0001144204-09-013190 Sample Contracts

AMENDMENT TO THE DIRECTOR’S RETIREMENT PLAN AGREEMENT BY AND BETWEEN FIRST SOUTH BANK AND MARSHALL T. SINGLETON
Director’s Retirement Plan Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks

This Amendment to the Director’s Retirement Plan Agreement by and between FIRST SOUTH BANK (the “Bank”) and Marshall T. Singleton (the “Director”) is entered into as of December 26, 2008.

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AMENDMENT TO THE SUPPLEMENTAL INCOME PLAN AGREEMENT BY AND BETWEEN FIRST SOUTH BANK AND KRISTIE W. HAWKINS
Supplemental Income Plan Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks

This Amendment to the Supplemental Income Plan Agreement by and between FIRST SOUTH BANK (the “Bank”) and Kristie W. Hawkins (“Executive”) is entered into as of December 26, 2008.

AMENDMENT TO THE CHANGE IN CONTROL PROTECTIVE AGREEMENT
Change in Control Protective Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks

WHEREAS, Mary R. Boyd (the “Executive”) entered into a change in control protective agreement with Home Savings Bank, SSB which was assumed by First South Bank (the “Bank”) and First South Bancorp, Inc. (the “Company”) in connection with the Company’s acquisition of Home Savings Bank, SSB (the “Agreement”); and

AMENDMENT TO THE SUPPLEMENTAL INCOME PLAN AGREEMENT BY AND BETWEEN FIRST SOUTH BANK AND THOMAS A. VANN
Supplemental Income Plan Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks

This Amendment to the Supplemental Income Plan Agreement by and between FIRST SOUTH BANK (the “Bank”) and Thomas A. Vann (“Executive”) is entered into as of December 26, 2008.

AMENDMENT TO THE PAUL S. JABER CHANGE IN CONTROL PROTECTIVE AGREEMENT
Change in Control Protective Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks

WHEREAS, Paul S. Jaber (the “Executive”) entered into a change in control protective agreement with First South Bank (the “Bank”) and First South Bancorp, Inc. (the “Company”) effective July 8, 2002 (the “Agreement”); and

AMENDMENT TO THE FIRST SOUTH BANK AND FIRST SOUTH BANCORP EMPLOYMENT AGREEMENT WITH THOMAS A. VANN
Employment Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks

WHEREAS, Thomas A. Vann (the “Executive”) entered into an amended and restated employment agreement with First South Bank (the “Bank”) and First South Bancorp, Inc. (the “Company”) effective April 20, 2006 (the “Agreement”); and

CHANGE-IN-CONTROL PROTECTIVE AGREEMENT
Change-in-Control Protective Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks • North Carolina

THIS AGREEMENT entered into this 8th day of July, 2002 (the “Effective Date”), by and between First South Bank (the “Bank”), First South Bancorp, Inc. (the “Company”), and Paul S. Jaber (the “Employee”).

AMENDMENT TO THE DIRECTOR’S DEFERRED COMPENSATION PLAN AGREEMENT BY AND BETWEEN FIRST SOUTH BANK AND FREDERICK N. HOLSCHER
Director’s Deferred Compensation Plan Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks

This Amendment to the Director’s Deferred Compensation Plan Agreement by and between FIRST SOUTH BANK (the “Bank”) and Frederick N. Holscher (the “Director”) is entered into as of December 26, 2008.

AMENDMENT TO THE SUPPLEMENTAL INCOME AGREEMENT BY AND BETWEEN FIRST SOUTH BANK AND SHERRY L. CORRELL
Supplemental Income Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks

This Amendment to the Supplemental Income Agreement by and between FIRST SOUTH BANK (the “Bank”) and Sherry L. Correll (“Executive”) is entered into as of December 26, 2008.

SUPPLEMENTAL INCOME PLAN AGREEMENT
Supplemental Income Plan Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks • North Carolina

THIS AGREEMENT made and entered into as of the 5th day of September, 2002 (the "Effective Date") by and between First South Bank, a commercial bank organized and existing under the laws of the State of North Carolina (the "Bank"), and Kristie W. Hawkins (the "Employee").

AMENDMENT TO THE DIRECTOR’S RETIREMENT PAYMENT AGREEMENT BY AND BETWEEN FIRST SOUTH BANK AND FREDERICK N. HOLSCHER
Director’s Retirement Payment Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks

This Amendment to the Director’s Retirement Payment Agreement by and between FIRST SOUTH BANK (the “Bank”) and Frederick N. Holscher (the “Director”) is entered into as of December 26, 2008.

AMENDMENT TO THE WILLIAM L. WALL CHANGE IN CONTROL PROTECTIVE AGREEMENT
Change in Control Protective Agreement • March 11th, 2009 • First South Bancorp Inc /Va/ • State commercial banks

WHEREAS, William L. Wall (the “Executive”) entered into a change in control protective agreement with First South Bank (the “Bank”) and First South Bancorp, Inc. effective April 20, 2006 (the “Agreement”); and

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