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                                                                    EXHIBIT 10.1

                          COMMUNITY FIRST BANK & TRUST
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                                    RECITALS:

         WHEREAS, the Employer hereby establishes the Community First Bank &
Trust Supplemental Executive Retirement Plan on the terms and conditions
hereinafter set forth;

         WHEREAS, the Plan is intended to qualify as a "top hat" plan maintained
primarily for purposes of providing benefits for a select group of management
and highly compensated employees within the meaning of Sections 201(2),
301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974,
as amended.

         NOW THEREFORE, the following shall constitute the Plan.

                                   ARTICLE I.
                                    GENERAL

1.1      PURPOSE OF THE PLAN. The purpose of this Plan is to reward certain
         management and highly compensated employees of the Employer who have
         contributed to the Employer's success and are expected to continue to
         contribute to such success in the future.

1.2      PLAN BENEFITS GENERALLY. Pursuant to the Plan, the Employer may provide
         to each Participant such benefit as provided on the terms and
         conditions contained in the Plan and the Participant's individual
         Participation Agreement.

1.3      EFFECTIVE DATE. The effective date of the Plan is August 16, 2005.

                                  ARTICLE II.
                                  DEFINITIONS

2.1      ACCRUED SERP BENEFIT. Accrued SERP Benefit means, with respect to each
         Participant, the amount of accrued liability for the participant at the
         time of termination.

2.2      ADMINISTRATOR. Administrator shall mean the Employer as defined herein.

2.3      BENEFICIARY. Beneficiary means the person or persons designated by a
         Participant as his beneficiary in accordance with the provisions of
         Article V and subject to the Participation Agreement.

2.4      BOARD. Board means the Board of Directors of the Employer.

2.5      CAUSE. Cause shall have the meaning set forth in Section 4.2.

2.6      CHANGE OF CONTROL. Provided that such definition does not fail to
         comply with regulations to be issued by Treasury, a "Change in Control"
         of the Employer shall mean the first to occur of any of the following:


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                  (a)      Any transaction or series of related transactions
                           with any person or persons, including, but not
                           limited to, any sale, exchange, or transfer, merger,
                           consolidation, reorganization, recapitalization,
                           liquidation or other transaction which, upon the
                           consummation thereof, results in the Persons other
                           than shareholders of the Employer prior to the
                           transaction or transactions owning, directly or
                           indirectly, less than 50% of the outstanding voting
                           securities of the Employer; or

                  (b)      Any sale, lease, exchange or other transfer (in one
                           transaction or a series of related transactions) of
                           all, or substantially all (meaning greater than 50%),
                           of the assets of the Employer, other than any sale,
                           lease, exchange or other transfer to any entity where
                           the Employer on the date of the adoption of the Plan
                           (taken as a single owner) owns, directly or
                           indirectly, at least 50% of the outstanding voting
                           securities of such entity after any such transfer and
                           such entity becomes a guarantor and surety of the
                           amounts credited to the Accounts of the Participants.

2.7      EMPLOYER. Community First Bank & Trust or its parent, Community First,
         Inc.

2.8      ERISA. The Employee Retirement Income Security Act of 1974, as amended
         from time to time.

2.9      EXECUTIVE. Executive means a management or highly compensated employee
         of the Employer designated by the Administrator as eligible to
         participate in the Plan.

2.10     NORMAL RETIREMENT. Normal Retirement means termination of a
         Participant's employment with the Employer for any reason other than
         for Cause after such Participant has reached his Normal Retirement Age.

2.11     NORMAL RETIREMENT AGE. Normal Retirement Age means the normal
         retirement age set forth in the Participant's Participation Agreement.

2.12     PARTICIPANT. Participant means any Executive who elects to participate
         in the Plan by entering into a Participation Agreement in accordance
         herewith. Prior to a Change in Control, the Administrator may from time
         to time, in its sole discretion with or without cause, revoke a
         Participant's participation in the Plan upon ninety (90) days' written
         notice; provided, however, that such revocation shall not reduce any
         benefits to which the Participant may be entitled at the time of such
         revocation.

