Document:

Exhibit 4(b)(20)

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS
MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

REGISTERED                                      $[    ]

No. FL-01                                    CUSIP #[ ]

                         THE BEAR STEARNS COMPANIES INC.

                           MEDIUM-TERM NOTE, SERIES B

                           3 YEAR NOTES LINKED TO THE

                        DOW JONES--AIG COMMODITY INDEXSM

                               DUE APRIL 30, 2008

Interest Rate: *

Original Issue Date:    April 29, 2005           Redeemable  On and After: N/A

Maturity Date:          April 30, 2008           Optional Repayment Date(s): N/A

Minimum
Denominations:    $1,000, increased in multiples of $1,000

* The Company will not make any periodic payments of interest or any other
payments on the Notes until Maturity. At Maturity, the Company will pay the Cash
Settlement Value (as defined below).

<PAGE>

            THE BEAR STEARNS COMPANIES INC., a Delaware corporation (the
"Company"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the Cash Settlement Value on the maturity date shown above
(the "Maturity Date").

            Payment of the Cash Settlement Value shall be made at the office or
agency of the Trustee (as defined below) maintained for that purpose in the
Borough of Manhattan, The City of New York, in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debt.

            The Cash Settlement Value due at Maturity will be paid at Maturity
in immediately available funds against presentation of this Note at the office
or agency of the Trustee maintained for that purpose in the Borough of
Manhattan, The City of New York.

            REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH ON THE FACE HEREOF.

            This Note shall be governed by and construed in accordance with the
laws of the State of New York.

            This Note is one of the series of Medium-Term Notes, Series B, of
the Company.

            Unless the certificate of authentication hereon has been executed by
JPMorgan Chase Bank, N.A. (formerly, The Chase Manhattan Bank), the Trustee
under the Indenture, or its successor thereunder by the manual signature of one
of its authorized signatories, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                      -2-
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed under its corporate seal.

Dated:

                                       THE BEAR STEARNS COMPANIES INC.

                                       By:____________________________________
                                            Executive Vice President and
                                            Chief Financial Officer

ATTEST:

_______________________________

Secretary

[Corporate Seal]

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.

                                       JPMORGAN CHASE BANK, N.A., as Trustee

                                       By:_____________________________
                                          Authorized Signature

                                      -3-
<PAGE>

                                [Reverse of Note]

                         THE BEAR STEARNS COMPANIES INC.

                           MEDIUM-TERM NOTE, SERIES B

                           3 YEAR NOTES LINKED TO THE

                        DOW JONES--AIG COMMODITY INDEXSM

                               DUE APRIL 30, 2008

            This Note is one of a duly authorized issue of debentures, notes or
other evidences of indebtedness (hereinafter called the "Securities") of the
Company of the series hereinafter specified, all such Securities issued and to
be issued under the Indenture dated as of May 31, 1991, as amended (herein
called the "Indenture") between the Company and JPMorgan Chase Bank, N.A.
(formerly, The Chase Manhattan Bank), as trustee (herein called the "Trustee,"
which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and limitations of rights thereunder of the
Company, the Trustee and the Holders of the Securities, and the terms upon which
the Securities are, and are to be, authenticated and delivered. As provided in
the Indenture, Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest, if any, at different rates, may be subject
to different redemption provisions, if any, may be subject to different
repayment provisions, if any, may be subject to different sinking, purchase or
analogous funds, if any, may be subject to different covenants and Events of
Default and may otherwise vary as in the Indenture provided or permitted. This
Note is one of the series of the Securities designated as Medium-Term Notes,
Series B (the "Notes"). The Notes of this series may be issued at various times
with different maturity dates, redemption dates and different principal
repayment provisions, may bear interest at different rates and may otherwise
vary, all as provided in the Indenture.

Certain Definitions

Index: ...................... means the Dow Jones--AIG Commodity IndexSM, as
                              published by Dow Jones & Company, Inc ("Dow
                              Jones") and is calculated by Dow Jones in
                              conjunction with AIG International Inc. ("AIGI").

