Document:

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                                  EXHIBIT 10(h)

                              EMPLOYMENT AGREEMENT

     THIS AGREEMENT, made and entered into as of April 19, 2000, by and between
Perrigo Company (the "Company") and David T. Gibbons (the "Executive");

                                WITNESSETH THAT:

     WHEREAS, the Company and Executive desire to enter into this Agreement
pertaining to the employment of the Executive by the Company;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth below and other good and valuable consideration, the receipt of which is
hereby acknowledged, the Executive and the Company hereby agree as follows:

     1. Performance of Services. The Executive's employment with the Company
shall be subject to the following:

(a)  Subject to the terms of this Agreement, the Company hereby agrees to employ
     the Executive as its President and Chief Executive Officer during the
     Agreement Term (as defined below) and the Executive hereby agrees to remain
     in the employ of the Company during the Agreement Term. The Executive shall
     be appointed as a member of the Board of Directors of the Company (the
     "Board") at the first regularly-scheduled Board meeting coincident with or
     next following the Executive's commencement of employment with the Company,
     and during the Agreement Term, while the Executive is employed by the
     Company, the Board shall use its best efforts to cause the Executive to
     continue as a member of such Board.

(b)  During the Agreement Term, while the Executive is employed by the Company,
     the Executive shall devote his full time (reasonable sick leave and
     vacations excepted) and best efforts, energies and talents to serving as
     its President and Chief Executive Officer.

(c)  The Executive agrees that he shall perform his duties faithfully and
     efficiently subject to the direction of the Board. The Executive's duties
     shall include providing services for both the Company and its Affiliates
     (as defined below), as determined by the Board (as used herein, Company
     shall mean and include the Company and all of its Affiliates); provided,
     that the Executive shall not, without his consent, be assigned tasks that
     would be inconsistent with those of President and Chief Executive Officer.
     The Executive will have such authority, power, responsibilities and duties
     as are inherent to his position (and the undertakings applicable to his
     position) and necessary to carry out his responsibilities and the duties
     required of him hereunder.

(d)  Notwithstanding the foregoing provisions of this paragraph 1, during the
     Agreement Term the Executive may devote reasonable time to activities other
     than those required under this Agreement, including activities involving
     professional, charitable, educational,

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     religious and similar types of organizations, speaking engagements,
     membership on the boards of directors of other profit or not-for-profit
     organizations, and similar activities, to the extent that such other
     activities do not, in the judgment of the Board, inhibit or prohibit the
     performance of the Executive's duties under this Agreement or conflict in
     any material way with the Company's business.

(e)  Subject to the terms of this Agreement, the Executive shall not be required
     to perform services under this Agreement during any period that he is
     Disabled (as defined in paragraph 3(b)).

(f)  The "Agreement Term" shall be the period beginning on May 1, 2000 and
     ending on June 30, 2005. Thereafter, the Agreement shall automatically be
     extended for additional 12-month periods, unless either party to this
     Agreement provides notice of non-renewal to the other party at least 90
     days before the last day of the Agreement Term. The term "Agreement Term"
     shall also include any renewal period under the foregoing provisions of
     this paragraph 1(f).

(g)  Notwithstanding the foregoing provisions of this Agreement, this Agreement
     and commencement of the Executive's employment hereunder shall be
     contingent on the background investigative report ordered by the Company
     being received and approved by the Chairman of the Compensation Committee
     of the Board (the "Compensation Committee"). The General Counsel of the
     Company shall notify the Executive in writing when the Chairman has
     approved such report.

(h)  For purposes of this Agreement, the term "Affiliate" shall mean any
     corporation, partnership, joint venture or other entity in which at least a
     fifty percent interest in such entity is owned, directly or indirectly, by
     the Company (or a successor to the Company).

     2. Compensation and Benefits. Subject to the terms of this Agreement,
during the Agreement Term while the Executive is employed by the Company, the
Company shall compensate him for his services as follows:

(a)  Base Salary. The Executive shall receive for the 14-month period beginning
     on May 1, 2000 base salary at an annual rate of $440,000, payable in
     substantially equal monthly or more frequent installments (the "Salary").
     For the fiscal year beginning July 1, 2001 and thereafter, the Executive's
     Salary shall be reviewed by the Board no less frequently than annually to
     determine whether an increase in the amount of Salary is appropriate.

(b)  Annual Bonus. The Executive shall be eligible to participate in the
     Management Incentive Bonus Plan (the "MIB") administered by the
     Compensation Committee, or any successor annual bonus plan or arrangement
     generally made available to the executive officers of the Company. The MIB
     shall provide the Executive with a target bonus opportunity of not less
     than 100% of annual Salary for each fiscal year of the Company (July 1 to
     June 30); provided, that the Executive shall be guaranteed a minimum bonus
     under the MIB for the fiscal years ending June 30, 2000 and June 30, 2001
     of $36,667

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     and $220,000, respectively. Any bonus payable under this paragraph 2(b)
     shall be paid in accordance with the terms of the MIB.

     (c) Transition Bonus. The Executive shall receive a transition bonus
payable in accordance with the following:

     (i)   Restricted Stock Award. On a date to be determined by the
           Compensation Committee but in no event later than June 30, 2000, the
           Executive shall be awarded shares of common stock of the Company
           subject to the restrictions described below ("Restricted Stock"), the
           number of shares of which shall be determined by dividing $240,000 by
           the fair market value of a share of common stock on such date. "Fair
           market value" shall mean the average of the highest and lowest price
           at which the common stock is traded on such award date, as reported
           on the NASDAQ National Market. Such Restricted Stock award shall be
           subject to the terms and conditions of the restricted stock agreement
           set forth in Exhibit A. Except as otherwise specifically provided in
           this Agreement or the restricted stock agreement, such shares of
           Restricted Stock shall be forfeited if the Executive's Date of
           Termination occurs prior to the end of the Restricted Period. The
           "Restricted Period" shall end with respect to all of the shares
           awarded under this paragraph 2(c)(i) on June 30, 2003.

     (ii)  Cash Award. The Executive shall be entitled to a lump sum cash
           payment of $160,000, which shall be paid as soon as practicable
           following the Executive's commencement of employment.

(d)  Contingent Restricted Stock Award. On a date to be determined by the
     Compensation Committee but in no event later than June 30, 2000, the
     Executive shall also be awarded 50,000 shares of Restricted Stock (referred
     to as "Contingent Restricted Stock"). Such Contingent Restricted Stock
     award shall be subject to the terms and conditions of the restricted stock
     award agreement set forth in Exhibit B. Except as otherwise specifically
     provided in this Agreement or the restricted stock agreement, the shares of
     Contingent Restricted Stock shall be permanently forfeited if the
     Executive's Date of Termination occurs prior to June 30, 2001 (the
     "Contingent Vesting Date"). If the Executive is employed by the Company on
     the Contingent Vesting Date, the Company shall review the number of shares
     of Common Stock that the Executive has purchased in open market
     transactions and shall contingently vest the Executive in one share of the
     Contingent Restricted Stock for each two shares of Company common stock so
     purchased by the Executive and held by him on the Contingent Vesting Date.
     Any shares of Contingent Restricted Stock that are not contingently vested
     on the Contingent Vesting Date in accordance with foregoing provisions of
     this paragraph 2(c)(ii) shall be permanently forfeited on such date. Except
     as otherwise specifically provided in this Agreement or the restricted
     stock agreement, (A) the Contingent Restricted Stock still held after June
     30, 2001, if any, shall become fully vested and nonforfeitable on June 30,
     2003, and (B) the Contingent Restricted Stock shall be permanently
     forfeited if the Executive's Date of Termination occurs prior to such date.