2.13     PARTICIPATION AGREEMENT. Participation Agreement means a written
         agreement between the Employer and a Participant, pursuant to which the
         Employer agrees to make SERP Benefit payments in accordance with the
         Plan and the Participation Agreement. Each Participation Agreement
         shall contain such information, terms and conditions as the
         Administrator in its discretion may specify, including without
         limitation, the following:

                  (a)      the effective date of the Participant's participation
                           in the Plan;

                  (b)      the Participant's Normal Retirement Age;



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                  (c)      the SERP Benefits to which the Participant is
                           entitled under the Plan and, the form such benefits
                           are to be paid in (i.e. installments or lump sum);

                  (d)      the identity of the Participant's Beneficiary; and

                  (e)      any other provisions which supplement the terms and
                           conditions contained in the Plan and which are not
                           inconsistent with the terms and conditions of the
                           Plan.

2.14     PLAN. Plan means the Community First Bank & Trust Supplemental
         Executive Retirement Plan, as the same may be amended from time to
         time.

2.15     SERP BENEFIT. SERP Benefit means, with respect to each Participant, an
         annual cash benefit in the amount determined pursuant to the
         Participant's Participation Agreement, minus any offset amounts
         specified therein.

2.16     VESTING. The Participant's ownership rights in the SERP Benefit, or
         specified percentage thereof, shall arise, or vest, solely with the
         occurrence of those conditions precedent to Vesting as contained in the
         Participation Agreement.

2.17     YEARS OF SERVICE. Years of Service shall have the meaning as set forth
         in the Participant's Participation Agreement.

                                  ARTICLE III.
                          ELIGIBILITY AND PARTICIPATION

3.1      ELIGIBILITY. The Administrator, in its sole discretion, shall from time
         to time determine those Executive(s) who shall be eligible to
         participate in the Plan.

3.2      PARTICIPATION. Each Executive who is eligible to participate in the
         Plan shall enroll in the Plan by entering into a Participation
         Agreement and completing such other forms and furnishing such other
         information as the Administrator may request. An Executive's
         participation in the Plan shall commence as of the date specified in
         the Participation Agreement.

                                  ARTICLE IV.
                                    BENEFITS

4.1      SERP BENEFIT. Each Participant, subject to the terms and conditions of
         his Participation Agreement, shall become entitled to receive SERP
         Benefits in the amounts and for the periods set forth in the executed
         Participation Agreement.

4.2      NO BENEFITS PAYABLE UPON TERMINATION FOR CAUSE. Notwithstanding
         anything herein or in the Participation Agreement to the contrary, no
         benefits shall be payable to any Participant who is terminated from his
         or her employment with the Employer for Cause. For purposes hereof, a
         Participant whose employment is terminated for any of the following
         reasons shall be regarded as having been terminated for Cause:


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                  (a)      engaging in willful or grossly negligent misconduct
                           that is materially injurious to the Employer;

                  (b)      embezzlement or misappropriation of funds or property
                           of the Employer;

                  (c)      conviction of a felony or the entrance of a plea of
                           guilty or nolo contendere to a felony;

                  (d)      conviction of any crime involving fraud, dishonesty,
                           moral turpitude or breach of trust or the entrance of
                           a plea of guilty to such a crime;

                  (e)      failure or refusal by the Participant to devote full
                           business time and attention to the performance of his
                           or her duties and responsibilities if such breach has
                           not been cured within fifteen (15) days after notice
                           is given to the Participant; or

                  (f)      issuance of a final non-appealable order or other
                           direction by a Federal or state regulatory agency
                           prohibiting the Participant's employment in the
                           business of banking.

4.3      DISTRIBUTIONS TO SPECIFIED EMPLOYEE.

                  (a)      If any employee is a "Specified Employee," as defined
                           in subsection (b) below, upon a termination of
                           employment for any reason other than Disability or
                           death, a distribution may not be made before the date
                           which is 6 (six) months after the date of separation
                           from service (or, if earlier, the date of death of
                           the employee).

