Document:

Unassociated Document

EMPLOYMENT
AGREEMENT

THIS
AGREEMENT is made effective as of February 24, 2005, by and between CAVALRY
BANKING (the "BANK"), CAVALRY BANCORP, INC. (the "COMPANY"), a Tennessee
corporation; and JAMES O. SWEENEY ("EXECUTIVE").

WHEREAS,
EXECUTIVE serves in a position of substantial responsibility;

WHEREAS,
the BANK wishes to assure itself of the services of EXECUTIVE for the period
provided in this Agreement; and

WHEREAS,
EXECUTIVE is willing to serve in the employ of the BANK on a full-time basis for
said period.

NOW,
THEREFORE, in consideration of the mutual covenants herein contained, and upon
the other terms and conditions hereinafter provided, the parties hereby agree as
follows:

	1.	POSITION
      AND RESPONSIBILITIES.

During
the period of his employment hereunder, EXECUTIVE agrees to serve as Vice
President - Retail Banking of the BANK. Executive shall render administrative
and management duties to the BANK such as are customarily performed by persons
situated in a similar executive capacity.

	2.	TERMS
      AND DUTIES.

(a)     The
term of this Agreement shall be deemed to have commenced as of the date first
above written and shall continue for a period of twelve full calendar months
thereafter. Commencing on the first anniversary date, and continuing at each
anniversary date thereafter, the Board of Directors of the COMPANY and the BANK
(the "Board") may extend the Agreement for an additional year. Prior to the
extension of the Agreement as provided herein, the Board of Directors of the
COMPANY and the BANK will conduct a formal performance evaluation of EXECUTIVE
for purposes of determining whether to extend the Agreement, and the results
thereof shall be included in the minutes of the Board's meeting.

(b)     During the
period of his employment hereunder, except for periods of absence occasioned by
illness, reasonable vacation periods, and reasonable leaves of absence,
EXECUTIVE shall devote substantially all his business time, attention, skill,
and efforts to the faithful performance of his duties hereunder including
activities and services related to the organization, operation and management of
the BANK; provided, however, that, with the approval of the Board, as evidenced
by a resolution of such Board, from time to time, EXECUTIVE may serve, or
continue to serve, on the boards of directors of, and hold any other offices or
positions in, companies or organizations, which, in such Board's judgment, will
not present any conflict of interest with the BANK, or materially affect the
performance of EXECUTIVE's duties pursuant to this Agreement.

 

	3.	COMPENSATION
      AND REIMBURSEMENT.

(a)     The
compensation specified under this Agreement shall constitute the salary and
benefits paid for the duties described in Sections 1 and 2. The BANK shall pay
EXECUTIVE as compensation a salary of $85,000 per year ("Base Salary"). Such
Base Salary shall be payable in accordance with the customary payroll practices
of the BANK. During the period of this Agreement, EXECUTIVE's Base Salary shall
be reviewed at least annually; the first such review will be made no later than
one year from the date of this Agreement. Such review shall be conducted by a
Committee designated by the Board, and the Board may increase EXECUTIVE's Base
Salary. In addition to the Base Salary provided in this Section 3(a), the BANK
shall provide EXECUTIVE at no cost to EXECUTIVE with all such other benefits as
are provided uniformly to permanent full- time employees of the
BANK.

(b)     The
BANK will provide EXECUTIVE with employee benefit plans, arrangements and
perquisites substantially equivalent to those in which EXECUTIVE was
participating or otherwise deriving benefit from immediately prior to the
beginning of the term of this Agreement, and the BANK will not, without
EXECUTIVE's prior written consent, make any changes in such plans, arrangements
or perquisites which would adversely affect EXECUTIVE's rights or benefits
thereunder. Without limiting the generality of the foregoing provisions of this
Subsection (b), EXECUTIVE will be entitled to participate in or receive benefits
under any employee benefit plans including, but not limited to, retirement
plans, supplemental retirement plans, pension plans, profit-sharing plans,
health-and-accident plan, medical coverage or any other employee benefit plan or
arrangement made available by the BANK in the future to its senior executives
and key management employees, subject to, and on a basis consistent with, the
terms, conditions and overall administration of such plans and arrangements.
EXECUTIVE will be entitled to incentive compensation and bonuses as provided in
any plan, or pursuant to any arrangement of the BANK, in which EXECUTIVE is
eligible to participate. Nothing paid to EXECUTIVE under any such plan or
arrangement will be deemed to be in lieu of other compensation to which
EXECUTIVE is entitled under this Agreement, except as provided under Section
5(e).

(c)     In
addition to the Base Salary provided for by paragraph (a) of this Section 3, the
BANK shall pay or reimburse EXECUTIVE for all reasonable travel and other
obligations under this Agreement and may provide such additional compensation in
such form and such amounts as the Board may from time to time
determine.

	4.	PAYMENTS
      TO EXECUTIVE UPON AN EVENT OF TERMINATION.

(a)     Upon the
occurrence of an Event of Termination (as herein defined) during EXECUTIVE's
term of employment under this Agreement, the provisions of this Section shall
apply. As used in this Agreement, an "Event of Termination" shall mean and
include any one or more of the following: (i) the termination by the BANK of
EXECUTIVE's full-time employment hereunder for any reason other than a Change in
Control, as defined in Section 5(a) hereof; disability, as defined in Section
6(a) hereof; death; retirement, as defined in Section 7 hereof; or Termination
for Cause, as defined in Section 8 hereof; (ii) EXECUTIVE's resignation from the
BANK's employ, upon (A) unless consented to by EXECUTIVE, a material change in
EXECUTIVE's

 

 

function,
duties, or responsibilities, which change would cause EXECUTIVE's position to
become one of lesser responsibility, importance, or scope from the position and
attributes thereof described in Sections 1 and 2, above, any such material
change shall be deemed a continuing breach of this Agreement, (B) a relocation
of EXECUTIVE's principal place of employment by more than 5 miles from its
location at the effective date of this Agreement, or a material reduction in the
benefits and perquisites to EXECUTIVE from those being provided as of the
effective date of this Agreement, (C) the liquidation or dissolution of the
BANK, or (D) any material breach of this Agreement by the BANK. Upon the
occurrence of any event described in clauses (A), (B), (C) or (D), above,
EXECUTIVE shall have the right to elect to terminate his employment under this
Agreement by resignation upon not less than sixty (60) days prior written notice
given within a reasonable period of time not to exceed, except in case of a
continuing breach, four (4) calendar months after the event giving rise to said
right to elect.

(b)     Upon
the occurrence of an Event of Termination, the BANK shall pay EXECUTIVE, or, in
the event of his subsequent death, his beneficiary or beneficiaries, or his
estate, as the case may be, as severance pay or liquidated damages, or both, a
sum equal to the twelve months of compensation, including Base Salary, bonuses,
and any other cash or deferred compensation paid or to be paid (including the
value of employer contributions that would have been made on EXECUTIVE's behalf
over the remaining term of the agreement to any tax-qualified retirement plan
sponsored by the BANK as of the Date of Termination), to EXECUTIVE hereunder
provided, however, that if the BANK is not in compliance with its minimum
capital requirements or if such payments would cause the BANK's capital to be
reduced below its minimum capital requirements, such payments shall be deferred
until such time as the BANK is in capital compliance. All payments made pursuant
to this Section 4(b) shall be paid in a lump sum within thirty (30) days of the
Date of Termination.

(c)     Upon
the occurrence of an Event of Termination, the BANK will cause to be continued
life, medical, dental and disability coverage substantially identical to the
coverage maintained by the BANK for EXECUTIVE prior to his termination. Such
coverage shall cease upon the expiration of the remaining term of this
Agreement.

	5.	CHANGE
      IN CONTROL.

(a)     No
benefit shall be paid under this Section 5 unless there shall have occurred a
Change in Control of the COMPANY or the BANK. For purposes of this Agreement, a
'Change in Control" of the COMPANY or the BANK shall be deemed to occur if and
when (a) there occurs a change in control of the BANK or the COMPANY within the
meaning of the Home Owners Loan Act of 1933 and 12 C.F.R. Part 574, (b) any
person (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act)
is or becomes the beneficial owner, directly or indirectly, of securities of the
COMPANY or the BANK representing twenty-five percent (25%) or more of the
combined voting power of the COMPANY's or the BANK's then outstanding
securities, (c) the membership of the board of directors of the COMPANY or the
BANK changes as the result of a contested election, such that individuals who
were directors at the beginning of any twenty-four (24) month period (whether
commencing before or after the date of adoption of this Agreement) do not
constitute a majority of the Board at the end of such period, or (d)
shareholders of the COMPANY or the BANK approve a merger, consolidation, sale or

 

 

disposition
of all or substantially all of the COMPANY's or the BANK's assets, or a plan of
partial or complete liquidation.

