypothecation, or set-off in respect of any claim, debt or obligation,
or to execution, attachment, levy, or similar process, or assignment by
operation of law. Any attempt, voluntary or involuntary, to effect any action
specified in the immediately preceding sentence shall, to the full extent
permitted by law, be null, void, and of no effect. Any of the foregoing to the
contrary notwithstanding, this provision shall not preclude the Executive from
designating one or more beneficiaries to receive any amount that may be payable
after his death, and shall not preclude the legal representative of the of the
Executive's estate from assigning any right hereunder to the person or persons
entitled thereto under his will or, in the case of intestacy applicable to his
estate.

18.  Enforcement of Agreement; Attorneys' Fees. In the event litigation is
     -----------------------------------------
commenced by the Executive against the Bank in seeking to obtain or enforce any
right, benefit or payment under this Agreement or to enforce any obligation of
the Bank described herein, then, provided the Executive shall prevail in such
litigation, the Bank shall be obligated to pay all reasonable expenses
(including without limitation all reasonable attorney's fees and court costs)
paid or incurred by the Executive in connection with such litigation.

19.  Counterparts. This Agreement may be executed in one or more counterparts,
     ------------
each of which shall be deemed to be an original, but all of which together will
constitute one and the same instrument.

     IN WITNESS WHEREOF, the Executive and the Bank have executed this Agreement
effective as of the date first above written.

ATTEST: _____________________       First Reliance Bank
                                    By: ______________________________
                                        Leonard A. Hoogenboom
                                        Chairman of the Board of Directors

                                    A. Dale Porter
ATTEST: _____________________       __________________________________

                                       10

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