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(e)  Stock Options. The Executive shall be granted an option to purchase 750,000
     shares of common stock of the Company ("Common Stock") under the Perrigo
     Company Employee Incentive Stock Option Plan (the "Option Plan") as of a
     date to be determined by the Compensation Committee but in no event later
     than June 30, 2000 (the "Grant Date"). The shares subject to such option
     shall have an exercise price equal to the fair market value (as defined in
     the Option Plan) of a share of Common Stock on the Grant Date and shall
     become exercisable with respect to 187,500 of the shares granted on each of
     the second, third, fourth and fifth anniversaries of the Grant Date. Such
     option shall be subject to the terms and conditions of the option agreement
     set forth in Exhibit C. The Option Plan as in effect on the date of this
     Agreement is attached hereto as Exhibit D.

     The Executive shall also be eligible for annual stock option grants under
     the Option Plan in amounts determined by the Compensation Committee;
     provided, however, for the fiscal years ended June 30, 2001 and June 30,
     2002, each such annual option grant shall not be less than 125,000 shares.
     Such annual option grants shall vest with respect to 25% of the shares
     awarded on each of the second through fifth anniversaries of the grant
     date; provided, however, if the Executive remains employed until the end of
     the Agreement Term, all unvested outstanding options shall become fully
     vested. Such options shall be nonqualified stock options and, except as
     specifically provided in this Agreement, such annual option awards shall be
     subject to the terms and conditions of the Option Plan and the applicable
     provisions of the option agreement attached to this Agreement as Exhibit C.

(f)  Temporary Housing and Moving Expenses. Through August 31, 2000 or, if
     earlier, the date the Executive relocates his primary residence to
     Michigan, the Executive shall be entitled to reimbursement for temporary
     housing expenses, air travel and other out-of-pocket travel expenses in
     connection with commuting from his residence in the Santa Barbara,
     California area to his temporary residence in western Michigan, including
     reimbursement of expenses relating to family travel for purposes of
     locating permanent housing in Michigan. Expenses related to the Executive's
     relocation of his primary residence to Michigan shall be fully reimbursed,
     subject to the terms of the Company's relocation policy for executives. The
     Company's relocation policy is attached to this Agreement as Exhibit E. All
     reimbursements under this paragraph 2(f) shall be subject to the
     Executive's presenting supporting documentation of such expenses as may be
     reasonably required by the Company.

(g)  Other Benefits. The Executive shall be eligible to participate in any and
     all plans maintained by the Company from time to time to provide benefits
     for its senior executives, and for its salaried employees generally,
     including, without limitation, any pension, profit sharing or other
     retirement plan, any life, accident, medical, hospital or similar group
     insurance program and any other fringe benefit plan, subject to the normal
     terms and conditions of such plans.

(h)  Perquisites. The Executive shall be entitled to the perquisites
     historically provided by the Company to its Chief Executive Officer,
     excluding country club dues and car allowance.

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(i)  Deferred Compensation. The Company agrees that it will cooperate with the
     Executive in the establishment of a deferred compensation plan with terms
     that are mutually agreeable to both parties to defer until a future date
     payment of such portion of the Executive's annual compensation as he may
     elect to defer.

     3. Termination. The Executive's employment with the Company during the
Agreement Term may be terminated under the following circumstances.

(a)  Death. The Executive's employment hereunder shall terminate upon his death.

(b)  Disability. If the Executive becomes Disabled, the Company may terminate
     his employment with the Company. For purposes of this Agreement, the
     Executive shall be deemed to be "Disabled" if (i) he is eligible for
     disability benefits under the Company's long term disability plan, or (ii)
     he has a physical or mental disability which renders him incapable, after
     reasonable accommodation, of performing substantially all of his duties
     hereunder for a period of 180 days (which need not be consecutive) in any
     12-month period. In the event of a dispute as to whether the Executive is
     Disabled, the Company may, at its expense, refer him to a licensed
     practicing physician of the Company's choice and the Executive agrees to
     submit to such tests and examination as such physician shall deem
     appropriate. The determination of such physician shall be final and binding
     on the Company and Executive.

(c)  Cause. The Company may terminate the Executive's employment hereunder
     immediately and at any time for Cause by written notice to the Executive
     detailing the basis for the Cause termination. For purposes of this
     Agreement, "Cause" means in the reasonable judgment of the Board (i) gross
     negligence or willful and continued failure by the Executive to
     substantially perform his duties as an employee of the Company (other than
     any such failure resulting from incapacity due to physical or mental
     illness), (ii) willful misconduct by the Executive which is demonstrably
     and materially injurious to the Company, monetarily or otherwise, (iii) the
     engaging by the Executive in egregious misconduct involving serious moral
     turpitude to the extent that his creditability and reputation no longer
     conforms to the standard of senior executives of the Company, or (iv) the
     commission by the Executive of a material act of dishonesty or breach of
     trust resulting or intending to result in personal benefit or enrichment to
     the Executive at the expense of the Company. For purposes of this
     provision, no act or failure to act shall be deemed "willful" unless done
     or omitted to be done not in good faith and without reasonable belief that
     such action or omission was in the best interest of the Company.

(d)  Good Reason. The Executive may terminate his employment hereunder for Good
     Reason, provided that he gives the Company notice of such Good Reason
     within a reasonable period (but, except as provided below, in no event more
     than 30 days) after he has knowledge of the events giving rise to the Good
     Reason and the Company fails to correct such events within a reasonable
     period (but in no event more than 30 days) after receiving such notice from
     the Executive. "Good Reason" means, without the Executive's consent, (i)
     assigning duties to the Executive that are inconsistent in any substantial
     respect with the position, authority, or responsibilities associated with
     the

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     office of President and Chief Executive Officer, (ii) the failure by the
     Company to pay the Executive any portion of his current compensation within
     ten (10) business days of the date such compensation is due, (iii) the
     failure by the Company to continue any incentive compensation plan in which
     the Executive participates which is material to his compensation, unless an
     equitable substitute plan or alternative plan is made available to the
     Executive; and (iv) the failure by the Company to obtain a satisfactory
     agreement from any successor to the business of the Company to assume and
     agree to perform this Agreement. In the case of clause (iv) next above,
     notice of termination for Good Reason shall be given, if at all, within 30
     days following the occurrence of the event giving rise to the right to
     terminate for Good Reason.

(e)  Termination by Executive. The Executive may terminate his employment
     hereunder at any time for any reason by giving the Company prior written
     notice not less than 30 days prior to such termination. Any termination
     pursuant to this paragraph 3(e) shall preclude a later claim that such
     termination was for Good Reason.

(f)  Mutual Agreement. This Agreement may be terminated at any time by mutual
     written agreement of the parties.

(g)  Termination by the Company without Cause. The Company may terminate the
     Executive's employment hereunder at any time for any reason by giving the
     Executive written notice of such termination; provided, however,
     termination by the Company shall be deemed to have occurred under this
     paragraph 3(g) only if such termination by the Company is not pursuant to
     paragraph 3(b), 3(c) or 3(f).

(h)  Date of Termination. "Date of Termination" means the last day that the
     Executive is employed by the Company under the terms of this Agreement,
     provided that his employment is terminated in accordance with one of the
     foregoing provisions of this paragraph 3.

     4. Rights Upon Termination. The Executive's right to payments and benefits
under this Agreement for periods after his Date of Termination shall be
determined in accordance with the following provisions of this paragraph 4:

(a)  If the Executive's Date of Termination occurs during the Agreement Term for
     any reason, the Company shall pay to the Executive:

     (i)   The Executive's Salary for the period ending on the Date of
           Termination.

