**Exhibit 10.4**

**AMENDED AND RESTATED**

**CHANGE IN CONTROL EMPLOYMENT AGREEMENT**

THIS AMENDED AND RESTATED CHANGE IN CONTROL EMPLOYMENT AGREEMENT by and between Crescent Banking Company (the “Company”) and A. BradleyRutledge (“Executive”) is dated as of May 12, 2006 and amends and restates in its entirety the Change of Control Employment Agreement dated as of February 20, 2003 between the Company and the Executive. 

The Company’s Board of Directors (the “Board”), has determined that it is in the best interests of the Company and its shareholdersto assure that the Company will have the continued services of Executive, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined in Section 2 below) of the Company. The Board believes it is imperative todiminish the inevitable distraction of Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage Executive’s full attention and dedication to the Company currently and inthe event of any threatened or pending Change of Control, and to provide Executive with compensation and benefits arrangements upon a Change of Control which ensure that the compensation and benefits expectations of Executive will be satisfied andwhich are competitive with those of other corporations. 

In consideration of the premises and other good and valuable consideration, thereceipt and sufficiency of which are acknowledged, the parties, intending to be legally bound, agree as follows: 

1. CertainDefinitions. 

(a) The “Effective Date” shall mean the date of this Agreement. Anything in this Agreement to thecontrary notwithstanding, if a Change of Control occurs during the Change of Control Period and if Executive’s employment with the Company has been terminated either by the Company without Cause or by Executive for Good Reason (as such termsare defined in Section 5) within six months prior to the date on which the Change of Control occurs, and unless it is reasonably demonstrated by the Company that such termination of employment (i) was not at the request of a third partywho has taken steps reasonably calculated to effect the Change of Control and (ii) did not otherwise arise in connection with or anticipation of the Change of Control, then for all purposes of this Agreement the Effective Date shall mean thedate immediately prior to the date of such termination of employment. 

(b) The “Change of Control Period” shall mean theperiod commencing on the date hereof and ending on the third anniversary of the date hereof; *provided, however*, that commencing on the date one year after the date hereof, and on each annual anniversary of such date (such date and each annualanniversary thereof shall be hereinafter referred to as the “Renewal Date”), unless this Agreement has been 

terminated prior to such time, the Change of Control Period shall be extended automatically so as to terminate threeyears from each Renewal Date, unless at least 60 days prior to the Renewal Date the Company shall give notice to Executive that the Change of Control Period shall not be so extended. 

2. Change of Control. For the purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the followingevents: 

(a) individuals who, at the date of this Agreement, constitute the entire Board (the “Incumbent Directors”) ceasefor any reason to constitute at least a majority of the Board, *provided that* any person becoming a director after the date hereof and whose election or nomination for election was approved by a vote of at least a majority of the IncumbentDirectors then on the Board shall be an Incumbent Director; *provided, however*, that no individual initially elected or nominated as a director of the Corporation as a result of an actual or threatened election contest (as described in Rule14a-11 under the 1934 Act (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any “person” (as such term is defined in Section 3(a)(9) of the 1934 Act andas used in Section 13(d)(3) and 14(d)(2) of the 1934 Act) other than the Board (“Proxy Contest “), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed anIncumbent Director; 

(b) any person (including a “group” as such term is used in Section 13(d)(3) of the 1934 Act)becomes a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of securities of the Corporation representing 35% or more of the combined voting power of the Corporation’s then outstandingsecurities eligible to vote for the election of the Board (“Company Voting Securities”); *provided, however*, that such an event shall not be deemed to be a Change in Control of the Company by virtue of any of the followingacquisitions: (A) any acquisition by a person who is on the date hereof the beneficial owner of 35% or more of the outstanding Company Voting Securities, (B) an acquisition by the Company which reduces the number of Company VotingSecurities outstanding and thereby results in any person acquiring beneficial ownership of more than 35% of the outstanding Company Voting Securities; *provided, that* if after such acquisition by the Corporation such person becomes thebeneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control of the Company shall then occur, (C) an acquisition by anyemployee benefit plan (or related trust) sponsored or maintained by the Company or any Parent or Subsidiary of the Company, (D) an acquisition by an underwriter temporarily holding securities pursuant to an offering of such securities, or(E) an acquisition pursuant to a Non-Qualifying Transaction (as defined in Section 2(C) hereof); or 

