Document:

Exhibit

June 18, 2019

Andrew P. Power
c/o Digital Realty Trust, Inc.
Four Embarcadero Center, Suite 3200
San Francisco, California 94111

Re:  AMENDED AND RESTATED EMPLOYMENT TERMS

Dear Andy:
Digital Realty Trust, Inc. (the “REIT”) and DLR LLC (the “Employer”, and together with the REIT, the “Company”) are pleased to continue your employment with the REIT and the Employer on the terms and conditions set forth in this letter (the “Agreement”), effective as of June 18, 2019 (the “Effective Date”). This Agreement amends and restates in its entirety that certain employment letter agreement, by and between you and the Company, dated as of April 16, 2015, and as amended on May 6, 2019.
1.    TERM. Subject to the provisions for earlier termination hereinafter provided, your employment hereunder shall be for a term (the “Term”) commencing on the Effective Date and ending on January 1, 2022 (the “Initial Termination Date”). If not previously terminated, the Term shall automatically be extended for one additional year on the Initial Termination Date unless either you or the Company elect not to so extend the Term by notifying the other party, in writing, of such election not less than sixty (60) days prior to the Initial Termination Date.
2.    POSITION, DUTIES AND RESPONSIBILITIES. During the Term, the Company will employ you, and you agree to be employed by the Company, as Chief Financial Officer of the REIT and the Employer. In the capacity of Chief Financial Officer, you will have such duties and responsibilities as are normally associated with such position and will devote your full business time and attention to serving the Company in such position. Your duties may be changed from time to time by the Company, consistent with your position. You will report to the Chief Executive Officer of the Company. You will work full-time at our principal offices located in San Francisco, California (or such other location in the San Francisco greater metropolitan area as the Company may utilize as its principal offices), except for travel to other locations as may be necessary to fulfill your responsibilities. At the Company’s request, you will serve the Company and/or its subsidiaries and affiliates in other offices and capacities in addition to the foregoing. In the event that you serve in any one or more of such additional capacities, your compensation will not be increased beyond that specified in this Agreement. In addition, in the event your service in one or more of such additional capacities is terminated, your compensation, as specified in this Agreement, will not be diminished or reduced in any manner as a result of such termination for so long as you otherwise remain employed under the terms of this Agreement.
3.    BASE COMPENSATION. During the Term, the Company will pay you a base salary of $600,000 per year, less payroll deductions and all required withholdings, payable in 

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accordance with the Company’s payroll practices and prorated for any partial month of employment. Your annual base salary may be increased, but not decreased, by the Compensation Committee of the Board of Directors of the REIT (the “Compensation Committee”) in its discretion pursuant to the Company’s policies as in effect from time to time, and such increased amount thereafter will be your base salary per year for purposes of this Agreement.
4.    ANNUAL BONUS. In addition to the base salary set forth above, during the Term you will be eligible to participate in the Company’s incentive bonus plan applicable to similarly situated executives of the Company. The amount of your annual bonus will be based on the attainment of performance criteria established and evaluated by the Company in accordance with the terms of such bonus plan as in effect from time to time, provided that, subject to the terms of such bonus plan and attainment of performance criteria established by the Company, your target and maximum annual bonus shall be one hundred twenty-five percent (125%) and two hundred fifty percent (250%), respectively, of your base salary for such year. Any annual bonus that becomes payable to you is intended to satisfy the short-term deferral exemption under Treasury Regulation Section 1.409A-1(b)(4) and shall be made not later than the last day of the applicable two and one-half (21⁄2) month “short-term deferral period” with respect to such annual bonus, within the meaning of Treasury Regulation Section 1.409A-1(b)(4). 
5.    BENEFITS AND FLEXIBLE PAID TIME-OFF. During the Term, you will be eligible to participate in all savings and retirement plans, practices, policies and programs maintained or sponsored by the Company from time to time which are applicable to other similarly situated executives of the Company, subject to the terms and conditions thereof. During the Term, you will also be eligible for standard benefits, such as medical insurance, flexible paid time-off and holidays to the extent applicable generally to other similarly situated executives of the Company, subject to the terms and conditions of the applicable Company plans or policies.
6.    TERMINATION OF EMPLOYMENT.
(a)    Without Cause or for Good Reason. Subject to Section 6(g) below, in the event of a termination of your employment during the Term by the Company without Cause or by you for Good Reason (each as defined below), then, in addition to any other accrued amounts payable to you through the date of termination of your employment (such date, or the date of your death if applicable under Section 6(c) below, the “Termination Date”), the Company will pay and provide you with the following payments and benefits:
(i)    payable within thirty (30) days after your Termination Date (with the exact payment date to be determined by the Company in its discretion), a lump-sum severance payment in an amount equal to the sum of (x) one (1.0) (the “Severance Multiple”) times the sum of (A) your annual base salary as in effect on the Termination Date, plus (B) your target annual bonus for the fiscal year in which the Termination Date occurs (in the case of both (A) and (B), without giving effect to any reduction which constitutes Good Reason), (y) the Stub Year Bonus, plus (z) the Prior Year Bonus, if any;
(ii)    for a period commencing on the Termination Date and ending on the earlier of (x) the twelve (12)-month anniversary of the Termination Date or (y) the date on which you become eligible to receive comparable group health insurance coverage under a subsequent 

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employer’s plans, the Company shall continue to provide you and your eligible family members with group health insurance coverage at least equal to that which would have been provided to you if your employment had not been terminated (including, in the discretion of the Company, by purchasing COBRA coverage for you and your eligible family members); provided, however, that if (A) any plan pursuant to which the Company is providing such coverage is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code (as defined below) under Treasury Regulation Section 1.409A-l(a)(5), or (B) the Company is otherwise unable to continue to cover you under its group health plans or doing so would jeopardize the tax-qualified status of such plans, then, in either case, an amount equal to the monthly plan premium payment shall thereafter be paid to you as currently taxable compensation in substantially equal monthly installments over the continuation period (or the remaining portion thereof);
(iii)    for a period commencing on the Termination Date and ending on the twelve (12)-month anniversary of the Termination Date, the Company shall, at its sole expense and on an as-incurred basis, provide you with outplacement counseling services directly related to your termination of employment with the Company, the provider of which shall be selected by the Company; and
(iv)    the vesting of any outstanding Company equity-based awards issued to you under the Company’s equity incentive plans that are subject to vesting based solely on continued employment or the lapse of time (collectively, “Service Awards”) shall (x) with respect to such awards granted prior to January 1, 2017, accelerate in full (and such awards shall become fully vested) immediately prior to the Termination Date, or (y) with respect to such awards granted on or after January 1, 2017, be governed by the terms of the award agreements evidencing such awards.  The vesting of any awards that are subject to vesting based on the satisfaction of performance goals, including, without limitation, any performance-based profits interest units of Digital Realty Trust, L.P. (the “Operating Partnership”) and other “outperformance awards” issued to you (collectively, “Performance Awards”), shall be governed by the terms of the award agreements evidencing such awards.
(b)    Change in Control. Subject to Section 6(g) below, in the event that a Change in Control (as defined in the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2014 Incentive Award Plan, as amended, or any successor incentive plan) occurs during the Term and, on the date of or within one year after such Change in Control, you incur a termination of employment by the Company without Cause or by you for Good Reason (each as defined below), then, in addition to any other accrued amounts payable to you through the Termination Date, you shall be entitled to the payments and benefits provided in Section 6(a) hereof, subject to the terms and conditions thereof, except that, for purposes of this Section 6(b), the Severance Multiple shall be equal to two (2.0).
(c)    Death or Disability. Subject to Section 6(g) below, and notwithstanding anything to the contrary contained herein, in the event of a termination of your employment during the Term by reason of your death or Disability (as defined below), then, in addition to any other accrued amounts payable to you through the Termination Date, the Company will pay and provide you (or your estate or legal representative) with the following payments and benefits:

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(i)    payable within thirty (30) days after your Termination Date (with the exact payment date to be determined by the Company in its discretion), a lump-sum severance payment in an amount equal to the sum of (w) your annual base salary as in effect on the Termination Date, (x) your target annual bonus for the fiscal year in which the Termination Date occurs, (y) the Stub Year Bonus, plus (z) the Prior Year Bonus, if any; and
(ii)    any Service Awards shall become vested and exercisable immediately prior to the Termination Date and any Performance Awards shall, following the completion of the performance period, vest with respect to the total number of shares or units (as applicable) subject thereto that satisfy the applicable performance conditions (without pro ration based on length of service).
(d)    Retirement. Subject to Section 6(g) below, in the event of a termination of your employment during or upon the completion of the Term due to your Retirement (as defined below), then: 
(i)in addition to any other accrued amounts payable to you through the Termination Date, the Company will pay you, within thirty (30) days after your Termination Date (with the exact payment date to be determined by the Company in its discretion), an amount equal to the sum of (x) the Stub Year Bonus plus (y) the Prior Year Bonus, if any; 
(ii)for a period commencing on the Termination Date and ending on the earlier of (x) the thirty-six (36)-month anniversary of the Termination Date or (y) the date on which you become eligible to receive comparable group health insurance coverage under a subsequent employer’s plans, the Company shall continue to provide you and your eligible family members with group health insurance coverage at least equal to that which would have been provided to you if your employment had not been terminated (including, in the discretion of the Company, by purchasing COBRA coverage for you and your eligible family members); provided, however, that if (A) any plan pursuant to which the Company is providing such coverage is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code (as defined below) under Treasury Regulation Section 1.409A-1(a)(5), or (B) the Company is otherwise unable to continue to cover you under its group health plans or doing so would jeopardize the tax-qualified status of such plans, then, in either case, an amount equal to the monthly plan premium payment shall thereafter be paid to you as currently taxable compensation in substantially equal monthly installments over the continuation period (or the remaining portion thereof); and
(iii)to the extent that, following your Retirement, you continue to provide services to the Company as a consultant to the Company, any outstanding unvested Company equity-based awards issued to you under the Company’s equity incentive plans shall continue to vest during the period during which you are providing such services to the Company in accordance with the terms of the award agreements evidencing such awards. You shall enter into a consulting agreement with the Company upon your Retirement to provide (i) support on matters that would normally involve the Company’s Chief Financial Officer and (ii) litigation support and senior client relationship management services to the Company. Such consulting agreement shall (w) be for a term of forty-eight (48) months, or such longer term that ends 

