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                              EMPLOYMENT AGREEMENT

     THIS AGREEMENT ("Agreement") is made and entered into as of this 1st day of
October, 2003, by and between DEWITT DREW, an individual resident of the State
of Georgia ("Executive"), SOUTHWEST GEORGIA FINANCIAL CORPORATION, a Georgia
corporation (the "Employer"), and SOUTHWEST GEORGIA BANK, a Georgia bank and
wholly-owned subsidiary of the Employer (the "Bank"). References herein to the
"Employer" shall refer to both the Employer and the Bank, as the context
requires, and the Employer and the Bank shall have the option to perform the
obligations provided herein, in their sole discretion, through either entity;
provided, however, that for purposes of such obligations and the rights of the
Employer under this Agreement, Employer and Bank shall be treated as one and the
same; provided, further, that the effect of this statement shall not be deemed
ineffective or construed to have any other effect than the effect expressly
stated herein by reference in this Agreement to both the Employer and the Bank,
such references included solely to emphasize in certain places the intent of
this statement and the Agreement as a whole. Executive may enforce his rights
against either the Employer, the Bank, or both the Employer and the Bank.

     WHEREAS, the parties hereto desire to enter into an agreement for the
Employer's continued employment of Executive on the terms and conditions
contained herein;

     NOW, THEREFORE, in consideration of the premises and the mutual promises
and agreements contained herein, the parties hereto, intending to be legally
bound, hereby agree as follows:

SECTION 1.    EMPLOYMENT.

     Subject to the terms hereof, the Employer hereby employs Executive, and
Executive hereby accepts such employment. Executive will serve as President and
Chief Executive Officer of the Employer and President and Chief Executive
Officer of the Bank or in such other executive capacity as the Board of
Directors of Employer (the "Board of Directors") may hereafter from time to time
determine. Executive agrees to devote his full business time and best efforts to
the performance of the duties that Employer may assign Executive from time to
time; provided that the Executive may serve on boards of directors or trustees
of other companies and organizations, as long as such service does not
materially interfere with the performance of his duties hereunder.

SECTION 2.    DEFINITIONS. For purposes of this Agreement, the following terms
shall have the meanings specified below:

       (a)    "BONUS." Bonus shall have the meaning ascribed to it in Section
              4.1.

       (b)    "CAUSE." Cause for termination of Executive's employment shall
              exist (i) if Executive is convicted of, pleads guilty to, or
              confesses to any felony or any act of fraud, misappropriation or
              embezzlement, (ii) if Executive fails to comply with the terms of
              this Agreement, and, within ten (10) days after written notice
              from Employer of such failure, Executive has not corrected such
              failure or, having once received such notice of failure and
              having so corrected such failure, Executive at

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              any time thereafter again so fails, or (iii) if Executive
              violates any of the provisions contained in Section 5 of this
              Agreement.

       (c)    "CHANGE IN CONTROL." A Change in Control of the Employer means
              any one of the following events:

                     (i)    The acquisition (other than from the Employer) by
                            any Person of beneficial ownership of twenty percent
                            (20%) or more of the combined voting power of the
                            Employer's or Bank's then outstanding voting
                            securities; provided, however, that for purposes of
                            this definition, Person shall not include any Person
                            who on April 1, 2003 owns ten percent (10%) or more
                            of the Employer's or the Bank's outstanding
                            securities, and a Change in Control shall not be
                            deemed to occur solely because twenty percent (20%)
                            or more of the combined voting power of the
                            Employer's or Bank's then outstanding securities is
                            acquired by (1) a trustee or other fiduciary holding
                            securities under one or more employee benefit plans
                            maintained by the Employer or any of its
                            subsidiaries, or (2) any corporation or bank, which,
                            immediately prior to such acquisition, is owned
                            directly or indirectly by the shareholders of the
                            Employer or Bank, respectively, in the same or
                            similar proportion as their ownership of stock in
                            the Employer or Bank immediately prior to such
                            acquisition.

                     (ii)   Approval by shareholders of the Employer or Bank,
                            respectively, of (1) a merger or consolidation
                            involving the Employer or Bank if the shareholders
                            of the Employer or Bank, immediately before such
                            merger or consolidation do not, as a result of such
                            merger or consolidation, own, directly or
                            indirectly, more than fifty percent (50%) of the
                            combined voting power of the then outstanding voting
                            securities of the corporation resulting from such
                            merger or consolidation in substantially the same
                            proportion as their ownership of the combined voting
                            power of the voting securities of the Employer or
                            Bank outstanding immediately before such merger or
                            consolidation, or (2) a complete liquidation or
                            dissolution of the Employer or Bank or an agreement
                            for the sale or other disposition of all or
                            substantially all of the assets of the Employer or
                            Bank.