                  (b)      A "Specified Employee" means a key employee (as
                           defined in Code Section 4 16(i) without regard to
                           paragraph (5) thereof) of a corporation any stock in
                           which is publicly traded on an established securities
                           market or otherwise, all within the meaning of Code
                           Section 409A(a)(2)(B)(i).

                                   ARTICLE V.
                                  BENEFICIARIES

5.1      BENEFICIARY. For purposes of this section, the Participant's executed
         Participation Agreement shall dictate the Participant's rights and
         responsibilities regarding the Participant's Beneficiary(s).



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                                  ARTICLE VI.
                              PLAN ADMINISTRATION

6.1      ADMINISTRATION.

                  (a)      General. The Plan shall be administered by the
                           Administrator. The Administrator shall have sole and
                           absolute discretion to interpret where necessary all
                           provisions of the Plan and each Participation
                           Agreement (including, without limitation, by
                           supplying omissions from, correcting deficiencies in,
                           or resolving inconsistencies or ambiguities in, the
                           language of the Plan, a Participation Agreement, or
                           between the Plan and a Participation Agreement), to
                           determine the rights and status under the Plan of
                           Participants or other persons, to resolve questions
                           or disputes arising under the Plan and to make any
                           determinations with respect to the benefits payable
                           under the Plan and the persons entitled thereto as
                           may be necessary for the purposes of the Plan. The
                           Administrator's determination of the rights of any
                           Executive or former Executive hereunder shall be
                           final and binding on all persons, subject only to the
                           claims procedures outlined in Article 7 hereof.

                  (b)      Delegation of Duties. The Administrator may delegate
                           any of its administrative duties, including, without
                           limitation, duties with respect to the processing,
                           review, investigation, approval and payment of
                           benefits payable hereunder, to a named administrator
                           or administrators.

6.2      REGULATIONS. The Administrator may promulgate any rules and regulations
         it deems necessary in order to carry out the purposes of the Plan or to
         interpret the provisions of the Plan; provided, however, that no rule,
         regulation or interpretation shall be contrary to the provisions of the
         Plan. The rules, regulations and interpretations made by the
         Administrator shall, subject only to the claims procedure outlined in
         Article 7 hereof, be final and binding on all persons.

6.3      REVOCABILITY OF ADMINISTRATOR/EMPLOYER ACTION. Any action taken by the
         Administrator with respect to the rights or benefits under the Plan of
         any Executive or former Executive shall be revocable by the
         Administrator as to payments not yet made to such person in order to
         correct any incorrect payment to a Participant or a Beneficiary, and
         then only to the extent necessary to correct such error. Acceptance of
         any benefits under the Plan constitutes acceptance of, and agreement
         to, the Administrator's making any appropriate adjustments in future
         payments to such person (or to recover from such person) any excess
         payment or underpayment previously made to such person.

6.4      AMENDMENT.

                  (a)      Right to Amend. The Board of the Employer, by written
                           instrument, shall have the right to amend the Plan at
                           any time and with respect to any provisions hereof,
                           and all parties hereto or claiming any interest
                           hereunder shall be bound by such amendment; provided,
                           however, that no such



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                           amendment shall deprive the Participant or any
                           Beneficiary(ies) of a rights accrued hereunder prior
                           to the date of the amendment, including the right to
                           receive the payment of his or her benefit upon a
                           benefit entitlement event, or earlier as provided
                           herein.

                  (b)      Amendment Required by Law. Notwithstanding the
                           provisions of Section 6.4(a), the Plan may be amended
                           at any time, retroactively if required, if found
                           necessary, in the opinion of the Board of the
                           Employer, in order to ensure that the Plan is
                           characterized as a non-tax-qualified plan of deferred
                           supplemental retirement compensation maintained for
                           members of a select group of Executives and thus
                           exempt from ERISA and incompliance with all other
                           provisions under the Internal Revenue Code of 1986,
                           as amended from time to time, ("Code") as such
                           provisions relate to the original purpose of this
                           Plan, supplemental retirement income to the
                           Participant(s) and/or other related Plan and Employer
                           objectives.

