BRANCH ROBERT E 4

4 · FIRST SOUTH BANCORP INC /VA/ · Filed Feb 2, 2007

Form 4

Period: 2007-01-31

Executive VP and COO

Transactions

Exercise/Conversion
Common Stock
2007-01-31$23.66/sh+1,500$35,486→ 35,250 total
Exercise/Conversion
Common Stock
2007-01-31$15.12/sh+33,750$510,131→ 33,750 total
Tax Payment
Common Stock
2007-01-31$30.20/sh−2,974$89,815→ 32,276 total
Other
Right to Buy Options - ISO
2007-01-31−1,500→ 0 total
Exercise: $23.66From: 2007-12-31Exp: 2015-12-31→ Common Stock (0 underlying)
Exercise/Conversion
Right to Buy Options - Non-ISO
2007-01-31−1,500→ 0 total
Exercise: $23.66From: 2006-12-31Exp: 2015-12-31→ Common Stock (1,500 underlying)
Exercise/Conversion
Right to Buy Options - Non-ISO
2007-01-31−4,635→ 0 total
Exercise: $15.12From: 2004-10-06Exp: 2013-10-06→ Common Stock (4,635 underlying)
Exercise/Conversion
Right to Buy Options - ISO
2007-01-31−6,615→ 0 total
Exercise: $15.12From: 2004-10-06Exp: 2013-10-06→ Common Stock (6,615 underlying)

Footnotes (4)

[F1]Exercised in-the-money right to by options including both qualified (ISO) and non-qualified (Non-ISO) options.
[F2]Tendered 2,974 shares of common stock at market price of $30.20 per share from the issuance of Non-ISO options exercised at $15.115 per share, to pay the tax withholding and estimated alternative minimum tax liability incident to the exercise of such Non-ISO and ISO options.
[F3]Tendered shares are exempt from Section 16(b) pursuant to resolution adopted by Board of Directors of Issuer.
[F4]Forfeited non-vested ISO options.

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