Calculation Agent:........... means Bear, Stearns & Co. Inc.

Index Business Day:.......... means a day, as  determined  by the  Calculation
                              Agent, on which the sum of the Commodity Index
                              Percentages (as defined under "Description of the
                              Index--Annual Reweightings and Rebalancings of the
                              Index" in the Pricing Supplement, dated April 28,
                              2005, relative to the Notes) for the Index
                              commodities that are open for trading is greater

                                      -4-
<PAGE>

                              than 50%. The Calculation Agent may, in its sole
                              discretion, add to or delete from the definition
                              of "Index Business Day" any major exchange or
                              market which commences or ceases to serve as a
                              primary exchange or market upon which a commodity
                              underlying the Index trades, or as an exchange
                              upon which a futures contract, an option contract,
                              or an option on a futures contract relating to the
                              Index trades.

Initial Index Level:......... equals 153.484.

Final Index Level:........... will be determined by the Calculation  Agent and
                              will equal the closing value of the Index on April
                              28, 2008, the "Calculation Date," or, if that day
                              is not an Index Business Day, on the next Index
                              Business Day.

Maturity Date:............... means April 30, 2008.

Cash Settlement Value

            At Maturity, the Company shall pay the "Cash Settlement Value," an
amount in cash depending on the relation of the Final Index Level to the Initial
Index Level:

                  (i) If the Final Index Level is greater than or equals the
                  Initial Index Level, the Cash Settlement Value per each $1,000
                  principal amount of Notes will equal:

                                _                                       _
                               [                                         ]
                               |          ( Final Index Level        )   |
            $1,000 + $1,000 x  |  150% x  (-------------------   -  1)   |
                               |          (Initial Index Level       )   |
                               [_                                       _]

                  (ii) If the Final Index Level is less than the Initial Index
                  Level, the Cash Settlement Value per each $1,000 principal
                  amount of Notes will equal:

                               ( Final Index Level )
                     $1,000 x  (-------------------)
                               (Initial Index Level)

                                      -5-
<PAGE>

Discontinuance of the Index

            If Dow Jones and AIGI discontinue publication of the Index and they
or another entity publish a successor or substitute index that the Calculation
Agent determines, in its sole discretion, to be comparable to the discontinued
Index (the new index being referred to as a "successor index"), then the Final
Index Level will be determined by reference to the successor index at the close
of trading on the relevant exchange or market for the successor index on the
date that the Final Index Level is to be determined.

            If Dow Jones and AIGI discontinue publication of the Index prior to,
and such discontinuance is continuing on, the date that the Final Index Level is
to be determined and the Calculation Agent determines that no successor index is
available at such time, then, on such date, the Calculation Agent will notify
the Company and the Trustee, and will calculate the Index by reference to a
group of physical commodities, exchange-traded futures contracts on physical
commodities or indices and will apply a computation methodology that the
Calculation Agent determines will as closely as reasonably possible replicate
the Index. "Closing level" means, with respect to any security on any date, the
last reported sales price regular way on such date or, in case no such reported
sale takes place on such date, the average of the reported closing bid and asked
price regular way on such date, in either case on the primary organized exchange
or trading system on which such physical commodities, exchange-traded futures
contracts on physical commodities or indices are then listed or admitted to
trading.

            If a successor index is selected, or the Calculation Agent
calculates a value as a substitute for the Index as described above, that
successor index or its closing level will be used as a substitute for the Index
for all purposes, including for purposes of determining whether an Index
Business Day or Market Disruption Event has occurred or exists.

Adjustments to the Index

            If at any time the method of calculating the Index or a successor
index, or the Final Index Level thereof, is changed in a material respect, or if
the Index or a successor index is in any other way modified so that such index
does not, in the opinion of the Calculation Agent, fairly represent the level of
the Index or such successor index had such changes or modifications not been
made, then, from and after such time, the Calculation Agent will, at the close
of business in New York City on the date that the Final Index Level is to be
determined, make such calculations and adjustments as, in its good faith
judgment, may be necessary in order to arrive at a level of a commodity index
comparable to the Index or such successor index, as the case may be, as if such
changes or modifications had not been made. The Calculation Agent will calculate
the Final Index Level with reference to the Index or such successor index, as
adjusted.