(b)     If
any of the events described in Section 5(a) hereof constituting a Change in
Control have occurred or the Board of the BANK or the COMPANY has reasonably
determined that a Change in Control (as defined herein) has occurred, EXECUTIVE
shall be entitled to the benefits provided in paragraphs (c), (d) and (e) of
this Section 5 upon his subsequent involuntary termination following the
effective date of a Change in Control (or voluntary termination within twelve
(12) months of the effective date of a Change in Control following any material
demotion, loss of title, office or significant authority (it being understood
that absent an equivalent executive position with the ultimate parent entity of
the Company or its successor, the board of which is elected by public investors,
Executive shall not be deemed to have equivalent responsibility, importance and
scope with his current position), material reduction in his annual compensation
or benefits (other than a reduction affecting the BANK's personnel generally),
or the relocation of his principal place of employment by more than 25 miles
from its location immediately prior to the Change in Control), unless such
termination is because of his death, retirement as provided in Section 7,
termination for Cause, or termination for Disability.

(c)     Upon
the occurrence of a Change in Control followed by EXECUTIVE's termination of
employment, the BANK shall pay EXECUTIVE, or in the event of his subsequent
death, his beneficiary or beneficiaries, or his estate, as the case may be, as
severance pay or liquidated damages, or both, a sum equal to one times the
higher of (i) EXECUTIVE's "base amount," within the meaning of Section
280G(b)(3) of the Internal Revenue Code of 1986 ("Code"), as amended or (ii) the
EXECUTIVE’s then current annual salary and most recent annual bonus. Such
payment shall be made in a lump sum paid within ten (10) days of EXECUTIVE's
Date of Termination.

(d)     Upon the
occurrence of a Change in Control followed by EXECUTIVE's termination of
employment as described in 5(b), the BANK will cause to be continued life,
medical, dental and disability coverage substantially identical to the coverage
maintained by the BANK for EXECUTIVE prior to his severance. In addition,
EXECUTIVE shall be entitled to receive the value of employer contributions that
would have been made on EXECUTIVE's behalf over the remaining term of the
agreement to any tax-qualified retirement plan sponsored by the BANK as of the
Date of Termination. Such coverage and payments shall cease upon the expiration
of twelve (12) months.

(e)     Upon
the occurrence of a Change in Control, EXECUTIVE shall be entitled to receive
benefits due him under, or contributed by the COMPANY or the BANK on his behalf,
pursuant to any retirement, incentive, profit sharing, bonus, performance,
disability or other employee benefit plan maintained by the BANK or the COMPANY
on EXECUTIVE's behalf to the extent that such benefits are not otherwise paid to
EXECUTIVE upon a Change in Control.

(f)     Notwithstanding the
preceding paragraphs of this Section 5, in the event that the aggregate payments
or benefits to be made or afforded to EXECUTIVE under this Section, together
with any other payments or benefits received or to be received by EXECUTIVE in
connection with a Change in Control, would be deemed to include an "excess
parachute

 

 

payment"
under Section 280G of the Code, then, at the election of EXECUTIVE, (i) such
payments or benefits shall be payable or provided to EXECUTIVE over the minimum
period necessary to reduce the present value of such payments or benefits to an
amount which is one dollar ($1.00) less than three (3) times EXECUTIVE's "base
amount" under Section 280G(b)(3) of the Code or (ii) the payments or benefits to
be provided under this Section 5 shall be reduced to the extent necessary to
avoid treatment as an excess parachute payment with the allocation of the
reduction among such payments and benefits to be determined by
EXECUTIVE.

	6.	TERMINATION
      FOR DISABILITY.

(a)     If
EXECUTIVE shall become disabled as defined in the BANK's then current disability
plan (or, if no such plan is then in effect, if EXECUTIVE is permanently and
totally disabled within the meaning of Section 22(e)(3) of the Code as
determined by a physician designated by the Board), the BANK may terminate
EXECUTIVE's employment for "Disability."

(b)     Upon
EXECUTIVE's termination of employment for Disability, the BANK will pay
EXECUTIVE, as disability pay, a bi-weekly payment equal to three-quarters (3/4)
of EXECUTIVE's bi-weekly rate of Base Salary on the effective date of such
termination. These disability payments shall commence on the effective date of
EXECUTIVE's termination and will end on the earlier of (i) the date EXECUTIVE
returns to the full-time employment of the BANK in the same capacity as he was
employed prior to his termination for Disability and pursuant to an employment
agreement between EXECUTIVE and the BANK; (ii) EXECUTIVE's full-time employment
by another employer; (iii) EXECUTIVE attaining the age of sixty-five (65); or
(iv) EXECUTIVE's death; or (v) the expiration of the term of this Agreement. The
disability pay shall be reduced by the amount, if any, paid to EXECUTIVE under
any plan of the BANK providing disability benefits to EXECUTIVE.

(c)     The
BANK will cause to be continued life, medical, dental and disability coverage
substantially identical to the coverage maintained by the BANK for EXECUTIVE
prior to his termination for Disability. This coverage and payments shall cease
upon the earlier of (i) the date EXECUTIVE returns to the full-time employment
of the BANK, in the same capacity as he was employed prior to his termination
for Disability and pursuant to an employment agreement between EXECUTIVE and the
BANK; (ii) EXECUTIVE's full-time employment by another employer; (iii)
EXECUTIVE's attaining the age of sixty-five (65); (iv) EXECUTIVE's death; or (v)
the expiration of the term of this Agreement.

(d)     Notwithstanding
the foregoing, there will be no reduction in the compensation otherwise payable
to EXECUTIVE during any period during which EXECUTIVE is incapable of performing
his duties hereunder by reason of temporary disability.

	7.	TERMINATION
      UPON RETIREMENT; DEATH OF EXECUTIVE; RESIGNATION

Termination
by the BANK of EXECUTIVE based on "Retirement" shall mean retirement at or after
attaining age sixty-five (65) or in accordance with any retirement arrangement
established with EXECUTIVE's consent with respect to him. Upon termination of
EXECUTIVE

 

 

upon
Retirement, EXECUTIVE shall be entitled to all benefits under any retirement
plan of the BANK or the COMPANY and other plans to which EXECUTIVE is a party.
Upon the death of EXECUTIVE during the term of this Agreement, the BANK shall
pay to EXECUTIVE's estate the compensation due to EXECUTIVE through the last day
of the calendar month in which his death occurred. Upon the voluntary
resignation of EXECUTIVE during the term of this Agreement, other than in
connection with an Event of Termination, the BANK shall pay to EXECUTIVE the
compensation due to EXECUTIVE through his Date of Termination.

	8.	TERMINATION
      FOR CAUSE.

For
purposes of this Agreement, "Termination for Cause" shall include termination
because of EXECUTIVE's personal dishonesty, incompetence, willful misconduct,
breach of fiduciary duty involving personal profit, intentional failure to
perform stated duties, willful violation of any law, rule, or regulation (other
than traffic violations or similar offenses) or final cease-and-desist order, or
material breach of any provision of this Agreement. Notwithstanding the
foregoing, EXECUTIVE shall not be deemed to have been terminated for Cause
unless and until there shall have been delivered to him a copy of a resolution
duly adopted by the affirmative vote of not less than three-fourths (3/4) of the
members of the Board at a meeting of the Board called and held for that purpose
(after reasonable notice to EXECUTIVE and an opportunity for him, together with
counsel, to be heard before the Board), finding that in the good faith opinion
of the Board, EXECUTIVE was guilty of conduct justifying termination for Cause
and specifying the reasons thereof. EXECUTIVE shall not have the right to
receive compensation or other benefits hereunder for any period after
termination for Cause. Any stock options granted to EXECUTIVE under any stock
option plan or any unvested awards granted under any other stock benefit plan of
the BANK, the COMPANY, or any subsidiary or affiliate thereof, shall become null
and void effective upon EXECUTIVE's receipt of Notice of Termination for Cause
pursuant to Section 10 hereof, and shall not be exercisable by EXECUTIVE at any
time subsequent to such Termination for Cause.