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immediately after the last vesting date to occur of any Company equity-based award held by you as of the date of your Retirement, (x) not require you to provide more than two hundred fifty (250) hours of consulting services per year, with compensation for such consulting services to be reasonably agreed between you and the Company, (y) include such other terms and conditions reasonably prescribed by the Company, and (z) include non-competition, non-solicitation and other restrictive covenants that are no less protective of the Company than those set forth in Section 8 of this Agreement. Such consulting agreement and the consulting relationship established thereby may not be terminated by either party during the term of such consulting agreement, except by the Company for “cause” (defined in a manner substantially similar to, and no more expansive in scope than, Cause (as defined below)), by you for any reason or by mutual agreement of the Company and you. In the event that the consulting agreement and the consulting relationship established thereby are terminated (i) by you for any reason or (ii) by the Company for “cause,” any outstanding awards that are unvested at the time of such termination shall be forfeited without payment of any consideration therefor. In the event the consulting agreement and the consulting relationship established thereby are terminated by mutual agreement, the treatment of any outstanding awards held by you upon such termination shall be mutually determined by you and the Company at the time of such termination. With respect to your Retirement, you also agree that any post-termination covenants in this Agreement, your Proprietary Information and Inventions Assignment Agreement, and your Employee Confidentiality and Covenant Agreement with the Company shall commence upon the expiration or termination of the consulting period (and, for the avoidance of doubt, not upon the termination of your employment). In the event that the consulting agreement and the relationship established thereby are terminated by you for any reason or by the Company for “cause,” in either case, you shall thereupon tender your resignation from all directorships then held with any member of the Digital Group (as defined below), which resignation may be accepted by the Company in its sole discretion, and you agree that, in the event your resignation is accepted by the Company, you shall take all actions reasonably requested by the Company to effectuate the foregoing.
(e)    Expiration; Non-renewal. Notwithstanding anything contained herein, in no event shall the expiration of the Term set forth in Section 1 above or the Company’s election not to renew or extend the Term or your employment with the Company constitute a termination of your employment by the Company without Cause.
(f)    Termination of Offices and Directorships. Upon a termination of your employment for any reason, except to the extent otherwise determined by the Board of Directors of the REIT (the “Board”) in its sole discretion, you shall be deemed to have resigned from all offices, directorships and other employment positions, if any, then held with the REIT, Digital Realty Trust, L.P., the Employer or their respective subsidiaries or affiliates (collectively, the “Digital Group”), and you agree that you shall take all actions reasonably requested by the Company to effectuate the foregoing.
(g)    Potential Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation any termination payments or benefits payable under this Section 6, shall be paid to you prior to the expiration of the six (6)-month period following your “separation from service” from the Company (within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (the “Code”)) to the 

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extent that the Company determines that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result of your death), the Company shall pay you a lump-sum amount equal to the cumulative amount that would have otherwise been payable to you during such six (6)-month period, plus interest thereon from the Termination Date through the payment date at a rate equal to the then-current “applicable Federal rate” determined under Section 7872(f)(2)(A) of the Code.
(h)    Release; Compliance with Covenants. Notwithstanding anything contained herein, your right to receive the payments and benefits set forth in this Section 6 is conditioned on and subject to (i) your execution within twenty-one (21) days (or, to the extent required by applicable law, forty-five (45) days) following the Termination Date and non-revocation within seven (7) days thereafter of a general release of claims against the Digital Group (as defined below), in a form reasonably acceptable to the Company, (ii) your continued compliance with the restrictive covenants set forth in Section 8 of this Agreement and any similar covenants set forth in any other agreement between you and the Company, and (iii) your compliance with Section 6(f) above.
(i)    Definitions. For purposes of this Agreement:
(A)    “Cause” shall mean (1) your willful and continued failure to substantially perform your duties with the Company (other than any such failure resulting from your incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to you by the Company, which demand specifically identifies the manner in which the Company believes that you have not substantially performed your duties and which failure is not cured within thirty (30) days of receiving such notice; (2) your willful commission of an act of fraud or dishonesty resulting in economic or financial injury to the Company or its subsidiaries or affiliates; (3) your conviction of, or entry by you of a guilty or no contest plea to, the commission of a felony or a crime involving moral turpitude; (4) a willful breach by you of any fiduciary duty owed to the Company which results in economic or other injury to the Company or its subsidiaries or affiliates; (5) your willful and gross misconduct in the performance of your duties hereunder that results in economic or other injury to the Company or its subsidiaries or affiliates and which misconduct is not cured within thirty (30) days after written notification is delivered to you by the Company that specifically identifies any such misconduct; (6) your willful and material breach of your covenants set forth in Section 8 below; or (7) a material breach by you of any of your other obligations under this Agreement after written notice is delivered to you by the Company which specifically identifies such breach. For purposes of this provision, no act or failure to act on your part will be considered “willful” unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your action or omission was in the best interests of the Company. Notwithstanding the foregoing, in the event you incur a “separation from service” by reason of a termination of your employment by the Company (other than by reason of your death or Disability or pursuant to clause (3) of this paragraph) on or within one year after a Change in Control or within the six-month period immediately preceding a Change in Control in connection with such Change in Control, it shall be presumed for purposes of this Agreement that such termination was effected by the Company other than for Cause unless the contrary is established by the Company.

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(B)    “Disability” shall mean a disability that qualifies or, had you been a participant, would qualify you to receive long-term disability payments under the Company’s group long-term disability insurance plan or program, as it may be amended from time to time.
(C)    “Good Reason” shall mean the occurrence of any one or more of the following events without your prior written consent, unless the Company corrects the circumstances constituting Good Reason (provided such circumstances are capable of correction) prior to the Termination Date: (1) the Company’s assignment to you of any duties materially inconsistent with your position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 2 hereof, or any other action by the Company which results in a material 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; (2) the Company’s material reduction of your annual base salary or bonus opportunity, each as in effect on the date hereof or as the same may be increased from time to time; (3) the relocation of the Company’s offices at which you are principally employed (the “Principal Location”) to a location more than forty-five (45) miles from such location, or the Company’s requiring you to be based at a location more than forty-five (45) miles from the Principal Location, except for required travel on Company business; (4) the Company requiring you to report to an officer other than the Chief Executive Officer of the Employer; or (5) a material breach by the Company of Section 15 of this Agreement. Notwithstanding the foregoing, you will not be deemed to have resigned for Good Reason unless (x) you provide the Company with written notice of the circumstances constituting Good Reason within thirty (30) days after the initial occurrence or existence of such circumstances, (y) the Company fails to correct the circumstance so identified within thirty (30) days after the receipt of such notice (if capable of correction), and (z) the Termination Date occurs no later than ninety (90) days after the initial occurrence of the event constituting Good Reason.
(D)    “Prior Year Bonus” shall mean, for any Termination Date that occurs between January 1 of any fiscal year and the date that annual bonuses are paid by the Company for the immediately preceding year (the “Prior Year”), your target annual bonus (without giving effect to any reduction which constitutes Good Reason) for such Prior Year, unless the Compensation Committee has determined your bonus for such Prior Year, in which case the Prior Year Bonus shall be the bonus determined by the Compensation Committee, if any. The Prior Year Bonus, if any, shall be in lieu of your annual bonus for the Prior Year. There will be no Prior Year Bonus in connection with any Termination Date that occurs on or after the date the Company pays annual bonuses for the Prior Year through the end of the year in which the Termination Date occurs.
(E)    “Retirement” shall mean your voluntary retirement from your employment with the Company at a time when (i) you have attained at least fifty-five (55) years of age, (ii) you have completed at least ten (10) Years of Service (as defined below) with the Company, and (iii) your combined age plus Years of Service equals at least seventy (70), provided that you have provided the Company with at least twelve (12) months’ advance written notice of your retirement (or such other shorter minimum advance written notice that is acceptable to the Board in its sole discretion), which notice shall be provided no earlier than such time as you have satisfied the conditions set forth in clauses (i), (ii) and (iii) above (the “Notice Period”). For purposes of 

