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                                                                    EXHIBIT 10.1

                              COMMUNITY FIRST, INC.

                            2005 STOCK INCENTIVE PLAN

SECTION 1. PURPOSE; DEFINITIONS.

     The purpose of the 2005 Stock Incentive Plan (the "Plan") is to enable
Community First, Inc., a Tennessee corporation (the "Company"), to attract,
retain and reward key employees of and consultants to the Company and its
Subsidiaries and Affiliates, and directors who are not also employees of the
Company, and to strengthen the mutuality of interests between such key
employees, consultants, and directors by awarding such key employees,
consultants, and directors stock incentives and/or other equity interests or
equity-based incentives in the Company, as well as incentives payable in cash.
The creation of the Plan shall not diminish or prejudice other compensation
programs approved from time to time by the Board.

     For purposes of the Plan, the following terms shall be defined as set forth
below:

(a)   "Affiliate" means any entity other than the Company and its Subsidiaries
      that is designated by the Board as a participating employer under the
      Plan, provided that the Company directly or indirectly owns at least 20%
      of the combined voting power of all classes of stock of such entity or at
      least 20% of the ownership interests in such entity.

(b)   "Board" means the Board of Directors of the Company.

(c)   "Cause" has the meaning provided in Section 5(j) of the Plan.

(d)   "Change in Control" has the meaning provided in Section 9(b) of the Plan.

(e)   "Code" means the Internal Revenue Code of 1986, as amended from time to
      time, and any successor thereto.

(f)   "Common Stock" means the Company's Common Stock, no par value per share.

(g)   "Committee" means the Compensation Committee of the Board of Directors of
      the Company.

(h)   "Company" means Community First, Inc., a corporation organized under the
      laws of the State of Tennessee or any successor corporation.

(i)   "Disability" means disability as determined under the Company's Group Long
      Term Disability Insurance Plan.

(j)   "Early Retirement" means retirement, for purposes of this Plan with the
      express consent of the Company at or before the time of such retirement,
      from active employment with the Company and any Subsidiary or Affiliate
      prior to age 65, in accordance with any applicable early retirement policy
      of the Company then in effect or as may be approved by the Committee.

(k)   "Effective Date" has the meaning provided in Section 13 of the Plan.

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(l)   "Exchange Act" means the Securities Exchange Act of 1934, as amended from
      time to time, and any successor thereto.

(m)   "Fair Market Value" means with respect to the Common Stock, as of any
      given date or dates, unless otherwise determined by the Board in good
      faith, the reported closing price of a share of Common Stock on the NASDAQ
      National Market or such other market or exchange as is the principal
      trading market for the Common Stock, or, if no such sale of a share of
      Common Stock is reported on such market on such date, the average of the
      closing bid and ask prices so repeated, or if the Common Stock is not then
      traded on any such exchange or trading market, the fair market value of a
      share of Common Stock as determined by the Board in good faith. If the
      Board shall determine Fair Market Value, the board shall consider the most
      recent available data, including sales or bid and ask prices available on
      the OTC Bulletin Board, the Pink Sheets or private sales information known
      to the Company, and, if publicly available market quotations shall not be
      otherwise available, shall obtain an appropriate third party opinion,
      evaluation or confirmation of such determination.

(n)   "Incentive Stock Option" means any Stock Option intended to be and
      designated as an "Incentive Stock Option" within the meaning of Section
      422 of the Code.

(o)   "Immediate Family" means any child, stepchild, grandchild, parent,
      stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
      son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall
      include adoptive relationships.

(p)   "Independent Director" means a member of the Board who is an "Independent
      Director" within the meaning of Rule 16b-3(b)(3) promulgated under the
      Exchange Act, an outside director within the meaning of Treasury
      Regulation Sec. 162-27(e)(3) promulgated under the Code, and who satisfies
      the applicable independence requirements of the listing standards of the
      National Association of Securities Dealers, Inc.

(q)   "Non-Qualified Stock Option" means any Stock Option that is not an
      Incentive Stock Option.

(r)   "Normal Retirement" means retirement from active employment with the
      Company and any Subsidiary or Affiliate on or after age 65.

(s)   "Other Stock-Based Award" means an award under Section 8 below that is
      valued in whole or in part by reference to, or is otherwise based on, the
      Common Stock.

(t)   "Outside Director" means a member of the Board who is not then (i) an
      officer or employee of the Company or any Subsidiary or Affiliate of the
      Company, or (ii) the direct or beneficial owner of five percent (5%) or
      more of the Common Stock of the Company.

(u)   "Plan" means this 2005 Stock Incentive Plan, as amended from time to time.

(v)   "Restricted Stock" means an award of shares of Common Stock that is
      subject to restrictions under Section 7 of the Plan.

(w)   "Restriction Period" has the meaning provided in Section 7 of the Plan.

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(x)   "Retirement" means Normal or Early Retirement.

(y)   "Section 162(m) Maximum" has the meaning provided in Section 3(b) hereof.

(z)   "Stock Appreciation Right" or "SAR" means the right, pursuant to an award
      granted under Section 6 below, to receive in cash and/or shares upon
      exercise the increase in the Fair Market Value of a share of Common Stock
      above the Fair Market Value (or other price established by the Committee)
      of a share of Common Stock on the date of grant.

(aa)  "Stock Option" or "Option" means any option to purchase shares of Common
      Stock (including Restricted Stock, if the Committee so determines) granted
      pursuant to Section 5 below.

(bb)  "Subsidiary" means any corporation (other than the Company) in an unbroken
      chain of corporations beginning with the Company if each of the
      corporations (other than the last corporation in the unbroken chain) owns
      stock possessing 50% or more of the total combined voting power of all
      classes of stock in one of the other corporations in the chain.

SECTION 2. ADMINISTRATION.

     The Plan shall be administered by the Committee. If at anytime the
Committee shall no longer exist, then the Plan shall be administered by the
Board and, for purposes of this Plan, all references herein to the Committee
shall mean the Board. Each member of the Committee shall be an Independent
Director. The Committee shall have authority to grant, pursuant to the terms of
the Plan, to officers, other key employees, Outside Directors and consultants
eligible under Section 4: (i) Stock Options, (ii) Stock Appreciation Rights,
(iii) Restricted Stock, and/or (iv) Other Stock-Based Awards; provided, however,
that the power to grant and establish the terms and conditions of awards to
Outside Directors under the Plan shall be reserved to the Board.