(c) the consummation of areorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Corporation that requires the approval of the Corporation’s shareholders, whether for such transaction or the issuance ofCompany securities in the transaction (a “Reorganization”), or the sale or other disposition of all or substantially all of the Corporation’s assets to an entity that is 

 

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not an affiliate of the Corporation whether or not a shareholder vote is required and including, without limitation, oneor more tender offers (a “Sale”), unless immediately following such Reorganization or Sale: (A) more than 50% of the total voting power of (x) the corporation or entity resulting from such Reorganization or the corporationor entity which has acquired all or substantially all of the assets of the Company (in either case, the “Surviving Company”), or (y) if applicable, the ultimate parent corporation or entity that directly or indirectly hasbeneficial ownership of 50% or more of the voting securities eligible to elect directors of the Surviving Company (the “Parent Company”), is represented by the Company Voting Securities that were outstanding immediately prior tosuch Reorganization or Sale (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Reorganization or Sale), and such voting power among the holders thereof is in substantially the sameproportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the Reorganization or Sale, (B) no person (other than (x) the Corporation, (y) any employee benefit plan (or relatedtrust) sponsored or maintained by the Surviving Company or the Parent Company, or (z) a person who immediately prior to the Reorganization or Sale was the beneficial owner of 35% or more of the outstanding Company Voting Securities) is thebeneficial owner, directly or indirectly, of 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Company (or, if there is no Parent Company, the Surviving Company), and (C) atleast a majority of the members of the board of directors of the Parent Company (or, if there is no Parent Company, the Surviving Corporation) following the consummation of the Reorganization or Sale were Incumbent Directors at the time of theBoard’s approval of the execution of the initial agreement providing for such Reorganization or Sale. any Reorganization or Sale which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a“Non-Qualifying Transaction”; or 

(d) approval by the shareholders of the Corporation of a complete liquidation ordissolution of the Company. 

3. Employment Period. The Company hereby agrees to continue Executive in its employ of the Company, andExecutive hereby agrees to remain in the employ of the Company subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on the third anniversary of such date (the “EmploymentPeriod”). 

4. Terms of Employment. 

(a) Position and Duties. 

(i) During the Employment Period, (A) Executive’s position(including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be at least commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the120-day period immediately preceding the Effective Date, and (B) Executive’s services shall be performed at the location where Executive was employed immediately preceding the Effective Date or any office or location less than 35 milesfrom such location. 

 

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(ii) During the Employment Period, and excluding any periods of vacation and sick leave to whichExecutive is entitled, Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to Executive hereunder,to use Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period, Executive may, without violating this Agreement (A) serve on corporate, civic or charitable boards orcommittees, (B) engage in other business activities that do not represent a conflict of interest with the full execution of his duties to the Company, and (C) manage personal investments, so long as such activities do not significantlyinterfere with the performance of Executive’s responsibilities as an employee of the Company in accordance with this Agreement. It is expressly understood and agreed that to the extent that any such activities have been conducted by Executiveprior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance ofExecutive’s responsibilities to the Company. 

(b) Compensation. 

(i) Base Salary. During the Employment Period, Executive shall receive an annual base salary (“Annual Base Salary”), which shallbe paid at a monthly rate, at least equal to 12 times the highest monthly base salary paid or payable, including any base salary which has been earned but deferred, to Executive by the Company and its affiliated companies in respect of the 12-monthperiod immediately preceding the month in which the Effective Date occurs. During the Employment Period, the Annual Base Salary shall be reviewed no more than 12 months after the last salary increase awarded to Executive prior to the Effective Dateand thereafter at least annually. Any increase in Annual Base Salary shall not serve to limit or reduce any other obligation to Executive under this Agreement. Annual Base Salary shall not be reduced after any such increase and the term Annual BaseSalary as utilized in this Agreement shall refer to Annual Base Salary as so increased. As used in this Agreement, the term “affiliated companies” shall include any entity controlled by, controlling or under common control with theCompany. 

(ii) Annual Bonus. In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during theEmployment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full fiscal years prior to the Effective Date (annualized in the event that Executive was notemployed by the Company for the whole of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless Executive shallelect to defer the receipt of such Annual Bonus. 

 

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(iii) Incentive, Savings and Retirement Plans. During the Employment Period, Executive shall beentitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to senior executive officers of the Company and its affiliated companies (“Peer Executives”), but in noevent shall such plans, practices, policies and programs provide Executive with incentive opportunities, savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of thoseprovided by the Company and its affiliated companies for Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to Executive,those provided generally at any time after the Effective Date to Peer Executives. 