	9.	REQUIRED
      PROVISIONS.

(a)     The
BOARD may terminate EXECUTIVE's employment at any time, but any termination by
the BOARD, other than Termination for Cause, shall not prejudice EXECUTIVE's
right to compensation or other benefits under this Agreement. EXECUTIVE shall
not have the right to receive compensation or other benefits for any period
after Termination for Cause as defined in Section 8 herein.

(b)     If
EXECUTIVE is suspended and/or temporarily prohibited from participating in the
conduct of the BANK's affairs by a notice served under Section 8(e)(3) or (g)(1)
of the Federal Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(3) and (g)(1)),
the BANK's obligations under the Agreement shall be suspended as of the date of
service, unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the BANK may, in its discretion, (i) pay EXECUTIVE all or part of
the compensation withheld while its contract obligations were suspended and (ii)
reinstate (in whole or in part) any of its obligations that were
suspended.

 

(c)     If
EXECUTIVE is removed and/or permanently prohibited from participating in the
conduct of the BANK's affairs by an order issued under Section 8(e)(4) or (g)(1)
of the FDIA (12 U.S.C. 1818(e)(4) or (g)(1)), all obligations of the BANK under
the Agreement shall terminate as of the effective date of the order, but vested
rights of the contracting parties shall not be affected.

(d)     If
the BANK 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, but
this paragraph shall not affect any vested rights of the parties.

(e)     Obligations
under this Agreement shall terminate (except to the extent determined by the
appropriate federal banking regulators that continuation of the Agreement is
necessary for the continued operation of the BANK) if compliance with the terms
thereof would violate 12 CFR Part 359. Any rights of the parties that have
already vested, however, shall not be affected by such action.

(f)     Any payments
made to EXECUTIVE pursuant to this Agreement, or otherwise, are subject to and
conditioned upon compliance with 12 U.S.C. Section 1828(k) and any regulations
promulgated thereunder.

(g)     Notwithstanding
anything in this Agreement to the contrary, BANK may adjust the timing of the
amounts payable pursuant to this Agreement (including but not limited to
Sections 4 and 5) in such a manner as BANK reasonably determines is necessary to
prevent EXECUTIVE from being subject to the penalty tax provisions of Section
409A of the Internal Revenue Code of 1986, as amended.

	10.	NOTICE.

(a)     Any
purported termination by the BANK or by EXECUTIVE shall be communicated by
Notice of Termination to the other party hereto. For purposes of this Agreement,
a "Notice of Termination" shall mean a written notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set forth
in reasonable detail the facts and circumstances claimed to provide a basis for
termination of EXECUTIVE's employment under the provision so
indicated.

(b)     "Date
of Termination" shall mean (A) if EXECUTIVE's employment is terminated for
Disability, thirty (30) days after a Notice of Termination is given (provided
that he shall not have returned to the performance of his duties on a full-time
basis during such thirty (30) day period), and (B) if his employment is
terminated for any other reason, other than Termination for Cause, the date
specified in the Notice of Termination. In the event of EXECUTIVE's Termination
for Cause, the Date of Termination shall be the same as the date of the Notice
of Termination.

(c)     If,
within thirty (30) days after any Notice of Termination is given, the party
receiving such Notice of Termination notifies the other party that a dispute
exists concerning the termination, except upon the occurrence of a Change in
Control and voluntary termination by

 

 

EXECUTIVE
in which case the Date of Termination shall be the date specified in the Notice,
the Date of Termination shall be the date on which the dispute is finally
determined, either by mutual written agreement of the parties, by a binding
arbitration award, or by a final judgment, order or decree of a court of
competent jurisdiction (the time for appeal there from having expired and no
appeal having been perfected) and provided further that the Date of Termination
shall be extended by a notice of dispute only if such notice is given in good
faith and the party giving such notice pursues the resolution of such dispute
with reasonable diligence.

	11.	NON-COMPETITION.

(a)     In
the event any termination of EXECUTIVE's employment hereunder pursuant to an
Event of Termination as provided in Section 4 hereof, EXECUTIVE agrees not to
compete with the BANK and/or the COMPANY for twelve following such termination,
in any city, town or county in which the BANK and/or the COMPANY has an office
or has filed an application for regulatory approval to establish an office,
determined as of the effective date of such termination. In the event of
termination by EXECUTIVE of employment other than as described in Section
4(a)(ii), and other than after a Change in Control, EXECUTIVE agrees not to
compete with the BANK and/or the Company for a period of one year in any city,
town or county in which the BANK or the COMPANY has an office or has filed an
application for regulatory approval to establish an office, determined as of the
effective date of termination, in consideration of the payment, quarterly in
arrears, of an amount equal to the annual amount payable pursuant to the
preceding sentence. EXECUTIVE agrees that during such period and within said
cities, towns and counties, EXECUTIVE shall not work for or advise, consult or
otherwise serve with, directly or indirectly, any entity whose business
materially competes with the depository, lending or other business activities of
the BANK and/or the COMPANY. The parties hereto, recognizing that irreparable
injury will result to the BANK and/or the COMPANY, its business and property in
the event of EXECUTIVE's breach of this Subsection 11(a) agree that in the event
of any such breach by EXECUTIVE, the BANK and/or the COMPANY will be entitled,
in addition to any other remedies and damages available, to an injunction to
restrain the violation hereof by EXECUTIVE, EXECUTIVE's partners, agents,
servants, employers, employees and all persons acting for or with EXECUTIVE.
EXECUTIVE represents and admits that in the event of the termination of his
employment pursuant to Section 4 hereof, EXECUTIVE's experience and capabilities
are such that EXECUTIVE can obtain employment in a business engaged in other
lines and/or of a different nature than the BANK and/or the COMPANY, and that
the enforcement of a remedy by way of injunction will not prevent EXECUTIVE from
earning a livelihood. Nothing herein will be construed as prohibiting the BANK
and/or the COMPANY from pursuing any other remedies available to the BANK and/or
the COMPANY for such breach or threatened breach, including the recovery of
damages from EXECUTIVE.

(b)     EXECUTIVE
recognizes and acknowledges that the knowledge of the business activities and
plans for business activities of the BANK and affiliates thereof, as it may
exist from time to time, is a valuable, special and unique asset of the business
of the BANK. EXECUTIVE will not, during or after the term of his employment,
disclose any knowledge of the past, present, planned or considered business
activities of the BANK or affiliates thereof to any person, firm, corporation,
or other entity for any reason or purpose whatsoever.

 

 

Notwithstanding
the foregoing, EXECUTIVE may disclose any knowledge of banking, financial and/or
economic principles, concepts or ideas which are not solely and exclusively
derived from the business plans and activities of the BANK. In the event of a
breach or threatened breach by EXECUTIVE of the provisions of this Section, the
BANK will be entitled to an injunction restraining EXECUTIVE from disclosing, in
whole or in part, the knowledge of the past, present, planned or considered
business activities of the BANK or affiliates thereof, or from rendering any
services to any person, firm, corporation, other entity to whom such knowledge,
in whole or in part, has been disclosed or is threatened to be disclosed.
Nothing herein will be construed as prohibiting the BANK from pursuing any other
remedies available to the BANK for such breach or threatened breach, including
the recovery of damages from EXECUTIVE.

	12.	SOURCE
      OF PAYMENTS.

All
payments provided in this Agreement shall be timely paid in cash or check from
the general funds of the BANK. The COMPANY, however, guarantees all payments and
the provision of all amounts and benefits due hereunder to EXECUTIVE and, if
such payments are not timely paid or provided by the BANK, such amounts and
benefits shall be paid or provided by the COMPANY.

	13.	EFFECT
      ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

This
Agreement contains the entire understanding between the parties hereto and
supersedes any prior employment agreement between the BANK or any predecessor of
the BANK and EXECUTIVE, except that this Agreement shall not affect or operate
to reduce any benefit or compensation inuring to EXECUTIVE of a kind elsewhere
provided. No provision of this Agreement shall be interpreted to mean that
EXECUTIVE is subject to receiving fewer benefits than those available to him
without reference to this Agreement.