     In particular, the Committee, or the Board, as the case may be, shall have
the authority, consistent with the terms of the Plan:

(a)   to select the officers, key employees and Outside Directors of and
      consultants to the Company and its Subsidiaries and Affiliates to whom
      Stock Options, Stock Appreciation Rights, Restricted Stock, and/or Other
      Stock-Based Awards may from time to time be granted hereunder;

(b)   to determine whether and to what extent Incentive Stock Options,
      Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock,
      and/or Other Stock-Based Awards, or any combination thereof, are to be
      granted hereunder to one or more eligible persons;

(c)   to determine the number of shares to be covered by each such award granted
      hereunder;

(d)   to determine the terms and conditions, not inconsistent with the terms of
      the Plan, of any award granted hereunder (including, but not limited to,
      the share price and any restriction or limitation, performance requirement
      or any vesting acceleration or waiver of forfeiture restrictions regarding
      any Stock Option or other award and/or the shares of Common

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     Stock relating thereto, based in each case on such factors as the Committee
shall determine, in its sole discretion); and to amend or waive any such terms
and conditions to the extent permitted by Section 10 hereof;

(e)   to determine whether and under what circumstances a Stock Option may be
      settled in cash or Restricted Stock under Section 5, as applicable,
      instead of Common Stock;

(f)   to determine whether, to what extent, and under what circumstances Option
      grants and/or other awards under the Plan are to be made, and operate, on
      a tandem basis vis-a-vis other awards under the Plan and/or cash awards
      made outside of the Plan;

(g)   to determine whether, to what extent, and under what circumstances shares
      of Common Stock and other amounts payable with respect to an award under
      this Plan shall be deferred either automatically or at the election of the
      participant (including providing for and determining the amount (if any)
      of any deemed earnings on any deferred amount during any deferral period);

(h)   to determine whether to require payment of tax withholding requirements in
      shares of Common Stock subject to the award; and

(i)   to impose any holding period required to satisfy Section 16 under the
      Exchange Act.

     The Committee shall have the authority to adopt, alter, and repeal such
rules, guidelines, and practices governing the Plan as it shall, from time to
time, deem advisable; to interpret the terms and provisions of the Plan and any
award issued under the Plan (and any agreements relating thereto); and to
otherwise supervise the administration of the Plan.

     All decisions made by the Committee pursuant to the provisions of the Plan
shall be made in the Committee's sole discretion and shall be final and binding
on all persons, including the Company and Plan participants.

SECTION 3. SHARES OF COMMON STOCK SUBJECT TO PLAN.

     (a) The maximum number shares of Common Stock that may be issued pursuant
to awards under this Plan shall be 225,000 shares, subject to adjustments set
forth herein.

     (b) The shares of Common Stock issuable under the Plan may consist, in
whole or in part, of authorized and unissued shares or treasury shares. No
officer of the Company or other person whose compensation may be subject to the
limitations on deductibility under Section 162(m) of the Code shall be eligible
to receive awards pursuant to this Plan in excess of 100,000 shares of Common
Stock in any fiscal year (the "Section 162(m) Maximum").

     (c) If any shares of Common Stock that have been optioned hereunder cease
to be subject to such option, or if any shares of Common Stock that are subject
to any Restricted Stock or Other Stock-Based Award granted hereunder are
forfeited, or any such award otherwise terminates without a payment being made
to the participant in the form of Common Stock, such shares shall again be
available for distribution in connection with future awards under the Plan, so
long as the total does not exceed the number specified in 3(a) above.

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     (d) In the event the Committee determines that of any merger,
reorganization, consolidation, recapitalization, extraordinary cash dividend,
stock dividend, stock split or other change in corporate structure affecting the
Common Stock or other similar corporate transaction affects shares of Common
Stock such than an adjustment is determined by the Committee in its sole
discretion to be appropriate, an appropriate substitution or adjustment shall be
made in the maximum number of shares that may be awarded under the Plan, in the
number and option price of shares subject to outstanding Options granted under
the Plan, the Section 162(m) Maximum and in the number of shares subject to
other outstanding awards granted under the Plan as may be determined to be
appropriate by the Committee, in its sole discretion, provided that the number
of shares subject to any award shall always be a whole number. An adjusted
option price shall also be used to determine the amount payable by the Company
upon the exercise of any Stock Appreciation Right.

SECTION 4. ELIGIBILITY.

     Officers, other key employees and Outside Directors of and consultants to
the Company and its Subsidiaries and Affiliates who are responsible for or
contribute to the management, growth and/or profitability of the business of the
Company and/or its Subsidiaries and Affiliates are eligible to be granted awards
under the Plan.

SECTION 5. STOCK OPTIONS.

     Stock Options may be granted alone, in addition to, or in tandem with other
awards granted under the Plan and/or cash awards made outside of the Plan. Any
Stock Option granted under the Plan shall be in such form as the Committee may
from time to time approve.

     Stock Options granted under the Plan may be of two types: (i) Incentive
Stock Options and (ii) Non-Qualified Stock Options. Incentive Stock Options
may be granted only to individuals who are employees of the Company or any
Subsidiary of the Company.

     The Committee shall have the authority to grant to any optionee Incentive
Stock Options, Non-Qualified Stock Options, or both types of Stock Options.

     Options granted to officers, key employees, Outside Directors and
consultants under the Plan shall be subject to the following terms and
conditions and shall contain such additional terms and conditions, not
inconsistent with the terms of the Plan, as the Committee shall deem desirable.

     (a) OPTION PRICE. The option price per share of Common Stock purchasable
under a Stock Option shall be determined by the Committee at the time of grant
but shall be not less than 100% (or, in the case of any employee who owns stock
possessing more than 10% of the total combined voting power of all classes of
stock of the Company or of any of its Subsidiaries, not less than 110%) of the
Fair Market Value of the Common Stock at grant, in the case of Incentive Stock
Options, and not less than 100% of the Fair Market Value of the Common Stock at
grant, in the case of Non-Qualified Stock Options.

     (b) OPTION TERM. The term of each Stock Option shall be fixed by the
Committee, but no Incentive Stock Option shall be exercisable more than ten
years (or, in the case of an employee who owns stock possessing more than 10% of
the total combined voting power of all classes of stock of the Company or any of
its Subsidiaries or parent corporations, more than five years) after the date
the Option is granted.

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     (c) EXERCISABILITY. Stock Options shall be exercisable at such time or
times and subject to such terms and conditions as shall be determined by the
Committee at or after grant; provided, however, that except as provided in
Section 5(g) and (h), unless otherwise determined by the Committee at or after
grant, no Stock Option shall be exercisable prior to the first anniversary date
of the granting of the Option. The Committee may provide that a Stock Option
shall vest over a period of future service at a rate specified at the time of
grant, or that the Stock Option is exercisable only in installments. If the
Committee provides, in its sole discretion, that any Stock Option is exercisable
only in installments, the Committee may waive such installment exercise
provisions at any time at or after grant, in whole or in part, based on such
factors as the Committee shall determine in its sole discretion.

     (d) METHOD OF EXERCISE. Subject to whatever installment exercise
restrictions apply under Section 5(c), Stock Options may be exercised in whole
or in part at any time during the option period, by giving written notice of
exercise to the Company specifying the number of shares to be purchased. Such
notice shall be accompanied by payment in full of the purchase price, either by
check, note, or such other instrument as the Committee may accept. As determined
by the Committee, in its sole discretion, at or (except in the case of an
Incentive Stock Option) after grant, payment in full or in part may also be made
in the form of shares of Common Stock already owned for at least six months by
the optionee. In the case of a Non-Qualified Stock Option, the Committee, in its
discretion, at or after grant, may permit optionholders, in lieu of the payment
of withholding taxes due, but only to the extent the Company is required to
withhold such taxes, to surrender shares subject to purchase without restriction
under such Option or another award hereunder (in each case valued at the Fair
Market Value of the Common Stock on the date the Option is exercised). No shares
of Common Stock shall be issued until full payment therefor has been made. An
optionee shall generally have the rights to dividends or other rights of a
shareholder with respect to shares subject to the Option when the optionee has
given written notice of exercise, has paid in full for such shares, and, if
requested, has given the representation described in Section 12(a).