(iv) Welfare Benefit Plans. During theEmployment Period, Executive and/or Executive’s family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and itsaffiliated companies (including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to Peer Executives.

(v) Expenses. During the Employment Period, Executive shall be entitled to receive prompt reimbursement for all reasonableexpenses incurred by Executive in accordance with the policies, practices and procedures of the Company applicable to Peer Executives. 

(vi) Fringe Benefits. During the Employment Period, Executive shall be entitled to fringe benefits in accordance with the plans, practices, programs and policies of the Company applicable to Peer Executives. 

(vii) Bank Owned Life Insurance. All benefits under the Company’s bank owned life insurance policies (“BOLI Benefits”) shall befull and irrevocably vested in and paid to the Executive upon a Change in Control. 

5. Termination of Employment. 

(a) Death or Disability. Executive’s employment shall terminate automatically upon Executive’s death during the Employment Period. If theCompany determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice in accordance with Section 13(b) ofthis Agreement of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by Executive (the “DisabilityEffective Date”), *provided that*, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. “Disability” means the inability of Executive, asdetermined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable 

 

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accommodation, due to a medically determinable physical or mental illness which has lasted (or can reasonably be expectedto last) for a continuous period of six (6) months during any continuous twelve (12) month period. 

(b) Cause. The Companymay terminate Executive’s employment during the Employment Period with or without Cause. For purposes of this Agreement, “Cause” shall mean: 

(i) the willful and continued failure of Executive to perform substantially Executive’s duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness, andspecifically excluding any failure by Executive, after reasonable efforts, to meet performance expectations), after a written demand for substantial performance is delivered to Executive by the Board of Directors of the Company which specificallyidentifies the manner in which such Board believes that Executive has not substantially performed Executive’s duties, or 

(ii) thewillful engaging by Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company. 

Forpurposes of this provision, no act or failure to act, on the part of Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that Executive’saction or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or based upon the advice of counsel for the Company shall be conclusively presumedto be done, or omitted to be done, by Executive in good faith and in the best interests of the Company. The cessation of employment of Executive shall not be deemed to be for Cause unless and until there shall have been delivered to Executive a copyof a resolution duly adopted by the affirmative vote of not less than three-fourths of the entire membership of the Board of the Company at a meeting of such Board called and held for such purpose (after reasonable notice is provided to Executiveand Executive is given an opportunity, together with counsel, to be heard before such Board), finding that, in the good faith opinion of such Board, Executive is guilty of the conduct described in subparagraph (i) or (ii) above, andspecifying the particulars thereof in detail. 

(c) Good Reason. Executive may terminate his employment for Good Reason or for noreason at any time. “Good Reason” means: 

(i) without the written consent of Executive, the assignment to Executive of anyduties inconsistent in any material respect with Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as in effect on the Effective Date, or any other action by the Companywhich results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt ofnotice thereof given by Executive; 

 

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(ii) the Company’s requiring Executive, without his consent, to be based at any office or locationthat is more than 35 miles from the location where Executive was employed immediately prior to the Effective Date; 

(iii) a reduction inExecutive’s Base Salary or benefits as in effect on the Effective Date or as the same may be increased from time to time; 

(iv) thefailure by the Company (a) to continue in effect any compensation plan in which Executive participates as of the Effective Date that is material to Executive’s total compensation, unless an equitable arrangement (embodied in an ongoingsubstitute or alternative plan) has been made with respect to such plan, or (b) to continue Executive’s participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amountof benefits provided and the level of Executive’s participation relative to other participants; or 

(v) any failure by the Company tocomply with and satisfy Section 12(c) of this Agreement; or 

(vi) the material breach of this Agreement by the Company. 

For purposes of this Section 5(c), any good faith determination of Good Reason made by Executive shall be conclusive. Anything in this Agreementto the contrary notwithstanding, a termination by Executive for any reason during the 30-day period immediately following the first anniversary of the Effective Date shall be deemed to be a termination for Good Reason for all purposes of thisAgreement. 

