EXHIBIT 10.9

    THIS AMENDED AND RESTATED PARTICIPATION AGREEMENT (the "Agreement" is
entered into as of the 16th day of January, 2007 between First National Bank of
Pulaski, located in Pulaski, Tennessee (the "Bank"), and _______________ (the
"Participant"). The Participant signed an original Participation Agreement on
November 29, 2000 and amended it on December 20, 2005 and April 18, 2006.

Recital

The Bank has adopted, the First National Bank of Pulaski, Amended and Restated
Director's Deferred Compensation Plan effective January 1, 2001 (the "Plan") and
restated January 1, 2005, and the Participant has been selected to participate
in the Plan. The Participant desires to participate in the Plan. The Effective
Date of the Agreement is January 1, 2001. The Participant shall defer eight
hundred dollars ($800) of fees per month. The monthly Normal Retirement Benefit
in Section 3.1.1 shall be _______________________ ($______). The monthly
Disability Benefit in Section 3.3.1 shall be a pro-rata portion of the Normal
Retirement Benefit as shown in paragraph E of this Participation Agreement. Such
pro-rata calculation shall use the same ratio as outlined in Section 3.2.1 of
the Plan's master plan document (the "Plan Document").

Agreement

NOW THEREFORE, it is mutually agreed that:

 1. Definitions. Unless otherwise provided in this Agreement, the capitalized
    terms in this Agreement shall have the same meaning as under the Plan
    Document.
 2. Integrated Agreement: Parties Bound. The Plan Document, a copy of which has
    been made available to the Participant, is hereby incorporated into and made
    a part of this Agreement as though set forth in full in this Agreement. The
    parties to this Agreement agree to and shall be bound by, and have the
    benefit of, each and every provision of the Plan as set forth in the Plan
    Document. This Agreement and the Plan Document, collectively, shall be
    considered one complete contract between the parties.
 3. Acknowledgment. The Participant hereby acknowledges that he or she has read
    and understands this Agreement and the Plan Document.
 4. Conditions to Participation. As a condition to participation in the Plan,
    the Participant must complete, sign, date and return to the Plan
    Administrator an original copy of this Agreement, various Election Forms as
    required by the Plan Administrator, and a Beneficiary Designation Form.
 5. Successors and Assigns. This Agreement shall inure to the benefit of, and be
    binding upon the Bank, its successors and assigns, and the Participant.

 

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   IN WITNESS WHEREOF, the Participant has signed and the Bank has accepted this
Participation Agreement as of the date first written above.

PARTICIPANT :

_______________                                                          
______________________________________
Date                                                                                
Signature of Participant

                         

                                                                                        
______________________________________
                                                                                        
Type or Print Name

 

AGREED AND ACCEPTED BY THE BANK:

PLAN ADMINISTRATOR:

___________________________                                  
______________________________________
Date                                                                                 
Signature of Plan Administrator

                                                                                  

                                                                                        
____________________________________
                                                                                        

Type or Print Name