     (e) TRANSFERABILITY OF OPTIONS. No Non-Qualified Stock Option shall be
transferable by the optionee without the prior written consent of the Committee
other than (i) transfers by the optionee to a member of his or her Immediate
Family or a trust for the benefit of the optionee or a member of his or her
Immediate Family, or (ii) transfers by will or by the laws of descent and
distribution. No Incentive Stock Option shall be transferable by the optionee
otherwise than by will or by the laws of descent and distribution, and all
Incentive Stock Options shall be exercisable, during the optionee's lifetime,
only by the optionee. Following any such transfer, any transferred options shall
continue to be subject to the same terms and conditions as in effect prior to
transfer.

     (f) BONUS FOR TAXES. In the case of a Non-Qualified Stock Option or an
optionee who elects to make a disqualifying disposition (as defined in Section
422(a)(1) of the Code) of Common Stock acquired pursuant to the exercise of an
Incentive Stock Option, the Committee in its discretion may award at the time of
grant or thereafter the right to receive upon exercise of such Stock Option a
cash bonus calculated to pay part or all of the federal and state, if any,
income tax incurred by the optionee upon such exercise.

     (g) TERMINATION BY DEATH. Subject to Section 5(k), if an optionee's
employment by the Company and any Subsidiary or (except in the case of an
Incentive Stock Option) Affiliate terminates by reason of death, any Stock
Option held by such optionee may thereafter be exercised, to the extent such
option was exercisable at the time of death or (except in the case of an
Incentive Stock Option) on such accelerated basis as the Committee may determine
at or after grant (or except in the case of an Incentive

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Stock Option, as may be determined in accordance with procedures established by
the Committee) by the legal representative of the estate or by the legatee of
the optionee under the will of the optionee, for a period of one year (or such
other period as the Committee may specify at or after grant) from the date of
such death or until the expiration of the stated term of such Stock Option,
whichever period is the shorter.

     (h) TERMINATION BY REASON OF DISABILITY. Subject to Section 5(k), if an
optionee's employment by the Company and any Subsidiary or (except in the case
of an Incentive Stock Option) Affiliate terminates by reason of Disability, any
Stock Option held by such optionee may thereafter be exercised by the optionee,
to the extent it was exercisable at the time of termination or (except in the
case of an Incentive Stock Option) on such accelerated basis as the Committee
may determine at or after grant (or, except in the case of an Incentive Stock
Option, as may be determined in accordance with procedures established by the
Committee), for a period of (i) three years (or such other period as the
Committee may specify at or after grant) from the date of such termination of
employment or until the expiration of the stated term of such Stock Option,
whichever period is the shorter, in the case of a Non-Qualified Stock Option and
(ii) one year from the date of termination of employment or until the expiration
of the stated term of such Stock Option, whichever period is shorter, in the
case of an Incentive Stock Option; provided, however, that, if the optionee dies
within the period specified in (i) above (or other such period as the Committee
shall specify at or after grant), any unexercised Non-Qualified Stock Option
held by such optionee shall thereafter be exercisable to the extent to which it
was exercisable at the time of death for a period of twelve months from the date
of such death or until the expiration of the stated term of such Stock Option,
whichever period is shorter. In the event of termination of employment by reason
of Disability, if an Incentive Stock Option is exercised after the expiration of
the exercise period applicable to Incentive Stock Options, but before the
expiration of any period that would apply if such Stock Option were a
Non-Qualified Stock Option, such Stock Option will thereafter be treated as a
Non-Qualified Stock Option.

     (i) TERMINATION BY REASON OF RETIREMENT. Subject to Section 5(k), if an
optionee's employment by the Company and any Subsidiary or (except in the case
of an Incentive Stock Option) Affiliate terminates by reason of Normal or Early
Retirement, any Stock Option held by such optionee may thereafter be exercised
by the optionee, to the extent it was exercisable at the time of such Retirement
or (except in the case of an Incentive Stock Option) on such accelerated basis
as the Committee may determine at or after grant (or, except in the case of an
Incentive Stock Option, as may be determined in accordance with procedures
established by the Committee), for a period of (i) three years (or such other
period as the Committee may specify at or after grant) from the date of such
termination of employment or the expiration of the stated term of such Stock
Option, whichever period is the shorter, in the case of a Non-Qualified Stock
Option and (ii) ninety (90) days from the date of such termination of employment
or the expiration of the stated term of such Stock Option, whichever period is
the shorter, in the event of an Incentive Stock Option; provided however, that,
if the optionee dies within the period specified in (i) above (or other such
period as the Committee shall specify at or after grant), any unexercised
Non-Qualified Stock Option held by such optionee shall thereafter be exercisable
to the extent to which it was exercisable at the time of death for a period of
twelve months from the date of such death or until the expiration of the stated
term of such Stock Option, whichever period is shorter. In the event of
termination of employment by reason of Retirement, if an Incentive Stock Option
is exercised after the expiration of the exercise period applicable to Incentive
Stock Options, but before the expiration of the period that would apply if such
Stock Option were a Non-Qualified Stock Option, the option will thereafter be
treated as a Non-Qualified Stock Option.

     (j) OTHER TERMINATION. Subject to Section 5(k), unless otherwise
determined by the Committee (or pursuant to procedures established by the
Committee) at or (except in the case of an

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Incentive Stock Option) after grant, if an optionee's employment by the Company
and any Subsidiary or (except in the case of an Incentive Stock Option)
Affiliate is involuntarily terminated for any reason other than death,
Disability or Normal or Early Retirement, the Stock Option shall thereupon
terminate, except that such Stock Option may be exercised, to the extent
otherwise then exercisable, for the lesser of ninety (90) days or the balance of
such Stock Option's term if the involuntary termination is without Cause. For
purposes of this Plan, "Cause" means (i) a felony conviction of a participant or
the failure of a participant to contest prosecution for a felony, or (ii) a
participant's willful misconduct or dishonesty, which is directly and materially
harmful to the business or reputation of the Company or any Subsidiary or
Affiliate. If an optionee voluntarily terminates employment with the Company and
any Subsidiary or (except in the case of an Incentive Stock Option) Affiliate
(except for Disability, Normal or Early Retirement), the Stock Option shall
thereupon terminate; provided, however, that the Committee at grant or (except
in the case of an Incentive Stock Option) thereafter may extend the exercise
period in this situation for the lesser of ninety (90) days or the balance of
such Stock Option's term.

