Document:

EX-10.1 FORM OF INDEMNIFICATION AGREEMENT

 

EXHIBIT 10.1

INDEMNIFICATION AGREEMENT

     This INDEMNIFICATION AGREEMENT is made and executed effective as of the 18th day of
June, 2007, by and between COUSINS PROPERTIES INCORPORATED, a Georgia corporation (the “Company”),
and (NAME), an individual resident of the State of Georgia (the “Indemnitee”).

     WHEREAS, the Company is aware that, in order to induce highly competent persons to serve the
Company as directors or officers or in other capacities, the Company must provide such persons with
adequate protection through indemnification against risks of claims and actions against them
arising out of their service to and activities on behalf of the Company;

     WHEREAS, the Board of Directors of the Company has determined that it is essential to the best
interests of the Company’s shareholders that the Company act to assure such persons that there will
be increased certainty of such protection in the future;

     WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate
itself to indemnify such persons to the fullest extent permitted by applicable law so that they
will continue to serve the Company free from undue concern that they will not be so indemnified; and

     WHEREAS, the Indemnitee is willing to serve, continue to serve, and take on additional service
for or on behalf of the Company on the condition that he/she be so indemnified;

     NOW, THEREFORE, in consideration of the premises and the mutual promises and covenants
contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and Indemnitee do hereby agree as follows:

     1. Service by the Indemnitee. The Indemnitee agrees to serve and/or continue to serve as a
director or officer of the Company faithfully and will discharge his/her duties and
responsibilities to the best of his/her ability so long as the Indemnitee is duly elected or
qualified in accordance with the provisions of the Restated and Amended Articles of Incorporation
(as may be amended from time to time, the “Articles”) and Bylaws (as may be amended from time to
time, the “Bylaws”) of the Company, the Georgia Business Corporation Code, as amended (the
“GBCC”), and any other applicable law in effect on the date of this Agreement and from time to
time, or until his/her earlier death, resignation or removal. The Indemnitee may at any time and
for any reason resign from such position (subject to any other contractual obligation or other
obligation imposed by operation by law), in which event the Company shall have no obligation under
this Agreement to continue the employment or directorship of the Indemnitee. Nothing in this
Agreement shall confer upon the Indemnitee the right to continue in the employ of the Company or as
a director of the Company or affect the right of the Company to terminate the Indemnitee’s
employment at any time in the sole discretion of the Company, with or without 

 

cause, subject to any contract rights of the Indemnitee created or existing otherwise than under this Agreement.

     2. Indemnification. The Company shall indemnify the Indemnitee against all Expenses (as
defined below), judgments, fines and amounts paid in settlement actually and reasonably incurred by
the Indemnitee as provided in this Agreement to the fullest extent permitted by the Articles,
Bylaws and GBCC or other applicable law in effect on the date of this Agreement and to any greater
extent that applicable law may in the future from time to time permit.

     3. Indemnification for Expenses When Serving on Behalf of the Company. To the extent that the
Indemnitee has served on behalf of or at the request of the Company as a witness or other
participant in any class action or proceeding, the Indemnitee shall be indemnified against all
Expenses actually and reasonably incurred by the Indemnitee in connection therewith, without any
determination pursuant to Section 5.

     4. Partial Indemnification. If the Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines
and amounts paid in settlement actually and reasonably incurred by the Indemnitee in connection
with the investigation, defense, appeal or settlement of a suit, action, investigation or
proceeding covered by Section 2, but is not entitled to indemnification for the total amount
thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such Expenses,
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by the
Indemnitee to which the Indemnitee is entitled.

     5. Procedure for Determination of Entitlement to Indemnification.

     (a) The Secretary of the Company shall, promptly upon receipt of a claim for indemnification
from the Indemnitee, advise the Board of Directors in writing that Indemnitee has requested
indemnification. Any Expenses incurred by the Indemnitee in connection with the Indemnitee’s
request for indemnification hereunder shall be borne by the Company. The Company hereby
indemnifies and agrees to hold the Indemnitee harmless for any Expenses incurred by Indemnitee
under the immediately preceding sentence irrespective of the outcome of the determination of the
Indemnitee’s entitlement to indemnification.