	14.	NO
      ATTACHMENT.

(a)     Except
as required by law, no right to receive payments under this Agreement shall be
subject to anticipation, commutation, alienation, sale, assignment, encumbrance,
charge, pledge, or hypothecation, or to execution, attachment, levy, or similar
process or assignment by operation of law, and any attempt, voluntary or
involuntary, to affect any such action shall be null, void, and of no
effect.

(b)     This
Agreement shall be binding upon, and inure to the benefit of, EXECUTIVE, the
BANK, the COMPANY and their respective successors and assigns.

	15.	MODIFICATION
      AND WAIVER.

(a)     This
Agreement may not be modified or amended except by an instrument in writing
signed by the parties hereto.

(b)     No term or
condition of this Agreement shall be deemed to have been waived, nor shall there
by any estoppel against the enforcement of any provision of this Agreement,
except

 

 

by
written instrument of the party charged with such waiver or estoppel. No such
written waiver shall be deemed a continuing waiver unless specifically stated
therein, and each such waiver shall operate only as to the specific term or
condition waived and shall not constitute a waiver of such term or condition for
the future as to any act other than that specifically waived.

	16.	SEVERABILITY.

If,
for any reason, any provision of this Agreement, or any part of any provision,
is held invalid, such invalidity shall not affect any other provision of this
Agreement or any part of such provision not held so invalid, and each such other
provision and part thereof shall to the full extent consistent with law continue
in full force and effect.

	17.	HEADINGS
      FOR REFERENCE ONLY.

The
headings of sections and paragraphs herein are included solely for convenience
of reference and shall not control the meaning or interpretation of any of the
provisions of this Agreement.

	18.	GOVERNING
      LAW.

This
Agreement shall be governed by the laws of the State of Tennessee, unless
otherwise specified herein; provided, however, that in the event of a conflict
between the terms of this Agreement and any applicable federal or state law or
regulation, the provisions of such law or regulation shall prevail.

	19.	ARBITRATION.

Any
dispute or controversy arising under or in connection with this Agreement shall
be settled exclusively by arbitration, conducted before a panel of three
arbitrators sitting in a location selected by the employee within fifty miles
from the location of the BANK, in accordance with the rules of the American
Arbitration Association then in effect. Judgment may be entered on the
arbitrator's award in any court having jurisdiction; provided, however, that
EXECUTIVE shall be entitled to seek specific performance of his right to be paid
until the Date of Termination during the pendency of any dispute or controversy
arising under or in connection with this Agreement.

	20.	PAYMENT
      OF LEGAL FEES.

All
reasonable legal fees paid or incurred by EXECUTIVE pursuant to any dispute or
question of interpretation relating to this Agreement shall be paid or
reimbursed by the BANK, if EXECUTIVE is successful pursuant to a legal judgment,
arbitration or settlement.

	21.	INDEMNIFICATION.

The
BANK shall provide EXECUTIVE (including his heirs, executors and administrators)
with coverage under a standard directors' and officers' liability insurance
policy

 

 

at
its expense, or in lieu thereof, shall indemnify EXECUTIVE (and his heirs,
executors and administrators) to the fullest extent permitted under law against
all expenses and liabilities reasonably incurred by him in connection with or
arising out of any action, suit or proceeding in which he may be involved by
reason of his having been a director or officer of the BANK (whether or not he
continues to be a directors or officer at the time of incurring such expenses or
liabilities), such expenses and liabilities to include, but not be limited to,
judgment, court costs and attorneys' fees and the cost of reasonable
settlements. The provisions of 12 C.F.R. 545.121 shall apply to the BANK's
obligations under this Section 21.

	22.	SUCCESSOR
      TO THE BANK OR THE COMPANY.

The
BANK and the COMPANY shall require any successor or assignee, whether direct or
indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all the business or assets of the BANK or the COMPANY, expressly
and unconditionally to assume and agree to perform the BANK's or the COMPANY's
obligations under this Agreement, in the same manner and to the same extent that
the BANK or the COMPANY would be required to perform if no such succession or
assignment had taken place.

IN
WITNESS WHEREOF, the BANK and the COMPANY have caused this Agreement to be
executed and their seal to be affixed hereunto by a duly authorized officer, and
EXECUTIVE has signed this Agreement, all on the 24th
day of February, 2005.

	
      ATTEST:
	 	
      CAVALRY
      BANCORP, INC.

	 	 	 
	 	 	 
	 	 	 
	
      By:
      /s/
      Marsha H. Boone
	 	
      By:
      /s/
      William S. Jones, EVP

	 	 	 
	 	 	 
	 	 	 
	
      ATTEST:
	 	
      CAVALRY
      BANKING

	 	 	 
	 	 	 
	 	 	 
	
      By:
      /s/
      Marsha H. Boone
	 	
      By:
      /s/
      William S. Jones, EVP

	 	 	 
	 	 	 
	 	 	 
	
      WITNESS:
	 	
      EXECUTIVE

	 	 	 
	 	 	 
	 	 	 
	
      By:
      /s/
      William S. Jones
	 	
      /s/
      James O. Sweeney

	 	 	
      James
      O. SweeneyEXHIBIT 4.1

                         PLANETLINK COMMUNICATIONS, INC.
                 EMPLOYEE STOCK INCENTIVE PLAN FOR THE YEAR 2005

     1.        General  Provisions.
               -------------------

     1.1       Purpose.  This  Stock  Incentive Plan (the "Plan") is intended to
               -------
allow  designated officers and employees (all of whom are sometimes collectively
referred  to  herein  as  the "Employees," or individually as the "Employee") of
Planetlink  Communications,  Inc., a Georgia corporation (the "Company") and its
Subsidiaries  (as  that  term is defined below) which they may have from time to
time (the Company and such Subsidiaries are referred to herein as the "Company")
to receive certain options (the "Stock Options") to purchase common stock of the
Company,  par value $0.001 per share (the "Common Stock"), and to receive grants
of  the Common Stock subject to certain restrictions (the "Awards").  As used in
this  Plan,  the  term  "Subsidiary"  shall  mean  each  corporation  which is a
"subsidiary  corporation" of the Company within the meaning of Section 424(f) of
the Internal Revenue Code of 1986, as amended (the "Code").  The purpose of this
Plan  is  to  provide  the  Employees,  who  make  significant and extraordinary
contributions  to  the  long-term  growth  and  performance of the Company, with
equity-based  compensation  incentives, and to attract and retain the Employees.

     1.2       Administration.
               --------------

     1.2.1     The Plan shall be administered by the Compensation Committee (the
"Committee")  of,  or  appointed  by, the Board of Directors of the Company (the
"Board").  The  Committee  shall select one of its members as Chairman and shall
act  by  vote  of  a  majority  of a quorum, or by unanimous written consent.  A
majority  of  its  members  shall  constitute  a quorum.  The Committee shall be
governed by the provisions of the Company's Bylaws and of Georgia law applicable
to  the  Board,  except as otherwise provided herein or determined by the Board.

     1.2.2     The  Committee  shall  have  full  and complete authority, in its
discretion,  but  subject  to the express provisions of this Plan (a) to approve
the Employees nominated by the management of the Company to be granted Awards or
Stock  Options;  (b)  to  determine  the number of Awards or Stock Options to be
granted  to  an  Employee; (c) to determine the time or times at which Awards or
Stock Options shall be granted; to establish the terms and conditions upon which
Awards  or  Stock  Options  may  be  exercised;  (d)  to  remove  or  adjust any
restrictions and conditions upon Awards or Stock Options; (e) to specify, at the
time  of  grant,  provisions  relating to exercisability of Stock Options and to
accelerate  or otherwise modify the exercisability of any Stock Options; and (f)
to  adopt such rules and regulations and to make all other determinations deemed
necessary or desirable for the administration of this Plan.  All interpretations
and  constructions  of  this  Plan  by  the  Committee,  and  all of its actions
hereunder,  shall  be  binding  and  conclusive on all persons for all purposes.