(d) Notice of Termination. Any termination by the Company for Cause, or by Executive for Good Reason, shall becommunicated by Notice of Termination to the other party hereto given in accordance with this Agreement. A “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreementrelied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) specifies thetermination date (which date shall be not less than sixty (60) days after the giving of such notice). If a dispute exists concerning the provisions of this Agreement that apply to Executive’s termination of employment, the parties shallpursue the resolution of such dispute with reasonable diligence. Within five (5) days of such a resolution, any party owing any payments pursuant to the provisions of this Agreement shall make all such payments together with interest accruedthereon at the rate provided in Section 1274(b)(2)(B) of the Internal Revenue Code of 1986, as amended (the “Code”). The failure by either party to set forth in the Notice of Termination any fact or circumstance whichcontributes to a showing of Good Reason or Cause shall not waive any right of such party hereunder or preclude such party from asserting such fact or circumstance in enforcing such party’s rights hereunder. 

 

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(e) Date of Termination. The “Date of Termination” means (i) ifExecutive’s employment is terminated other than by reason of death or Disability, the effective date of termination specified in the Notice of Termination, or (ii) if Executive’s employment is terminated by reason of death orDisability, the Date of Termination will be the date of death or the Disability Effective Date, as the case may be. 

6. Obligations ofthe Company upon Termination. 

(a) Good Reason; Other Than for Cause, Death or Disability. If, during the Employment Period, theCompany shall terminate Executive’s employment other than for Cause or Disability, or Executive shall terminate employment for Good Reason, then in consideration of Executive’s services rendered prior to such termination: 

(i) the Company shall pay to Executive in a lump sum in cash within thirty (30) days after the Date of Termination the aggregate of the followingamounts: 

A. the sum of (1) Executive’s Base Salary through the Date of Termination to the extent not theretofore paid,(2) the product of (x) Executive’s highest annual bonus from the Company, including any bonus or portion thereof which has been earned but deferred, for any of the last three full fiscal years prior to the Date of Termination (suchamount being referred to as the “Highest Annual Bonus”) and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is 365,(3) any accrued vacation pay to the extent not theretofore paid, and (4) unless Executive has elected a different payout date in a prior deferral election, any compensation previously deferred by Executive (together with any accruedinterest or earnings thereon) to the extent not theretofore paid (the sum of the amounts described in clauses (1), (2), (3) and (4) shall be hereinafter referred to as the “Accrued Obligations”); and 

B. the amount equal to two (2) times the sum of Executive’s Annual Base Salary at the rate in effect on the Date of Termination plus thehighest annual bonus paid to executive during the latest two years; 

(ii) for a period of two (2) years from the Date of Termination,the Company shall continue benefits to Executive and/or Executive’s family that are at least equal, on an after-tax basis, to those which would have been provided to them in accordance with the medical and other welfare plans described inSection 4(b)(iv) of this Agreement if Executive’s employment had not been terminated, and if such benefits cannot be continued under the plans of as a result of legal restrictions, the Company shall pay the Executive and/orExecutive’s family the after-tax amount in cash equal to the cost of such benefits; *provided, however*, that if Executive becomes re-employed with another employer and is eligible to receive medical or other welfare benefits under anotheremployer provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility; and 

 

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(iii) all unvested stock options to acquire stock of the Company and all awards of restricted stock ofthe Company held by Executive as of the Date of Termination shall be immediately and fully vested as of the Date of Termination and, in the case of stock options, shall be fully exercisable as of the Date of Termination; and 

(iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to Executive any other amounts or benefits including BOLIBenefits required to be paid or provided or which Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies (such other amounts and benefits shall be hereinafterreferred to as the “Other Benefits”). 

(b) Death or Disability. If Executive’s employment is terminated byreason of Executive’s death or Disability during the Employment Period, this Agreement shall terminate without further obligations to Executive or Executive’s legal representatives under this Agreement, other than for payment of AccruedObligations and the timely payment or provision of Other Benefits. Accrued Obligations shall be paid to Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination. With respect to theprovision of Other Benefits, the term Other Benefits as used in this Section 6(b) shall include, and Executive or Executive’s estate and/or beneficiaries shall be entitled to receive, benefits under such plans, programs, practices andpolicies relating to death or disability, if any, as are applicable to Executive on the Date of Termination. 

(c) Cause or VoluntaryTermination without Good Reason. If Executive’s employment shall be terminated for Cause during the Employment Period, or if Executive voluntarily terminates employment during the Employment Period without Good Reason, this Agreement shallterminate without further obligations to Executive, other than for payment of Accrued Obligations (excluding the pro-rata bonus described in clause 2 of Section 6(a)(i)) and the timely payment or provision of Other Benefits. 