     (b) Upon written request by the Indemnitee for indemnification in connection with the
investigation, defense, appeal or settlement of a suit, action, investigation or proceeding covered
by Section 2, the entitlement of the Indemnitee to indemnification pursuant to the terms of this
Agreement shall be determined by the following person or persons, who shall be empowered to make
such determination: (i) if a Change in Control (as hereinafter defined) shall have occurred, by
Independent Counsel (as hereinafter defined) (unless the Indemnitee shall request in writing that
such determination be made by the Board of Directors (or a committee thereof) in the manner
provided for in clause (ii) of this Section 5(b)) in a written opinion to the Board of Directors, a
copy of which shall be delivered to the Indemnitee; or (ii) if a Change in Control shall not have
occurred, (A)(1) by the Board of Directors of the Company, by a majority vote of Disinterested
Directors (as hereinafter defined) even though less than a quorum, or (2) by a committee of
Disinterested Directors designated by majority vote of Disinterested Directors, 

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even though less than a quorum, or (B) if there are no such Disinterested Directors or, even if there are such
Disinterested Directors, if the Board of Directors, by the majority vote of Disinterested
Directors, so directs, by Independent Counsel in a written opinion to the Board of
Directors, a copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be
selected by the Board of Directors and approved by the Indemnitee. Upon failure of the Board of
Directors to so select, or upon failure of the Indemnitee to so approve, such Independent Counsel
shall be selected by the judge assigned to the Business Case Division of the Superior Court of
Fulton County, Georgia who has served the longest as a judge for the Superior Court of Fulton
County, Georgia, or such other person as such judge shall designate to make such selection. Such
determination of entitlement to indemnification shall be made not later than 60 days after receipt
by the Company of a written request for indemnification. If the person making such determination
shall determine that the Indemnitee is entitled to indemnification as to part (but not all) of the
application for indemnification, such person shall reasonably prorate such part of indemnification
among such claims, issues or matters. If it is so determined that Indemnitee is entitled to
indemnification, payment to Indemnitee shall be made within ten days after such determination.

     6. Presumptions and Effect of Certain Proceedings.

     (a) In making a determination with respect to entitlement to indemnification, the Indemnitee
shall be presumed to be entitled to indemnification hereunder and the Company shall be required to
make any showing necessary to the making of any determination contrary to such presumption.

     (b) If the Board of Directors, or such other person or persons empowered pursuant to Section 5
to make the determination of whether Indemnitee is entitled to indemnification, shall have failed
to make a determination as to entitlement to indemnification within 60 days after receipt by the
Company of such request, the requisite determination of entitlement to indemnification shall be
deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification,
absent actual fraud in the request for indemnification or a prohibition of indemnification under
applicable law. The termination of any action, suit, investigation or proceeding covered by
Section 2 hereof by judgment, order, settlement or conviction, or upon a plea of nolo contendere or
its equivalent, shall not, of itself, adversely affect the rights of the Indemnitee to
indemnification, except as may be provided herein.

     7. Advancement of Expenses. All reasonable Expenses actually incurred by the Indemnitee in
connection with any threatened or pending action, suit or proceeding shall be paid by the Company
in advance of the final disposition of such action, suit or proceeding, if so requested by the
Indemnitee, within 20 days after the receipt by the Company of a statement or statements from the
Indemnitee requesting such advance or advances. The Indemnitee may submit such statements from
time to time. The Indemnitee’s entitlement to such Expenses shall include those incurred in
connection with any proceeding by the Indemnitee seeking an adjudication or award in arbitration
pursuant to this Agreement. Such statement or statements shall reasonably evidence the Expenses
incurred by the Indemnitee in connection therewith and shall include or be accompanied by a written
affirmation by Indemnitee of Indemnitee’s good faith belief that Indemnitee has met the standard of
conduct necessary for indemnification under the GBCC and an undertaking, executed personally or on
behalf of the Indemnitee, to repay any 

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such amounts if it is ultimately determined that the Indemnitee is not entitled to be indemnified by the Company pursuant to this Agreement or otherwise.