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this Agreement, (x) if, during the Notice Period, your employment is terminated by the Company without Cause, such termination of employment shall be deemed to have occurred by reason of your Retirement for purposes of this Agreement (and, for avoidance of doubt, you will not be entitled to any payments or benefits under Section 6(a) hereof), (y) if, during the Notice Period, your employment is terminated for any other reason, such termination of employment shall not be deemed to have occurred by reason of your Retirement for purposes of this Agreement, and (z) provided that you continue in employment with the Company through the Notice Period, your employment shall automatically terminate upon the termination date set forth in such notice (or such other date accepted by the Board).
(F)    “Stub Year Bonus” shall mean the product obtained by multiplying (x) your target annual bonus for the fiscal year in which the Termination Date occurs (without giving effect to any reduction which constitutes Good Reason) multiplied by (y) a fraction, the numerator of which is the number of calendar days that have elapsed in the then current fiscal year through the Termination Date and the denominator of which is 365; provided, however, that in the case of your Retirement, “Stub Year Bonus” shall mean the product obtained by multiplying (A) the average annual bonus earned by you for the three (3) Company fiscal years immediately preceding the Company fiscal year in which your Retirement occurs multiplied by (B) a fraction, the numerator of which is the number of calendar days that have elapsed in the then current fiscal year through the date of your Retirement and the denominator of which is 365.
(G)    “Years of Service” means the aggregate period of time, expressed as a number of whole years and fractions thereof, during which you were an employee of the Company in paid status. 
7.    LIMITATION ON PAYMENTS.
(a)    Best Pay Cap. Notwithstanding any other provision of this Agreement, in the event that any payment or benefit received or to be received by you (including any payment or benefit received in connection with a termination of your employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such payments and benefits, including the payments and benefits under Section 6 of this Agreement, the “Total Payments”) would be subject (in whole or part) to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, arrangement or agreement, your remaining Total Payments shall be reduced to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax, but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes applicable to such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which you would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). The reduction undertaken pursuant to this Section 7(a) shall be accomplished first by reducing or eliminating any cash payments subject to Section 409A of the 

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Code as deferred compensation (with payments to be made furthest in the future being reduced first), then by reducing or eliminating cash payments that are not subject to Section 409A of the Code, then by reducing payments attributable to equity-based compensation (or the accelerated vesting thereof) subject to Section 409A of the Code as deferred compensation (with payments to be made furthest in the future being reduced first), and finally, by reducing payments attributable to equity-based compensation (or the accelerated vesting thereof) that is not subject to Section 409A of the Code; provided that all payments to which Treas. Reg. §1.280G-1, Q&A-24(b) or (c) does not apply shall be reduced or eliminated before any payments to which Treas. Reg. §1.280G-1, Q&A-24(b) or (c) applies.
(b)    Certain Exclusions. For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments, the receipt or retention of which you have waived at such time and in such manner so as not to constitute a “payment” within the meaning of Section 280G(b) of the Code, will be taken into account; (ii) no portion of the Total Payments will be taken into account which, in the written opinion of an independent, nationally recognized accounting firm (the “Independent Advisors”) selected by the Company, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments will be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.
8.    RESTRICTIVE COVENANTS. You acknowledge and agree that you have entered into agreements with the Company containing certain nondisclosure, intellectual property assignment, non-competition and non-solicitation provisions, including as set forth in a Proprietary Information and Inventions Assignment Agreement and an Employee Confidentiality and Covenant Agreement, and that you shall be bound by, and shall comply with your obligations under those agreements and any other agreements containing restrictive covenants.
9.    CODE SECTION 409A.
(a)    To the extent applicable, this Agreement shall be interpreted and applied consistent and in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of this Agreement to the contrary, if at any time you and the Company mutually determine that any compensation or benefits payable under this Agreement may not be compliant with or exempt from Section 409A of the Code and related Department of Treasury guidance, the parties shall work together to adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take such other actions, as the parties determine are necessary or appropriate to (i) exempt such compensation and benefits from Section 409A of the Code and/or preserve the intended tax treatment of such compensation and benefits, or (ii) comply with the requirements of Section 409A of the Code and related Department of Treasury 

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guidance; provided, however, that this Section 9(a) shall not create any obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action.
(b)    To the extent permitted under Section 409A of the Code, any separate payment or benefit under this Agreement or otherwise shall not be deemed “nonqualified deferred compensation” subject to Section 409A of the Code and Section 6(g) hereof to the extent provided in the exceptions in Treasury Regulation Section 1.409A-l(b)(4), Section 1.409A-l(b)(9) or any other applicable exception or provision of Section 409A of the Code.
(c)    To the extent that compensation or benefits payable under Section 6 of this Agreement (i) constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code or (ii) are intended to be exempt from Section 409A of the Code under Treasury Regulation Section 1.409A-1(b)(9)(iii), and are designated under this Agreement as payable upon (or within a specified time following) your termination of employment, such compensation or benefits shall, subject to Section 6(g) hereof, be payable only upon (or, as applicable, within the specified time following) your “separation from service” from the Company (within the meaning of Section 409A(a)(2)(A)(i) of the Code).
(d)    To the extent that any payments or reimbursements provided to you under this Agreement are deemed to constitute compensation to which Treasury Regulation Section 1.409A-3(i)(l)(iv) would apply, such amounts shall be paid or reimbursed to you reasonably promptly, but not later than December 31 of the year following the year in which the expense was incurred. The amount of any such payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and your right to such payments or reimbursement shall not be subject to liquidation or exchange for any other benefit.
10.    COMPANY RULES AND REGULATIONS. As an employee of the Company, you agree to abide by Company rules and regulations as set forth in the Company’s Employee Handbook, HR policies, Code of Business Conduct and Ethics, Insider Trading Policy and as otherwise promulgated.
11.    PAYMENT OF FINANCIAL OBLIGATIONS. In the event that your employment or consultancy is shared among the Company and/or its subsidiaries and affiliates, the payment or provision to you by the Company of any remuneration, benefits or other financial obligations pursuant to this Agreement may be allocated to the Company and, as applicable, its subsidiaries and/or affiliates in accordance with an employee sharing or expense allocation agreement entered into by such parties.
12.    WITHHOLDING. The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.
13.    ARBITRATION. Any disagreement, dispute, controversy or claim arising out of or relating to this Agreement or the interpretation of this Agreement or any arrangements relating to this Agreement or contemplated in this Agreement or the breach, termination or invalidity thereof 

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shall be settled by final and binding arbitration before a single neutral arbitrator. Arbitration shall be administered by JAMS in San Francisco, California in accordance with the then existing JAMS Employment Arbitration Rules and Procedures. Except as provided herein, the Federal Arbitration Act shall govern the interpretation, enforcement and all proceedings. The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of the state of California, or federal law, or both, as applicable, and the arbitrator is without jurisdiction to apply any different substantive law. The arbitrator shall have the authority to entertain a motion to dismiss and/or a motion for summary judgment by any party and shall apply the standards governing such motions under the Federal Rules of Civil Procedure. Judgment upon the award may be entered in any court having jurisdiction thereof. Each party will pay the fees for his, her or its own attorneys, subject to any fee-shifting statutes that govern the claims at issue in arbitration. However, in all cases where required by law, the Company will pay the arbitrator’s and the arbitration fees. If under applicable law the Company is not required to pay all of the arbitrator’s and/or the arbitration fees, such fee(s) will be apportioned between the parties by the arbitrator in accordance with said applicable law, and any disputes in that regard will be resolved by the arbitrator.
14.    ENTIRE AGREEMENT. As of the Effective Date, this Agreement, together with your Employee Confidentiality and Covenant Agreement with the Company and your Proprietary Information and Inventions Assignment Agreement with the Company, constitutes the final, complete and exclusive agreement between you and the Company with respect to the subject matter hereof and replaces and supersedes any and all other agreements, offers or promises, whether oral or written, made to you by any member of the Digital Group. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.
15.    ASSUMPTION BY SUCCESSOR. The Company shall 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 and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.
16.    ACKNOWLEDGEMENT. You hereby acknowledge (a) that you have consulted with or have had the opportunity to consult with independent counsel of your own choice concerning this Agreement, and have been advised to do so by the Company, and (b) that you have read and understand this Agreement, are fully aware of its legal effect, and have entered into it freely based on your own judgment.
17.    GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to conflicts of laws principles thereof.

[SIGNATURE PAGE FOLLOWS]

11

 
Please confirm your agreement to the foregoing by signing and dating the enclosed duplicate original of this Agreement in the space provided below for your signature and returning it to Cindy Fiedelman. Please retain one fully-executed original for your files.

Sincerely,

	
		
	Digital Realty Trust, Inc.,
a Maryland corporation

By:   /s/ Cindy Fiedelman   
Name:   Cindy Fiedelman
Title:    Chief Human Resources Officer

	DLR LLC,
a Maryland limited liability company

By:   Digital Realty Trust, L.P.
Its:   Managing Member

By:   Digital Realty Trust, Inc.
Its:   General Partner

By:   /s/ Cindy Fiedelman   
Name:    Cindy Fiedelman
Title:     Chief Human Resources Officer

	Digital Realty Trust, L.P.,
a Maryland limited partnership

By:   Digital Realty Trust, Inc.
Its:   General Partner

By:   /s/ Cindy Fiedelman   
Name:    Cindy Fiedelman
Title:     Chief Human Resources Officer

Accepted and Agreed, 

By:   /s/ Andrew P. Power   
   Andrew P. Power

	 

12Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”), dated as of this 24th day of June, 2019 (the “Effective Date”), is by
and between Colony Bank (the “Employer”), a Georgia Bank and wholly-owned subsidiary of Colony Bankcorp, Inc.
(the “Holding Company”) and Tracie Youngblood (“Executive”), a resident of the State of Georgia
(collectively, the “Parties”).