     (ii)  Payment for unused vacation days, as determined in accordance with
           Company policy as in effect from time to time.

     (iii) Any other payments or benefits to be provided to the Executive by the
           Company pursuant to any employee benefit plans or arrangements
           adopted by the Company, to the extent such payments and benefits are
           earned and vested as of the Date of

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           Termination, or are required by law to be offered for periods
           following the Executive's Date of Termination.

     The amounts payable under clauses (i) and (ii) above shall be paid in a
     lump sum as soon as practicable following such Date of Termination. Any
     amounts payable under clause (iii) above shall be paid in accordance with
     the terms of the applicable plan or arrangement.

(b)  Notwithstanding the terms of the MIB plan, if the Executive's Date of
     Termination occurs under paragraph 3(a) (relating to death) or paragraph
     3(b) (relating to being Disabled), then in addition to the amounts payable
     in accordance with paragraph 4(a), the Executive will be entitled to:

     (i)   a pro rata bonus payment for the year in which such Date of
           Termination occurs, which shall be an amount equal to the product of:

           (A)  the bonus the Executive would have received for the fiscal year
                which includes his Date of Termination if he had remained
                employed by the Company until the end of such year,

                Multiplied by

           (B)  a fraction, the numerator of which is the number of days in the
                fiscal year preceding the Executive's Date of Termination and
                the denominator of which is 365.

           Such pro rata bonus shall be payable in a lump sum payment on the
           next installment date on which bonus payments are made to
           participants in the MIB plan following the end of the fiscal year to
           which such bonus relates.

     (ii)  Vesting in outstanding stock options and restricted stock in
           accordance with the applicable agreement.

(c)  If the Executive's Date of Termination occurs under paragraph 3(d)
     (relating to termination by the Executive for Good Reason) or paragraph
     3(g) (relating to non-Cause termination by the Company), then in addition
     to the amounts payable under paragraph 4(a), the Executive shall be
     entitled to:

     (i)   An amount equal to 12 months of Salary, at the rate in effect as of
           his Date of Termination.

     (ii)  A pro rata bonus payment for the year in which the Date of
           Termination occurs, determined using the method described in
           paragraph 4(b).

     (iii) Vesting in outstanding stock options and restricted stock in
           accordance with the applicable agreement.

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     The amount payable under clause (i) above shall be paid in a lump sum cash
     payment as soon as practicable following the Executive's Date of
     Termination, but in no event later than 30 days thereafter.

(d)  In the event of a Change in Control of the Company (within the meaning of
     the Option Plan), all outstanding options held by the Executive shall
     become immediately vested and exercisable pursuant to the terms of the
     Option Plan and the restrictions on restricted stock awards shall lapse
     pursuant to the applicable restricted stock agreement.

(e)  Exercise of the Executive's options for periods following the Executive's
     Date of Termination shall be determined in accordance with the applicable
     option agreement.

(f)  Notwithstanding any provision of this Agreement to the contrary, in the
     event that the Executive's Date of Termination occurs for the reasons set
     forth in paragraph 3(c) (relating to termination for Cause), or the Board
     reasonably determines that the Executive has violated the terms of the
     Noncompetition and Nondisclosure Agreement described in paragraph 6, all
     outstanding options (vested and unvested), Restricted Stock and Contingent
     Restricted Stock held by the Executive shall be immediately forfeited and
     all payments and benefits under this Agreement, except those described in
     paragraph 4(a), shall cease and be permanently forfeited.

     5. Mitigation and Set Off. The Executive shall not be required to mitigate
the amount of any payment provided for in this Agreement by seeking other
employment or otherwise. The Company shall not be entitled to set off against
the amounts payable to the Executive, any amounts earned by the Executive in
other employment after termination of his employment with the Company, or any
amounts which might have been earned by the Executive had he sought such other
employment.

     6. Confidentiality and Noncompetition. The Executive acknowledges and
agrees that simultaneous with the execution of this Agreement, he will be
required to execute the Company's standard Noncompetition and Nondisclosure
Agreement in the form attached to this Agreement as Exhibit F. The Executive
further acknowledges that as a condition of receiving any option grants or
restricted stock awards, including those described in paragraphs 2(c) and (d),
he will be required to execute a new standard Noncompetition and Nondisclosure
Agreement substantially in the form attached to this Agreement as Exhibit F,
which shall supercede and replace any prior Noncompetition and Nondisclosure
Agreement as of the date it is executed.

     7. Nonalienation. The interests of the Executive under this Agreement are
not subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by the Executor's
creditors or beneficiaries.

     8. Successors. This Agreement shall be binding upon, and inure to the
benefit of, the Company and its successors and assigns and upon any person
acquiring, whether by merger, consolidation, purchase of assets or otherwise,
all or substantially all of the Company's assets and business.

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     9. Notices. Notices and all other communications provided for in this
Agreement shall be in writing and shall be delivered personally or sent by
registered or certified mail, return receipt requested, postage prepaid, or sent
by facsimile or prepaid overnight courier to the parties at the addresses set
forth below (or such other addresses as shall be specified by the parties by
like notice):

to the Company:

     Perrigo Company
     515 Eastern Avenue
     Allegan, Michigan  49010

     Attn.:  General Counsel

To the Executive:

     David T. Gibbons
     3249 Short Road
     Santa Ynez, California  93460

     10. Severability. The invalidity or unenforceability of any provision of
this Agreement will not affect the validity or enforceability of any other
provision of this Agreement, and this Agreement will be construed as if such
invalid or unenforceable provision were omitted (but only to the extent that
such provision cannot be appropriately reformed or modified).

     11. Waiver of Breach. No waiver of any party hereto of a breach of any
provision of this Agreement by any other party will operate or be construed as a
waiver of any subsequent breach by such other party. The failure of any party
hereto to take any action by reason of such breach will not deprive such party
of the right to take action at any time while such breach continues.

     12. Amendment. This Agreement may be amended or canceled only by mutual
agreement of the parties in writing without the consent of any other person. So
long as the Executive lives, no person, other than the parties hereto, shall
have any rights under or interest in this Agreement or the subject matter
hereof.

     13. Survival of Agreement. Except as otherwise expressly provided in this
Agreement, the rights and obligations of the parties to this Agreement shall
survive the termination of the Executive's employment with the Company.

     14. Entire Agreement. This Agreement constitutes the entire agreement
between the parties concerning the subject matter hereof and supersedes all
prior and contemporaneous agreements, if any, between the parties relating to
the subject matter hereof.

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     15. Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the internal laws of the State of Michigan without
regard to principals of conflict of laws.

     16. Acknowledgement by Executive. The Executive represents to the Company
that he is knowledgeable and sophisticated as to business matters, including the
subject matter of this Agreement, that he has read this Agreement and that he
understands its terms. The Executive acknowledges that, prior to assenting to
the terms of this Agreement, he has been given a reasonable time to review it,
to consult with counsel of his choice, and to negotiate at arm's-length with the
Company as to the contents. The Executive and the Company agree that the
language used in this Agreement is the language chosen by the parties to express
their mutual intent, and that no rule of strict construction is to be applied
against any party hereto.

     IN WITNESS WHEREOF, the Executive has hereunto set his hand, and the
Company has caused these presents to be executed in its name and on its behalf,
as of the date above first written.