6.5      TERMINATION.

                  (a)      Employer's Right to Terminate Plan. The Board of the
                           Employer reserves the right, at any time, to
                           terminate the Plan; provided however, that no such
                           termination shall deprive the Participant or any
                           Beneficiary of a right accrued hereunder prior to the
                           date of termination and provided that, upon
                           termination, the Participant shall become fully and
                           immediately vested in his or her Accrued SERP
                           Benefit.

                  (b)      Automatic Termination of Plan. Except in the case of
                           an adoption by a successor to the Employer as
                           provided for in subsection (c) below, the Plan shall
                           terminate automatically upon the dissolution of the
                           Employer, provided however, that no such termination
                           shall deprive the Participant or Beneficiary(ies) of
                           a right accrued hereunder prior to the date of
                           termination and provided that, upon termination, the
                           Participant shall become fully and immediately vested
                           in his or her Accrued SERP Benefit.

6.6      WITHHOLDING. The Employer shall deduct from any distributions hereunder
         any taxes or other amounts required by law to be withheld therefrom.

                                  ARTICLE VII.
                              CLAIMS ADMINISTRATION

7.1      GENERAL. If a Participant, Beneficiary or his or her representative is
         denied all or a portion of an expected Plan benefit for any reason and
         the Participant, Beneficiary or his or her representative desires to
         dispute the decision of the Administrator, he/she must file a written
         notification of his or her claim with the Administrator.

7.2      CLAIMS PROCEDURE. Upon receipt of any written claim for benefits, the
         Administrator shall be notified and shall give due consideration to the
         claim presented. If any Participant or Beneficiary claims to be
         entitled to benefits under the Plan and the Administrator determines
         that the claim should be denied in whole or in part, the



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         Administrator shall, in writing, notify such claimant within ninety
         (90) days of receipt of the claim that the claim has been denied. The
         Administrator may extend the period of time for making a determination
         with respect to any claim for a period of up to ninety (90) days,
         provided that the Administrator determines that such an extension is
         necessary because of special circumstances and notifies the claimant,
         prior to the expiration of the initial ninety (90) day period, of the
         circumstances requiring the extension of time and the date by which the
         Plan expects to render a decision. If the claim is denied to any extent
         by the Administrator, the Administrator shall furnish the claimant with
         a written notice setting forth:

                  (a)      the specific reason or reasons for denial of the
                           claim;

                  (b)      a specific reference to the Plan provisions on which
                           the denial is based;

                  (c)      a description of any additional material or
                           information necessary for the claimant to perfect the
                           claim and an explanation of why such material or
                           information is necessary; and

                  (d)      an explanation of the provisions of this Article.

7.3      RIGHT OF APPEAL. A claimant who has a claim denied under Section 7.2
         may appeal to the Administrator for reconsideration of that claim. A
         request for reconsideration under this section must be filed by written
         notice within sixty (60) days after receipt by the claimant of the
         notice of denial under Section 7.2.

7.4      REVIEW OF APPEAL. Upon receipt of an appeal the Administrator shall
         promptly take action to give due consideration to the appeal. Such
         consideration may include a hearing of the parties involved, if the
         Administrator feels such a hearing is necessary. In preparing for this
         appeal the claimant shall be given the right to review pertinent
         documents and the right to submit in writing a statement of issues and
         comments. After consideration of the merits of the appeal the
         Administrator shall issue a written decision which shall be binding on
         all parties subject to Section 7.7 below. The decision shall
         specifically state its reasons and pertinent Plan provisions on which
         it relies. The Administrator's decision shall be issued within sixty
         (60) days after the appeal is filed, except that the Administrator may
         extend the period of time for making a determination with respect to
         any claim for a period of up to sixty (60) days, provided that the
         Administrator determines that such an extension is necessary because of
         special circumstances and notifies the claimant, prior to the
         expiration of the initial sixty (60) day period, of the circumstances
         requiring the extension of time and the date by which the Plan expects
         to render a decision.