                     (iii)  A change in the composition of the Board of
                            Directors such that the individuals who, as of April
                            1, 2003, constitute the Board of Directors (such
                            Board of Directors shall be hereinafter referred to
                            as the "Incumbent Board") cease for any reason to
                            constitute at least a majority of the Board of
                            Directors; provided, however, for purposes of this
                            definition that any individual who becomes a member
                            of the Board of Directors subsequent to April 1,
                            2003 whose election, or nomination for election by
                            the Employer's shareholders, was approved by a vote
                            of at least a majority of those individuals who are
                            members of the Board of Directors and who

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                            were also members of the Incumbent Board (or deemed
                            to be such pursuant to this proviso) shall be
                            considered as though such individual were a member
                            of the Incumbent Board; but, provided, further, that
                            any such individual whose initial assumption of
                            office occurs as a result of either an actual or
                            threatened election contest or other actual or
                            threatened solicitation of proxies or consents by or
                            on behalf of a Person other than the Board of
                            Directors, shall not be so considered as a member of
                            the Incumbent Board.

       (d)    "CHANGE IN CONTROL DATE." The Change in Control Date is the date
              six (6) months prior to the date of the Change in Control.

       (e)    "CODE." The Code is the Internal Revenue Code of 1986, as it may
              be amended from time to time.

       (f)    "COMPETITOR." A Competitor is any business, individual,
              partnership, joint venture, association, firm, corporation, bank
              or other entity, other than the Employer or its affiliates or
              subsidiaries, engaged, wholly or partly, in Employer Activities.

       (g)    "COMPETITIVE POSITION." Competitive Position means (i) the direct
              or indirect ownership or control of all or any portion of a
              Competitor; or (ii) any employment or independent contractor
              arrangement with any Competitor whereby Executive will serve such
              Competitor in any managerial capacity.

       (h)    "CONFIDENTIAL INFORMATION." Confidential Information means any
              confidential, proprietary business information or data belonging
              to or pertaining to the Employer or the Bank that does not
              constitute a Trade Secret and that is not generally known by or
              available through legal means to the public, including, but not
              limited to, information regarding the Employer's or the Bank's
              customers or actively sought prospective customers, suppliers,
              manufacturers and distributors gained by Executive as a result of
              his employment with the Employer or the Bank.

       (i)    "CUSTOMER." Customer means actual customers or actively sought
              prospective customers of Employer during the Term.

       (j)    "EFFECTIVE TIME." The Effective Time shall be October 1, 2003.

       (k)    "EMPLOYER ACTIVITIES." Employer Activities means the business of
              providing banking insurance, trust and securities services to
              individuals and businesses

       (l)    "EXCESS SEVERANCE PAYMENT." The term Excess Severance Payment
              shall have the same meaning as the term "excess parachute payment"
              defined in Section 280G(b)(1) of the Code.

       (m)    "GOOD REASON." A Good Reason for termination by Executive of
              Executive's employment shall mean the occurrence (without the
              Executive's express written

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              consent) during the six (6) month period prior to, or within the
              eighteen (18) month period following, the date of a Change in
              Control of any one of the following acts by the Employer, or
              failures by the Employer to act, unless, in the case of any act or
              failure to act described in paragraph (i) below, such act or
              failure to act is corrected prior to the Termination Date:

                     (i)    the substantial adverse change in Executive's
                            responsibilities at the Employer from those in
                            effect immediately prior to the Change in Control
                            Date; or

                     (ii)   after the Change in Control Date, a reduction in
                            Executive's normal, current salary, a reduction in
                            his incentive compensation resulting from a change
                            in the incentive plan or the failure by the Employer
                            to continue to provide Executive with benefits
                            substantially similar to those enjoyed by Executive
                            under any of the Employer's pension, deferred
                            compensation, life insurance, medical, or disability
                            plans in which Executive was participating at the
                            Change in Control Date, the taking of any action by
                            the Employer which would directly or indirectly
                            reduce any of such benefits or deprive Executive of
                            any material fringe benefit enjoyed by Executive at
                            the Change in Control Date.