EXECUTIVE                                     PERRIGO COMPANY

____________________________                  By________________________________

                                              Its_______________________________

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                           RESTRICTED STOCK AGREEMENT

     THIS AGREEMENT entered into as of this _________ day of __________, 2000
(the "Award Date") by and between Perrigo Company, a Delaware corporation (the
"Company"), and David T. Gibbons (the "Executive")

                                WITNESSETH THAT:

     WHEREAS, the Executive and Company have entered into an employment
agreement dated April 19, 2000 (the "Employment Agreement"); and

     WHEREAS, pursuant to such Employment Agreement, the Company, by action of
the Compensation Committee of the Board of Directors, has agreed to award the
Executive shares of common stock of the Company, $.10 par value ("Common
Stock"), subject to the restrictions described in the Employment Agreement and
the following provisions of this Agreement;

     NOW, THEREFORE, the parties hereto agree as follows:

1.   Grant. Subject to the terms of this Agreement, the Executive is hereby
     awarded _____________ shares of Common Stock ("Restricted Stock"), which
     number of shares represents $240,000 divided by the fair market value
     (within the meaning of the Employment Agreement) of a share of Common Stock
     on the Award Date, rounded to the next highest whole share. Except as
     otherwise specifically provided in this Agreement, the defined terms in
     this Agreement shall have the meaning ascribed to such terms under the
     Employment Agreement.

2.   Vesting. Except as provided in paragraph 3 below, the Restricted Stock
     awarded hereunder shall be permanently forfeited if the Executive's Date of
     Termination occurs prior to the end of the Restricted Period. The
     "Restricted Period" shall end with respect all of the shares of Restricted
     Stock awarded hereunder on June 30, 2003.

3.   Accelerated Vesting. Notwithstanding paragraph 2 above, if the Executive's
     Date of Termination occurs because of death, Disability, involuntary
     termination by the Company without Cause or voluntary termination by the
     Executive for Good Reason, or in the event of a Change in Control of the
     Company, the Restricted Period shall end with respect to all of the shares
     of Restricted Stock awarded hereunder.

4.   Terms and Conditions of Restricted Stock. The Restricted Stock granted
     under this Agreement shall be subject to the following additional terms and
     conditions:

     (i)   Shares of Restricted Stock may not be sold, assigned, pledged or
           otherwise encumbered prior to the end of the Restricted Period
           applicable to the shares.

     (ii)  Except as otherwise provided in this Agreement, the Executive shall
           have all of the rights of a stockholder, including, but not limited
           to, the right to vote such shares and the right to receive dividends
           paid on such shares.

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     (iii) Each certificate issued with respect to the Restricted Stock granted
           under paragraph 1 shall be registered in the name of the Executive
           and shall bear the following legend:

           "The transferability of this certificate and the shares of stock
           represented hereby are subject to the terms and conditions, including
           forfeiture, of an agreement entered into between the registered owner
           and Perrigo Company. A copy of such agreement is on file in the
           office of the Secretary of Perrigo Company, 515 Eastern Avenue,
           Allegan, Michigan 49010."

     (iv)  The Company may require a written statement that the Executive is
           acquiring the shares of Restricted Stock for investment and not for
           the purpose or with the intention of distributing the shares, except
           for a sale to a purchaser who makes the same representation in
           writing, and that the holder of the shares of Restricted Stock,
           either before or after the end of the Restricted Period, will not
           dispose of them in violation of the registration requirements of the
           Securities Act of 1933 or any other applicable law.

5.   Adjustment to Shares. In the event of any stock dividend, stock split,
     recapitalization or other change affecting the Common Stock as a class
     without receipt of consideration, then any new, substituted or additional
     securities or other property (including money paid other than as a regular
     cash dividend), which is by reason of any such transaction distributed to
     the Executive with respect to the shares of Restricted Stock, shall be
     immediately subject to a similar Restricted Period. Appropriate adjustments
     to reflect the distribution of such securities or property shall also be
     made to the number of shares of Restricted Stock.

6.   Withholding. This award is subject to the withholding of all applicable
     taxes. The Company may withhold, or permit the Executive to remit to the
     Company, any Federal, state or local taxes applicable to the grant, vesting
     or other event giving rise to tax liability with respect to this award. The
     Executive may elect to surrender previously acquired Common Stock or to
     have the Company withhold Common Stock relating to this award in an amount
     sufficient to satisfy all or a portion of such tax liability.

7.   Compliance with Applicable Law. Notwithstanding any other provision of this
     Agreement, the Company shall have no obligation to issue any shares of
     Restricted Stock or Common Stock under this Agreement if such issuance
     would violate any applicable law or any applicable regulation or
     requirement of any securities exchange or similar entity.

8.   Successors and Assigns. This Agreement shall be binding upon any or all
     successors and assigns of the Company.

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9.   Applicable Law. This Agreement shall be governed by and construed and
     enforced in accordance with the internal laws of the State of Michigan
     without regard to principals of conflict of laws.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed effective as of the day and year first above written.

                                             PERRIGO COMPANY

                                             By________________________________

                                             Its_______________________________

ATTEST:

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

                                             EXECUTIVE

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

<PAGE>   14

                      CONTINGENT RESTRICTED STOCK AGREEMENT

      THIS AGREEMENT entered into as of this _________ day of _______________,
2000 (the "Award Date") by and between Perrigo Company, a Delaware corporation
(the "Company"), and David T. Gibbons (the "Executive")

                                WITNESSETH THAT:

      WHEREAS, the Executive and Company have entered into an employment
agreement dated April 19, 2000 (the "Employment Agreement"); and

      WHEREAS, pursuant to such Employment Agreement, the Company, by action of
the Compensation Committee of the Board of Directors, has agreed to award the
Executive shares of common stock of the Company, $.10 par value ("Common
Stock"), subject to the restrictions described in the Employment Agreement and
the following provisions of this Agreement;

      NOW, THEREFORE, the parties hereto agree as follows:

1.    Grant. Subject to the terms of this Agreement, the Executive is hereby
      awarded 50,000 shares of Common Stock ("Contingent Restricted Stock") as
      of the Award Date. Except as otherwise specifically provided in this
      Agreement, the defined terms in this Agreement shall have the meaning
      ascribed to such terms under the Employment Agreement.

2.    Vesting. Except as provided in paragraph 3 below, the Contingent
      Restricted Stock awarded hereunder shall be permanently forfeited if the
      Executive's Date of Termination occurs prior to June 30, 2001 (the
      "Contingent Vesting Date"). If the Executive remains employed until the
      Contingent Vesting Date, then on such date the Executive shall
      contingently vest in one share of Contingent Restricted Stock for each two
      shares of Common Stock that the Executive has acquired in open market
      transactions and that are held by him on the Contingent Vesting Date. Any
      shares of Contingent Restricted Stock that do not contingently vest on the
      Contingent Vesting Date shall be permanently forfeited. Except as
      otherwise specifically provided in this Agreement, the Contingent
      Restricted Stock still held after June 30, 2001, if any, shall become
      fully vested and nonforfeitable on June 30, 2003 and, except as otherwise
      provided in paragraph 3 below, shall be permanently forfeited if the
      Executive's Date of Termination occurs prior to such date.

3.    Accelerated Vesting. Notwithstanding paragraph 2 above, if the Executive's
      Date of Termination occurs prior to the Contingent Vesting Date because of
      death, Disability, involuntary termination of employment by the Company
      without Cause or voluntary termination by the Executive for Good Reason,
      or in the event of a Change in Control of the Company prior to the
      Contingent Vesting Date, then on such Date of Termination or Change in
      Control, as applicable, the Executive shall vest and have a nonforfeitable
      interest in one share of Contingent Restricted Stock for each two shares
      of Common Stock that the Executive has acquired in open market
      transactions and that are held by him on such Date of Termination or date
      of a Change in Control and, if such Date of

                                       14
<PAGE>   15

      Termination or Change in Control occurs after the Contingent Vesting Date,
      the Executive shall have a fully vested and nonforfeitable interest in all
      of the Contingent Restricted Stock that has not been permanently forfeited
      prior to such Date of Termination or Change in Control.