 

WHEREAS, Employer desires
to secure the services of Executive and to enter into this Agreement embodying the terms of the employment of Executive by Employer;
and

 

WHEREAS, Executive
desires to begin employment with Employer and to enter into this Agreement in order to facilitate and obtain the benefits set forth
herein.

 

NOW, THEREFORE, in
consideration of the mutual covenants herein contained, Employer and Executive hereby agree as follows:

 

		1.	Employment.

 

(a)           
Agreement to Employ. Upon the terms and subject to the conditions of this Agreement, Employer hereby agrees to employ
Executive and Executive hereby agrees to be employed with Employer as of the Effective Date.

 

(b)           
Term of Agreement. The term of this Agreement and Executive’s employment with Employer hereunder shall begin
on the Effective Date and shall end on the second (2nd) anniversary of the Effective Date (the “Term”),
unless terminated earlier in accordance with Section 4 below.

 

		2.	Position; Extent of Service; Office Location.

 

(a)       Position.
During the Term, Executive shall serve as Executive Vice President and Chief Financial Officer of Employer and the Holding Company,
and in such other position or positions with Employer and/or the Holding Company as may be reasonably delegated by the Chief Executive
Officer of the Bank. In such capacity, Executive will report directly to the Chief Executive Officer of the Bank.

 

(b)       Extent
of Service. During the Term, Executive shall (i) use Executive’s reasonable best efforts, judgment, skill and energy
to perform the services required of Executive’s under this Agreement in a manner consonant with the duties of Executive’s
position; (ii) devote substantially all of Executive’s business effort, time, energy, and skill (reasonable vacations and
reasonable absences due to illness excepted) to fulfill Executive’s employment duties; (iii) faithfully, loyally and diligently
perform such duties, subject to the control and supervision of the Chief Executive Officer of the Bank; and (iv) diligently follow
and implement all lawful management policies and decisions of the Chief Executive Officer of the Bank that are communicated to
Executive.

 

(c)       Office
Location. Executive shall maintain offices in both Albany, Georgia and Fitzgerald, Georgia;
provided, however, that Executive agrees to make reasonable efforts to, at least weekly, perform Executive’s services
from the Bank’s main office in Fitzgerald, Georgia office. In addition, Executive from time-to time may be required to travel
to other geographic locations in connection with the performance of Executive’s duties.

 

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Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

		3.	Compensation
and Benefits.

 

(a)       Base
Salary. During the Term, Employer shall pay to Executive base salary at the rate of Two-Hundred and Ten Thousand Dollars and
Zero Cents ($210,000.00) per year (“Base Salary”), subject to applicable withholdings required by law or authorized
by Executive. Executive’s Base Salary will be paid in accordance with Employer’s ordinary payroll policies and practices
then in effect. Executive’s Base Salary is subject to review annually by the Chief Executive Officer of the Bank and the
Compensation Committee of the Board of Directors of the Bank (the “Bank Board”) and the Board of Directors of
the Holding Company (the “Holding Company Board”) in connection with the annual performance review process.

 

(b)       Bonus
Plans. During the Term, Executive shall have an opportunity to receive an annual bonus (up to a maximum of twenty-five percent
(25%) of Base Salary) based upon the achievement of performance goals established from year to year by the Compensation Committee
of the Bank Board (the “Annual Bonus”) and the Compensation Committee of the Holding Company Board, pursuant
to the terms and conditions of Employer’s standard cash incentive plan for peer executives. Except as otherwise provided
by Employer, Executive must be employed by Employer on the date the Annual Bonus, if any, is paid in order to receive the Annual
Bonus.

 

(c)       Benefit
Plans. During the Term, Executive shall be eligible to participate in each employee benefit plan sponsored or maintained by
Employer, including, without limitation, each medical, dental, group life, accident or disability insurance, and retirement contribution
matching, in each case, whether now existing or established hereafter, to the extent that Executive is eligible to participate
in any such plan under the generally applicable provisions thereof. Nothing in this Agreement shall require Employer to create
or maintain any employee benefit plans, nor shall anything in this Agreement prohibit Employer from changing or discontinuing any
existing employee benefit plans.

 

(d)       Vacation,
PTO and Holidays. During the Term, Executive shall be entitled to up to four (4) weeks of paid vacation leave each calendar
year during the Term, as well as seven (7) days of paid-time off (PTO), plus holidays offered consistent with Employer policy.
Unused vacation and PTO shall be treated in accordance with Employer policy.

 

(e)       Reimbursement
of Expenses. During the Term, Employer shall reimburse Executive for all reasonable out-of-pocket expenses incurred by Executive
on behalf of Employer in the ordinary course of business, in accordance with Employer’s then current reimbursement procedures.
Without limiting the foregoing, Executive shall be entitled to reimbursement for (i) reasonable expenses incurred by Executive
in moving to Albany, GA; and (ii) reasonable temporary housing expenses incurred during the sixty (60) day period immediately following
the Effective Date (collectively, “Relocation Expenses”). If on or before the first anniversary of the Effective
Date, Executive voluntarily resigns from Executive’s employment for any reason, or Employer terminates Executive’s
employment for Cause, then Executive shall promptly repay Employer in full for the amount of such Relocation Expenses actually
paid by the Company.

 

(f)       Automobile
Allowance. During the Term, Employer shall pay to Executive a monthly automobile allowance of Eight Hundred Dollars and Zero
Cents ($800.00). Employer also shall reimburse Executive for Executive’s fuel expenses incurred in connection with Executive’s
business travel. Executive shall be responsible for any tax liability resulting from the automobile allowance and fuel reimbursement.

 

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Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

(g)       Terms
Regarding Reimbursement of Expenses. If Executive is entitled to be paid or reimbursed for any taxable expenses under this
Agreement, and such payments or reimbursements are includible in Executive’s federal gross taxable income, the amount of
such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the
reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was
incurred. No right of Executive to reimbursement of expenses shall be subject to liquidation or exchange for another benefit.

 

		4.	Termination of Employment.
                                         This Agreement and Executive’s employment with Employer may be terminated as follows:

 

(a)       Death.
Executive’s employment and this Agreement shall terminate immediately upon the death of Executive.

 

(b)       Disability.
If Executive is incapacitated by accident, sickness or otherwise so as to render Executive’s mentally or physically incapable
of performing fully the services required of Executive’s under this Agreement (referred to herein as a “Disability”)
for a period of ninety (90) consecutive days or for an aggregate of one hundred twenty (120) business days during any twelve (12)
month period, Employer may terminate Executive’s employment and this Agreement effective immediately after the expiration
of either of such periods, upon giving Executive written notice of such termination. Notwithstanding the foregoing provision, if
it is determined by Employer that Executive has a “disability” as defined under the Americans with Disabilities Act,
Executive’s employment shall not be terminated on the basis of such disability unless it is first determined by Employer
after consultation with Executive that there is no reasonable accommodation which would permit Executive to perform the essential
functions of Executive’s position without imposing an undue hardship on Employer.

 

(c)       By
Employer. Employer may terminate Executive’s employment and this Agreement with or without Cause immediately on written
notice to Executive. For purposes of this Agreement, “Cause” shall mean a good faith determination by Employer
that any of the following has occurred: (i) any intentional misconduct by Executive in connection with Employer’s business
or relating to Executive’s duties, or any willful violation of any laws, rules or regulations applicable to banks or the
banking industry generally (including but not limited to the regulations of the Board of Governors of the Federal Reserve, the
Federal Deposit Insurance Corporation (the “FDIC”), the State of Georgia Department of Banking and Finance,
or any other applicable regulatory authority); (ii) Executive’s material failure to comply with Employer’s policies
or guidelines of employment or corporate governance policies or guidelines, including, without limitation, any business code of
ethics adopted by Employer; (iii) any act of fraud, misappropriation or embezzlement by Executive, whether or not such act was
committed in connection with the business of Employer; (iv) a breach or threatened breach of this Agreement, including, without
limitation, a breach of any of the obligations set forth in Section 6 hereof, that, if such breach is capable of being cured,
is not cured by Executive within ten (10) days of written notice by Employer of the breach; or (v) the conviction by Executive
of, or Executive’s pleading guilty or nolo contendere to, a felony or a crime involving moral turpitude (including pleading
guilty or nolo contendere to a felony or lesser charge which results from plea bargaining), whether or not such felony, crime
or lesser offense is connected with the business of Employer.

 

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Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

(d)       By
Executive. Executive’s employment and this Agreement may be terminated by Executive for any reason at any time or with
Good Reason (as defined herein) following a Change in Control (as defined in this Agreement) by delivering a written notice of
termination to Employer thirty (30) days prior to the desired date of termination (with the thirty (30) day period to be referred
to as the “Notice Period”). During the Notice Period, and at the sole discretion of Employer, Executive may
be required to assist Employer with identifying a successor and in transitioning Executive’s duties and responsibilities
to that successor. Moreover, during the Notice Period, and at the sole discretion of Employer, Executive may be relieved of all
duties and/or prohibited from physically working at the offices of Employer. A termination by Executive shall not constitute termination
for Good Reason unless Executive shall first have delivered to Employer written notice setting forth with specificity the occurrence
deemed to give rise to a right to terminate for Good Reason (which notice must be given no later than sixty (60) days after the
initial occurrence of such event) (the “Good Reason Notice”), and Employer has not taken action to correct,
rescind or otherwise substantially reverse the occurrence supporting termination for Good Reason as identified by Executive within
thirty (30) days following its receipt of such Good Reason Notice. Good Reason shall not include Executive’s death or Disability.
Executive’s date of termination for Good Reason must occur within a period of one hundred twenty (120) days after the occurrence
of an event of Good Reason. For purposes of this Agreement, “Good Reason” shall mean any of the following, without
Executive’s consent: (i) a material diminution in Executive’s Base Salary (other than an across-the-board reduction
in base salary that affects all peer executives); (ii) a material diminution in Executive’s authority, duties, or responsibilities;
or (iii) the relocation of Executive’s principal office to a location that is more than thirty-five (35) miles from Employer’s
principal offices in Fitzgerald, Georgia or Albany, Georgia; provided, however, that Good Reason shall not include any relocation
of Executive’s principal office which is proposed or initiated by Executive.