     1.2.3     The  Company  hereby  agrees  to indemnify and hold harmless each
Committee  member  and each Employee, and the estate and heirs of such Committee
member  or  Employee,  against  all  claims,  liabilities,  expenses, penalties,
damages  or  other  pecuniary losses, including legal fees, which such Committee
member  or  Employee,  his  estate  or  heirs  may  suffer  as  a  result of his
responsibilities,  obligations  or  duties  in connection with this Plan, to the
extent  that  insurance,  if  any, does not cover the payment of such items.  No
member  of  the  Committee  or  the  Board  shall  be  liable  for any action or
determination made in good faith with respect to this Plan or any Award or Stock
Option  granted  pursuant  to  this  Plan.

     1.3       Eligibility and Participation.  The Employees eligible under this
               -----------------------------
Plan shall be approved by the Committee from those Employees who, in the opinion
of  the  management  of  the Company, are in positions which enable them to make
significant  contributions  to  the  long-term  performance  and  growth  of the
Company.  In  selecting  the  Employees  to  whom  Award or Stock Options may be
granted,  consideration  shall  be given to factors such as employment position,
duties  and  responsibilities, ability, productivity, length of service, morale,
interest  in  the  Company  and  recommendations  of  supervisors.

     1.4       Shares Subject to this Plan.  The maximum number of shares of the
               ---------------------------
Common  Stock  that  may  be  issued  pursuant  to this Plan shall be 60,000,000
subject  to  the  provisions  of  Paragraph  4.1.  If shares of the Common Stock
awarded  or  issued  under  this  Plan  are  reacquired  by the Company due to a
forfeiture  or  for  any  other  reason,

                                        1
<PAGE>
such  shares  shall  be  cancelled  and  thereafter shall again be available for
purposes  of  this  Plan.  If a Stock Option expires, terminates or is cancelled
for  any  reason without having been exercised in full, the shares of the Common
Stock  not  purchased  thereunder  shall again be available for purposes of this
Plan.

     2.        Provisions  Relating  to  Stock  Options.
               ----------------------------------------

     2.1       Grants  of  Stock Options.  The Committee may grant Stock Options
               -------------------------
in such amounts, at such times, and to the Employees nominated by the management
of  the  Company  as  the  Committee,  in  its discretion, may determine.  Stock
Options  granted  under  this  Plan  shall  constitute "incentive stock options"
within the meaning of Section 422 of the Code, if so designated by the Committee
on  the  date  of  grant.  The Committee shall also have the discretion to grant
Stock  Options  which  do  not  constitute incentive stock options, and any such
Stock  Options  shall be designated non-statutory stock options by the Committee
on  the  date  of  grant.  The aggregate Fair Market Value (determined as of the
time  an  incentive stock option is granted) of the Common Stock with respect to
which incentive stock options are exercisable for the first time by any Employee
during  any  one calendar year (under all plans of the Company and any parent or
subsidiary  of  the  Company)  may not exceed the maximum amount permitted under
Section  422  of the Code (currently, $100,000.00).  Non-statutory stock options
shall  not  be  subject  to  the limitations relating to incentive stock options
contained  in the preceding sentence.  Each Stock Option shall be evidenced by a
written  agreement (the "Option Agreement") in a form approved by the Committee,
which shall be executed on behalf of the Company and by the Employee to whom the
Stock  Option is granted, and which shall be subject to the terms and conditions
of  this  Plan.  In  the  discretion of the Committee, Stock Options may include
provisions  (which  need  not  be  uniform),  authorized by the Committee in its
discretion,  that  accelerate  an  Employee's  rights  to exercise Stock Options
following  a  "Change in Control," upon termination of the Employee's employment
by  the  Company  without  "Cause" or by the Employee for "Good Reason," as such
terms  are  defined in Paragraph 3.1 hereof.  The holder of a Stock Option shall
not  be  entitled  to  the privileges of stock ownership as to any shares of the
Common  Stock  not  actually  issued  to  such  holder.

     2.2       Purchase  Price.  The  purchase  price  (the "Exercise Price") of
               ---------------
shares  of  the  Common Stock subject to each Stock Option (the "Option Shares")
shall  not  be less than 85 percent of the Fair Market Value of the Common Stock
on the date of the grant of the option.  For an Employee holding greater than 10
percent  of the total voting power of all stock of the Company, either Common or
Preferred, the Exercise Price of an incentive stock option shall be at least 110
percent of the Fair Market Value of the Common Stock on the date of the grant of
the  option.  As  used  herein,  "Fair  Market Value" means the mean between the
highest  and  lowest  reported  sales prices of the Common Stock on the New York
Stock  Exchange  Composite Tape or, if not listed on such exchange, on any other
national  securities  exchange  on  which  the  Common Stock is listed or on The
Nasdaq  Stock  Market,  or,  if  not  so listed on any other national securities
exchange  or  The  Nasdaq Stock Market, then the average of the bid price of the
Common  Stock  during  the  last  five  trading  days  on the OTC Bulletin Board
immediately  preceding  the  last  trading day prior to the date with respect to
which  the  Fair  Market  Value is to be determined.  If the Common Stock is not
then  publicly  traded,  then the Fair Market Value of the Common Stock shall be
the  book value of the Company per share as determined on the last day of March,
June,  September,  or  December  in  any  year  closest  to  the  date  when the
determination  is  to  be  made.  For  the  purpose  of  determining  book value
hereunder,  book  value  shall be determined by adding as of the applicable date
called  for  herein  the capital, surplus, and undivided profits of the Company,
and after having deducted any reserves theretofore established; the sum of these
items  shall  be divided by the number of shares of the Common Stock outstanding
as  of  said date, and the quotient thus obtained shall represent the book value
of  each  share  of  the  Common  Stock  of  the  Company.

     2.3       Option  Period.  The  Stock  Option  period  (the  "Term")  shall
               --------------
commence  on the date of grant of the Stock Option and shall be 10 years or such
shorter  period  as  is  determined  by  the Committee.  Each Stock Option shall
provide  that  it  is exercisable over its term in such periodic installments as
the  Committee  may  determine,  subject  to  the provisions of Paragraph 2.4.1.
Section  16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act")  exempts persons normally subject to the reporting requirements of Section
16(a)  of  the  Exchange  Act (the "Section 16 Reporting Persons") pursuant to a
qualified  employee stock option plan from the normal requirement of not selling
until at least six months and one day from the date the Stock Option is granted.

                                        2
<PAGE>
     2.4       Exercise  of  Options.
               ---------------------

     2.4.1     Each  Stock  Option may be exercised in whole or in part (but not
as  to  fractional  shares) by delivering it for surrender or endorsement to the
Company,  attention  of  the Corporate Secretary, at the principal office of the
Company,  together with payment of the Exercise Price and an executed Notice and
Agreement of Exercise in the form prescribed by Paragraph 2.4.2.  Payment may be
made  (a)  in  cash,  (b)  by  cashier's or certified check, (c) by surrender of
previously owned shares of the Common Stock valued pursuant to Paragraph 2.2 (if
the Committee authorizes payment in stock in its discretion), (d) by withholding
from  the  Option  Shares which would otherwise be issuable upon the exercise of
the Stock Option that number of Option Shares equal to the exercise price of the
Stock  Option,  if  such  withholding  is  authorized  by  the  Committee in its
discretion,  or  (e)  in the discretion of the Committee, by the delivery to the
Company  of the optionee's promissory note secured by the Option Shares, bearing
interest  at  a  rate  sufficient  to  prevent  the imputation of interest under
Sections  483 or 1274 of the Code, and having such other terms and conditions as
may  be  satisfactory  to  the  Committee.  Subject  to  the  provisions of this
Paragraph  2.4  and Paragraph 2.5, the Employee has the right to exercise his or
her  Stock  Options  at the rate of at least 20 percent per year over five years
from  the  date  the  Stock  Option  is  granted.

     2.4.2     Exercise  of  each Stock Option is conditioned upon the agreement
of  the  Employee  to  the  terms  and conditions of this Plan and of such Stock
Option  as  evidenced  by  the Employee's execution and delivery of a Notice and
Agreement  of  Exercise  in  a  form  to  be  determined by the Committee in its
discretion.  Such Notice and Agreement of Exercise shall set forth the agreement
of  the Employee that (a) no Option Shares will be sold or otherwise distributed
in violation of the Securities Act of 1933, as amended (the "Securities Act") or
any  other  applicable  federal  or state securities laws, (b) each Option Share
certificate  may be imprinted with legends reflecting any applicable federal and
state  securities  law  restrictions  and conditions, (c) the Company may comply
with  said securities law restrictions and issue "stop transfer" instructions to
its  Transfer  Agent  and  Registrar without liability, (d) if the Employee is a
Section  16 Reporting Person, the Employee will furnish to the Company a copy of
each  Form  4  or Form 5 filed by said Employee and will timely file all reports
required  under  federal  securities  laws, and (e) the Employee will report all
sales  of  Option  Shares  to the Company in writing on a form prescribed by the
Company.