              Executive's right to terminate the Executive's employment for Good
       Reason shall not be affected by the Executive's incapacity due to
       physical or mental illness, except for a Total Disability. Executive's
       continued employment shall not constitute consent to, or a waiver of
       rights with respect to, any act or failure to act constituting Good
       Reason hereunder.

       (n)    "NONCOMPETE PERIOD" or "NONSOLICITATION PERIOD" means the period
              beginning the date hereof and ending on the second anniversary of
              the Termination Date.

       (o)    "PERSON." A Person is any individual, corporation, bank,
              partnership, joint venture, association, joint-stock company,
              trust, unincorporated organization or other entity.

       (p)    "PRESENT VALUE." The term Present Value shall have the same
              meaning as provided in Section 280G(d)(4) of the Code.

       (q)    "REASONABLE COMPENSATION." The term Reasonable Compensation shall
              have the same meaning as provided in Section 280G(b)(4) of the
              Code. The parties acknowledge and agree that, in the absence of a
              change in existing legal authorities or the issuance of contrary
              authorities, amounts received by Executive as damages under or as
              a result of a breach of this Agreement shall be considered
              Reasonable Compensation.

       (r)    "SEVERANCE PAYMENT." The term Severance Payment shall have the
              same meaning as the term "parachute payment" defined in Section
              280G(b)(2) of the Code.

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       (s)    "SPLIT DOLLAR PLAN." Split Dollar Plan shall have the meaning
              ascribed to it in Section 4.1.

       (t)    "TERM." Term shall have the meaning ascribed to it in Section 3.1.

       (u)    "TERMINATION DATE." The effective date of Executive's termination.

       (v)    "TERRITORY." Territory means a 50-mile radius around the Bank's
              main office in Moultrie, Colquitt County, Georgia.

       (w)    "TOTAL DISABILITY." Total Disability means the failure by
              Executive to fully perform his normal required services hereunder
              for a period of three (3) months during any consecutive twelve
              (12) month period during the Term hereof, as determined by the
              Board of Directors, by reason of mental or physical disability.

       (x)    "TRADE SECRETS." Trade Secrets means information or data of or
              about Employer or Bank, including but not limited to technical or
              non-technical data, compilations, programs, methods, techniques,
              processes, financial data, financial plans, products plans, or
              lists of actual or potential customers, clients, information
              concerning the Employer's or the Bank's finances, services, staff,
              contemplated acquisitions, marketing investigations and surveys,
              that (i) derive economic value, actual or potential, from not
              being generally known to, and not being readily ascertainable by
              proper means by, other persons who can obtain economic value from
              their disclosure or use; and (ii) are the subject of efforts that
              are reasonable under the circumstances to maintain their secrecy.

SECTION 3. TERM OF EMPLOYMENT.

       3.1    Unless earlier terminated pursuant to this Section 3.1 or Section
3.2, Executive's employment under this Agreement shall be for a rolling five (5)
year term (the "Term") commencing on the Effective Time, and shall be deemed to
extend automatically, without further action by the Employer or Executive, each
day for an additional day, such that the remaining term shall continue to be
five (5) years; provided, however, that either party may, by written notice to
the other, cause this Agreement to cease to extend automatically and, upon such
notice, the "Term" of this Agreement shall be the five (5) year period following
the date of such notice and this Agreement shall terminate upon the expiration
of such Term; provided, further, the Term of this Agreement shall cease on the
date Executive attains age sixty five (65).

       3.2    Executive's employment under this Agreement shall terminate upon
the occurrence of any of the following events:

              (a)    The death of Executive.

              (b)    The Total Disability of Executive.

              (c)    The termination by Employer of Executive's employment
       hereunder, upon written notice to Executive, for Cause, as determined by
       the Board of Directors.

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              (d)    The termination of Executive's employment by Executive or
       by Employer without Cause upon at least ninety (90) days prior written
       notice.

SECTION 4. COMPENSATION.

       4.1    DURING TERM OF EMPLOYMENT. Employer will provide Executive with
the following salary, expense reimbursement and additional employee benefits
during the Term hereunder:

              (a)    SALARY. Executive will be paid a salary of no less than One
       Hundred Twenty-Two Thousand, Five Hundred Dollars ($122,500) per annum,
       less deductions and withholdings required by applicable law. The salary
       shall be paid to Executive in equal monthly installments (or on such more
       frequent basis as other employees of Employer are compensated from time
       to time). The salary shall be reviewed by the Board of Directors of
       Employer on at least an annual basis and may be increased from time to
       time in the Board of Directors' discretion.