 

(e)       By
Written Agreement. The Parties may agree in writing to terminate Executive’s employment with Employer and this Agreement
on the terms set forth in such writing.

 

		5.	Obligations
Upon Termination.

 

(a)       Termination for
Any Reason. If this Agreement and Executive’s employment with Employer are terminated for any reason, Employer shall
be obligated to pay to Executive (or, in the case of a termination under Section 4(a), Executive’s estate) only: (i) any
Base Salary already earned but unpaid (which shall be paid in a lump sum in cash within thirty (30) days after Executive’s
date of termination); and (ii) to the extent not theretofore paid or provided, any other amounts or benefits 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
Employer (collectively, the “Accrued Obligations”).

 

(b)       CIC
Qualifying Termination. If, during the Term and within twelve (12) months following a Change in Control (as defined in Section
6(b) hereof), Employer terminates Executive’s employment and this Agreement other than for Cause or Disability or Executive
terminates Executive’s employment and this Agreement for Good Reason (each, a “CIC Qualifying Termination”),
then, in addition to the Accrued Obligations, Employer shall pay to Executive an amount equal to one (1) times Executive’s
then-current Base Salary, subject to applicable withholdings and payable in a single lump sum within thirty (30) days following
the date of the CIC Qualifying Termination (the “Severance”). The Severance shall be subject to Executive’s
continued compliance in all material respects with Section 6 hereof and the execution, delivery, and non-revocation of a separation
agreement and general release (other than of Employer’s obligations under this Agreement), in form reasonably acceptable
to Employer (the “Release”).

 

(c)       Termination
Other than by Reason of a CIC Qualifying Termination. If this Agreement and Executive’s employment terminates other than
by reason of a CIC Qualifying Termination, Employer shall be obligated to pay to Executive only the Accrued Obligations and shall
have no further obligations to Executive. For the avoidance of doubt, a termination for any reason or resignation for any reason
that occurs prior to a Change in Control or more than twelve (12) months following a Change in Control shall not be a CIC Qualifying
Termination.

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Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

 

(d)       Termination
upon Expiration of the Term. If this Agreement and Executive’s employment with Employer terminate as a result of the
expiration of the Term, Employer shall be obligated to pay to Executive only the Accrued Obligations and shall have no further
obligations to Executive.

 

(e)       Survival
of Restrictions on Conduct of Executive. The provisions of Section 6 of this Agreement, as well as any other terms of this
Agreement necessary for the interpretation of Section 6, shall survive termination of the Agreement pursuant to the time periods
specified therein.

 

		6.	Restrictions
on Conduct of Executive.

 

(a)       Acknowledgements.

 

(i)       Condition
of Employment and Other Consideration. Executive acknowledges and agrees that Executive has received good and valuable consideration
for entering into this Agreement, including, without limitation, access to and use of Employer’s Confidential Information
and access to Employer’s donor and employee relationships and goodwill, and further acknowledges that Employer would not
employ or continue to employ Executive in the absence of Executive’s execution of and compliance with this Agreement.

 

(ii)       Access
to Confidential Information, Relationships, and Goodwill. Executive acknowledges and agrees that Executive is being provided
and entrusted with Confidential Information, including highly confidential business information that is subject to extensive measures
to maintain its secrecy within Employer, is not known in the trade or disclosed to the public, and would materially harm Employer’s
legitimate business interests if it was disclosed or used in violation of this Agreement. Executive also acknowledges and agrees
that Executive is being provided and entrusted with access to Employer’s donor and employee relationships and goodwill. Executive
further acknowledges and agrees that Employer would not provide access to the Confidential Information, donor and employee relationships,
and goodwill in the absence of Executive’s execution of and compliance with this Agreement. Executive further acknowledges
and agrees that Employer’s Confidential Information, donor and employee relationships, and goodwill are valuable assets of
Employer and are legitimate business interests that are properly subject to protection through the covenants contained in this
Agreement.

 

(iii)       Potential
Unfair Competition. Executive acknowledges and agrees that as a result of Executive’s employment with Employer, Executive’s
knowledge of and access to Confidential Information, and Executive’s relationships with Employer’s donors and employees,
Executive would have an unfair competitive advantage if Executive were to engage in activities in violation of this Agreement.

 

(iv)       No
Undue Hardship. Executive acknowledges and agrees that, in the event that Executive’s employment with Employer terminates,
Executive possesses marketable skills and abilities that will enable Executive to find suitable employment without violating the
covenants set forth in this Agreement.

 

(v)       Voluntary
Execution. Executive acknowledges and affirms that Executive is executing this Agreement voluntarily, that Executive has read
this Agreement carefully and had a full and reasonable opportunity to consider this Agreement (including an opportunity to consult
with legal counsel), and that Executive has not been pressured or in any way coerced, threatened or intimidated into signing this
Agreement.

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Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

 

(b)       Definitions.
The following capitalized terms used in this Agreement shall have the meanings assigned to them below, which definitions shall
apply to both the singular and the plural forms of such terms:

 

(i)       “Change
in Control” means and includes the occurrence of any one of the following events but shall specifically exclude a public
offering of any class or series of the Holding Company’s equity securities pursuant to a registration statement filed by
the Holding Company under the Securities Act of 1933:

 

(A)       during
any consecutive 12-month period, individuals who, at the beginning of such period, constitute the Holding Company Board (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a
director after the beginning of such 12-month period and whose election or nomination for election was approved by a vote of at
least a majority of the Incumbent Directors then on the Holding Company Board shall be an Incumbent Director; provided, however,
that no individual initially elected or nominated as a director of the Holding Company as a result of an actual or threatened election
contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened
solicitation of proxies or consents by or on behalf of any Person other than the Holding Company Board (“Proxy Contest”),
including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent
Director; or

 

(B)       any
person becomes a Beneficial Owner (as defined in Rule 13d-3 of the General Rules and Regulations under the Securities Exchange
Act of 1934), directly or indirectly, of either (A) 50% or more of the then-outstanding shares of common stock of the Holding Company
(“Holding Company Common Stock”) or (B) securities of the Holding Company representing 50% or more of the combined
voting power of the Holding Company’s then outstanding securities eligible to vote for the election of directors (the “Holding
Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions
of Holding Company Common Stock or Holding Company Voting Securities shall not constitute a Change in Control: (w) an acquisition
directly from the Holding Company, (x) an acquisition by the Holding Company or a Subsidiary, (y) an acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Holding Company or any Subsidiary, or (z) an acquisition pursuant
to a Non-Qualifying Transaction (as defined in subsection (iii) below); or

 

(C)       the
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Holding Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially
all of the Holding Company’s assets (a “Sale”) or the acquisition of assets or stock of another corporation
or other entity (an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A)
all or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the outstanding Holding
Company Common Stock and outstanding Holding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition
beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined
voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may
be, of the entity resulting from such Reorganization, Sale or Acquisition (including, without limitation, an entity which as a
result of such transaction owns the Holding Company or all or substantially all of the Holding Company’s assets or stock
either directly or through one or more subsidiaries, the “Surviving Entity”) in substantially the same proportions
as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Holding Company Common Stock
and the outstanding Holding Company Voting Securities, as the case may be, and (B) no person (other than (x) the Holding Company
or any Subsidiary, (y) the Surviving Entity or its ultimate parent entity, or (z) any employee benefit plan (or related trust)
sponsored or maintained by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 50% or more of the total common
stock or 50% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving
Entity, and (C) at least a majority of the members of the board of directors of the Surviving Entity were Incumbent Directors at
the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition
(any Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed
to be a “Non-Qualifying Transaction”).

 

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Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

(ii)       “Competitive
Services” means the community banking or commercial banking business, including, without limitation, originating, underwriting,
closing and selling loans, receiving deposits and otherwise engaging in the business of banking, as well as the business of providing
any other activities, products, or services of the type conducted, authorized, offered, or provided by Employer as of Executive’s
Termination Date, or during the two (2) years immediately prior to Executive’s Termination Date.