     (k) INCENTIVE STOCK OPTIONS. Anything in the Plan to the contrary
notwithstanding, no term of this Plan relating to Incentive Stock Options shall
be interpreted, amended, or altered, nor shall any discretion or authority
granted under the Plan be so exercised, so as to disqualify the Plan under
Section 422 of the Code, or, without the consent of the optionee(s) affected, to
disqualify any Incentive Stock Option under such Section 422. No Incentive Stock
Option shall be granted to any participant under the Plan if such grant would
cause the aggregate Fair Market Value (as of the date the Incentive Stock Option
is granted) of the Common Stock with respect to which all Incentive Stock
Options are exercisable for the first time by such participant during any
calendar year (under all such plans of the Company and any Subsidiary) to exceed
$100,000. To the extent permitted under Section 422 of the Code or the
applicable regulations thereunder or any applicable Internal Revenue Service
pronouncement:

             (i) if (x) a participant's employment is terminated by reason of
    death, Disability or Retirement and (y) the portion of any Incentive Stock
    Option that is otherwise exercisable during the post-termination period
    specified under Section 5(g), (h) or (i), applied without regard to the
    $100,000 limitation contained in Section 422(d) of the Code, is greater than
    the portion of such Option that is immediately exercisable as an "Incentive
    Stock Option" during such post-termination period under Section 422, such
    excess shall be treated as a Non-Qualified Stock Option; and

            (ii) if the exercise of an Incentive Stock Option is accelerated by
    reason of a Change in Control, any portion of such Option that is not
    exercisable as an Incentive Stock Option by reason of the $100,000
    limitation contained in Section 422(d) of the Code shall be treated as a
    Non-Qualified Stock Option.

     (l) BUYOUT PROVISIONS. The Committee may at any time recommend to the Board
that the Company offer to buy out (for a payment in cash, Common Stock, or
another award under this plan) an Option previously granted, based on such terms
and conditions as the Committee shall determine appropriate.

     (m) SETTLEMENT PROVISIONS. If the option agreement so provides at grant or
(except in the case of an Incentive Stock Option) is amended after grant and
prior to exercise to so provide (with the optionee's consent), the Committee may
require that all or part of the shares to be issued with respect to the spread
value of an exercised Option take the form of Restricted Stock, which shall be
valued on the

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date of exercise on the basis of the Fair Market Value (as determined by the
Committee) of such Restricted Stock.

     (n) PERFORMANCE AND OTHER CONDITIONS. The Committee may condition the
exercise of any Option upon the attainment of specified performance goals or
other factors as the Committee may determine, in its sole discretion. The
Committee in its discretion may also provide in the option agreement that any
such conditional Option shall vest immediately prior to its expiration if the
conditions to exercise have not theretofore been satisfied.

SECTION 6. STOCK APPRECIATION RIGHTS.

     (a) GRANT AND EXERCISE. Stock Appreciation Rights may be granted on such
terms as shall be consistent with the Plan. A Stock Appreciation Right may be
exercised by an optionee, subject to Section 6(b), in accordance with the
procedures established by the Committee for such purpose. Upon such exercise,
the optionee shall be entitled to receive an amount determined in the manner
prescribed in Section 6(b).

     (b) TERMS AND CONDITIONS. Stock Appreciation Rights shall be subject to
such terms and conditions, not inconsistent with the provisions of the Plan, as
shall be determined from time to time by the Committee, including the following:

            (i) SARs shall be exercisable only at such time or times during such
    periods and for such number of SARs as shall be determined by the Committee,
    provided that no SAR may be exercised more than 10 years after the date of
    grant, and any SAR may be subject to earlier termination, cancellation or
    expiration as provided in the Plan.

            (ii) Upon the exercise of a SAR, an optionee shall be entitled to
    receive an amount in cash and/or shares of Common Stock with a Fair Market
    Value equal in value to the excess of the Fair Market Value of one share of
    Common Stock on the date of exercise over the Fair Market Value per share of
    Common Stock on the date of grant, or such other price per share as the
    Committee shall determine, multiplied by the number of SARs which shall have
    been exercised, with the Committee having the right to determine the form of
    payment at or after grant.

            (iii) Stock Appreciation Rights shall be transferable only to the
    extent that Stock Options would be transferable under Section 5(e) of the
    Plan.

            (iv) The Committee may condition the exercise of any Stock
    Appreciation Right upon the attainment of specified performance goals or
    other factors as the Committee may determine, in its sole discretion.

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SECTION 7. RESTRICTED STOCK.

     (a) ADMINISTRATION. Shares of Restricted Stock may be issued either alone,
in addition to, or in tandem with other awards granted under the Plan and/or
cash awards made outside the Plan. The Committee shall determine the eligible
persons to whom, and the time or times at which, grants of Restricted Stock will
be made, the number of shares of Restricted Stock to be awarded to any person,
the price (if any) to be paid by the recipient of Restricted Stock (subject to
Section 7(b)), the time or times within which such awards may be subject to
forfeiture, and the other terms, restrictions and conditions of the awards in
addition to those set forth in Section 7(c). The Committee may condition the
grant of Restricted Stock upon the attainment of specified performance goals or
such other factors as the Committee may determine, in its sole discretion. The
provisions of Restricted Stock awards need not be the same with respect to each
recipient.

     (b) AWARDS AND CERTIFICATES. The prospective recipient of a Restricted
Stock award shall not have any rights with respect to such award, unless and
until such recipient has executed an agreement evidencing the award and has
delivered a fully executed copy thereof to the Company, and has otherwise
complied with the applicable terms and conditions of such award.

            (i) The purchase price for shares of Restricted Stock shall be
    established by the Committee and may be zero.

            (ii) Awards of Restricted Stock must be accepted within a period of
    60 days (or such shorter period as the Committee may specify at grant) after
    the award date, by executing an award agreement and paying whatever price
    (if any) is required under Section 7(b)(i).

            (iii) Each participant receiving a Restricted Stock award shall be
    issued a stock certificate in respect of such shares of Restricted Stock or
    such shares may be held in an uncertificated book account by the Company's
    transfer agent. Shares shall be registered in the name of such participant,
    and in the case of a stock certificate, such certificate shall bear an
    appropriate legend referring to the terms, conditions, and restrictions
    applicable to such award.

            (iv) The Committee shall require that the stock certificates or book
    entry accounts evidencing such shares be held in custody by the Company
    until the restrictions thereon shall have lapsed, and that, as a condition
    of any Restricted Stock award, the participant shall have delivered a stock
    power, endorsed in blank, relating to the shares of Common Stock covered by
    such award.

     (c) RESTRICTIONS AND CONDITIONS. The shares of Restricted Stock awarded
pursuant to this Section 7 shall be subject to the following restrictions and
conditions:

            (i) In accordance with the provisions of this Plan and the award
    agreement, during a period set by the Committee commencing with the date of
    such award (the "Restriction Period"), the participant shall not be
    permitted to sell, transfer, pledge, assign, or otherwise encumber shares of
    Restricted Stock awarded under the Plan. Within these limits, the Committee,
    in its sole discretion, may provide for the lapse of such restrictions in
    installments and may accelerate or waive such restrictions, in whole

                                       10

<PAGE>

or in part, based on service, performance, or such other factors or criteria as
the Committee may determine in its sole discretion.

            (ii) Except as provided in this paragraph (ii) and Section 7(c)(i),
    the participant shall have, with respect to the shares of Restricted Stock,
    all of the rights of a shareholder of the Company, including the right to
    vote the shares, and the right to receive any cash dividends. The Committee,
    in its sole discretion, as determined at the time of award, may permit or
    require the payment of cash dividends to be deferred and, if the Committee
    so determines, reinvested, subject to Section 12(e), in additional
    Restricted Stock to the extent shares are available under Section 3, or
    otherwise reinvested. Pursuant to Section 3 above, stock dividends issued
    with respect to Restricted Stock shall be treated as additional shares of
    Restricted Stock that are subject to the same restrictions and other terms
    and conditions that apply to the shares with respect to which such dividends
    are issued. If the Committee so determines, the award agreement may also
    impose restrictions on the right to vote and the right to receive dividends.