4.    Terms and Conditions of Contingent Restricted Stock. The Contingent
      Restricted Stock granted under this Agreement shall be subject to the
      following additional terms and conditions:

      (i)   The shares of Contingent Restricted Stock may not be sold, assigned,
            pledged or otherwise encumbered prior to the date on which the
            Executive vests in and acquires a nonforfeitable interest in such
            shares.

      (ii)  Except as otherwise provided in this Agreement, the Executive shall
            have all of the rights of a stockholder, including, but not limited
            to, the right to vote such shares and the right to receive regular
            cash dividends paid on such shares.

      (iii) Each certificate issued with respect to the Contingent Restricted
            Stock granted under paragraph 1 shall be registered in the name of
            the Executive and shall bear the following legend:

            "The transferability of this certificate and the shares of stock
            represented hereby are subject to the terms and conditions,
            including forfeiture, of an agreement entered into between the
            registered owner and Perrigo Company. A copy of such agreement is on
            file in the office of the Secretary of Perrigo Company, 515 Eastern
            Avenue, Allegan, Michigan 49010."

      (iv)  The Company may require a written statement that the Executive is
            acquiring the shares of Contingent Restricted Stock for investment
            and not for the purpose or with the intention of distributing the
            shares, except for a sale to a purchaser who makes the same
            representation in writing, and that the holder of the shares of
            Contingent Restricted Stock, either before or after the end of the
            vesting period, will not dispose of them in violation of the
            registration requirements of the Securities Act of 1933 or any other
            applicable law.

5.    Adjustment to Shares. In the event of any stock dividend, stock split,
      recapitalization or other change affecting the Common Stock as a class
      without receipt of consideration, then any new, substituted or additional
      securities or other property (including money paid other than as a regular
      cash dividend), which is by reason of any such transaction distributed to
      the Executive with respect to the shares of Contingent Restricted Stock,
      shall be immediately subject to a similar restrictions. Appropriate
      adjustments to reflect the distribution of such securities or property
      shall also be made to the number of shares of Contingent Restricted Stock
      and the number of shares of Common Stock that must be acquired by the
      Executive to vest in such Contingent Restricted Stock.

                                       15
<PAGE>   16

6.    Withholding. This award is subject to the withholding of all applicable
      taxes. The Company may withhold, or permit the Executive to remit to the
      Company, any Federal, state or local taxes applicable to the grant,
      vesting or other event giving rise to tax liability with respect to this
      award. The Executive may elect to surrender previously acquired Common
      Stock or to have the Company withhold Common Stock relating to this award
      in an amount sufficient to satisfy all or a portion of such tax liability.

7.    Compliance with Applicable Law. Notwithstanding any other provision of
      this Agreement, the Company shall have no obligation to issue any shares
      of Contingent Restricted Stock or Common Stock under this Agreement if
      such issuance would violate any applicable law or any applicable
      regulation or requirement of any securities exchange or similar entity.

8.    Successors and Assigns. This Agreement shall be binding upon any or all
      successors and assigns of the Company.

9.    Applicable Law. This Agreement shall be governed by and construed and
      enforced in accordance with the internal laws of the State of Michigan
      without regard to principals of conflict of laws.

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed effective as of the day and year first above written.

                                           PERRIGO COMPANY

                                           By
                                             -------------------------------

                                           Its
                                             -------------------------------

ATTEST:

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

                                           EXECUTIVE

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

                                       16
<PAGE>   17

                   NONCOMPETITION AND NONDISCLOSURE AGREEMENT

      THIS NONCOMPETITION AND NONDISCLOSURE AGREEMENT ("Agreement") entered into
on ________________, 2000 by and between PERRIGO COMPANY, a Michigan
corporation, for and in behalf of itself and each of its subsidiary and
affiliated companies (collectively referred to as "Perrigo" or the "company"),
and David T. Gibbons (referred to as "Employee").

      WITNESSETH:

      WHEREAS Perrigo's special competence in its various fields of endeavor is
the secret of its growth, and provides the source of both career opportunities
and security for employees throughout the company. Such growth depends to a
significant degree on Perrigo's confidential, proprietary information. This is
information that is not generally known to others and includes more and better
information than our competitors have about research, development, production,
marketing and management in the manufacture, preparation, handling, treatment,
storage, sale, distribution, shipment and use of products for the Store and
Value Brand Product (as herein defined) ("Company Business"). To obtain such
information and use it successfully, Perrigo spends considerable sums of money
in product development, the development of marketing methods, training its
employees, and service to its customers; and

      WHEREAS Employee is a key employee of Perrigo. In connection with
providing such employment services, Employee has obtained or will obtain access
to sensitive information regarding the Company's Business and its customers. The
parties agree that improper disclosure or use of that information will cause
serious and irreparable harm to the company; and

      WHEREAS Perrigo has established the Perrigo Company Employee Incentive
Stock Option Plan (the "Incentive Stock Option Plan") as an incentive to certain
key employees of Perrigo to remain in the employ of the company and to encourage
stock ownership in the company; and

      WHEREAS on the date hereof Perrigo has issued to Employee under the
Incentive Stock Option Plan an option to purchase a specified number of shares
of the Common Stock of Perrigo on the condition that Employee enter into this
Agreement.

      NOW, THEREFORE, in consideration for the issuance of stock pursuant to the
Incentive Stock Option Plan and for other good and valuable consideration, the
receipt of which is acknowledged, the parties agree as follows:

                                       2
<PAGE>   18

      1. Restriction on Competing Activities During Term of Employment. During
the term of Employee's employment with Perrigo, Employee will not, directly or
indirectly, alone or as a partner, officer, director, owner, employee, or
consultant of any business or other entity, be engaged in any business or other
enterprise that competes, directly or indirectly, with the Company Business
without the express written consent of the Board of Directors of Perrigo.

      2. Restriction on Post-Employment Activities. If Employee's employment
with Perrigo is terminated, either voluntarily by him or by Perrigo, within a
period of five (5) years from the date of this Agreement, then, for a period of
two (2) years thereafter, Employee shall not, directly or indirectly, alone or
as a partner, director, officer, owner, employee or consultant of any business
or other entity, compete in any way with the Company Business. In addition to
its plain meaning and understanding, "compete in any way with the Company
Business" shall also specifically include engaging in any way in the production,
distribution or sale of any products to the Store and Value Brand Products that
are similar to or competitive with those now or hereafter produced, distributed
or sold by Perrigo. As used in this Agreement, "Store and Value Brand Products"
means those products that are supplied by a manufacturer or marketer through
channels of distribution (including but not limited to, wholesalers,
distributors and retailers) that bear either (i) a label or brand name that is
used exclusively by the wholesaler, distributor or retailer, or (ii) a label or
brand name that is not regularly advertised by national broadcast, print, direct
mail or other media for the purpose of establishing brand name recognition of
the manufacturer, marketer and/or distributor with the general public.

      Employee also agrees that during this two-year period, he will not,
directly or indirectly, either for himself or any other person, solicit or
induce, or attempt to solicit or induce, any individual who is an employee,
independent contractor, supplier, or customer of Perrigo to terminate his, her,
or its business relationship with the company or in any way interfere with or
disrupt the company's relationship with any of its employees, independent
contractors, suppliers, or customers.