     2.4.3     No  Stock  Option  shall  be  exercisable  unless  and  until any
applicable  registration  or  qualification  requirements  of  federal and state
securities  laws,  and  all  other  legal requirements, have been fully complied
with.  At no time shall the total number of securities issuable upon exercise of
all  outstanding  options  under  this  Plan, and the total number of securities
provided  for under any bonus or similar plan or agreement of the Company exceed
a  number  of  securities  which  is equal to 30 percent of the then outstanding
securities  of  the  Company,  unless  a  percentage  higher  than 30 percent is
approved  by at least two-thirds of the outstanding securities entitled to vote.
The  Company  will  use  reasonable  efforts  to maintain the effectiveness of a
Registration  Statement  under  the  Securities  Act  for  the issuance of Stock
Options  and  shares  acquired  thereunder,  but there may be times when no such
Registration  Statement  will  be  currently  effective.  The  exercise of Stock
Options  may  be  temporarily  suspended without liability to the Company during
times  when  no  such  Registration  Statement is currently effective, or during
times  when,  in  the  reasonable  opinion  of the Committee, such suspension is
necessary  to  preclude  violation  of  any  requirements  of  applicable law or
regulatory  bodies  having  jurisdiction  over the Company.  If any Stock Option
would expire for any reason except the end of its term during such a suspension,
then  if  exercise  of such Stock Option is duly tendered before its expiration,
such  Stock  Option  shall  be  exercisable  and exercised (unless the attempted
exercise  is  withdrawn)  as  of the first day after the end of such suspension.
The Company shall have no obligation to file any Registration Statement covering
resales  of  Option  Shares.

     2.5        Continuous  Employment.  Except  as  provided  in  Paragraph 2.7
                ----------------------
below, an Employee may not exercise a Stock Option unless from the date of grant
to  the  date of exercise the Employee remains continuously in the employ of the
Company.  For  purposes  of  this  Paragraph  2.5,  the  period  of  continuous
employment  of  an Employee with the Company shall be deemed to include (without
extending  the term of the Stock Option) any period during which the Employee is
on leave of absence with the consent of the Company, provided that such leave of
absence  shall  not  exceed  three  months  and that the Employee returns to the
employ  of  the  Company  at  the  expiration  of such leave of absence.  If the
Employee  fails to return to the employ of the Company at the expiration of such
leave  of  absence,  the  Employee's employment with the Company shall be deemed
terminated  as  of  the  date  such  leave of absence commenced.  The continuous
employment  of  an Employee with the Company shall also be deemed to include any
period  during  which the Employee is a member of the Armed Forces of the United
States,

                                        3
<PAGE>
provided  that  the Employee returns to the employ of the Company within 90 days
(or  such  longer period as may be prescribed by law) from the date the Employee
first  becomes  entitled  to  a discharge from military service.  If an Employee
does  not  return  to  the  employ of the Company within 90 days (or such longer
period  as  may  be  prescribed by law) from the date the Employee first becomes
entitled  to  a  discharge from military service, the Employee's employment with
the  Company  shall  be  deemed to have terminated as of the date the Employee's
military  service  ended.

     2.6       Restrictions  on  Transfer.  Each Stock Option granted under this
               --------------------------
Plan shall be transferable only by will or the laws of descent and distribution.
No  interest  of  any  Employee  under this Plan shall be subject to attachment,
execution, garnishment, sequestration, the laws of bankruptcy or any other legal
or  equitable  process.  Each  Stock  Option  granted  under  this Plan shall be
exercisable  during  an  Employee's  lifetime  only  by  the  Employee or by the
Employee's  legal  representative.

     2.7       Termination  of  Employment.
               ---------------------------

     2.7.1     Upon  an  Employee's  Retirement,  Disability  (both  terms being
defined  below)  or  death,  (a)  all Stock Options to the extent then presently
exercisable  shall remain in full force and effect and may be exercised pursuant
to  the  provisions thereof, and (b) unless otherwise provided by the Committee,
all  Stock  Options to the extent not then presently exercisable by the Employee
shall  terminate  as of the date of such termination of employment and shall not
be  exercisable  thereafter.  Unless  employment  is  terminated  for  cause, as
defined  by applicable law, the right to exercise in the event of termination of
employment,  to the extent that the optionee is entitled to exercise on the date
the  employment  terminates  as  follows:

               (i)  At  least  six  months  from  the  date  of  termination  if
termination  was  caused  by  death  or  disability.

               (ii) At least 30 days from the date of termination if termination
was  caused  by  other  than  death  or  disability.

     2.7.2     Upon  the  termination  of  the employment of an Employee for any
reason other than those specifically set forth in Paragraph 2.7.1, (a) all Stock
Options  to  the  extent then presently exercisable by the Employee shall remain
exercisable  only  for a period of 90 days after the date of such termination of
employment  (except that the 90 day period shall be extended to 12 months if the
Employee  shall die during such 90 day period), and may be exercised pursuant to
the  provisions  thereof,  including  expiration  at  the  end of the fixed term
thereof,  and  (b) unless otherwise provided by the Committee, all Stock Options
to  the extent not then presently exercisable by the Employee shall terminate as
of  the  date  of  such  termination  of employment and shall not be exercisable
thereafter.

     2.7.3     For  purposes  of  this  Plan:

               (a)  "Retirement"  shall  mean  an Employee's retirement from the
employ of the Company on or after the date on which the Employee attains the age
of  65  years;  and

               (b)  "Disability" shall mean total and permanent incapacity of an
Employee, due to physical impairment or legally established mental incompetence,
to perform the usual duties of the Employee's employment with the Company, which
disability  shall  be determined (i) on medical evidence by a licensed physician
designated  by  the  Committee, or (ii) on evidence that the Employee has become
entitled  to  receive  primary  benefits as a disabled employee under the Social
Security  Act  in  effect  on  the  date  of  such  disability.

     3.        Provisions  Relating  to  Awards.
               --------------------------------

     3.1       Grant  of  Awards.  Subject  to  the provisions of this Plan, the
               -----------------
Committee shall have full and complete authority, in its discretion, but subject
to  the  express  provisions  of this Plan, to (1) grant Awards pursuant to this
Plan,  (2)  determine  the  number of shares of the Common Stock subject to each
Award  (the  "Award Shares"), (3) determine the terms and conditions (which need
not  be  identical)  of  each  Award,  including  the  consideration  (if

                                        4
<PAGE>
any)  to  be  paid  by  the  Employee  for  such Common Stock, which may, in the
Committee's  discretion,  consist  of  the delivery of the Employee's promissory
note  meeting  the  requirements  of  Paragraph  2.4.1, (4) establish and modify
performance  criteria  for  Awards,  and  (5)  make  all  of  the determinations
necessary or advisable with respect to Awards under this Plan.  Each Award under
this  Plan  shall  consist of a grant of shares of the Common Stock subject to a
restriction  period (after which the restrictions shall lapse), which shall be a
period  commencing  on  the date the Award is granted and ending on such date as
the  Committee  shall  determine  (the "Restriction Period").  The Committee may
provide  for  the lapse of restrictions in installments, for acceleration of the
lapse  of  restrictions  upon  the  satisfaction  of  such  performance or other
criteria or upon the occurrence of such events as the Committee shall determine,
and for the early expiration of the Restriction Period upon an Employee's death,
Disability  or  Retirement as defined in Paragraph 2.7.3, or, following a Change
of  Control, upon termination of an Employee's employment by the Company without
"Cause" or by the Employee for "Good Reason," as those terms are defined herein.
For  purposes  of  this  Plan:

     "Change  of  Control"  shall be deemed to occur (a) on the date the Company
first  has  actual  knowledge  that any person (as such term is used in Sections
13(d)  and  14(d)(2)  of  the  Exchange Act) has become the beneficial owner (as
defined  in  Rule  13(d)-3  under  the Exchange Act), directly or indirectly, of
securities of the Company representing 40 percent or more of the combined voting
power  of  the  Company's  then  outstanding  securities, or (b) on the date the
stockholders of the Company approve (i) a merger of the Company with or into any
other  corporation  in  which the Company is not the surviving corporation or in
which  the  Company  survives  as  a  subsidiary  of another corporation, (ii) a
consolidation  of  the  Company with any other corporation, or (iii) the sale or
disposition  of  all  or  substantially all of the Company's assets or a plan of
complete  liquidation.