            (iii) Subject to the applicable provisions of the award agreement
    and this Section 7, upon termination of a participant's employment with the
    Company and any Subsidiary or Affiliate for any reason during the
    Restriction Period, all shares still subject to restriction will vest, or be
    forfeited, in accordance with the terms and conditions established by the
    Committee at or after grant.

            (iv) If and when the Restriction Period expires without a prior
    forfeiture of the Restricted Stock subject to such Restriction Period,
    certificates for an appropriate number of unrestricted shares shall be
    delivered to the participant promptly.

     (d) MINIMUM VALUE PROVISIONS. In order to better ensure that award payments
actually reflect the performance of the Company and service of the participant,
the Committee may provide, in its sole discretion, for a tandem
performance-based or other award designed to guarantee a minimum value, payable
in cash or Common Stock to the recipient of a Restricted Stock award, subject to
such performance, future service, deferral, and other terms and conditions as
may be specified by the Committee.

SECTION 8. OTHER STOCK-BASED AWARDS.

     (a) ADMINISTRATION. Other Stock-Based Awards, including, without
limitation, performance shares, convertible preferred stock, convertible
debentures, exchangeable securities and Common Stock awards or options valued by
reference to earnings per share or Subsidiary performance, may be granted either
alone, in addition to, or in tandem with Stock Options, Stock Appreciation
Rights, or Restricted Stock granted under the Plan and cash awards made outside
of the Plan; provided that no such Other Stock-Based Awards may be granted in
tandem with Incentive Stock Options if that would cause such Stock Options not
to qualify as Incentive Stock Options pursuant to Section 422 of the Code.
Subject to the provisions of the Plan, the Committee shall have authority to
determine the persons to whom and the time or times at which such awards shall
be made, the number of shares of Common Stock to be awarded pursuant to such
awards, and all other conditions of the awards. The Committee may also provide
for the grant of Common Stock upon the completion of a specified performance
period. The provisions of Other Stock-Based Awards need not be the same with
respect to each recipient.

                                       11

<PAGE>

     (b) TERMS AND CONDITIONS. Other Stock-Based Awards made pursuant to this
Section 8 shall be subject to the following terms and conditions:

            (i) Subject to the provisions of this Plan and the award agreement
    and unless otherwise determined by the Committee at grant, the recipient of
    an award under this Section 8 shall be entitled to receive, currently or on
    a deferred basis, interest or dividends or interest or dividend equivalents
    with respect to the number of shares covered by the award, as determined at
    the time of the award by the Committee, in its sole discretion, and the
    Committee may provide that such amounts (if any) shall be deemed to have
    been reinvested in additional shares of Common Stock or otherwise
    reinvested.

            (ii) Any award under Section 8 and any shares of Common Stock
    covered by any such award shall vest or be forfeited to the extent so
    provided in the award agreement, as determined by the Committee in its sole
    discretion.

            (iii) In the event of the participant's Retirement, Disability, or
    death, or in cases of special circumstances, the Committee may, in its sole
    discretion, waive in whole or in part any or all of the remaining
    limitations imposed hereunder (if any) with respect to any or all of an
    award under this Section 8.

            (iv) Each award under this Section 8 shall be confirmed by, and
    subject to the terms of, an agreement or other instrument by the Company and
    the participant.

SECTION 9. CHANGE IN CONTROL PROVISIONS.

     (a) IMPACT OF EVENT. The Committee may determine, at or after grant
(subject to any right of approval expressly reserved by the Committee or the
Board at the time of such determination), that in the event of a "Change in
Control" as defined in Section 9(b), the following acceleration provisions shall
apply:

            (i) any Stock Appreciation Rights or any Stock Option awarded under
    the Plan not previously exercisable and vested shall become fully
    exercisable and vested;

            (ii) the restrictions applicable to any Restricted Stock and Other
    Stock-Based Awards, in each case to the extent not already vested under the
    Plan, shall lapse and such shares and awards shall be deemed fully vested;
    and

            (iii) the Board or the Committee may impose additional conditions on
    the acceleration or valuation of any award in the award agreement.

     (b) DEFINITION OF CHANGE IN CONTROL. For purposes of Section 9(a), a
"Change in Control" means the happening of any of the following:

            (i) any person or entity, including a "group" as defined in Section
    13(d)(3) of the Exchange Act, other than the Company or a wholly-owned
    subsidiary thereof or any employee benefit plan of the Company or any of its
    Subsidiaries, becomes the beneficial owner of the Company's securities
    having 25% or more of the combined

                                       12

<PAGE>

    voting power of the then outstanding securities of the Company that may be
    cast for the election of directors of the Company (other than as a result of
    an issuance of securities initiated by the Company in the ordinary course of
    business or other than transactions which are approved by a majority of the
    Board);

            (ii) as the result of, or in connection with, any cash tender or
    exchange offer, merger or other business combination, sales of assets or
    contested election, or any combination of the foregoing transactions, less
    than a majority of the combined voting power of the then outstanding
    securities of the Company or any successor corporation or entity entitled to
    vote generally in the election of the directors of the Company or such other
    corporation or entity after such transactions are held in the aggregate by
    the holders of the Company's securities entitled to vote generally in the
    election of directors of the Company immediately prior to such transaction;
    or

            (iii) during any period of two consecutive years, individuals who at
    the beginning of any such period constitute the Board cease for any reason
    to constitute at least a majority thereof, unless the election, or the
    nomination for election by the Company's shareholders, of each director of
    the Company first elected during such period was approved by a vote of at
    least two-thirds of the directors of the Company then still in office who
    were directors of the Company at the beginning of any such period.

SECTION 10. AMENDMENTS AND TERMINATION.

     The Board may at any time amend, alter or discontinue the Plan; provided,
however, that, without the approval of the Company's shareholders, no amendment
or alteration may be made which would (a) except as a result of the provisions
of Section 3(d) of the Plan, increase the maximum number of shares that may be
issued under the Plan or increase the Section 162(m) Maximum, (b) change the
provisions governing Incentive Stock Options except as required or permitted
under the provisions governing incentive stock options under the Code, or (c)
make any change for which applicable law or regulatory authority (including the
regulatory authority of any market or exchange on which the Common Stock is
traded) would require shareholder approval or for which shareholder approval
would be required to secure full deductibility of compensation received under
the Plan under Section 162(m) of the Code. No amendment, alteration, or
discontinuation shall be made which would impair the rights of an optionee or
participant under a Stock Option, Stock Appreciation Right, Restricted Stock or
Other Stock-Based Award theretofore granted, without the participant's consent.