7.5      DESIGNATION. The Administrator may designate any other person of its
         choosing to make any determination otherwise required under this
         Article. Any person so designation shall have the same authority and
         discretion granted to the Administrator hereunder.

7.6      LITIGATION COSTS. If a claimant brings a lawsuit for benefits
         hereunder, to enforce any right hereunder or for other relief arising
         out of the terms of the Plan, the costs and expenses of litigation by
         any party shall be borne by the losing party. The prevailing



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         party shall recover as expenses all reasonable attorney's fees incurred
         by it in connection with the proceedings or any appeals therefrom.

7.7      ARBITRATION. A claimant whose appeal has been denied under Section 7.4
         shall have the right to submit said claim to final and binding
         arbitration in the State of Tennessee pursuant to the rules of the
         American Arbitration Association. Any such requests for arbitration
         must be filed by written demand to the American Arbitration Association
         within sixty (60) days after receipt of the decision regarding the
         appeal. The costs and expenses of arbitration, including the fees of
         the arbitrators, shall be borne by the losing party. The prevailing
         party shall recover as expenses all reasonable attorney's fees incurred
         by it in connection with the arbitration proceeding or any appeals
         therefrom.

                                  ARTICLE VIII.
                                  MISCELLANEOUS

8.1      ADMINISTRATOR. The Administrator is expressly empowered to interpret
         the Plan and to determine all questions arising in the administration,
         interpretation, and application of the Plan; to employ actuaries,
         accountants, counsel, and other persons it deems necessary in
         connection with the administration of the Plan; to request any
         information from the Employer it deems necessary to determine whether
         the Employer would be considered insolvent or subject to a proceeding
         in bankruptcy; and to take all other necessary and proper actions to
         fulfill its duties as Administrator. The Administrator is relieved of
         all responsibility in connection with its duties hereunder to the
         fullest extent permitted by law, except any breach of duty to the
         Participants or Beneficiaries. If any individual person shall have been
         delegated the duties or responsibilities as Administrator, such person
         shall not be liable for any actions by him or her hereunder unless due
         to his or her own gross negligence or willful misconduct and shall be
         indemnified and saved harmless by the Employer from and against all
         personal liability to which he or she may be subject by reason of any
         act done or omitted to be done in his or her official capacity as
         Administrator in good faith in the administration of the Plan,
         including all expenses reasonably incurred in his or her defense in the
         event the Employer fails to provide such defense upon the request.

8.2      NO ASSIGNMENT. No benefit under the Plan or a Participation Agreement
         shall be subject in any manner to anticipation, alienation, sale,
         transfer, assignment, pledge, encumbrance, or charge, and any such
         action shall be void for all purposes of the Plan or a Participation
         Agreement. No benefit shall in any manner be subject to the debts,
         contracts, liabilities, engagements, or torts of any person, nor shall
         it be subject to attachments or other legal process for or against any
         person.

8.3      NO EMPLOYMENT RIGHTS. Participation in this Plan and execution of a
         Participation Agreement shall not be construed to confer upon any
         Participant the legal right to be retained in the employ of the
         Employer, or give a Participant or Beneficiary, or any other person,
         any right to any payment whatsoever, except to the extent of the
         benefits provided for hereunder. Each Participant shall remain subject
         to discharge to the same extent as if this Plan had never been adopted
         and the Participation Agreement had never been executed.


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8.4      INCOMPETENCE. If the Administrator determines that any person to whom a
         benefit is payable under this Plan is incompetent by reason of physical
         or mental disability, the Administrator shall have the power to cause
         the payments becoming due to such person to be made to another
         individual for the Participant's benefit without responsibility of the
         Administrator to see to the application of such payments. Any payment
         made pursuant to such power shall, as to such payment, operate as a
         complete discharge of the Employer, the Administrator, and their
         representatives.