 

(iii)       “Confidential
Information” means any and all data and information relating to Employer, or their respective activities, business, donors,
or clients that (i) is disclosed to Executive or of which Executive becomes aware as a consequence of Executive’s employment
with Employer; (ii) has value to Employer; and (iii) is not generally known outside of Employer. “Confidential Information”
shall include, but is not limited to the following types of information regarding, related to, or concerning Employer: trade secrets
(as defined by O.C.G.A. § 10-1-761); financial plans and data; management planning information; business plans; operational
methods; market studies; marketing plans or strategies; pricing information; product development techniques or plans; donor or
customer lists; donor or customer files, data and financial information; details of donor or customer contracts; current and anticipated
donor or customer requirements; identifying and other information pertaining to business referral sources; past, current and planned
research and development; computer aided systems, software, strategies and programs; business acquisition plans; management organization
and related information (including, without limitation, data and other information concerning the compensation and benefits paid
to officers, directors, employees and management); personnel and compensation policies; new personnel acquisition plans; and other
similar information. “Confidential Information” also includes combinations of information or materials which individually
may be generally known outside of Employer, but for which the nature, method, or procedure for combining such information or materials
is not generally known outside of Employer. In addition to data and information relating to Employer, “Confidential Information”
also includes any and all data and information relating to or concerning a third party that otherwise meets the definition set
forth above, that was provided or made available to Employer by such third party, and that Employer has a duty or obligation to
keep confidential. This definition shall not limit any definition of “confidential information” or any equivalent term
under state or federal law. “Confidential Information” shall not include information that has become generally available
to the public by the act of one who has the right to disclose such information without violating any right or privilege of Employer.

 

(iv)       “Intellectual
Property Rights” means all intellectual property rights worldwide arising under statutory or common law or by contract
and whether or not perfected, pending, now existing or hereafter filed, issued, or acquired, including all (A) patent rights; (B)
rights associated with works of authorship including copyrights and mask work rights; (C) rights relating to the protection of
trade secrets and confidential information; (D) trademarks, service marks, trade dress, and trade names; and (E) any right analogous
to those set forth herein and any other proprietary rights relating to intangible property.

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Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

 

(v)       “Invention”
means any discovery, process, formula, method, compound, composition of matter, technique, development, improvement, design, schematic,
device, concept, system, technical information, or know-how, whether patentable or not, and any and all patent rights therein,
whether now or hereafter perfected and reduced to practice.

 

(vi)        “Material
Contact” means contact between Executive and a customer or potential customer of Employer (i) with whom or which Executive
has or had dealings on behalf of Employer; (ii) whose dealings with Employer are or were coordinated or supervised by Executive;
(iii) about whom Executive obtains Confidential Information in the ordinary course of business as a result of Executive’s
employment with Employer; or (iv) who receives products or services of Employer, the sale or provision of which results or resulted
in compensation, commissions, or earnings for Executive within the two (2) years preceding the conduct in question (if the conduct
occurs while Executive is still employed by Employer) or the Termination Date (if the conduct occurs after Executive’s Termination),
as applicable.

 

(viii)      “Person”
means any individual or any corporation, partnership, joint venture, limited liability company, association or other entity or
enterprise.

 

(ix)        “Principal
or Representative” means a principal, owner, partner, shareholder, joint venturer, investor, member, trustee, director,
officer, manager, employee, agent, representative or consultant.

 

(x)         “Protected
Customer” means any Person to whom Employer has sold its products or services or actively solicited to sell its products
or services, and with whom Executive has had Material Contact on behalf of Employer during the last two years of Executive’s
employment with Employer.

 

(xi)        “Protected
Work” means any and all ideas, Inventions, Works, hardware systems, logos, trade dress, trademarks, service marks, brand
names, and trade names (i) conceived, developed or produced by Executive, in whole or in part, alone or by others working with
Executive or under Executive’s direction, during the period of Executive’s employment which relates to Employer’s
business, (ii) conceived, produced or used or intended for use by or on behalf of Employer or its customers or (iii) conceived,
developed or produced by Executive after Executive leaves the employ of Employer that relates to or is based on Confidential Information
to which Executive had access by virtue of Executive’s employment with Employer.

 

(xii)       “Protective
Covenants” means the protective covenants contained in Section 6 of this Agreement.

 

(xiii)       “Restricted
Period” means any time during Executive’s employment with Employer, plus twelve (12) months following Executive’s
Termination Date.

 

(xiv)       “Restricted
Territory” means the following counties in the state of Georgia: Ben Hill, Dougherty and Lee and any other county in
which Executive is working on behalf of Employer, and any other county in which Executive is working on behalf of Employer in which,
during the one (1) year preceding the conduct in question (if the conduct occurs while Executive is still employed by Employer)
or the Termination Date (if the conduct occurs after Executive’s Termination), as applicable.

 

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Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

(xi)            “Subsidiary”
means any corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting stock
or voting power is beneficially owned directly or indirectly by the Holding Company.

 

(xvi)         “Termination”
means the termination of Executive’s employment with Employer, for any reason, whether with or without cause, upon the initiative
of either party.

 

(xvii)        “Termination
Date” means the date of Executive’s Termination.

 

(xviii)       “Works”
means any works of authorship, compilations, documents, data, notes, designs, photographs, artwork, drawings, visual or aural works,
data bases, computer programs, software (source code and object code), systems, programs, software integration techniques, schematics,
flow charts, studies, research, findings, manuals, pamphlets, instructional and training materials and other materials, including,
without limitation, any modifications or improvements thereto or derivatives therefrom, and whether or not subject to copyright
or trade secret protection.

 

(c)       Restriction
on Disclosure and Use of Confidential Information. Executive agrees that Executive shall not, directly or indirectly, use any
Confidential Information on Executive’s own behalf or on behalf of any Person other than Employer, or reveal, divulge, or
disclose any Confidential Information to any Person not expressly authorized by Employer to receive such Confidential Information.
This obligation shall remain in effect for as long as the information or materials in question retain their status as Confidential
Information. Executive further agrees that Executive shall fully cooperate with Employer in maintaining the Confidential Information
to the extent permitted by law. The parties acknowledge and agree that this Agreement is not intended to, and does not, alter either
Employer’s rights or Executive’s obligations under any state or federal statutory or common law regarding trade secrets
and unfair trade practices. Anything herein to the contrary notwithstanding, Executive shall not be restricted from: (i) disclosing
information that is required to be disclosed by law, court order or other valid and appropriate legal process; provided, however,
that in the event such disclosure is required by law, Executive shall provide Employer with prompt notice of such requirement so
that Employer may seek an appropriate protective order prior to any such required disclosure by Executive; (ii) reporting possible
violations of federal, state, or local law or regulation to any governmental agency or entity, or from making other disclosures
that are protected under the whistleblower provisions of federal, state, or local law or regulation, and Executive shall not need
the prior authorization of Employer to make any such reports or disclosures and shall not be required to notify Employer that Executive
has made such reports or disclosures; (iii) disclosing a trade secret (as defined by 18 U.S.C. § 1839) in confidence to a
federal, state, or local government official, either directly or indirectly, or to an attorney, in either event solely for the
purpose of reporting or investigating a suspected violation of law; or (iv) disclosing a trade secret (as defined by 18 U.S.C.
§ 1839) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

(d)       Non-Competition.
Executive agrees that, during the Restricted Period, Executive will not, without prior written consent of Employer, directly or
indirectly (i) carry on or engage in Competitive Services within the Restricted Territory on Executive’s own or on behalf
of any Person or any Principal or Representative of any Person.

 

(e)       Non-Solicitation
of Protected Customers. Executive agrees that, during the Restricted Period, Executive shall not, without the prior written
consent of Employer, directly or indirectly, on Executive’s own behalf or as a Principal or Representative of any Person,
solicit, divert, take away, or attempt to solicit, divert, or take away a Protected Customer for the purpose of engaging in, providing,
or selling Competitive Services.

 

    - 9 -

Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

(f)       Non-Recruitment
of Employees and Independent Contractors. Executive agrees that during the Restricted Period, Executive shall not, directly
or indirectly, whether on Executive’s own behalf or as a Principal or Representative of any Person, recruit, solicit, or
induce or attempt to recruit, solicit or induce any employee or independent contractor of Employer to terminate Executive’s/Executive’s
employment or other relationship with Employer or to enter into employment or any other kind of business relationship with Executive
or any other Person.

 

(g)       Proprietary
Rights.

 

(i)       Ownership
of Protected Works. Executive acknowledges and agrees that any and all Confidential Information and Protected Works, and all
Intellectual Property Rights therein, are the sole and exclusive property of Employer, and that no compensation in addition to
Executive’s base salary is due to Executive for development, assignment or transfer of Protected Works. Executive acknowledges
and agrees that all Works related to or useful in the business of Employer, whether created within or without Employer’s
facilities and before, during or after normal business hours, are specifically intended to be “works made for hire”
by Executive created within the scope of employment with Employer, and Protected Works. Executive hereby waives any and all moral
rights Executive may have to the Works in the United States and all other countries, including, without limitation, any rights
Executive may have under 17 U.S.C. § 106A.

 

(ii)       Disclosure
of Protected Works. Executive will promptly and fully disclose in writing to Employer the existence of any Protected Works
and maintain adequate written records of all Protected Works, which records remains the exclusive property of Employer.