Market Disruption Events

            If there is a Market Disruption Event (a "Market Disruption Event")
on the Calculation Date, the Calculation Date will be the first succeeding Index
Business Day on which there is no Market Disruption Event, unless there is a
Market Disruption Event on the next Index Business Day following the original
date that, but for the Market Disruption Event, would have been the Calculation
Date. In that case, the first Index Business Day will be deemed to be the
Calculation Date, notwithstanding the Market Disruption Event and the
Calculation Agent will

                                      -6-
<PAGE>

determine the level of the Index on that first Index Business Day in accordance
with the formula for and method of calculating the Index in effect prior to the
Market Disruption Event using the exchange traded price of each commodity in the
Index (or, if trading in any such commodity has been materially suspended or
materially limited, the Calculation Agent's good faith estimate of the exchange
traded price that would have prevailed but for such suspension or limitation) as
of that first Index Business Day.

            A Market Disruption Event means any of the following events, as
determined by the Calculation Agent, in its sole discretion:

      o     the termination or suspension of, or material limitation or
            disruption of trading for more than three hours in any futures
            contract used in the calculation of the Index or any successor
            index;

      o     the official price as published by the futures exchange on which the
            Index commodity trades (the "settlement price") for any Index
            commodity has increased or decreased by the maximum permitted price
            change from the previous day's settlement price;

      o     the failure of an exchange to publish a settlement price for any
            respective Index commodity;

      o     with respect to any Index commodity that trades on the London Metal
            Exchange ("LME"), a business day on which the LME is not open for
            trading; or

      o     in any other event, if the Calculation Agent determines in its sole
            discretion that the event materially interferes with the Company's
            ability or the ability of any of the Company's affiliates to manage,
            enter into or unwind a hedge with respect to the Notes that the
            Company or its affiliates have effected or may effect.

The following events will not be Market Disruption Events:

      a)    a limitation on the hours or numbers of days of trading, but only if
            the limitation results from an announced change in the regular
            business hours of the futures exchange in which an Index commodity
            trades; or

      b)    a decision to permanently discontinue trading in the option or
            futures contracts relating to the Index or Index commodity.

Redemption; Defeasance

            The Notes are not subject to redemption before Maturity, and are not
subject to defeasance.

Events of Default and Acceleration

            If an Event of Default with respect to any Notes has occurred and is
continuing, then the amount payable to the beneficial owner of a Note, upon any
acceleration permitted by the Notes will be equal to the Cash Settlement Value
as though the date of early repayment were the Maturity Date of the Notes,
adjusted by an amount equal to any losses, expenses and costs

                                      -7-
<PAGE>

to the Company of unwinding any underlying or related hedging or funding
arrangements, all as determined by the Calculation Agent in its sole and
absolute discretion.

Same-Day Settlement and Payment

            Payment of the Cash Settlement Value will be made in immediately
available funds, so long as the Notes are maintained in book-entry form.

Calculation Agent

            All determinations made by the Calculation Agent will be at the sole
discretion of the Calculation Agent and will, in the absence of manifest error,
be conclusive for all purposes and binding on the Company and Holders of the
Notes.