8.5      IDENTITY. If, at any time, any doubt exists as to the identity of any
         person entitled to any payment hereunder or the amount or time of such
         payment, the Administrator shall be entitled to hold such sum until
         such identity or amount or time is determined or until an order of a
         court of competent jurisdiction is obtained. The Administrator shall
         also be entitled to pay such sum into court in accordance with the
         appropriate rules of law. Any expenses incurred by the Employer or
         Administrator incident to such proceeding or litigation shall be
         charged against the SERP Benefit of the affected Participant.

8.6      NO LIABILITY. No liability shall attach to or be incurred by any
         employee of the Employer or Administrator individually under or by
         reason of the terms, conditions, and provisions contained in this Plan,
         or for the acts or decisions taken or made hereunder or in connection
         therewith; and, as a condition precedent to the establishment of this
         Plan or the receipt of benefits hereunder, or both, such liability, if
         any, is expressly waived and released by each Participant and by any
         and all persons claiming under or through any Participant or any other
         person. Such waiver and release shall be conclusively evidenced by any
         act or participation in or the acceptance of benefits or the making of
         any election under this Plan.

8.7      EXPENSES. Except as otherwise provided in the Plan, all expenses
         incurred in the administration of the Plan shall be paid by the
         Employer.

8.8      AMENDMENT AND TERMINATION. The Employer shall have the sole authority
         to modify, amend, or terminate this Plan.

8.9      EMPLOYER DETERMINATIONS. Any determinations, actions, or decisions of
         the Employer (including but not limited to, Plan amendments and Plan
         termination) shall be made by the Board in accordance with its
         established procedures or by such other individuals, groups, or
         organizations that have been properly delegated by the Board to make
         such determination or decision.

8.10     CONSTRUCTION. All questions of interpretation, construction or
         application arising under or concerning the terms of this Plan and any
         Participation Agreement shall be decided by the Administrator, in its
         sole and final discretion, whose decision shall be final, binding and
         conclusive upon all persons.

8.11     GOVERNING LAW. To the extent not preempted by federal law, this Plan
         shall be governed by, construed and administered under the laws of the
         State of Tennessee.

8.12     SEVERABILITY. Should any provision of the Plan or any regulations
         adopted hereunder be deemed or held to be unlawful or invalid for any
         reason, such fact shall not adversely



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         affect the other provisions or regulations unless such invalidity shall
         render impossible or impractical the functioning of the Plan and, in
         such case, the appropriate parties shall immediately adopt a new
         provision or regulation to take the place of the one held illegal or
         invalid.

8.13     HEADINGS. The headings contained in the Plan are inserted only as a
         matter of convenience and for reference and in no way define, limit,
         enlarge, or describe the scope or intent of this Plan nor in any way
         shall they affect this Plan or the construction of any provision
         thereof.

8.14     TERMS. Capitalized terms shall have meanings as defined herein.
         Singular nouns shall be read as plural, masculine pronouns shall be
         read as feminine, and vice versa, as appropriate.

8.15     OWNERSHIP OF ASSETS; RELATIONSHIP WITH EMPLOYER. Nothing contained in
         the Plan, and no action taken pursuant to its provisions, shall create
         or be construed to create a trust of any kind or a fiduciary
         relationship between the Employer and any Participant or any other
         person. To the extent that any person acquires a right to receive
         payments from the Employer under this Plan, such right shall be no
         greater than the right of an unsecured general creditor of the
         Employer.

8.16     DEPOSITS IN TRUST. The Employer may, at its sole discretion, establish
         with a corporate trustee a grantor rabbi trust under which all or a
         portion of the assets of the Plan are to be held, administered and
         managed. The trust agreement evidencing the trust shall conform with
         the terms of Revenue Procedure 92-64 or any successor procedure. The
         Employer in its sole discretion may make deposits to augment the
         principal of such trust.

Executed this 16th day of August, 2005.



                                        COMMUNITY FIRST BANK & TRUST

                                        By: ___________________________________

                                        Title: ________________________________








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