(d) Expiration of Employment Period. If Executive’s employment shall be terminated due to the normal expiration of the Employment Period,this Agreement shall terminate without further obligations to Executive, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits. 

(e) Code Section 409A. Notwithstanding anything in the Agreement to the contrary, to the extent that any amount or benefit that wouldconstitute “deferred compensation” for purposes of Code Section 409A would otherwise be payable or distributable under the Agreement by reason of the Executive’s separation from service, then, to the extent necessary to complywith Code Section 409A (as determined by the Company acting in good faith), such amount or benefit will not be payable or distributable to the Executive by reason of such circumstance until the six (6) month anniversary of such separationfrom of service. 

 

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7. Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit Executive’scontinuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which Executive may qualify, nor, shall anything herein limit or otherwise affect such rights as Executivemay have under any contract or agreement with the Company or any of its affiliated companies. Amounts which are vested benefits or which Executive is otherwise entitled to receive under any plan, policy, practice or program of or any agreement withthe Company or any of its affiliated companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice, or program or agreement except as explicitly modified by this Agreement. 

8. Full Settlement. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligationshereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against Executive or others. In no event shall Executive be obligated to seek other employment or take anyother action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and, except as explicitly provided herein, such amounts shall not be reduced whether or not Executive obtains other employment.

9. Costs of Enforcement. In any action taken in good faith relating to the enforcement of this Agreement or any provision herein,if Executive is awarded some or all of the relief sought by any court, arbitrator or mediator or in settlement of his claims, Executive shall be entitled to be paid: his costs and expenses incurred by him in enforcing or establishing his rightsthereunder, including reasonable attorneys’ fees and charges in the same proportion to the amount awarded or settled bears to the amount sought , whether suit be brought or not, and whether or not incurred in trial, bankruptcy, arbitration,mediation or appellate proceedings. Executive shall also be entitled to be paid all reasonable legal fees and expenses, if any, incurred in connection with any tax audit or proceeding to the extent attributable to the application ofSection 4999 of the Internal Revenue Code to any payment or benefit hereunder. Such payments shall be made within five (5) business days after delivery of Executive’s respective written requests for payment accompanied with suchevidence of fees and expenses incurred as the Company reasonably may require. 

10. Confidential Information. Executive shall hold ina fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, which shall have been obtained by Executiveduring Executive’s employment by the Company or any of its affiliated companies and which shall not be or become public knowledge (other than by acts by Executive or representatives of Executive in violation of this Agreement). Aftertermination of Executive’s employment with the Company or such affiliated companies, Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any suchinformation, knowledge or data to anyone other than the Company and those designated by it. 

 

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11. Noncompetition. Executive agrees that, for twelve (12) months following a Change inControl of the Company, Executive shall not engage or participate in, as an executive officer, director or greater than 9.9% shareholder of a FDIC-insured depository institution that has its main office or a branch in the Restricted Area. Forpurposes of this Section 11, the “Restricted Area” shall be Pickens, Bartow, Cobb, Forsyth and Cherokee Counties, Georgia and that area of Fulton County, Georgia north and west of Interstate 285 between Interstate 20 West ofAtlanta and Interstate 85 North of Atlanta. Furthermore, if during the Employment Period the Company terminates Executive without Cause or if Employee terminates for Good Reason, this Section 11 shall terminate and have no further force oreffect. 

12. Miscellaneous. 

(a) This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefitof and be enforceable by Executive’s estate, heirs and legatees, and personal and legal representatives. 

(b) This Agreement shallinure to the benefit of and be binding upon the Company and its successors and assigns. 

(c) The Company will require any successor(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extentthat the Company would be required to perform it if no such succession had taken place, and “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees toperform this Agreement, whether by operation of law, or otherwise. 

13. Certain Additional Payments by the Company. 

(a) Anything in this Agreement to the contrary notwithstanding and except as set forth below, in the event it shall be determined that any payment ordistribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required underthis Section 12) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together withany such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that afterpayment by Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed 

 

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with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-UpPayment equal to the Excise Tax imposed upon the Payments. 