              (b)    BONUS. Executive will be entitled to an annual bonus (the
       "Bonus") as determined by the Board of Directors based upon the financial
       success of the Employer and Executive's contribution to such success. The
       Bonus shall be paid promptly upon the availability of annual financial
       results (which is expected to occur in January of each year).

              (c)    SPLIT DOLLAR PLAN. As promptly as practicable after the
       Effective Time, the Employer shall obtain through the Bank and pay all
       premiums on up to One Million Dollars ($1 million) face amount of split
       dollar insurance (the "Split Dollar Plan"), insuring Executive and for
       the benefit of Executive.

              (d)    AUTOMOBILE. Employer shall provide Executive with an
       appropriate automobile for his use and will maintain and insure it at
       Employer's expense.

              (e)    VACATION AND SICK LEAVE. Employee shall also receive the
       same number of vacation days and paid days of sick leave per calendar
       year as the Employer gives other Employer employees from time to time.
       Any unused sick leave days in any calendar year may be carried over to
       subsequent years in accordance with Employer policy. Any unused vacation
       days in any calendar year may not be carried over to subsequent years.

              (f)    EXPENSES. Employer shall reimburse Employee for all
       reasonable and necessary expenses, except mileage, incurred by Employee
       on the same basis as other employees.

              (g)    BENEFIT PLANS. Executive may participate in such medical,
       disability, life insurance and other benefit plans (such as the Southwest
       Georgia Financial Corporation Pension Retirement Plan, the Employee Stock
       Ownership Plan and Trust of Southwest Georgia Financial Corporation, and
       any successor to such plans) as Employer maintains from time to time for
       the benefit of other employees, on the terms and subject to the
       conditions set forth in such plans.

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       4.2    EFFECT OF TERMINATION.

              (a)    If Executive's employment hereunder is terminated by
       Employer pursuant to Section 3.2(b) hereof but Executive is not
       determined to be "disabled" under the Employer's disability insurance,
       then Employer shall continue to pay Executive his normal, current salary
       pursuant to Section 4.1(a) (on the same basis as if Executive continued
       to serve as an employee hereunder for such applicable period) and offer
       paid insurance continuation rights under the Consolidated Omnibus
       Reconciliation Act ("COBRA") until the earlier of (i) the end of the Term
       or (ii) Executive is determined to be "disabled" under the Employer's
       disability insurance.

              (b)    If Executive's employment hereunder is terminated by
       Employer pursuant to Section 3.2(d) hereof, then, in addition to any
       other amount payable hereunder, Employer shall continue to pay Executive
       his normal, current salary pursuant to Section 4.1(a) (on the same basis
       as if Executive continued to serve as an employee hereunder for such
       applicable period) and offer paid insurance continuation rights under the
       Consolidated Omnibus Reconciliation Act ("COBRA") for the Term. If
       Executive's employment is terminated pursuant to Section 3.2(a) or (b)
       hereof or if Executive's employment is terminated by Employer pursuant to
       Section 3.2(d), all options to purchase stock of the Employer or an
       affiliate of the Employer granted to Executive shall immediately become
       exercisable upon such termination. In the case of a termination pursuant
       to Section 3.2(a) or (b) hereof, the options will expire in accordance
       with their respective scheduled expiration dates. In the case of a
       termination by Employer pursuant to Section 3.2(d) hereof, the options
       will expire on the first anniversary after the effective date of the
       termination of Executive's employment hereunder. Upon the death of
       Executive, any options that Executive would otherwise be entitled to
       exercise hereunder may be exercised by his personal representatives or
       heirs, as applicable. If Executive's employment is terminated by Employer
       pursuant to Section 3.2(c) or by Executive pursuant to Section 3.2(d),
       those options which are exercisable as of the date of such termination
       shall be exercisable for a period of ninety (90) days after such
       termination (and all other options not then exercisable shall be
       forfeited as of such date), and after such 90-day period, all unexercised
       options will expire. To the extent necessary, this provision shall be
       deemed an amendment of any option agreement between the Executive and the
       Employer or an affiliate of the Employer.