General

            If so specified on the face of this Note, this Note may be redeemed
by the Company on and after the date so indicated on the face hereof. If no such
date is set forth on the face hereof, this Note may not be redeemed prior to
Maturity. On and after such date, if any, from which this Note may be redeemed,
this Note may be redeemed in whole or in part in increments of $1,000, at the
option of the Company, at a redemption price equal to 100% of the principal
amount to be redeemed, together with interest thereon payable to the Redemption
Date, on notice given, unless otherwise specified on the face hereof, not more
than 60 nor less than 30 days prior to the Redemption Date. If less than all the
Outstanding Notes having such terms as specified by the Company are to be
redeemed, the particular Notes to be redeemed shall be selected by the Trustee
not more than 60 days prior to the Redemption Date from the Outstanding Notes
having such terms as specified by the Company not previously called for
redemption, by such method as the Trustee shall deem fair and appropriate. The
notice of such redemption shall specify which Notes are to be redeemed. In the
event of redemption of this Note, in part only, a new Note or Notes in
authorized denominations for the unredeemed portion hereof shall be issued in
the name of the Holder hereof upon the surrender hereof.

            If so specified on the face of this Note, this Note will be subject
to repayment at the option of the Holder hereof on the Optional Repayment
Date(s). If no Optional Repayment Date is set forth on the face hereof, this
Note may not be repaid at the option of the Holder prior to Maturity. On and
after the Optional Repayment Date, if any, from which this Note may be repaid at
the option of the Holder, this Note shall be repayable in whole or in part in
increments of $1,000 at a repayment price equal to 100% of the principal amount
to be repaid, together with interest thereon payable to the Optional Repayment
Date. For this Note to be repaid in whole or in part at the option of the Holder
hereof, the Trustee must receive not less than 30 nor more than 60 days prior to
the Optional Repayment Date (i) this Note with the form entitled "Option to
Elect Repayment," which appears below, duly completed or (ii) a telegram, telex,
facsimile transmission or a letter from a member of a national securities
exchange or the National Association of Securities Dealers, Inc. or a commercial
bank or trust company in the United States of America setting forth the name of
the Holder of this Note, the principal amount of this Note, the certificate
number of this Note or a description of this Note's tenor or terms, the
principal amount of this Note to be repaid, a statement that the option to elect
repayment is being exercised thereby and a guarantee that this Note with the
form entitled "Option to Elect Repayment," which appears below, duly completed,
will be received by the Trustee no later than

                                      -8-
<PAGE>

five Business Days after the date of such telegram, telex, facsimile
transmission or letter and this Note and such form duly completed are received
by the Trustee by such fifth Business Day. Exercise of the repayment option
shall be irrevocable.

            If any Event of Default with respect to the Notes shall occur and be
continuing, the Trustee or the Holders of not less than 25% in principal amount
of the Outstanding Notes may declare the principal of all the Notes due and
payable in the manner and with the effect provided in the Indenture.

            The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of 66-2/3% in aggregate principal amount of the
Securities at the time Outstanding of each series affected thereby. The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of each series,
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding
upon such Holder and upon future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note.

            Holders of Securities may not enforce their rights pursuant to the
Indenture or the Securities except as provided in the Indenture. No reference
herein to the Indenture and no provision of this Note or the Indenture shall
alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the Cash Settlement Value with respect to this Note at the
time, place, and rate, and in the coin or currency, herein prescribed.

            As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note may be registered on the Security
Register of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company in the Borough of Manhattan, The
City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company, and this Note duly executed by,
the Holder hereof or by his attorney duly authorized in writing and thereupon
one or more new Notes, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

            The Notes are issuable only in registered form without coupons in
denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000. As provided in the Indenture and subject to certain
limitations therein set forth, this Note is exchangeable for a like aggregate
principal amount of Notes of different authorized denomination as requested by
the Holder surrendering the same.

            No service charge will be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

                                      -9-
<PAGE>

            Prior to the due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice of the contrary.

            The Cash Settlement Value payable with respect to this Note shall in
no event be higher than the maximum rate, if any, permitted by applicable law.

            All capitalized terms used in this Note and not otherwise defined
herein shall have the meanings assigned to them in the Indenture.