     The Committee may amend the terms of any Stock Option or other award
theretofore granted, prospectively or retroactively, but, subject to Section 3
above, no such amendment shall impair the rights of any holder without the
holder's consent. The Committee may also substitute new Stock Options for
previously granted Stock Options (on a one for one or other basis), including
previously granted Stock Options having higher option exercise prices. Solely
for purposes of computing the Section 162(m) Maximum, if any Stock Options or
other awards previously granted to a participant are canceled and new Stock
Options or other awards having a lower exercise price or other more favorable
terms for the participant are substituted in their place, both the initial Stock
Options or other awards and the replacement Stock Options or other awards will
be deemed to be outstanding (although the canceled Stock Options or other awards
will not be exercisable or deemed outstanding for any other purposes).

                                       13

<PAGE>

SECTION 11. UNFUNDED STATUS OF PLAN.

     The Plan is intended to constitute an "unfunded" plan for incentive and
deferred compensation. With respect to any payments not yet made to a
participant or optionee by the Company, nothing contained herein shall give any
such participant or optionee any rights that are greater than those of a general
creditor of the Company. In its sole discretion, the Committee may authorize the
creation of trusts or other arrangements to meet the obligations created under
the Plan to deliver Common Stock or payments in lieu of or with respect to
awards hereunder; provided, however, that, unless the Committee otherwise
determines with the consent of the affected participant, the existence of such
trusts or other arrangements is consistent with the "unfunded" status of the
Plan.

SECTION 12. GENERAL PROVISIONS.

     (a) The Committee may require each person purchasing shares pursuant to a
Stock Option or other award under the Plan to represent to and agree with the
Company in writing that the optionee or participant is acquiring the shares
without a view to distribution thereof. The certificates for such shares may
include any legend which the Committee deems appropriate to reflect any
restrictions on transfer. All certificates for shares of Common Stock or other
securities delivered under the Plan shall be subject to such stock-transfer
orders and other restrictions as the Committee may deem advisable under the
rules, regulations, and other requirements of the Commission, any stock exchange
upon which the Common Stock is then listed, and any applicable Federal or state
securities law, and the Committee may cause a legend or legends to be put on any
such certificates to make appropriate reference to such restrictions.

     (b) Nothing contained in this Plan shall prevent the Board from adopting
other or additional compensation arrangements, subject to shareholder approval
if such approval is required; and such arrangements may be either generally
applicable or applicable only in specific cases.

     (c) The adoption of the Plan shall not confer upon any employee of the
Company or any Subsidiary or Affiliate any right to continued employment with
the Company or a Subsidiary or Affiliate, as the case may be, nor shall it
interfere in any way with the right of the Company or a Subsidiary or Affiliate
to terminate the employment of any of its employees at any time.

     (d) No later than the date as of which an amount first becomes includible
in the gross income of the participant for Federal income tax purposes with
respect to any award under the Plan, the participant shall pay to the Company,
or make arrangements satisfactory to the Committee regarding the payment of, any
Federal, state, or local taxes of any kind required by law to be withheld with
respect to such amount. The Committee may require withholding obligations to be
settled with Common Stock, including Common Stock that is part of the award that
gives rise to the withholding requirement. The obligations of the Company under
the Plan shall be conditional on such payment or arrangements and the Company
and its Subsidiaries or Affiliates shall, to the extent permitted by law, have
the right to deduct any such taxes from any payment of any kind otherwise due to
the participant.

     (e) The actual or deemed reinvestment of dividends or dividend equivalents
in additional Restricted Stock (or other types of Plan awards) at the time of
any dividend payment shall only be permissible if sufficient shares of Common
Stock are available under Section 3 for such reinvestment (taking into account
then outstanding Stock Options and other Plan awards).

     (f) The Plan and all awards made and actions taken thereunder shall be
governed by and construed in accordance with the laws of the State of Tennessee.

                                       14

<PAGE>

     (g) The members of the Committee and the Board shall not be liable to any
employee or other person with respect to any determination made hereunder in a
manner that is not inconsistent with their legal obligations as members of the
Board. In addition to such other rights of indemnification as they may have as
directors or as members of the Committee, the members of the Committee shall be
indemnified by the Company against the reasonable expenses, including attorneys'
fees actually and necessarily incurred in connection with the defense of any
action, suit or proceeding, or in connection with any appeal therein, to which
they or any of them may be a party by reason of any action taken or failure to
act under or in connection with the Plan or any option granted thereunder, and
against all amounts paid by them in settlement thereof (provided such settlement
is approved by independent legal counsel selected by the Company) or paid by
them in satisfaction of a judgment in any such action, suit or proceeding,
except in relation to matters as to which it shall be adjudged in such action,
suit or proceeding that such Committee member is liable for negligence or
misconduct in the performance of his duties; provided that within 60 days after
institution of any such action, suit or proceeding, the Committee member shall
in writing offer the Company the opportunity, at its own expense, to handle and
defend the same.

     (h) In addition to any other restrictions on transfer that may be
applicable under the terms of this Plan or the applicable award agreement, no
Stock Option, Stock Appreciation Right, Restricted Stock award or Other
Stock-Based Award or other right issued under this Plan is transferable by the
participant without the prior written consent of the Committee, or, in the case
of an Outside Director, the Board, other than (i) transfers by an optionee to a
member of his or her Immediate Family or a trust for the benefit of the optionee
or a member of his or her Immediate Family or (ii) transfers by will or by the
laws of descent and distribution. The designation of a beneficiary will not
constitute a transfer.

     (i) The Committee may, at or after grant, condition the receipt of any
payment in respect of any award or the transfer of any shares subject to an
award on the satisfaction of a six-month holding period, if such holding period
is required for compliance with Section 16 under the Exchange Act.

SECTION 13. EFFECTIVE DATE OF PLAN.

     The Plan shall be effective upon approval by the Board and by the
affirmative vote of a majority of the shares of the Company's Common Stock
entitled to vote.

SECTION 14. TERM OF PLAN.

     No Stock Option, Stock Appreciation Right, Restricted Stock award or Other
Stock-Based Award shall be granted pursuant to the Plan on or after the tenth
anniversary of the Effective Date of the Plan, but awards granted prior to such
tenth anniversary may extend or be extended beyond that date.

                                       15<PAGE>
                                                                    Exhibit 10.1

                           COMMUNITY BANCSHARES, INC.
                    2005 NONQUALIFIED STOCK OPTION AGREEMENT
                                  FOR OFFICERS

     THIS AGREEMENT is made and entered into as of April 25, 2005, between
grantor Community Bancshares, Inc., a Delaware corporation (the "Corporation")
and grantee, Morris Crumpton (the "Grantee").

                                   WITNESSETH:

     The Board of Directors of the Corporation (the "Board") considers it in the
best interests of the Corporation to issue from time to time to selected
grantees options to purchase the Corporation's stock so as to more closely align
the interests of such grantees with the interests of the Corporation's
stockholders and to provide additional inducement for such grantees to remain in
the service of the Corporation with an increased incentive to work for its
long-term success. This Agreement establishes the terms and conditions
applicable to Grantee's award of options.

     NOW, THEREFORE, the parties hereto agree as follows:

1. GRANT OF OPTION. Grantee shall have the right and option to purchase on the
terms and conditions set forth herein, all or any part of an aggregate of 50,000
shares ("Option Shares") of the $.10 par value common stock of the Corporation
(the "Common Stock") at the purchase price of $7.68 per share (the "Option
Price"). The Option Price is 100% of the fair market value of the Common Stock
on April 25, 2005, the date of the grant of the option covered by this
Agreement.