     "Cause,"  when  used  with reference to termination of the employment of an
Employee  by  the  Company  for  "Cause,"  shall  mean:

                    (a)  The  Employee's  continuing willful and material breach
of his duties to the Company after he receives a demand from the Chief Executive
of  the  Company  specifying the manner in which he has willfully and materially
breached  such  duties, other than any such failure resulting from Disability of
the Employee or his resignation for "Good Reason," as defined herein; or

                    (b)  The  conviction  of  the  Employee  of  a  felony;  or

                    (c)  The Employee's commission of fraud in the course of his
employment  with  the  Company,  such  as  embezzlement  or  other  material and
intentional violation of law against the Company; or

                    (d)  The  Employee's  gross misconduct causing material harm
to  the  Company.

     "Good  Reason"  shall  mean  any  one  or  more of the following, occurring
following  or in connection with a Change of Control and within 90 days prior to
the  Employee's resignation, unless the Employee shall have consented thereto in
writing:

                    (a)  The  assignment  to the Employee of duties inconsistent
with his executive status prior to the Change of Control or a substantive change
in  the  officer  or officers to whom he reports from the officer or officers to
whom  he  reported  immediately  prior  to  the  Change  of  Control;  or

                    (b)  The  elimination  or  reassignment of a majority of the
duties and responsibilities that were assigned to the Employee immediately prior
to  the  Change  of  Control;  or

                    (c)  A  reduction  by  the  Company in the Employee's annual
base  salary  as  in  effect  immediately  prior  to  the  Change of Control; or

                    (d)  The Company requiring the Employee to be based anywhere
outside  a  35-mile radius from his place of employment immediately prior to the
Change  of  Control,  except for required travel on the Company's business to an
extent  substantially consistent with the Employee's business travel obligations
immediately  prior  to  the  Change  of  Control;  or

                                        5
<PAGE>
                    (e)  The  failure  of  the  Company  to grant the Employee a
performance  bonus  reasonably  equivalent  to the same percentage of salary the
Employee  normally  received  prior  to  the Change of Control, given comparable
performance  by  the  Company  and  the  Employee;  or

                    (f)  The  failure  of  the  Company to obtain a satisfactory
Assumption  Agreement  (as  defined  in  Paragraph  4.12  of  this  Plan) from a
successor,  or  the  failure  of  such  successor  to  perform  such  Assumption
Agreement.

     3.2       Incentive  Agreements.  Each  Award granted under this Plan shall
               ---------------------
be  evidenced  by  a  written  agreement  (an  "Incentive  Agreement") in a form
approved  by  the Committee and executed by the Company and the Employee to whom
the  Award  is  granted.  Each Incentive Agreement shall be subject to the terms
and conditions of this Plan and other such terms and conditions as the Committee
may  specify.

     3.3       Amendment,  Modification  and  Waiver  of  Restrictions.  The
               -------------------------------------------------------
Committee  may  modify  or  amend  any  Award  under  this  Plan  or  waive  any
restrictions  or conditions applicable to the Award; provided, however, that the
Committee may not undertake any such modifications, amendments or waivers if the
effect  thereof  materially increases the benefits to any Employee, or adversely
affects  the  rights  of  any  Employee  without  his  consent.

     3.4       Terms  and  Conditions  of  Awards.  Upon  receipt of an Award of
               ----------------------------------
shares  of the Common Stock under this Plan, even during the Restriction Period,
an  Employee  shall be the holder of record of the shares and shall have all the
rights  of  a  stockholder with respect to such shares, subject to the terms and
conditions  of  this  Plan  and  the  Award.

     3.4.1     Except  as otherwise provided in this Paragraph 3.4, no shares of
the  Common  Stock  received  pursuant  to  this  Plan shall be sold, exchanged,
transferred,  pledged,  hypothecated  or  otherwise  disposed  of  during  the
Restriction Period applicable to such shares.  Any purported disposition of such
Common  Stock  in  violation  of  this  Paragraph  3.4  shall  be null and void.

     3.4.2     If  an Employee's employment with the Company terminates prior to
the expiration of the Restriction Period for an Award, subject to any provisions
of  the Award with respect to the Employee's death, Disability or Retirement, or
Change  of Control, all shares of the Common Stock subject to the Award shall be
immediately  forfeited  by  the  Employee and reacquired by the Company, and the
Employee  shall  have  no  further  rights  with  respect  to the Award.  In the
discretion  of  the Committee, an Incentive Agreement may provide that, upon the
forfeiture  by  an  Employee  of  Award  Shares,  the Company shall repay to the
Employee the consideration (if any) which the Employee paid for the Award Shares
on  the  grant  of  the Award.  In the discretion of the Committee, an Incentive
Agreement  may also provide that such repayment shall include an interest factor
on  such  consideration  from  the date of the grant of the Award to the date of
such  repayment.

     3.4.3     The  Committee  may require under such terms and conditions as it
deems  appropriate  or  desirable that (a) the certificates for the Common Stock
delivered  under  this Plan are to be held in custody by the Company or a person
or  institution  designated by the Company until the Restriction Period expires,
(b)  such  certificates shall bear a legend referring to the restrictions on the
Common Stock pursuant to this Plan, and (c) the Employee shall have delivered to
the  Company  a  stock  power  endorsed  in  blank relating to the Common Stock.

                                        6
<PAGE>
     4.        Miscellaneous Provisions.

     4.1       Adjustments  Upon  Change  in  Capitalization.
               ---------------------------------------------

     4.1.1     The  number and class of shares subject to each outstanding Stock
Option,  the Exercise Price thereof (and the total price), the maximum number of
Stock  Options that may be granted under this Plan, the minimum number of shares
as  to which a Stock Option may be exercised at any one time, and the number and
class  of shares subject to each outstanding Award, shall not be proportionately
adjusted  in  the  event of any increase or decrease in the number of the issued
shares  of  the  Common  Stock which results from a split-up or consolidation of
shares,  payment  of  a  stock  dividend  or dividends exceeding a total of five
percent  for  which  the  record  dates  occur  in  any  one  fiscal  year,  a
recapitalization  (other than the conversion of convertible securities according
to  their  terms),  a combination of shares or other like capital adjustment, so
that  (a)  upon  exercise  of  the  Stock Option, the Employee shall receive the
number  and  class  of shares the Employee would have received prior to any such
capital adjustment becoming effective, and (b) upon the lapse of restrictions of
the  Award Shares, the Employee shall receive the number and class of shares the
Employee  would  have  received  prior  to  any such capital adjustment becoming
effective.

     4.1.2     Upon  a  reorganization,  merger  or consolidation of the Company
with  one  or  more  corporations  as  a  result of which the Company is not the
surviving  corporation  or  in  which  the  Company  survives  as a wholly-owned
subsidiary of another corporation, or upon a sale of all or substantially all of
the  property  of  the  Company  to  another  corporation,  or  any  dividend or
distribution  to  stockholders  of more than 10 percent of the Company's assets,
adequate  adjustment  or  other provisions shall be made by the Company or other
party  to  such transaction so that there shall remain and/or be substituted for
the  Option  Shares and Award Shares provided for herein, the shares, securities
or assets which would have been issuable or payable in respect of or in exchange
for  such  Option Shares and Award Shares then remaining, as if the Employee had
been  the  owner  of  such  shares as of the applicable date.  Any securities so
substituted  shall  be  subject  to  similar  successive  adjustments.