                                      -10-
<PAGE>

                       -----------------------------------

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM          -            as tenants in common

TEN ENT          -            as tenants by the entireties

JT TEN            -           as joint tenants with right of survivorship and
                              not as tenants in common

UNIF GIFT MIN ACT -           _________________  Custodian _____________________
                                  (Cust)                          (Minor)
                                     Under Uniform Gifts to Minors Act

                              __________________________________________________
                                                  (State)

Additional abbreviations may also be used though not in the above list.

                       -----------------------------------

                            OPTION TO ELECT REPAYMENT

            The undersigned hereby irrevocably request(s) and instruct(s) the
Company to repay this Note (or portion thereof specified below) pursuant to its
terms on ____________, 20___ (the "Optional Repayment Date") at a price equal to
the principal amount thereof, together with interest to the Optional Repayment
Date, to the undersigned at
________________________________________________________________________________

________________________________________________________________________________
        (Please print or typewrite name and address of the undersigned.)

            For this Note to be repaid the Trustee must receive at 4 New York
Plaza, New York, New York 10004, Attention: Debt Operations - 13th Floor, or at
such other place or places of which the Company shall from time to time notify
the Holder of this Note, not more than 60 days nor less than 30 days prior to
the Optional Repayment Date, this Note with this "Option to Elect Repayment"
form duly completed.

                                      -11-
<PAGE>

            If less than the entire principal amount of this Note is to be
repaid, specify the portion thereof (which shall be increments of $1,000) which
the Holder elects to have repaid: $_________________; and specify the
denomination or denominations (which, unless a different minimum denomination is
set forth on the face hereof, shall be $25,000 or an integral multiple of $1,000
in excess of $25,000) of the Notes to be issued to the Holder for the portion of
this Note not being repaid (in the absence of any such specification, one such
Note will be issued for the portion not being repaid): $________________.

Date:_________________                       ________________________________

                                             Note: The signature to this Option
                                             to Elect Repayment must correspond
                                             with the same as written upon the
                                             face of this Note in every
                                             particular without alteration or
                                             enlargement.

                      ------------------------------------

                                   ASSIGNMENT
                                   ----------

                       FOR VALUE RECEIVED, the undersigned
                 hereby sell(s), assign(s) and transfer(s) unto

--------------------------------------------------------------------------------
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________

________________________________________________________________________________

--------------------------------------------------------------------------------
PLEASE  PRINT OR  TYPEWRITE  NAME AND  ADDRESS  INCLUDING  POSTAL  ZIP CODE OF
ASSIGNEE

________________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing _____________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

_____________________________________________________________________ Attorney
to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated:_______________________       ____________________________________________

_____________________________
   (Signature Guarantee)

                                      -12-EXHIBIT 10.1(a)(i)

EXECUTIVE EMPLOYMENT AGREEMENT

          THIS EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement"), is entered into as of the ^ 16th day of March, 2005 by and between HERITAGE FINANCIAL GROUP, INC. ("HFG") and O. LEONARD DORMINEY, JR.
("Executive").

          WHEREAS, the Executive is presently serving as Chief Executive Officer and President of HFG;

          WHEREAS, HFG, through its Board of Directors (the "HFG Board"), wishes to continue to employ Executive as its Chief Executive Officer and President;

          WHEREAS, the Executive also serves as the Chief Executive Officer of HeritageBank of the South ("HeritageBank"), an affiliated entity of HFG, in accordance with the terms of that certain
"Executive Employment Agreement" entered into by and between HeritageBank and Executive, dated ^ March 16, 2005 (the "HeritageBank Employment Agreement");

          WHEREAS, the HFG Board believes it to be in the best interest of HFG to enter into this Agreement with the Executive in order to insure continuity of management of HFG and to reinforce and
encourage the continued attention and dedication of the Executive to the Executive's assigned duties; and

          WHEREAS, this Agreement shall be deemed to replace and supersede any previously existing employment agreement between the Executive and HFG.

          NOW THEREFORE, in consideration of these premises, as well as the mutual covenants and undertakings herein contained, HFG and the Executive, each intending to be legally bound, do hereby covenant
and agree as follows:

1.

