# Exhibit 10.1

Amendment No. 1 to the 2005 Stock
Incentive Plan as adopted October 29, 2008.

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Exhibit 10.1

# INDEPENDENCE
BANCSHARES, INC. 2005 STOCK INCENTIVE PLAN

# AMENDMENT NO. 1
ADOPTED BY THE BOARD OF DIRECTORS

# OCTOBER 29, 2008

First, the Boardamended the definition of Fair Market Value found in Article I by deleting
it in its entirety and replacing it with the following:

Fair
Market Value on any date shall mean:

| |  | (i)
              
           if the Stock is readily tradable on an established securities market (as
          defined in Treasury Regulation § 1.897-1(m)), the closing sales price of
          the Stock on the trading day immediately preceding such date on the securities
          exchange having the greatest volume of trading in the Stock during the 30-day
          period preceding the day the value is to be determined or, if such exchange was
          not open for trading on such date, the next preceding date on which it was open;
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| |  | (ii)
             
           if the Stock is not traded on any securities exchange (as defined in Treasury
          Regulation §1.897-1(m)), the average of the closing high bid and low asked
          prices of the Stock on the over-the-counter market on the day such value is to
          be determined, or in the absence of closing bids on such day, the closing bids
          on the next preceding day on which there were bids; or
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| |  | (iii)
            
           if the Stock also is not traded on the over-the-counter market, the fair market
          value as determined in good faith by the Board or the Committee by application
          of a reasonable valuation method consistently applied and taking into
          consideration all available information material to the value of the Company;
          factors to be considered may include, as applicable, the value of tangible and
          intangible assets of the Company, the present value of future cash-flows of the
          Company, the market value of stock or equity interests in similar corporations
          which can be readily determined through objective means (such as through trading
          prices on an established securities market or an amount paid in an arms
          length private transaction), and other relevant factors such as control premiums
          or discounts for lack of marketability. For purposes of the foregoing, a
          valuation prepared in accordance with any of the methods set forth in Treasury
          Regulation § 1.409A-1(b)(5)(iv)(B)(2), consistently used, shall be
          rebuttably presumed to result in a reasonable valuation. This paragraph is
          intended to comply with the definition of fair market value
          contained in Treasury Regulation § 1.409A-1(b)(5)(iv) and should be
          interpreted consistently therewith.
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Second, the Board adopted, and
made an integral part of the Plan, Article X, Section 10.7 to read as follows:

10.7
Amendment to Meet the Requirements of Code Section 409A. It is intended that this
Plan and any Options granted under this Plan comply with or meet an exemption from Section
409A of the Code, so that the income inclusion provisions of Code Section 409A(a)(1) do
not apply to an Optionee. Optionee acknowledges that the Board shall have the sole
discretion and authority to amend the Plan and any Stock Option Agreement hereunder
including, but not limited to, increasing the Exercise Price and/or changing the exercise
period, payment periods, or restrictions of any Option in the event that the Fair Market
Value of the Stock is subsequently determined to be greater than the Exercise Price
initially established at the time of grant, to the extent necessary to cause the Plan or
such Options to comply with the provisions of Code Section 409A. Such amendment may be
retroactive to the extent permitted by Section 409A of the Code, and shall not require the
consent of the Optionee.

IN
WITNESS WHEREOF, the Company has caused this Amendment No. 1 to the Plan to be executed as
of October 29, 2008 in accordance with the authority provided by the Board of Directors.

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