              (c)    If a Change in Control occurs during the Term and
       Executive's employment is terminated within six (6) months prior to or
       eighteen (18) months following the date of the Change in Control, and if
       such termination is by Employer pursuant to Section 3.2(d) hereof or a
       termination by Executive for Good Reason, then, in addition to any other
       amount payable hereunder, Employer shall continue to pay Executive his
       normal, current salary pursuant to Section 4.1(a) for the Term (on the
       same basis as if Executive continued to serve as an employee hereunder
       for such applicable period) and offer paid insurance continuation rights
       under COBRA for the Term.

              (d)    Except as provided above, upon the termination of the
       employment of Executive hereunder for any reason, Executive shall be
       entitled to all compensation and benefits earned or accrued under Section
       4.1 as of Termination Date, but from and after the Termination Date no
       additional compensation or benefits shall be earned by

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       Executive hereunder. Executive shall be deemed to have earned any Bonus
       payable with respect to the calendar year in which the Termination Date
       occurs on a prorated basis (based on the number of days in such calendar
       year through and including the Termination Date divided by 365) based
       upon the year to date financials and performance of the Employer and
       assuming performance at the target level for any individual performance
       criteria. Any such Bonus shall be payable upon termination.

       4.4    LIMITATION ON BENEFITS UPON TERMINATION IN CONNECTION WITH A
              CHANGE IN CONTROL.

              (a)    Notwithstanding anything in this Agreement to the contrary,
       any benefits payable or to be provided to Executive by the Employer or
       its affiliates, whether pursuant to this Agreement or otherwise, which
       are treated as Severance Payments shall, but only to the extent
       necessary, be modified or reduced in the manner provided in (b) below so
       that the benefits payable or to be provided to Executive under this
       Agreement that are treated as Severance Payments, as well as any payments
       or benefits provided outside of this Agreement that are so treated, shall
       not cause the Employer to have paid an Excess Severance Payment. In
       computing such amount, the parties shall take into account all provisions
       of Section 280G of the Code, and the regulations thereunder, including
       making appropriate adjustments to such calculation for amounts
       established to be Reasonable Compensation.

              (b)    In the event that the amount of any Severance Payments
       which would be payable to or for the benefit of Executive under this
       Agreement must be modified or reduced to comply with this Section 4.4,
       Executive shall direct which Severance Payments are to be modified or
       reduced; provided, however, that no increase in the amount of any payment
       or change in the timing of the payment shall be made without the consent
       of the Employer.

              (c)    This Section 4.4 shall be interpreted so as to avoid the
       imposition of excise taxes on Executive under Section 4999 of the Code or
       the disallowance of a deduction to the Employer pursuant to Section
       280G(a) of the Code with respect to amounts payable under this Agreement
       or otherwise. Notwithstanding the foregoing, in no event will any of the
       provisions of this Section 4.4 create, without the consent of Executive,
       an obligation on the part of Executive to refund any amount to the
       Employer following payment of such amount.

              (d)    In addition to the limits otherwise provided in this
       Section 4.4, to the extent permitted by law, Executive may in his sole
       discretion elect to reduce any payments he may be eligible to receive
       under this Agreement to prevent the imposition of excise taxes on
       Executive under Section 4999 of the Code.

SECTION 5. PARTIAL RESTRAINTS ON COMPETITION.

       5.1    TRADE NAME. Executive shall not, directly or by assisting others,
own, manage, operate, join, control or participate in the ownership, management,
operation or control of, or be connected in any manner with, any business
conducted under any corporate or trade name of the Employer or any of its
affiliates or name similar thereto, without the prior written consent of the
Employer.

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       5.2    CONFIDENTIAL INFORMATION.

              (a)    Executive hereby agrees that (i) with regard to each item
       constituting all or any portion of the Trade Secrets, at all times during
       the Term and all times during which such item continues to constitute a
       Trade Secret under applicable law; and (ii) with regard to any
       Confidential Information, during the Term and the Noncompete Period:

                            (1)    Executive shall hold in confidence all Trade
                     Secrets and all Confidential Information and will not,
                     either directly or indirectly, use, sell, lend, lease,
                     distribute, license, give, transfer, assign, show,
                     disclose, disseminate, reproduce, copy, appropriate or
                     otherwise communicate any Trade Secrets or Confidential
                     Information, without the prior written consent of the
                     Employer; and

                            (2)    Executive shall immediately notify the
                     Employer of any unauthorized disclosure or use of any Trade
                     Secrets or Confidential Information of which Executive
                     becomes aware. Executive shall assist the Employer, to the
                     extent necessary, in the procurement or any protection of
                     the Employer's rights to or in any of the Trade Secrets or
                     Confidential Information.