Employment

          Upon the terms and subject to the conditions set forth in this Agreement, HFG employs Executive as its President and Chief Executive Officer and Executive hereby accepts such employment.

2.

Positions and Duties

          Executive agrees to serve as President and Chief Executive Officer of HFG and to perform such duties in that office as may be reasonably assigned to Executive by the HFG Board. All such duties
shall be performed in or from the offices of HFG located at Albany, Georgia, and shall be of the same character as those generally associated with the positions presently held by Executive. HFG shall
not, without the prior written consent of Executive, relocate or transfer Executive to a location other than within the boundaries of Dougherty County, Georgia. The Executive shall serve as a
director of HFG consistent with the Bylaws governing the conduct of said entity.

3.

Term

          The term of this Agreement shall be for a period of three (3) years commencing on the date hereof (the "Effective Date") and subject to earlier termination as provided herein (the "Initial Term").
At the end of the Initial Term, and at the end of each Additional Term, as hereinafter defined, the Term of this Agreement shall be extended for an additional period of three (3) years (the
"Additional Term") 

NEXT PAGE

provided that the HFG Board approves such extension. Reference herein to the Term of this Agreement shall refer both to such Initial Term and any such Additional Term.

4.

Compensation

          Compensation for the Executive shall be as set forth in the HeritageBank Employment Agreement. HeritageBank and HFG shall agree, from time to time, as to the proportion of Executive's compensation
allocable to activities carried out by the Executive for HFG. HFG shall then reimburse HeritageBank for said proportion of the Executive's Base Compensation, as that term is defined in the
HeritageBank Employment Agreement.

5.

Other Benefits

          Executive shall receive the benefits provided for Executive under the terms of the HeritageBank Employment Agreement. HFG shall reimburse HeritageBank to the extent that the benefits payable to
the Executive are properly allocable to activities carried out by the Executive for HFG. HFG and HeritageBank shall agree, from time to time, as to the amount of such reimbursement.

6.

Expenses

          Executive shall receive compensation for the expenses provided for Executive under the terms of the HeritageBank Employment Agreement. HFG shall reimburse HeritageBank to the extent that HFG and
HeritageBank agree that a proportion of all, or any portion of the expenses payable to the Executive are properly allocable to activities carried out by the Executive for HFG.

7.

Termination

          Executive's employment by HFG may only be terminated prior to the expiration of the Initial Term or any Additional Term hereof on the grounds allowed for termination of the Executive pursuant to
the provisions of the HeritageBank Employment Agreement. If the Executive may be terminated prior to the expiration of the Initial Term or any Additional Term hereof under the terms and provisions of
the HeritageBank Employment Agreement, Executive may likewise be terminated hereunder. If any of the compensation paid to Executive as a result of termination under the HeritageBank Employment
Agreement is determined, by agreement of HeritageBank and HFG, to be properly allocable to HFG, HeritageBank shall be reimbursed accordingly by HFG.

8.

Notice of Termination and Date of Termination

          The terms "Notice of Termination" and "Date of Termination" to the extent utilized or referred to by this Agreement shall have the same meaning accorded to said terms pursuant to the provisions of
Section 11 of the HeritageBank Employment Agreement.

2NEXT PAGE

9.

Full Settlement and Legal Expenses

          The respective obligations of the parties hereto to make payments or otherwise to perform hereunder shall not be affected by any rights of setoff, counterclaim, recoupment, defense or other claim,
right or action which one party hereto may have against the other party hereto. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the
amounts which may be payable to Executive by HFG hereunder. If any legal action, proceeding in arbitration or other proceeding is brought for the enforcement of this Agreement, or because of any
alleged dispute, breach, default or misrepresentation in connection with any provision of this Agreement, the successful or prevailing party or parties shall be entitled to recover reasonable
attorneys' fees, court costs and all expenses incurred in that action or proceeding, even if not taxable as court costs, plus in each case interest at the Applicable Federal Rate, in addition to any
other relief to which such party or parties may be entitled.

10.