     4.2       Withholding  Taxes.  The Company shall have the right at the time
               ------------------
of  exercise  of  any  Stock  Option,  the  grant  of  an Award, or the lapse of
restrictions on Award Shares, to make adequate provision for any federal, state,
local  or  foreign  taxes  which it believes are or may be required by law to be
withheld  with  respect  to  such  exercise (the "Tax Liability"), to ensure the
payment  of  any such Tax Liability.  The Company may provide for the payment of
any  Tax Liability by any of the following means or a combination of such means,
as  determined  by  the  Committee  in  its  sole and absolute discretion in the
particular  case  (1)  by requiring the Employee to tender a cash payment to the
Company,  (2) by withholding from the Employee's salary, (3) by withholding from
the  Option  Shares which would otherwise be issuable upon exercise of the Stock
Option,  or  from  the  Award  Shares  on  their  grant  or  date  of  lapse  of
restrictions,  that  number of Option Shares or Award Shares having an aggregate
Fair  Market  Value (determined in the manner prescribed by Paragraph 2.2) as of
the  date  the  withholding tax obligation arises in an amount which is equal to
the  Employee's  Tax  Liability or (4) by any other method deemed appropriate by
the  Committee.  Satisfaction  of  the  Tax  Liability of a Section 16 Reporting
Person  may  be made by the method of payment specified in clause (3) above only
if  the  following  two  conditions  are  satisfied:

                    (a)  The  withholding  of  Option Shares or Award Shares and
the  exercise  of the related Stock Option occur at least six months and one day
following  the  date  of  grant  of  such  Stock  Option  or  Award;  and

                    (b)  The  withholding  of  Option  Shares or Award Shares is
made either (i) pursuant to an irrevocable election (the "Withholding Election")
made  by  the  Employee  at  least  six  months in advance of the withholding of
Options Shares or Award Shares, or (ii) on a day within a 10-day "window period"
beginning  on  the  third  business  day  following  the  date of release of the
Company's  quarterly  or  annual  summary  statement  of  sales  and  earnings.

     Anything herein to the contrary notwithstanding, a Withholding Election may
be  disapproved  by  the  Committee  at  any  time.

                                        7
<PAGE>
     4.3       Relationship  to Other Employee Benefit Plans.  Stock Options and
               ---------------------------------------------
Awards  granted hereunder shall not be deemed to be salary or other compensation
to  any  Employee  for  purposes  of  any pension, thrift, profit-sharing, stock
purchase  or any other employee benefit plan now maintained or hereafter adopted
by  the  Company.

     4.4       Amendments  and  Termination.  The  Board of Directors may at any
               ----------------------------
time suspend, amend or terminate this Plan.  No amendment, except as provided in
Paragraph  3.3,  or  modification of this Plan may be adopted, except subject to
stockholder  approval, which would (1) materially increase the benefits accruing
to  the  Employees  under  this  Plan,  (2)  materially  increase  the number of
securities  which  may  be  issued  under  this  Plan  (subject to Paragraph 4.1
hereof),  or  (3)  materially  modify  the  requirements  as  to eligibility for
participation  in  this  Plan.

     4.5       Successors  in  Interest.  The  provisions  of  this Plan and the
               ------------------------
actions of the Committee shall be binding upon all heirs, successors and assigns
of  the  Company  and  of  the  Employees.

     4.6       Other  Documents.  All  documents prepared, executed or delivered
               ----------------
in  connection  with this Plan (including, without limitation, Option Agreements
and  Incentive  Agreements)  shall be, in substance and form, as established and
modified  by  the Committee; provided, however, that all such documents shall be
subject in every respect to the provisions of this Plan, and in the event of any
conflict between the terms of any such document and this Plan, the provisions of
this  Plan  shall  prevail.

     4.7       Fairness  of the Repurchase Price.  In the event that the Company
               ---------------------------------
repurchases  securities  upon  termination  of employment pursuant to this Plan,
either:  (a)  the  price  will  not  be  less  than the fair market value of the
securities  to  be repurchased on the date of termination of employment, and the
right to repurchase will be exercised for cash or cancellation of purchase money
indebtedness  for the securities within 90 days of termination of the employment
(or  in the case of securities issued upon exercise of options after the date of
termination,  within  90  days  after  the  date of the exercise), and the right
terminates  when the Company's securities become publicly traded, or (b) Company
will  repurchase  securities  at  the original purchase price, provided that the
right  to  repurchase  at  the  original purchase price lapses at the rate of at
least  20  percent  of the securities per year over five years from the date the
option  is  granted  (without  respect  to  the date the option was exercised or
became  exercisable)  and  the right to repurchase must be exercised for cash or
cancellation of purchase money indebtedness for the securities within 90 days of
termination  of  employment  (or  in  case of securities issued upon exercise of
options  after  the  date  of  termination, within 90 days after the date of the
exercise).

     4.8       No  Obligation  to Continue Employment.  This Plan and the grants
               --------------------------------------
which  might be made hereunder shall not impose any obligation on the Company to
continue  to  employ  any  Employee.  Moreover, no provision of this Plan or any
document executed or delivered pursuant to this Plan shall be deemed modified in
any  way  by any employment contract between an Employee (or other employee) and
the  Company.

     4.9       Misconduct  of  an Employee.  Notwithstanding any other provision
               ---------------------------
of  this  Plan, if an Employee commits fraud or dishonesty toward the Company or
wrongfully  uses  or  discloses  any  trade  secret,  confidential data or other
information  proprietary to the Company, or intentionally takes any other action
which  results  in material harm to the Company, as determined by the Committee,
in  its  sole and absolute discretion, the Employee shall forfeit all rights and
benefits  under  this  Plan.

     4.10      Term  of  Plan.  No  Stock  Option shall be exercisable, or Award
               --------------
granted,  unless  and until the Directors of the Company have approved this Plan
and  all  other  legal requirements have been met.  This Plan was adopted by the
Board  effective  February  28, 2005.  No Stock Options or Awards may be granted
under  this  Plan  after  February  27,  2015.

     4.11      Governing  Law.  This Plan and all actions taken thereunder shall
               --------------
be  governed  by,  and  construed  in  accordance with, the laws of the State of
Georgia.

     4.12      Assumption  Agreements.  The Company will require each successor,
               ----------------------
(direct  or  indirect, whether by purchase, merger, consolidation or otherwise),
to  all  or substantially all of the business or assets of the Company, prior to
the  consummation  of  each such transaction, to assume and agree to perform the
terms  and  provisions

                                        8
<PAGE>
remaining  to  be  performed  by  the Company under each Incentive Agreement and
Stock  Option  and  to  preserve the benefits to the Employees thereunder.  Such
assumption  and  agreement shall be set forth in a written agreement in form and
substance  satisfactory  to the Committee (an "Assumption Agreement"), and shall
include  such  adjustments,  if any, in the application of the provisions of the
Incentive  Agreements  and Stock Options and such additional provisions, if any,
as  the  Committee shall require and approve, in order to preserve such benefits
to  the  Employees.  Without  limiting  the  generality  of  the  foregoing, the
Committee  may  require  an  Assumption  Agreement  to  include  satisfactory
undertakings  by  a  successor:

                    (a)  To provide liquidity to the Employees at the end of the
Restriction  Period  applicable  to  the Common Stock awarded to them under this
Plan,  or  on  the  exercise  of  Stock  Options;

                    (b)  If  the  succession occurs before the expiration of any
period  specified  in  the  Incentive Agreements for satisfaction of performance
criteria  applicable  to  the  Common  Stock awarded thereunder, to refrain from
interfering  with  the Company's ability to satisfy such performance criteria or
to  agree  to  modify  such  performance criteria and/or waive any criteria that
cannot  be  satisfied  as  a  result  of  the  succession;

                    (c)  To  require  any  future  successor  to  enter  into an
Assumption  Agreement;  and

                    (d)  To  take  or  refrain from taking such other actions as
the Committee may require and approve, in its discretion.

     4.13      Compliance  with  Rule  16b-3.  Transactions  under this Plan are
               -----------------------------
intended  to  comply  with  all  applicable conditions of Rule 16b-3 promulgated
under the Exchange Act.  To the extent that any provision of this Plan or action
by  the  Committee  fails to so comply, it shall be deemed null and void, to the
extent permitted by law and deemed advisable by the Committee.

     4.14      Information  to  Shareholders.  The Company shall furnish to each
               -----------------------------
of its stockholders financial statements of the Company at least annually.

     IN  WITNESS  WHEREOF,  this Plan has been executed effective as of February
28, 2005.

                                        PLANETLINK COMMUNICATIONS, INC.

                                        By /s/ M. Dewey Bain
                                          --------------------------------------
                                          M. Dewey Bain, President

                                        9
<PAGE>

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