       5.3    NONCOMPETITION.

              (a)    The parties hereto acknowledge that Executive is conducting
       Employer Activities throughout the Territory. Executive acknowledges that
       to protect adequately the interest of the Employer in the business of the
       Employer it is essential that any noncompete covenant with respect
       thereto cover all Employer Activities and the entire Territory.

              (b)    Executive hereby agrees that, during the Term and the
       Noncompete Period, Executive will not, in the Territory, either directly
       or indirectly, alone or in conjunction with any other party, accept,
       enter into or take any action in conjunction with or in furtherance of a
       Competitive Position. Executive shall notify the Employer promptly in
       writing if Executive receives an offer of a Competitive Position during
       the Noncompete Term, and such notice shall describe all material terms of
       such offer.

              (c)    Nothing contained in this Section 5 shall prohibit
       Executive from acquiring not more than five percent (5%) of any Employer
       or bank whose common stock is publicly traded on a national securities
       exchange or in the over-the-counter market.

       5.4    NONSOLICITATION DURING TERM. Executive hereby agrees that
Executive will not, during the Term, either directly or indirectly, alone or in
conjunction with any other party solicit, divert or appropriate or attempt to
solicit, divert or appropriate, any Customer for the purpose of providing the
Customer with services or products competitive with those offered by the
Employer during the Term.

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       5.5    NONSOLICITATION DURING NONSOLICITATION PERIOD. Executive hereby
agrees that Executive will not, during the Nonsolicitation Period, either
directly or indirectly, alone or in conjunction with any other party solicit,
divert or appropriate or attempt to solicit, divert or appropriate, any (i)
employee of the Employer or the Bank, or (ii) Customer for the purpose of
providing the Customer with services or products competitive with those offered
by Employer or Bank during the Term; provided, however, that the covenant in
this clause shall limit Executive's conduct only with respect to those Customers
with whom Executive had substantial contact (through direct or supervisory
interaction with the Customer or the Customer's account) during a period of time
up to but no greater than two (2) years prior to the last day of the Term.

SECTION 6.  MISCELLANEOUS.

       6.1    No Obligation to Mitigate. Executive shall not be required to
mitigate the amount of any payment provided for under this Agreement by seeking
other employment, nor shall the amount of any payment provided for under this
Agreement be reduced by any compensation earned by Executive as a result of
employment by another company after the Termination Date or otherwise.

       6.2    Contract Non-Assignable. The parties acknowledge that this
Agreement has been entered into due to, among other things, the special skills
and knowledge of Executive, and agree that this Agreement may not be assigned or
transferred by Executive.

       6.3    Successors; Binding Agreement.

              (a)    In addition to any obligations imposed by law upon any
       successor to the Employer, the Employer will require any successor
       (whether direct or indirect, by purchase, merger, consolidation or
       otherwise) to all or substantially all of the business or assets of the
       Employer or that acquires a controlling stock interest in the Employer to
       expressly assume and agree to perform this Agreement, in the same manner
       and to the same extent that the Employer would be required to perform it
       if no such succession had taken place. Failure of the Employer to obtain
       such assumption and agreement prior to the effective date of such
       succession shall be a breach of this Agreement and shall entitle
       Executive to compensation and benefits from the Employer under Section 4
       in the amount and on the same terms as Executive would be entitled to
       hereunder if Executive were to terminate Executive's employment for Good
       Reason.

              (b)    This Agreement shall inure to the benefit of and be
       enforceable by Executive's personal or legal representative, executors,
       administrators, successors, heirs, distributees, devisees and legatees.
       If Executive shall die while any amount is still payable to Executive
       hereunder (other than amounts which, by their terms, terminate upon the
       death of Executive), all such amounts, unless otherwise provided herein,
       shall be paid in accordance with the terms of this Agreement to the
       executors, personal representatives or administrators of Executive's
       estate.

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       6.4    NOTICES. All notices, requests, demands and other communications
required or permitted hereunder shall be in writing and shall be deemed to have
been duly given when delivered or seven days after mailing if mailed first
class, certified mail, postage prepaid, addressed as follows:

                  If to the Employer    Southwest Georgia Financial Corporation
                  or the Bank:          Attention:  John H. Clark
                                        P.O. Box 3488 Moultrie, GA
                                        31768

                  If to Executive:      DeWitt Drew
                                        5 Tallokas Road
                                        Moultrie, GA 31768

Any party may change the address to which notices, requests, demands and other
communications shall be delivered or mailed by giving notice thereof to the
other party in the same manner provided herein.