      3. Nondisclosure. Employee will not during or at any time after the
termination of employment with Perrigo use, divulge, or convey to others any
secret or confidential information, knowledge or data of Perrigo or that of
third parties obtained by Employee during the period of employment with Perrigo.
Such secret or confidential information, knowledge or data includes, but is not
limited to, secret or confidential matters:

            (a) of a technical nature such as, but not limited to, methods,
      know-how, formulas, compositions, processes, discoveries, machines,
      inventions, computer programs and similar items or research projects,

                                       3
<PAGE>   19

            (b) of a business nature such as, but not limited to, information
      about costs, purchasing, profits, marketing, sales or lists of customers,
      and

            (c) pertaining to future developments such as, but not limited to,
      research and development or future marketing or merchandising.

      4. Return of Company Property. Upon termination of employment with
Perrigo, or at any other time at Perrigo's request, Employee agrees:

            (a) To deliver promptly to Perrigo all manuals, letters, notes,
      papers, books, reports, sketches, computer data or disks, files and
      programs, price lists, customer files, memoranda, contracts and
      agreements, business and marketing plans, product formulations,
      manufacturing processes, procedures and methods (including equipment
      specifications and drawings), vendor lists, vendor files, customer lists,
      stored or recorded documents, and all other materials and copies thereof
      relating in any way to the Company's Business and in any way obtained by
      Employee during the period of employment with Perrigo which are in
      Employee's possession or under his control. Employee further agrees that
      he will not make or retain any copies of any of the foregoing and will so
      represent to Perrigo upon termination of employment.

            (b) To confirm to Perrigo that all of Perrigo's computer records,
      files and programs have first been turned over to Perrigo and then deleted
      or erased from all computer equipment owned, leased or used by Employee.

            (c) To return to Perrigo all personal property provided for
      Employee's use during his employment with Perrigo including, but not
      limited to, automobiles, computers and related equipment, telephones,
      credit cards, security cards and identifications, keys and tools.

      5. Remedies. Employee acknowledges and agrees that monetary damages for
his breach of any provision of this Agreement would be an inadequate remedy and
that the company would not have an adequate remedy at law for such breach.
Accordingly, Employee agrees that, in addition to all other rights and remedies
available to the company to enforce its rights pursuant to this Agreement, the
company shall, without the necessity of proving irreparable harm or of posting a
bond, be entitled to such equitable relief from any court with proper
jurisdiction, including, but not limited to, an injunction, a temporary
restraining order, or an order for specific performance, as may be necessary to
enforce or prevent a violation (whether anticipatory, continuing, or future) of
any provision of this Agreement. If Employee breaches

                                       4
<PAGE>   20

any provision of this Agreement, he shall pay all expenses, including court
costs and actual attorney fees, incurred by the company in enforcing such
provision.

      6. Enforceability. The unenforceability of any provision or portion of any
provision of this Agreement shall not affect the enforceability of the remaining
provisions or the remainder of any provision of this Agreement. If at any time a
court determines that any restrictive covenant contained in this Agreement is
unreasonable, the parties agree that the maximum restriction permitted by law
shall be substituted for the stated restriction and that such substitution shall
govern this Agreement as if originally part of this Agreement.

      7. Binding Effect. This Agreement and the rights and obligations of
Perrigo hereunder shall inure to the benefit of and be binding upon Perrigo and
its successors and assigns.

      8. Entire Agreement Modifications. This Agreement contains the entire
agreement between the parties with respect to its subject matter and supersedes
all other agreements, whether oral or written, between the parties regarding
such subject matter. This Agreement may be modified or terminated only through a
written instrument signed by each of the parties.

      9. Waiver. The waiver by either party of the enforcement or the breach of
any provision of this Agreement shall not operate or be construed as a
subsequent or continuing waiver of the enforcement or the breach of any
provision. The failure by either party to insist upon strict compliance of any
provision of this Agreement shall not be deemed a waiver of such provision. No
waiver shall be valid unless in writing and signed by the party giving the
waiver.

      10. Governing Law. This Agreement shall be enforced, governed, and
construed by the laws of the state of Michigan, regardless of the fact that
either of the parties may be or becomes a resident of another state.

      The parties have executed this Agreement as of the date first appearing
above.

                                           PERRIGO COMPANY

                                       By
                                         ---------------------------------------
                                          Chairman of the Compensation Committee

                                       5
<PAGE>   21

                                           DAVID T. GIBBONS

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

                                       6<PAGE>   1

                                                                    EXHIBIT 4.3

THE WARRANT GRANTED PURSUANT TO THIS AGREEMENT SHALL BE NON-TRANSFERABLE,
EXCEPT IN THE CASE OF THE WARRANT HOLDER'S DEATH, AND THEREUPON ONLY BY WILL OR
UNDER THE LAWS OF DESCENT AND DISTRIBUTION. UPON THE DEATH OF THE WARRANT
HOLDER, THE DECEASED HOLDER'S LEGAL OR PERSONAL REPRESENTATIVE, OR ANY
PERMITTED TRANSFEREE OF THE WARRANT SHALL, WITHIN 30 DAYS OF THE HOLDER'S
DEATH, NOTIFY THE COMPANY OF SUCH EVENT AND THE NEW HOLDER'S NAME, ADDRESS AND
CAPACITY IN WHICH THE WARRANT IS HELD. SUCH PERMITTED TRANSFEREE WILL BE
SUBJECT TO, AND BOUND BY, THE TERMS AND PROVISIONS OF THIS AGREEMENT TO THE
SAME EXTENT AS THE ORIGINAL HOLDER.

                          ORGANIZER WARRANT AGREEMENT

         THIS AGREEMENT (this "Agreement") is made and entered into as of this
_____ day of _____________, 2000, by and between SouthernBank Holdings, Inc., a
Georgia corporation (the "Company"), and ________________________ (the "Warrant
Holder").

                                   WITNESSETH

         WHEREAS, the Warrant Holder has served as an organizer in the
formation of the Company and the formation and establishment of SouthernBank,
N.A. (the "Bank"), the wholly-owned subsidiary of the Company; and

         WHEREAS, the Warrant Holder has purchased ___________ shares of the
Company's common stock, $1.00 par value per share (the "Common Stock"), at a
price per share of $10.00, subject to certain adjustments; and

         WHEREAS, the Company, in recognition of the financial risk undertaken
by the Warrant Holder in organizing the Company and the Bank, desires to
provide the Warrant Holder with the right to acquire the same number of shares
as the Warrant Holder purchased in the initial stock offering of the Company's
Common Stock, including any additional shares purchased specifically to attain
the minimum subscription requirements of the minimum offering.

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         1. Grant of Warrant. Subject to the terms, restrictions, limitations
and conditions stated herein, the Company hereby grants to the Warrant Holder
the right (the "Warrant") to purchase all or any part of an aggregate of
______________ shares of the Company's Common Stock, subject to adjustment in
accordance with Sections 7 and 8 hereof (such shares, as adjusted, the "Warrant
Shares").

<PAGE>   2

         2. Vesting and Term.

                  (a) The Warrant shall vest at the rate of 33 1/3% per year
         beginning on the first anniversary of the close of the Company's
         initial public offering of its common stock (the "Issue Date"). On each
         successive anniversary of the Issue Date, an additional 33 1/3% of the
         Warrant shall vest. The portion of the Warrant which is vested may be
         exercised in whole, or from time to time in part, at any time prior to
         the Expiration Time (as defined herein).

                  (b) The term for the exercise of the Warrant begins at 9:00
         a.m., Eastern Time, on the Issue Date and ends at 5:00 p.m., Eastern
         Time, on the 10th anniversary of the Issue Date (the "Expiration
         Time").