(b) Subject to the provisions of Section 12(c), all determinationsrequired to be made under this Section 12, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be used in arriving at such determination, shall be made by a certified publicaccounting firm as may be designated by Executive (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and Executive within fifteen (15) business days of the receipt of notice fromExecutive that there has been a Payment, or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change of Control, Executiveshall appoint another nationally or regionally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firmshall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 12, shall-be paid by the Company to Executive within five (5) business days of the receipt of the Accounting Firm’s determination. Anydetermination by the Accounting Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it ispossible that Gross-Up Payments which will not have been made by the Company should have been made (“Underpayment”), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remediespursuant to Section 12(c) and Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by theCompany to or for the benefit of Executive. 

(c) Executive shall notify the Company in writing of any claim by the Internal Revenue Servicethat, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but in no event later than ten (10) business days after Executive is informed in writing of suchclaim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which it gives suchnotice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim,Executive shall: 

(i) give the Company any information reasonably requested by the Company relating to such claim, 

(ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, withoutlimitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company, 

 

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(iii) cooperate with the Company in good faith in order effectively to contest such claim, and

(iv) permit the Company to participate in any proceedings relating to such claim; 

*provided, however*, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred by Executive andotherwise in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation andpayment of costs and expenses. Without limitation of the foregoing provisions of this Section 12(c), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and alladministrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissiblemanner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; *provided, further*, that ifthe Company directs Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to Executive, on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from anyExcise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and *further provided*that any extension of the statute oflimitations relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall belimited to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.

(d) If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 12(c), Executive becomes entitled toreceive any refund with respect to such claim, Executive shall (subject to the Company’s complying with the requirements of Section 12(c)) promptly pay to the Company the amount of such refund (together with any interest paid or creditedthereon after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 12(c), a determination is made that Executive shall not be entitled to any refund with respect to such claimand the Company does not notify Executive in writing of its intent to contest such denial of refund prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be required to be repaidand the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 

 

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14. Miscellaneous. 

(a) Waiver. Failure of either party to insist, in one or more instances, on performance by the other in strict accordance with the terms and conditions of this Agreement shall not be deemed a waiver orrelinquishment of any right granted in this Agreement or of the future performance of any such term or condition or of any other term or condition of this Agreement, unless such waiver is contained in a writing signed by the party making the waiver.

(b) Severability. If any provision or covenant, or any part thereof, of this Agreement should be held by any court to be invalid,illegal or unenforceable, either in whole or in part, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of the remaining provisions or covenants, or any part thereof, of this Agreement, all ofwhich shall remain in full force and effect. 

(c) Status Prior to Effective Date. Executive and the Company acknowledge that, exceptas may otherwise be provided under any other written agreement between Executive and the Company, the employment of Executive by the Company is “at will” and, subject to Section 1(a) hereof, prior to the Effective Date,Executive’s employment may be terminated by either Executive or the Company at any time prior to the Effective Date, in which case Executive shall have no further rights under this Agreement. However, absent termination of employment ofExecutive, this Agreement may not be terminated by the Company during the Change of Control Period and before the Effective Date. From and after the Effective Date, this Agreement shall supersede any other agreement between the parties with respectto the subject matter hereof, including without limitation any then-current employment agreement between the Company or any of its subsidiaries and Executive. 

(d) Governing Law, etc. Except to the extent preempted by federal law, and without regard to conflict of laws principles, this Agreement shall be governed by and construed in accordance with the laws of theState of Georgia. All references herein to the singular shall include the plural and vice versa, and any reference to gender shall include all genders. The terms “include” and “included”, including and derivations thereof shallmean without limitation by conversation or otherwise. 

(e) Notices. All notices, requests, demands and other communications requiredor permitted hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or three days after mailing if mailed, first class, certified mail, postage prepaid: 

 
To the Company: Crescent Banking Company 7 Caring Way Jasper, GA 30143 Attention: Mr. J. Donald Boggus, Jr.
 

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To Executive: Mr. A. Bradley Rutledge 387 Winchester Ridge North Jasper, GA 30143
Any party may change the address to which notices, requests, demands and other communications shall be deliveredor mailed by giving notice thereof to the other party in the same manner provided herein. 

(f) Amendments and Modifications. ThisAgreement may be amended or modified only by a writing signed by both parties hereto, which makes specific reference to this Agreement. 

INWITNESS WHEREOF, the parties hereto have duly executed and delivered this Change in Control Employment Agreement as of the date first above written. 

 
CRESCENT BANKING COMPANYBy: 
/s/ J. Donald Boggus, Jr.
Name: Mr. J. Donald Boggus, Jr.Title: President and CEOEXECUTIVE:
/s/ A. Bradley Rutledge
A. Bradley Rutledge
 

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