 

(iii)       Assignment
of Protected Works. Executive hereby assigns and transfers, and agrees to assign and transfer, all of Executive’s rights,
title and interest, as and when those rights arise, in any and all Protected Works, including all Intellectual Property Rights
therein, to Employer. If and to the extent it is impossible as a matter of law to assign rights, including, without limitation,
Intellectual Property Rights in any portion of the Protected Works to Employer, Executive hereby grants to Employer an exclusive,
irrevocable, perpetual, transferable, fully paid-up, royalty-free, worldwide and unlimited right and license (with right to sublicense)
to make (including the right to practice methods, processes and procedures), have made, sell, import, export, distribute, use and
exploit in any possible ways (including, but not limited to, modify, copy, amend, translate, display, further develop, prepare
derivative works of, distribute and sublicense) all Intellectual Property Rights pertaining to the Protected Works, and any portion
of it. Executive shall not be entitled to use Protected Works for Executive’s own benefit or the benefit of anyone, except
Employer, without written permission from Employer and then only subject to the terms of such permission. Executive agrees that
Executive will not oppose or object in any way to applications for registration of Protected Works by Employer or others designated
by Employer. Executive agrees to exercise reasonable care to avoid making Protected Works available to any third party and shall
be liable to Employer for all damages and expenses, including reasonable attorneys’ fees, if Protected Works are made available
to third parties by Executive’s, without the express written consent of Employer.

 

    - 10 -

Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

Anything herein to
the contrary notwithstanding, Executive will not be obligated to assign to Employer any Invention or Work for which no equipment,
supplies, facilities, or Confidential Information of Employer was used and which was developed entirely on Executive’s own
time, unless (i) the Invention or Work relates (A) directly to the business of Employer, or (B) to Employer’s actual or demonstrably
anticipated research or development; or (ii) the Invention or Work results from any work performed by Executive for Employer. Executive
likewise will not be obligated to assign to Employer any Invention or Work that is conceived by Executive after Executive leaves
the employ of Employer, except that Executive is so obligated if the same relates to or is based on Confidential Information to
which Executive had access by virtue of Executive’s employment with Employer. Similarly, Executive will not be obligated
to assign any Invention or Work to Employer that was conceived and reduced to practice prior to Executive’s employment, regardless
of whether such Invention or Work relates to or would be useful in the business of Employer.

 

(iv)       Reasonable
Assistance. Executive will, during and after Executive’s employment, communicate to Employer any facts known to Executive’s
regarding the Protected Works and, at Employer’s request, testify in any legal proceedings, sign all lawful papers, make
all rightful oaths, execute and deliver all transfers, assignments, instruments and papers (including, without limitation, applications
for registration, divisionals, continuations, continuations-in-part, foreign counterparts, or reissue applications) and take such
further action as may be considered necessary by Employer to carry into full force and effect the assignment, transfer, and conveyance
made or to be made of title to the Protected Works and all Intellectual Property Rights therein clearly and exclusively to Employer
and to enforce and defend Employer’s rights therein.

 

(v)       Prior
Works and Inventions; No Other Duties. Executive acknowledges and affirms that either (A) there are no Works or Inventions
conceived, developed or produced by Executive, whether or not perfected and reduced to practice, prior to Executive’s employment
Employer, or (B) Executive has, on or before signing this Agreement, disclosed all such prior Works and Inventions to Employer
in writing and provided to Employer a detailed written description thereof. Executive acknowledges and agrees that there is no
other contract or duty on Executive’s part now in existence to assign Protected Works to anyone other than Employer.

 

(h)       Return
of Materials. Executive agrees that Executive will not retain or destroy (except as set forth below), and will immediately
return to Employer on or prior to the Termination Date, or at any other time Employer requests such return, any and all property
of Employer that is in Executive’s possession or subject to Executive’s control, including, but not limited to, donor
or customer files and information, papers, drawings, notes, manuals, specifications, designs, devices, code, email, documents,
diskettes, CDs, tapes, keys, access cards, credit cards, identification cards, equipment, computers, mobile devices, other electronic
media, all other files and documents relating to Employer and its business (regardless of form, but specifically including all
electronic files and data of Employer), together with all Protected Works and Confidential Information belonging to Employer or
that Executive received from or through Executive’s employment with Employer. Executive will not make, distribute, or retain
copies of any such information or property. To the extent that Executive has electronic files or information in Executive’s
possession or control that belong to Employer, contain Confidential Information, or constitute Protected Works (specifically including
but not limited to electronic files or information stored on personal computers, mobile devices, electronic media, or in cloud
storage), on or prior to the Termination Date, or at any other time Employer requests, Executive shall (i) provide Employer with
an electronic copy of all of such files or information (in an electronic format that readily accessible by Employer); (ii) after
doing so, delete all such files and information, including all copies and derivatives thereof, from all non-Employer-owned computers,
mobile devices, electronic media, cloud storage, and other media, devices, and equipment, such that such files and information
are permanently deleted and irretrievable; and (iii) if requested by Employer, provide a written certification to Employer that
the required deletions have been completed and specifying the files and information deleted and the media source from which they
were deleted.

 

    - 11 -

Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

		(i)	Enforcement of Protective Covenants.

 

(i)       Rights
and Remedies Upon Breach. The Parties specifically acknowledge and agree that the remedy at law for any breach of the Protective
Covenants will be inadequate, and that in the event Executive breaches, or threatens to breach, any of the Protective Covenants,
Employer shall have the right and remedy, without the necessity of proving actual damage or posting any bond, to enjoin, preliminarily
and permanently, Executive from violating or threatening to violate the Protective Covenants and to have the Protective Covenants
specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of the Protective
Covenants would cause irreparable injury to Employer and that money damages would not provide an adequate remedy to Employer. Executive
understands and agrees that if Executive violates any of the obligations set forth in the Protective Covenants, the period of restriction
applicable to each obligation violated shall cease to run during the pendency of any litigation over such violation, provided that
such litigation was initiated during the period of restriction. Such rights and remedies shall be in addition to, and not in lieu
of, any other rights and remedies available to Employer at law or in equity Employer’s ability to enforce its rights under
the Protective Covenants or applicable law against Executive shall not be impaired in any way by the existence of a claim or cause
of action on the part of Executive based on, or arising out of, this Agreement or any other event or transaction.

 

(ii)       Severability
and Modification of Covenants. Executive acknowledges and agrees that each of the Protective Covenants is reasonable and valid
in time and scope and in all other respects. The Parties agree that it is their intention that the Protective Covenants be enforced
in accordance with their terms to the maximum extent permitted by law. Each of the Protective Covenants shall be considered and
construed as a separate and independent covenant. Should any part or provision of any of the Protective Covenants be held invalid,
void, or unenforceable, such invalidity, voidness, or unenforceability shall not render invalid, void, or unenforceable any other
part or provision of this Agreement or such Protective Covenant. If any of the provisions of the Protective Covenants should ever
be held by a court of competent jurisdiction to exceed the scope permitted by the applicable law, such provision or provisions
shall be automatically modified to such lesser scope as such court may deem just and proper for the reasonable protection of Employer’s
legitimate business interests and may be enforced by Employer to that extent in the manner described above and all other provisions
of this Agreement shall be valid and enforceable.

 

7.       Existing
Covenants. Executive represents and warrants that Executive’s employment with Employer does not and will not breach any
agreement that Executive has with any former employer to keep in confidence proprietary or confidential information or not to compete
with any such former employer. Executive will not disclose to Employer or use on its behalf any proprietary or confidential information
of any other party required to be kept confidential by Executive.

 

8.       Disclosure
of Agreement. Executive acknowledges and agrees that, during the Restricted Period, Executive will disclose the existence and
terms of this Agreement to any prospective employer, business partner, investor or lender prior to entering into an employment,
partnership or other business relationship with such prospective employer, business partner, investor or lender. Executive further
agrees that Employer shall have the right to make any such prospective employer, business partner, investor or lender of Executive
aware of the existence and terms of this Agreement.

 

    - 12 -

Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

9.       Miscellaneous.

 

(a)       Applicable
Law; Forum Selection; Consent to Jurisdiction. The Parties agree that this Agreement shall be governed by and construed and
interpreted in accordance with the laws of the State of Georgia without giving effect to its conflicts of law principles. The Parties
that the exclusive forum for any action to enforce this Agreement, as well as any action relating to or arising out of this Agreement,
shall be the state or federal courts of the State of Georgia. With respect to any such court action, Executive hereby (a) irrevocably
submits to the personal jurisdiction of such courts;; (b) consents to venue; and (c) waives any other requirement (whether imposed
by statute, rule of court, or otherwise) with respect to personal jurisdiction or venue. The Parties hereto further agree that
the state and federal courts of the State of Georgia are convenient forums for any dispute that may arise herefrom and that neither
party shall raise as a defense that such courts are not convenient forums.

 

(b)       Severability.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

 

(c)       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 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.

 

(d)       Entire
Agreement; Amendment. This Agreement contains the entire agreement between Employer and Executive with respect to the subject
matter hereof and, from and after the date hereof, this Agreement shall supersede any other agreement, written or oral, between
the parties relating to the subject matter of this Agreement. This Agreement may not be amended or modified otherwise than by a
written agreement executed by the parties hereto or their respective successors and legal representatives.

 

(e)       Assignment.
This Agreement can be assigned by Employer and shall be binding and inure to the benefit of Employer, its successors and assigns.
No right, obligation or duty of this Agreement may be assigned by Executive without the prior written consent of Employer.

 

(f)       Notices.
Any notice required or desired to be delivered under this Agreement shall be in writing and shall be delivered personally, by courier
service, by registered mail, return receipt requested, or by telecopy and shall be effective upon actual receipt by the party to
which such notice shall be directed, and shall be addressed as follows (or to such other address as the party entitled to notice
shall hereafter designate in accordance with the terms hereof):

 

If to Employer:                  Chief
Executive Officer

115 S. Grant Street

Fitzgerald, GA 31750

 

If to Executive:                  Tracie Youngblood

Current address on file with
Employer

 

(g)       Construction.
The Parties understand and agree that because they both have been given the opportunity to have counsel review and revise this
Agreement, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall
not be employed in the interpretation of this Agreement. Instead, the language of all parts of this Agreement shall be construed
as a whole, and according to its fair meaning, and not strictly for or against either of the parties.