       6.5    PROVISIONS SEVERABLE. 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 of which shall remain in full force and effect.

       6.6    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 or relinquishment of
any right granted in this Agreement or 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.

       6.7    AMENDMENTS AND MODIFICATIONS. This Agreement may be amended or
modified only by a writing signed by both parties hereto, which makes specific
reference to this Agreement.

       6.8    GOVERNING LAW. The validity and effect of this Agreement shall be
governed by and be construed and enforced in accordance with the laws of the
State of Georgia.

       6.9    DISPUTES; LEGAL FEES; INDEMNIFICATION.

              (a)    Disputes. All claims by Executive for compensation and
       benefits under this Agreement shall be in writing and shall be directed
       to and be determined by the Board of Directors. Any denial by the Board
       of Directors of a claim for benefits under this Agreement shall be
       provided in writing to Executive within thirty (30) days of such decision
       and shall set forth the specific reasons for the denial and the specific
       provisions of this Agreement relied upon. The Board of Directors shall
       afford a reasonable opportunity to Executive for a review of its decision
       denying a claim and shall further allow Executive to appeal in writing to
       the Board of Directors a decision of the Board of Directors within sixty
       (60) days after notification by the Board of Directors that

                                      -11-

<PAGE>

       Executive's claim has been denied. To the extent permitted by applicable
       law, any further dispute or controversy arising under or in connection
       with this Agreement shall be settled exclusively by arbitration in
       Atlanta, Georgia, in accordance with the rules of the American
       Arbitration Association then in effect. Judgment may be entered on the
       arbitrator's award in any court having jurisdiction.

              (b)    LEGAL FEES. If, in connection with a Change in Control,
       Executive terminates his employment for Good Reason or if the Employer
       involuntarily terminates Executive without Cause, then, in the event
       Executive incurs legal fees and other expenses in seeking to obtain or to
       enforce any rights or benefits provided by this Agreement and is
       successful, in whole or in part, in obtaining or enforcing any such
       rights or benefits through settlement, mediation, arbitration or
       otherwise, the Employer shall promptly pay Executive's reasonable legal
       fees and expenses and related costs incurred in enforcing this Agreement
       including, without limitation, attorneys fees and expenses, experts fees
       and expenses, investigative fees, and travel expenses. Except to the
       extent provided in the preceding sentence, each party shall pay its own
       legal fees and other expenses associated with any dispute under this
       Agreement.

              (c)    INDEMNIFICATION. During the Term of this Agreement and
       after Executive's termination, the Employer shall indemnify Executive and
       hold Executive harmless from and against any claim, performance as an
       officer, director or employee of the Employer or any of its subsidiaries
       or other affiliates or in any other capacity, including any fiduciary
       capacity, in which Executive serves at the Employer's request, in each
       case to the maximum extent permitted by law and under the Employer's
       Articles of Incorporation and Bylaws (the "Governing Documents"),
       provided that in no event shall the protection afforded to Executive
       hereunder be less than that afforded under the Governing Documents as in
       effect on the date of this Agreement except from changes mandated by law.

       6.10   SURVIVAL OF OBLIGATIONS. The covenants in Section 5 of this
Agreement shall survive termination of Employee's employment, regardless of who
causes the termination and under what circumstances.

       6.11   ENTIRE AGREEMENT. This Agreement is intended by the parties hereto
to be the final expression of their agreement with respect to the subject matter
hereof and is the complete and exclusive statement of the terms thereof,
notwithstanding any representations, statements or agreements to the contrary.

       6.12   COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

                                      -12-

<PAGE>

       IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                       SOUTHWEST GEORGIA FINANCIAL CORPORATION


                                       By:          /s/ John H. Clark
                                           -----------------------------------
                                           Name:  John H. Clark
                                           Title: Chairman



                                       SOUTHWEST GEORGIA BANK


                                       By:          /s/ John H. Clark
                                           -----------------------------------
                                           Name:  John H. Clark
                                           Title: Chairman



                                       EMPLOYEE


                                       /s/ DeWitt Drew
                                       ---------------------------------------
                                       DeWitt Drew




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