Notices

          For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been given when delivered or mailed by United States
registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

		If to Executive:	O. Leonard Dorminey, Jr.
2007 Hanover Street
Albany, Georgia 31706

		If to HFG:	Heritage Financial Group, Inc.
Post Office Box 50728
Albany, Georgia 31701-0728

Or to such address as either party hereto may have furnished to the other party in writing in accordance herewith, except that notices of change of address shall be effective only upon
receipt.

11.

Governing Law

          The validity, interpretation, and performance of this Agreement shall be governed by the laws of the State of Georgia without giving effect to the conflicts of laws and principles thereof.

12.

Successors

          HFG shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of HFG, by agreement in form and
substance reasonably satisfactory to Executive, to expressly assume and agree to perform this Agreement in the same manner and same extent that HFG would be required to perform it if no such
succession had taken place. Failure of HFG to obtain such agreement prior to the effectiveness of any such succession shall be a material intentional breach of this Agreement and shall entitle
Executive to terminate Executive's employment with HFG and HeritageBank for good reason pursuant to Subsection 8(B) of the HeritageBank Employment Agreement, and to receive all compensation provided
for thereunder.

3NEXT PAGE

13.

Modification

          No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by Executive and HFG. No waiver by any party
hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of
dissimilar provisions or conditions at the same or any prior subsequent time. No agreements or representation, oral or otherwise, express or implied, with respect to the subject matter hereof have
been made by any party which are not set forth expressly in this Agreement.

14.

Arbitration

          Any and all disputes or disagreements (to include the failure of HFG and HeritageBank to agree where required hereunder) which may arise pursuant to the terms of this Agreement shall be submitted
for mediation and/or arbitration in accordance with the rules for the arbitration of commercial disputes as set forth in publications of the American Arbitration Association ("AAA") (although such
mediation or arbitration need not be handled through the AAA). Any such arbitration shall be carried out pursuant to the Georgia Arbitration Code. The requirement that disputes be arbitrated shall
not prohibit a party hereto from seeking injunctive or other relief from a court of competent jurisdiction in order to prevent immediate irreparable harm and preserve the status quo pending
resolution of the underlying dispute, provided that any underlying dispute shall be submitted for arbitration promptly after entry of any applicable injunctive relief. In no event shall either party
hereto be awarded punitive or exemplary damages in connection with any claim arising pursuant to this Agreement.

15.

Severability

          The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement which shall remain in full force
and effect.

16.

Counterparts

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

17.

Entire Agreement

          This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the parties hereto
with respect to the subject matter hereof.

4NEXT PAGE

          IN WITNESS WHEREOF, Executive has executed, sealed and delivered this Agreement, and HFG has caused this Agreement to be executed, sealed and delivered, all as of the day and year first above set
forth.

		HERITAGE FINANCIAL GROUP, INC.
		By:	  /s/ Antone D. Lehr

	[CORPORATE SEAL]	Name:	  Antone D. Lehr

		Title:	  Chairman of the Board

	Signed, sealed and delivered,

as of the 16th day of  March,

2005, in the presence of:

/s/ Susan I. McCrary

UNOFFICIAL WITNESS

/s/ Betty M. Bramblett

NOTARY PUBLIC

My Commission Expires: Feb. 7, 2006

		

		  /s/ O. Leonard Dorminey, Jr.
O. LEONARD DORMINEY, JR.	(SEAL)

	Signed, sealed and delivered,

as of the 16th day of March,

2005, in the presence of:

/s/ Susan I. McCrary

UNOFFICIAL WITNESS

/s/ Betty M. Bramblett

NOTARY PUBLIC

My Commission Expires: Feb. 7, 2006

		
		As to agreement to the Arbitration provisions of
Section 14 hereof.

		HERITAGEBANK OF THE SOUTH

		By:	  /s/ Antone D. Lehr

	[CORPORATE SEAL]	Name:	  Antone D. Lehr

		Title:	  Chairman of the Board

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]