                  (c) Notwithstanding any other provision of this Agreement,
         the Warrant shall expire on any earlier date than that provided in
         Section 2(b) hereof in the event the primary federal regulator of the
         Company or the Bank (the "Federal Regulator") may require the Warrant
         Holder to exercise or forfeit the Warrant due to the capital of the
         Company or the Bank falling below the minimum requirements as
         determined by the Federal Regulator.

         3. Purchase Price. The price per share to be paid by the Warrant
Holder for the Warrant Shares shall be $10.00 subject to adjustment as set
forth in Section 7 hereof (such price, as adjusted, the "Purchase Price").

         4. Exercise of Warrant. The Warrant may be exercised by the Warrant
Holder by delivery to the Company, at the address of the Company set forth
under Section 11(a) hereof or such other address as to which the Company
advises the Warrant Holder pursuant to Section 11(a) hereof, of the following:

                  (a) A completed and signed notice of exercise (including the
         Substitute Form W-9, which forms a part thereof) (the "Notice of
         Exercise"), as attached hereto as Schedule A;

                  (b) A cashier's or certified check payable to the Company for
         the full amount of the aggregate Purchase Price for the number of
         Warrant Shares as to which the Warrant is being exercised; and

                  (c) A copy of this Agreement.

         5. Issuance of Warrant Shares. Upon receipt of the items set forth in
Section 4 hereof, and subject to the terms hereof, the Company shall cause to
be delivered to the Warrant Holder stock certificate(s) for the number of
Warrant Shares specified in the Notice of Exercise, such share or shares to be
registered under the name of the Warrant Holder. Notwithstanding the foregoing,
the Company shall not be required to issue or deliver any certificate for the
Warrant Shares or any portion thereof prior to the fulfillment of the following
conditions:

                                       2
<PAGE>   3

                  (a) The completion of any registration or other qualification
         of such shares which the Company shall deem necessary or advisable
         under any federal or state law or under the rulings or regulations of
         the Securities and Exchange Commission or any other governmental
         regulatory body, unless the availability of an exemption from such
         registration or qualification shall be established to the satisfaction
         of counsel for the Company;

                  (b) The obtaining of any approval or other clearance from any
         federal or state governmental agency or body, which the Company shall
         determine to be necessary or advisable; or

                  (c) The lapse of such reasonable period of time following the
         exercise of the Warrant, or any portion thereof, as the Company from
         time to time may establish for reasons of administrative convenience.

         Each stock certificate delivered pursuant to the Notice of Exercise
shall be in such denomination as may be requested by the Warrant Holder and
shall be registered in the name of the Warrant Holder. If the Warrant shall
have been exercised only in part, the Company shall, at the time of delivery of
said stock certificate(s), deliver to the Warrant Holder a new Warrant
evidencing the right of the Warrant Holder to purchase the remaining Warrant
Shares covered by this Agreement. The Company shall pay all expenses, stock
transfer taxes and other charges payable in connection with the preparation,
execution and delivery of such stock certificate(s).

         6. Restrictive Legends. Each certificate representing the Warrant
Shares shall contain the following legends:

                  (a) "The shares of the Company's Common Stock represented by
         this certificate are held subject to, and transfer of such shares
         restricted by, the terms of a Warrant Agreement, dated as of the ___
         day of _________, 2000, a copy of which is on file at the office of
         the Company. No transfer of any share represented by this certificate
         shall be valid unless made in accordance with the terms of the Warrant
         Agreement."

                  (b) "The securities evidenced by this certificate have not
         been registered under the Securities Act of 1933, as amended (the
         "1933 Act"), or the securities laws of any state, in reliance upon
         exemptions from the registration requirements of the 1933 Act and such
         state laws. These securities may not be transferred, nor will any
         assignee or endorsee hereof be recognized as an owner hereof by the
         issuer for any purposes, except in transactions registered under the
         1933 Act and any applicable state securities laws, unless the
         availability of an exemption from registration under the 1933 Act and
         any applicable state securities laws with respect to any proposed
         transfer or disposition of such securities shall be established to the
         satisfaction of counsel for the issuer."

         The Warrant Holder understands and agrees that the Company may refuse
to permit the transfer of the Warrant Shares, and that the Warrant Holder may
be required to hold the Warrant Shares indefinitely, in the absence of
compliance with the terms of such legends.

                                       3
<PAGE>   4

         7. Antidilution, Etc.

                  (a) If, at any time, the Company shall:

                           (i) establish a record date for the determination of
                  holders of record of its outstanding shares of Common Stock
                  for the purpose of entitling them to receive a dividend
                  payable in, or other distributions of, additional shares of
                  its Common Stock;

                           (ii) subdivide its outstanding shares of Common
                  Stock into a larger number of shares of Common Stock; or

                           (iii) combine its outstanding shares of Common Stock
                  into a smaller number of shares of Common Stock;

         then (A) the number of Warrant Shares for which the Warrant Holder's
         Warrant is exercisable immediately after the occurrence of any such
         event shall be adjusted to equal the number of shares of Company
         Common Stock which a record holder of the same number of shares of
         Common Stock for which Warrant Shares is exercisable immediately prior
         to the occurrence of such event would own or be entitled to receive
         after the happening of such event, and (B) the Purchase Price shall be
         adjusted to equal (x) the Purchase Price multiplied by the Warrant
         Shares for which the Warrant Holder's Warrant is exercisable
         immediately prior to the adjustment divided by (y) the Warrant Shares
         for which Holder's Warrant is exercisable immediately after such
         adjustment.

                  (b) The following provisions shall be applicable to
         adjustments made pursuant to Section 7(a) hereof:

                           (i) The adjustments required by Section 7(a) hereof
                  shall be made whenever and as often as any event requiring an
                  adjustment shall occur. For the purpose of any such
                  adjustment, any event shall be deemed to have occurred at the
                  close of business on the date of its occurrence.

                           (ii) In computing adjustments under this Section
                  7(b), fractional interests in the Company's Common Stock
                  shall be taken into account to the nearest 1/10th of a share.
                  In no event, however, shall fractional shares or a scrip
                  representing fractional shares be issued upon the exercise of
                  the Warrant. In lieu thereof, a cash payment shall be made to
                  the Warrant Holder in an amount equal to such fraction
                  multiplied by the Purchase Price.

                           (iii) If the Company shall establish a record date
                  for the determination of the holders of record of the
                  Company's Common Stock for the purpose of entitling such
                  holders to receive a dividend payable in Company Common Stock
                  and shall, thereafter and before the distribution to
                  shareholders thereof, legally abandon its plan to pay or
                  deliver such dividend, then no adjustment shall be

                                       4
<PAGE>   5

                  required by reason of the establishment of such record date
                  and any such adjustment previously made in respect thereof
                  shall be rescinded and annulled.

         8. Reorganization, Reclassification, Consolidation or Merger.

                  (a) If, prior to the Expiration Time, there shall be any
         reorganization or reclassification of the Company's Common Stock
         (other than a subdivision or combination of shares provided for in
         Section 7 hereof), or any consolidation or merger of the Company with
         another entity, the Warrant Holder shall thereafter be entitled to
         receive, during the term hereof and upon payment of the Purchase
         Price, the number of shares of stock or other securities or property
         of the Company or of the successor entity (or its parent company)
         resulting from such consolidation or merger, as the case may be, to
         which a holder of the Company's Common Stock, deliverable upon the
         exercise of the Warrant, would have been entitled upon such
         reorganization, reclassification, consolidation or merger; and in any
         case, appropriate adjustment (as determined by the Board of Directors
         of the Company in its sole discretion) shall be made in the
         application of the provisions herein set forth with respect to the
         rights and interest thereafter of the Warrant Holder to the end that
         the provisions set forth herein (including the adjustment of the
         Purchase Price and the Warrant Shares) shall thereafter be applicable,
         as near as may reasonably be practicable, in relation to any shares or
         other property thereafter deliverable upon the exercise hereof.