 

    - 13 -

Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

(h)       Counterparts.
This Agreement may be executed in two or more counterparts, and it shall not be necessary that the signatures of the Parties hereto
be contained on any one counterpart hereof. Each counterpart shall be deemed an original but all counterparts together shall constitute
one and the same instrument. Any signature page of any such counterpart, or any electronic facsimile thereof, may be attached or
appended to any other counterpart to complete a fully executed counterpart of this Agreement, and any telecopy or other electronic
transmission of any signature shall be deemed an original and shall bind such Party.

 

(i)       Third Party
Beneficiaries. The parties acknowledge and agree that any direct and indirect parent companies or subsidiaries of Employer
are intended to be beneficiaries of this Agreement and shall have every right to enforce the terms and provisions of this Agreement
in accordance with the provisions of this Agreement.

 

(j)       Acknowledgements.
Executive acknowledges and agrees that Executive has read and reviewed this Agreement in its entirety, and that Executive has been
given the opportunity to ask Employer questions about this Agreement. Executive further acknowledges and agrees that Executive
has been given an opportunity to consult with an attorney of Executive’s choice regarding this Agreement.

 

10.       Code
Section 280G.

 

(a)       Notwithstanding
anything in this Agreement to the contrary, in the event it shall be determined that any benefit, payment or distribution by Employer
to or for the benefit of Executive (whether payable or distributable pursuant to the terms of this Agreement or otherwise) (such
benefits, payments or distributions are hereinafter referred to as “Payments”) would, if paid, be subject to
the excise tax (the “Excise Tax”) imposed by Section 4999 of the Code, then the aggregate present value of the
Payments shall be reduced (but not below zero) to an amount expressed in present value that maximizes the aggregate present value
of the Payments without causing the Payments or any part thereof to be subject to the Excise Tax and therefore nondeductible by
Employer because of Section 280G of the Code (the “Reduced Amount”). The reduction of the Payments due hereunder,
if applicable, shall be made by first reducing cash Payments and then, to the extent necessary, reducing those Payments having
the next highest ratio of Parachute Value to actual present value of such Payments as of the date of the change of control, as
determined by the Determination Firm (as defined in Section 10(b) below). For purposes of this Section 10, present value shall
be determined in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 10, the “Parachute Value”
of a Payment means the present value as of the date of the change of control of the portion of such Payment that constitutes a
“parachute payment” under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining
whether and to what extent the Excise Tax will apply to such Payment.

 

(b)       All
determinations required to be made under this Section 10, including whether an Excise Tax would otherwise be imposed, whether the
Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be utilized in arriving at such determinations,
shall be made by an accounting firm or compensation consulting firm mutually acceptable to Employer and Executive (the “Determination
Firm”) which shall provide detailed supporting calculations both to Employer and Executive within 15 business days of
the receipt of notice from Executive that a Payment is due to be made, or such earlier time as is requested by Employer. All fees
and expenses of the Determination Firm shall be borne solely by Employer. Any determination by the Determination Firm shall be
binding upon Employer 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 Determination Firm hereunder, it is possible that Payments hereunder will have been unnecessarily
limited by this Section 10 (“Underpayment”), consistent with the calculations required to be made hereunder.
The Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly
paid by Employer to or for the benefit of Executive together with interest at the applicable Federal rate provided for in Section
7872(f)(2) of the Code, but no later than March 15 of the year after the year in which the Underpayment is determined to exist,
which is when the legally binding right to such Underpayment arises.

 

    - 14 -

Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

11.       Code
Section 409A.

 

(a)       General.
This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid
or provided in a manner that is either exempt from or compliant with the requirements Section 409A of the Code and applicable Internal
Revenue Service guidance and Treasury Regulations issued thereunder (and any applicable transition relief under Section 409A of
the Code). Nevertheless, the tax treatment of the benefits provided under the Agreement is not warranted or guaranteed. Neither
Employer nor its directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary
amounts owed by Executive as a result of the application of Section 409A of the Code.

 

(b)       Definitional
Restrictions. Notwithstanding anything in this Agreement to the contrary, to the extent that any amount or benefit that would
constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred
Compensation”) would otherwise be payable or distributable hereunder, or a different form of payment of such Non-Exempt
Deferred Compensation would be effected, by reason of a Change in Control or Executive’s termination of employment, such
Non-Exempt Deferred Compensation will not be payable or distributable to Executive, and/or such different form of payment will
not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control or termination of
employment, as the case may be, meet any description or definition of “change in control event” or “separation
from service”, as the case may be, in Section 409A of the Code and applicable regulations (without giving effect to any elective
provisions that may be available under such definition). If this provision prevents the payment or distribution of any Non-Exempt
Deferred Compensation, or the application of a different form of payment, such payment or distribution shall be made at the time
and in the form that would have applied absent the non-409A-conforming event.

 

(c)       Treatment
of Installment Payments. Each payment of termination benefits under Section 5(b) of this Agreement shall be considered a separate
payment, as described in Treas. Reg. Section 1.409A-2(b)(2), for purposes of Section 409A of the Code.

 

(d)       Timing
of Release of Claims. Whenever in this Agreement a payment or benefit is conditioned on Executive’s execution and non-revocation
of a release of claims, such release must be executed and all revocation periods shall have expired within 60 days after Executive’s
date of termination; failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes Non-Exempt
Deferred Compensation, then such payment or benefit shall be made (or in the case of installment payments, installments that would
have otherwise been payable during such 60-day period shall be accumulated and paid) on the 60th day after Executive’s date
of termination provided such release shall have been executed and such revocation periods shall have expired. If such payment or
benefit is exempt from Section 409A of the Code, Employer may elect to make or commence payment at any time during such 60-day
period.

 

(e)       Six-Month
Delay in Certain Circumstances. Notwithstanding anything in this Agreement to the contrary, if any amount or benefit that would
constitute Non-Exempt Deferred Compensation would otherwise be payable or distributable under this Agreement by reason of Executive’s
separation from service during a period in which Executive is a Specified Employee (as defined below), then, subject to any permissible
acceleration of payment by Employer under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts
of interest), or (j)(4)(vi) (payment of employment taxes): (i) the amount of such Non-Exempt Deferred Compensation that would otherwise
be payable during the six-month period immediately following Executive’s separation from service will be accumulated through
and paid or provided on the first day of the seventh month following Executive’s separation from service (or, if Executive
dies during such period, within 30 days after Executive’s death) (in either case, the “Required Delay Period”);
and (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the
Required Delay Period. For purposes of this Agreement, the term “Specified Employee” has the meaning given such term
in Code Section 409A and the final regulations thereunder.

 

    - 15 -

Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

11.       Regulatory
Action.

 

(a)       If
Executive is removed and/or permanently prohibited from participating in the conduct of Employer’s affairs by an order issued
under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) and (g)(1)),
all obligations of Employer under this Agreement shall terminate, as of the effective date of such order.

 

(b)       If
Executive is suspended and/or temporarily prohibited from participating in the conduct of Employer’s affairs by a notice
served under Section 8(e)(3) or 8(g)(1) of the FDIA (12 U.S.C. 1818(e)(3) and (g)(1)), all obligations of Employer under this Agreement
shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed,
the Employer shall reinstate (in whole or in part) any of its obligations which were suspended.

 

(c)       If
Employer is in default (as defined in Section 3(x)(1) of the FDIA), all obligations under this Agreement shall terminate as of
the date of default.

 

(d)       All
obligations under this Agreement shall be terminated, except to the extent a determination is made that continuation of the Agreement
is necessary for the continued operation of the Employer (1) by the director of the FDIC or Executive’s or Executive’s
designee (the “Director”), at the time the FDIC enters into an agreement to provide assistance to or on behalf
of Employer under the authority contained in 13(c) of the FDIA; or (2) by the Director, at the time the Director approves a supervisory
merger to resolve problems related to operation of Employer when Employer is determined by the Director to be in an unsafe and
unsound condition.

 

(e)       Notwithstanding
anything contained in this Agreement to the contrary, no payments shall be made pursuant to any provision herein in contravention
of the requirements of Section 2[18(k)] of the FDIA (12 U.S.C. 1828(k)). In particular, the provisions pertaining to the potential
for payments shall have no force or effect as long as either the agreement concerning the potential for payments or the actual
payment of such amounts would be considered a “golden parachute payment,” with the meaning of 12 C.F.R. Section 359.1(f).

 

[Signatures on following page]

    - 16 -

Executive Initials: /s/ THF 
 
Employer Initials: /s/ TY 

     

    

 

IN WITNESS WHEREOF,
the Parties hereto have duly executed and delivered this Agreement.

 

          Colony
BANK

          By: /s/ T. Heath Foundatin                                        

          Name:  T. Heath Fountain

          Title:    President
and Chief Executive Officer

 

         Date:      June
24, 2019

 

 

         EXECUTIVE

          /s/ Tracie Youngblood                                        

          Tracie Youngblood

 

          Date:     June 24, 2019

 

 

 

- 17 -

Executive Initials: /s/ THF 

 

Employer Initials: /s/ TY

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