Exhibit 10.2

 

AMENDMENT TO

SUBSCRIPTION AND REGISTRATION RIGHTS AGREEMENT

 

THE SAVANNAH BANCORP, INC.

 

Private Offering

of up to 400,000 Shares of

Common Stock

 

WHEREAS, the undersigned Subscriber has previously executed a Subscription and
Registration Rights Agreement (the “Agreement”) with The Savannah Bancorp, Inc.
(the “Company”) for the purchase of shares of common stock, par value of $1.00
per share, (the “Shares”) pursuant to that certain Confidential Private
Placement Memorandum dated August 12, 2005 (the “Memorandum”); and

 

WHEREAS, the Company has determined that it cannot accept the Subscriber’s
Agreement at the Offering Price as such term is defined in the Agreement due to
the prohibition by NASDAQ rules of the sale of Shares to officers, directors,
employees and consultants at a price less than market value; and

 

WHEREAS, the Company wishes to supplement the Memorandum to be consistent with
the NASDAQ requirements such that the Shares are sold to officers, directors,
employees  and consultants at the closing bid price of the Company’s common
stock as quoted on the NASDAQ National Market on the day prior to acceptance of
this amendment (the “Amended Offering Price”).

 

WHEREAS, the Subscriber wishes to purchase the number of Shares as stated herein
at the Amended Offering Price, in accordance with the terms and conditions
hereof.

 

NOW, THEREFORE, in consideration of the premises, the mutual covenants and
agreements herein contained, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

1.       The Subscriber hereby subscribes for and agrees to purchase from the
Company _________ Shares at the Amended Offering Price as set forth above, which
is $33.16 per share, for a total purchase price of $_____________.

 

2.        The Subscriber hereby ratifies and confirms as of the date of this
Amendment all of the Representations and Warranties of the Subscriber, the
Understandings of the Subscriber, the Certificate of Accredited Investor Status,
the Plan of Distribution set forth in the Agreement, as well as all of the other
terms and conditions of the Agreement effective as

 

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   of the date of this Amendment, in each case except as modified hereby.

IN WITNESS WHEREOF, the Subscriber has executed this Amendment to the
Subscription and Registration Rights Agreement as of August ___, 2005.

 

SUBSCRIBER

 

 

________________________________

 

 

The Company hereby accepts the foregoing subscription subject to the terms and
conditions hereof as of August ___, 2005.

 

 

THE SAVANNAH BANCORP, INC.,

        a  Georgia corporation

 

 

By: ____________________________

   Name: G. Mike Odom, Jr.

                                     Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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