                  (b) If any such reorganization, reclassification,
         consolidation, merger or share exchange results in a cash distribution
         in excess of the Purchase Price provided by this Warrant, the Warrant
         Holder may, at the Warrant Holder's option, exercise this Warrant
         without making payment of the Purchase Price, and in such case the
         Company or its successors and assigns shall, upon distribution to such
         Warrant Holder, consider the Purchase Price to have been paid in full,
         and in making settlement to such Warrant Holder, shall deduct an
         amount equal to the Purchase Price from the amount payable to such
         Warrant Holder. Notwithstanding anything herein to the contrary, the
         Company will not effect any such reorganization, reclassification,
         merger, consolidation or share exchange unless prior to the
         consummation thereof, the corporation that may be required to deliver
         any stock, securities or other assets upon the exercise of the Warrant
         issuable pursuant to this Agreement shall agree by an instrument in
         writing to deliver such stock, cash, securities or other assets to the
         Warrant Holder. A sale, transfer or lease of all or substantially all
         of the assets of the Company to another person shall be deemed a
         reorganization, reclassification, consolidation, merger or share
         exchange for the foregoing purposes.

         9. Notice of Adjustments. Upon any adjustment provided for in Section
7 or Section 8 hereof, the Company, within 30 days thereafter, shall give
written notice thereof to the Warrant Holder at the address set forth under
Section 11(a) hereof or such other address as the Warrant Holder may advise the
Company pursuant to Section 11(a) hereof, which notice shall state the Purchase
Price as adjusted and the increased or decreased number of Warrant Shares,
setting, forth in reasonable detail the method of calculation of each.

                                       5
<PAGE>   6

         10. Transfer and Assignment.

                  (a) This Agreement shall be non-transferable, except in the
         case of the Warrant Holder's death, and thereupon only by will or
         under the laws of descent and distribution. Upon the death of the
         Warrant Holder, the deceased Warrant Holder's heirs, legal or personal
         representative, or any permitted transferee of the Warrant shall,
         within 30 days of the Warrant Holder's death, notify the Company of
         such event and the new holder's name, address and capacity in which
         the Warrant is held, and present letters testamentary, a death
         certificate and such other information as the Company may reasonably
         request to ascertain the authority of such person. Such permitted
         transferee will be subject to, and bound by, the terms and provisions
         of this Agreement to the same extent as the original Warrant Holder.

                  (b) The Warrant Shares granted hereby may not be transferred
         or sold unless the transfer is exempt from further regulatory approval
         or otherwise permissible under applicable law, including state and
         federal securities laws, and will bear a legend to this effect as set
         forth in Section 6 hereof.

         11. Miscellaneous.

                  (a) All notices, requests, demands and other communications
         required or permitted hereunder shall be in writing and shall be
         deemed to have been duly given when delivered by hand, telegram or
         facsimile transmission, or if mailed, by postage prepaid first class
         mail, on the third business day after mailing, to the following
         address (or at such other address as a party may notify the other
         hereunder):

         To the Company:

                  SouthernBank Holdings, Inc.
                  2090 Buford Highway, Suite 2A
                  Buford, Georgia  30518
                  Attention:  D. Arnold Tillman, Jr.,
                              Chief Executive Officer

         To the Warrant Holder:

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

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

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

                  (b) The Company covenants that it has reserved and will keep
         available, solely for the purpose of issue upon the exercise of the
         Warrant, a sufficient number of shares of the Company's Common Stock
         to permit the exercise of the Warrant in full.

                                       6
<PAGE>   7

                  (c) No holder of the Warrant, as such, shall be entitled to
         vote or receive dividends with respect to the Warrant Shares subject
         thereto or be deemed to be a shareholder of the Company for any
         purpose until the Company's Common Stock has been issued.

                  (d) This Agreement may be amended only by an instrument in
         writing executed by the party against whom enforcement of amendment is
         sought.

                  (e) This Agreement may be executed in counterparts, each of
         which shall be deemed an original, but all of which shall constitute
         one and the same instrument.

                  (f) This Agreement shall be governed by and construed and
         enforced in accordance with the laws of the State of Georgia.

         IN WITNESS WHEREOF, the Company has caused this Agreement to be signed
by a duly authorized officer and its corporate seal to be affixed hereto and
the Warrant Holder has executed this Agreement, all as of the day and year
first above written.

                                      SOUTHERNBANK HOLDINGS, INC.

                                      By:
                                         --------------------------------------
                                         D. Arnold Tillman, Jr.
                                         Chief Executive Officer

                                      WARRANT HOLDER

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

                                       7
<PAGE>   8

                                   SCHEDULE A

                               NOTICE OF EXERCISE
                     OF WARRANT TO PURCHASE COMMON STOCK OF
                          SOUTHERNBANK HOLDINGS, INC.

To:      SouthernBank Holdings, Inc.

         The undersigned, the registered owner of the right to purchase shares
of Common Stock (the "Common Stock") of SouthernBank Holdings, Inc. (the
"Company"), hereby irrevocably elects to exercise such right to purchase
thereunder ________ shares of the Common Stock of the Company and herewith
makes payment of $________ therefor, and requests that the certificate(s)
evidencing such shares be issued in the name of and be delivered to:

                Name:
                     -----------------------------------------------

                Address:
                        --------------------------------------------
                        --------------------------------------------
                        --------------------------------------------

                Social Security or
                    Tax I.D. Number:
                                    --------------------------------

and if such shares shall not be all of the shares purchasable hereunder, that a
new warrant of like tenor for the balance of the shares purchasable hereunder
be delivered to the undersigned.

Date:
     ---------------------------

                                        NAME OF WARRANT HOLDER

                                        By:
                                           ------------------------------------
                                           Name:
                                                -------------------------------

               THIS NOTICE OF EXERCISE SHALL NOT BE GIVEN EFFECT
               BY THE COMPANY UNLESS THE HOLDER OF THE UNDERLYING
                 WARRANT HAS PROPERLY COMPLETED AND SIGNED BOTH
           THIS NOTICE OF EXERCISE FORM AND THE SUBSTITUTE FORM W-9
                                ATTACHED HERETO.

<PAGE>   9

                              SUBSTITUTE FORM W-9

Under the penalties of perjury, I certify that:

         1.       The Social Security Number or Taxpayer Identification Number
                  given below is correct; and

         2.       I am not subject to backup withholding either because I have
                  not been notified that I am subject to backup withholding as
                  a result of a failure to report all interest or dividends, or
                  because the Internal Revenue Service has notified me that I
                  am no longer subject to backup withholding.

IMPORTANT INSTRUCTIONS: You must cross out #2 above if you have been notified
by the Internal Revenue Service that you are subject to backup withholding
because of under reporting interest or dividends on your tax return and if you
have not received a notice from the Internal Revenue Service advising you that
backup withholding due to notified payee under reporting has terminated.

SIGNATURE*
          -----------------------------------------

DATE
    --------------------------------

* If a corporation, please sign in full corporate name by president or other
authorized officer. When signing as officer, attorney, custodian, trustee,
administrator, guardian, etc., please give your full title as such. In case of
joint tenants, each person must sign.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00008-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00008-of-00352.parquet"}]]