2. TERMS AND CONDITIONS. It is understood and agreed that the option evidenced
hereby is subject to the following terms and conditions:

     (a) Expiration Date. The option shall expire five (5) years after the date
of grant (the "Expiration Date"). After the Expiration Date, the parties shall
have no further rights or obligations hereunder.

     (b) Exercise of Option/Vesting. The option covered by this Agreement may be
exercised by Grantee from time to time, in whole or in part, prior to the
Expiration Date subject to the restrictions in Section 2(d), (e) and (f) and
Section 7.

     (c) Method of Exercise and Payment of Purchase Price Upon Exercise. The
Grantee may elect to exercise the option by giving written notice of such
election to the Corporation, in such form as the Board may require, accompanied
by payment of the full purchase price of the Option Shares for which the
election is made. Payment of the Option Price shall be made in cash or Common
Stock that was acquired at least six (6) months prior to the exercise of the
option, or a combination thereof. To the extent permitted by applicable law, the
option may be exercised and the exercise price paid pursuant to arrangements
with brokerage firms permitted under Regulation T of the Federal Reserve

<PAGE>

Board or successor regulations or statutes. Any federal or state tax withholding
requirements can be satisfied by shares of Common Stock acquired pursuant to the
option exercise.

     (d) Exercise Upon Death. In the event that Grantee ceases to be employed by
the Corporation or its subsidiaries by reason of death, the option may
thereafter be exercised as to all shares subject to the option by the legal
representative of the estate or by the person or persons entitled to the option
under the Grantee's will or the laws of descent and distribution, as
appropriate, until the earlier of (i) the expiration of the stated term of the
option or (ii) the first anniversary of the date of the Grantee's death.

     (e) Exercise Upon Termination of Employment by Reason of Disability. In the
event that Grantee ceases to be employed by the Corporation or its by reason of
Disability (as defined below), the option may thereafter be exercised as to all
shares subject to the option until the earlier of (i) the expiration of the
stated term of the option or (ii) the first anniversary of the date that Grantee
is determined by the Corporation to be disabled.

     (f) Exercise Upon Termination of Employment by Reason Other than Death or
Disability. The option or any unexercised portions thereof shall expire upon the
earlier of (i) the expiration of the stated term of the option or (ii) the 60th
day following the date of termination of Grantee's employment by the Corporation
and its subsidiaries for any reason other than death or Disability. Provided,
however, if the Grantee's employment is terminated for Cause (as defined below),
the option shall expire on the date of the termination of the Grantee's
employment. If Grantee resigns from his or her employment with the Corporation
and its subsidiaries under circumstances where Cause for termination exists, the
resignation will be considered a termination for Cause and the option will
expire on the date of such resignation.

3. NO RIGHTS AS SHAREHOLDER OR TO EMPLOYMENT. No option granted hereunder shall
entitle the holder thereof to any rights as a shareholder in the Corporation
with respect to any shares to which the option relates until such shares have
been paid for in full and issued. Furthermore, the option shall not confer upon
the Grantee any rights of employment with the Corporation or any of its
subsidiaries or affect the right of the Corporation or its subsidiaries to
terminate the employment of the Grantee at any time, with or without cause.

4. RESTRICTIONS ON TRANSFER OF SHARES AND OPTION. Grantee hereby agrees for
himself or herself and his or her legal representative, heirs and distributees,
that if a registration statement covering the shares issuable upon exercise of
any option hereunder is not effective under the Securities Act of 1933, as
amended (the "Act"), at the time of such exercise, or if some other exemption
from the provisions of the Act is not available, then all shares of Common Stock
then received or purchased upon such exercise shall be acquired for investment,
and that the notice of exercise delivered to the Corporation shall be
accompanied by a representation in writing acceptable in scope and form to
counsel to the Corporation and signed by Grantee or Grantee's legal
representative, heirs or distributees, as the case may be, to the effect that
the shares are being acquired in good faith for investment and not with a view
to distribution thereof. Any shares so acquired may be deemed restricted
securities under Rule 144 as promulgated by the Securities and Exchange
Commission under the Act, and as the same may be amended or replaced and subject
to restrictions

<PAGE>

upon sale or other disposition. This option has not been registered under the
Act or any applicable state securities laws in reliance upon registration
exemptions in the Act and such laws. Grantee represents that Grantee is
acquiring this option for Grantee's own account for investment and not with a
view to any resale or distribution thereof. Grantee understands and agrees that
the option (in addition to the restriction on transfer set forth in Section 6)
this option may not be sold, transferred or otherwise disposed of without
registration under the Act and applicable state securities laws except in
compliance with an exemption from such registration, the availability of which
has been confirmed by an opinion of legal counsel or other evidence satisfactory
to the Corporation.

5. REGISTRATION OF SHARES. If at any time the Board shall determine that the
listing, registration or qualification of any shares subject to the option upon
any securities exchange, or under any state or federal law, or the consent or
approval of any governmental or regulatory body is necessary or desirable as a
condition of or in connection with the issuance or purchase of shares hereunder,
the option may not be exercised in whole or in part unless such listing,
registration, qualification, consent, or approval has been effected or obtained
free of any conditions not acceptable to the Board.

6. TRANSFER OF RIGHTS. This option is not transferable except by will or by the
laws of descent and distribution and shall be exercisable during Grantee's
lifetime only by Grantee. After the death of Grantee, this option may be
exercised only by Grantee's estate or by the person or persons entitled to the
option under Grantee's will or the laws of descent and distribution, as
appropriate. In the event the option is transferred to the Grantee's estate, the
option may be exercised by the estate only to the extent that the Grantee would
have been entitled had the option not been transferred.

7. COMPETITION WITH EMPLOYER - COVENANT NOT TO COMPETE. In consideration of the
grant by the Corporation of the option, Grantee agrees with the Corporation as
follows:

     (a) While Grantee is employed by the Corporation or one or more of its
subsidiaries (hereinafter collectively referred to as the "Company"), Grantee
will devote his or her entire time, energy and skills to the service of the
Company. Any employment shall be at the pleasure of the board of directors of
each employing corporation.

     (b) Grantee will not, during the term of his or her employment with the
Company, or for a period of two years after termination for any reason of his or
her employment by the Company, directly or indirectly, either individually or as
a stockholder (except for passive investments of less than one percent of the
outstanding shares), director, officer, consultant, independent contractor,
employee, agent, member or otherwise of or through any corporation, partnership,
association, joint venture, firm, individual or otherwise (hereinafter "Firm"),
or in any other capacity:

          (i) Carry on or engage in a business like or similar to any business
     engaged in by the Company either (A) in the county in which the Grantee has
     primarily been employed by the Company at the time of termination of
     employment or (B) within a 25-mile radius of the location where the Grantee
     has primarily been employed by the Company at the time of termination of
     employment; or

<PAGE>

          (ii) Solicit or do business (like or similar to any business engaged
     in by the Company) with any customer of the Company either (A) in the
     county in which the Grantee has primarily been employed by the Company at
     the time of termination of employment or (B) within a 25-mile radius of the
     location where the Grantee has primarily been employed by the Company at
     the time of termination of employment; or

          (iii) Solicit, directly or indirectly, any employee of the Company to
     leave their employment with the Company for any reason. For purposes of
     this Agreement, the Company and Grantee agree that Grantee shall be deemed
     to have solicited any employee in violation of this Agreement if such
     employee is hired by Grantee or his or her Firm within six (6) months of
     Grantee's last date of affiliation (either as an employee or a director)
     with the Company.

     The above two-year period shall be extended by any period of time during
which Grantee is in default of the covenants contained in this Agreement.

     (c) During the term of his or her employment by the Company and thereafter,
Grantee shall not divulge, or furnish or make accessible to any third party,
company, corporation or other organization (including, but not limited to,
customers, competitors or governmental agencies), without the Corporation's
prior written consent, any trade secrets, customer lists, information regarding
customers, or other confidential information concerning the Company or its
business, including without limitation, confidential methods of operation and
organization, trade secrets, confidential matters related to pricing, markups,
commissions and customer lists.

     (d) In the event of a breach or threatened breach by Grantee of all or any
part of the provisions of subdivisions (b) or (c) of this Section 7, the Company
shall be entitled to an injunction restraining Grantee from such breach without
limiting any other rights or remedies available to the Company for such breach
or threatened breach.

     (e) Grantee specifically recognizes and affirms that each of the covenants
contained in subdivisions (b) and (c) of this Section 7 is a material and
important term of this Agreement which has induced the Company to provide for
the award of the option granted hereunder, and Grantee further agrees that
should all or any part or application of subdivisions (b) or (c) of Section 7 of
this Agreement be held or found invalid or unenforceable for any reason
whatsoever by a court of competent jurisdiction in an action between Grantee and
the Company, the Corporation shall be entitled to receive (but not obligated to
acquire) from Grantee all Common Stock held by Grantee which was obtained by
Grantee under this Agreement (including all shares obtained by virtue of any
stock dividend or distribution, recapitalization, merger, consolidation,
split-up, combination, exchange of shares, or other transaction, hereinafter
"stock dividends") by returning to Grantee for each share received the Option
Price paid by Grantee (as adjusted for stock dividends). If Grantee has sold,
transferred, or otherwise disposed of Common Stock obtained under this Agreement
(including all shares obtained by virtue of any stock dividend), the Corporation
shall be entitled to receive from Grantee the difference between the Option
Price paid by Grantee and the fair market value of the Common Stock (including
all shares obtained by virtue of any stock dividends) on the date of sale
transfer or other disposition.

<PAGE>

     (f) Notwithstanding any provision to the contrary herein contained, Section
7(b) shall not apply upon the termination of the Grantee's employment by the
other than for Cause within one (1) year following a Change in Control of the
Corporation.

8. DEFINITIONS. For the purposes of this Agreement, the following term shall
have the definition set forth below:

     (a) "Cause" means (i) any act (A) that constitutes, on the part of the
Grantee, fraud, dishonesty, a felony or gross malfeasance of duty and (B) that
directly results in a material injury to the Corporation; or (ii) a material
violation of the policies of the Corporation and/or its subsidiaries governing
the conduct of Grantee; or (iii) conduct by the Grantee in his office with the
Corporation that is grossly inappropriate and demonstrably likely to lead to
material injury to the Corporation, as determined by the Board acting reasonably
and in good faith.

     (b) "Change in Control of the Corporation" means (i) the acquisition,
directly or indirectly, by any "person" (within the meaning of Sections 13(d) or
14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")
within any twelve-month period of securities of the Corporation representing an
aggregate of twenty percent (20%) or more of the combined voting power of the
Corporation's then outstanding securities; or (ii) during any period of two
consecutive years, individuals who at the beginning of such period constitute
the Board of Directors of the Corporation, cease for any reason to constitute at
least a majority thereof, unless the election of each new director was approved
in advance by a vote of at least a majority of the directors then still in
office who were directors at the beginning of the period; or (iii) consummation
of a merger or consolidation or other business combination of the Corporation
with any other person, other than a merger, consolidation or business
combination which would result in the outstanding Common Stock immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into common stock of the surviving entity or a parent or affiliate
thereof) at least sixty percent (60%) of the outstanding common stock of the
Corporation or such surviving entity or parent of affiliate thereof outstanding
immediately after such merger, consolidation or business combination; or (iv) a
plan of complete liquidation of the Corporation or an agreement for the sale or
disposition by the Corporation of all or substantially all of the Corporation's
assets; or (v) the occurrence of any other event or circumstance which is not
covered by (i) through (iv) above which the Board determines affects control of
the Corporation and, in order to implement the purposes of this agreement,
adopts a resolution that such event or circumstance constitutes a Change in
Control for purposes of this agreement.

     (c) "Disability" means total and permanent disability as determined under
the Corporation's long-term disability plan.

9. DISPOSITION OF SHARES. Grantee agrees to notify the Corporation promptly of
the disposition of any shares of Common Stock purchased pursuant to this option
which are disposed of within one year after transfer of such shares to Grantee,
or within two years of the date of the grant of such option. For purposes of
such notification, "disposition" shall have the meaning assigned to it in
Section 425(c) of the Code.

<PAGE>

10. ADJUSTMENT OF AWARDS. In the event of any change in corporate
capitalization, such as stock split, or a corporate transaction, such as a
merger, consolidation, separation or other distribution of stock or property of
the Corporation, any reorganization (whether or not such reorganization comes
within the definition of such term in Code Section 368) or any partial or
complete liquidation of the Corporation, such adjustment shall be made in the
number and class of and/or price of the Option Shares as may be determined to be
appropriate and equitable by the Corporation's Board of Directors, in its sole
discretion, to prevent dilution or enlargement of the benefits or potential
benefits intended to be available under this agreement; provided that the number
of Option Shares shall always be a whole number.

11. INTERPRETATION. Any question of interpretation or application of this
Agreement shall be resolved by the Corporation's Board of Directors and its
determination shall be final and binding on the Corporation and Grantee.

12. NOTICES. All notices hereunder shall be in writing and, if to the
Corporation, shall be delivered personally to the Chairman or mailed to the
Corporation's principal office at P.O. Box 1000, Blountsville, Alabama 35031,
addressed to the attention of the Chairman; and if to Grantee, shall be
delivered personally or mailed to him at the address for Grantee found in the
Corporation's records. Such addresses may be changed at any time by notice from
one party to the other.

13. BINDING EFFECT. This Agreement shall bind and inure to the benefit of the
parties hereto, the successors and assigns of the Corporation and the person to
whom the rights of Grantee are transferred by will or the laws of descent and
distribution.

14. AMENDMENT. This Agreement may be amended from time to time by the Board, but
no such amendment shall impair the rights of the Grantee without the Grantee's
consent.

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

                                        COMMUNITY BANCSHARES, INC.

                                        By: /s/ William H. Caughran
                                            ------------------------------------
                                            William H. Caughran
                                            General Counsel

WITNESS:                                GRANTEE:

/s/ William L. Phillips, III            /s/ Morris Crumpton
-------------------------------------   ----------------------------------------
                                        Morris Crumpton

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