     8. Remedies of the Indemnitee in Cases of Determination not to Indemnify or to Advance
Expenses. In the event that a determination is made that the Indemnitee is not entitled to
indemnification hereunder or if the payment has not been timely made following a determination of
entitlement to indemnification pursuant to Sections 5 and 6, or if Expenses are not advanced
pursuant to Section 7, the Indemnitee shall be entitled to a final adjudication in an appropriate
court of the State of Georgia or any other court of competent jurisdiction of whether the
Indemnitee is entitled to such indemnification or advance. Alternatively, the Indemnitee may, at
the Indemnitee’s option, seek an award in arbitration to be conducted by a single arbitrator
pursuant to the rules of the American Arbitration Association, such award to be made within 60 days
following the filing of the demand for arbitration. The Company shall not unreasonably oppose the
Indemnitee’s right to seek any such adjudication or award in arbitration or any other claim. Such
judicial proceeding or arbitration shall be made de novo, and the Indemnitee shall not be
prejudiced by reason of a prior determination (if so made) that the Indemnitee is not entitled to
indemnification. If a determination is made or deemed to have been made pursuant to the terms of
Section 5 or Section 6 hereof that the Indemnitee is entitled to indemnification, the Company shall
be bound by such determination and shall be precluded from asserting that such determination has
not been made or that the procedure by which such determination was made is not valid, binding and
enforceable. The Company further agrees to stipulate in any such court or before any such
arbitrator that the Company is bound by all the provisions of this Agreement and is precluded from
making any assertions to the contrary. If the court or arbitrator shall determine that the
Indemnitee is entitled to any indemnification hereunder, the Company shall pay all reasonable
Expenses actually incurred by the Indemnitee in connection with such adjudication or award in
arbitration (including, but not limited to, any appellate proceedings).

     9. Notification and Defense of Claim. Promptly after receipt by the Indemnitee of notice of
the commencement of any action, suit or proceeding, the Indemnitee will, if a claim in respect
thereof is to be made against the Company under this Agreement, notify the Company in writing of
the commencement thereof; but the omission to so notify the Company will not relieve the Company
from any liability that it may have to the Indemnitee under this Agreement or otherwise.
Notwithstanding any other provision of this Agreement, with respect to any such action, suit or
proceeding as to which the Indemnitee gives notice to the Company of the commencement thereof:

     (a) The Company will be entitled to participate therein at its own expense.

     (b) Except as otherwise provided in this Section 9(b), to the extent that it
may wish, the Company, jointly with any other indemnifying party similarly notified,
shall be entitled to assume the defense thereof with counsel reasonably satisfactory
to the Indemnitee. After notice from the Company to the Indemnitee of its election
to so assume the defense thereof, the Company shall not be liable to the Indemnitee
under this Agreement for any legal or other Expenses subsequently incurred by the
Indemnitee in connection with the defense thereof 

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other than reasonable costs of investigation or as otherwise provided below. The Indemnitee shall have the right
to employ the Indemnitee’s own counsel in such action or lawsuit, but the fees and
Expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be
at the expense of the Indemnitee unless (i) the employment of counsel by the Indemnitee has
been authorized in writing by the Company, (ii) the Indemnitee shall have reasonably
concluded that there may be a conflict of interest between the Company and the
Indemnitee in the conduct of the defense of such action and such determination by
the Indemnitee shall be supported by an opinion of counsel, which opinion shall be
reasonably acceptable to the Company, or (iii) the Company shall not in fact have
employed counsel to assume the defense of the action, in each of which cases the
fees and Expenses of counsel shall be at the expense of the Company. The Company
shall not be entitled to assume the defense of any action, suit or proceeding
brought by or on behalf of the Company or as to which the Indemnitee shall have
reached the conclusion provided for in clause (ii) above.

     (c) The Company shall not be liable to indemnify the Indemnitee under this
Agreement for any amounts paid in settlement of any action or claim effected without
its written consent, which consent shall not be unreasonably withheld. The Company
shall not be required to obtain the consent of Indemnitee to settle any action or
claim which the Company has undertaken to defend if the Company assumes full and
sole responsibility for such settlement and such settlement grants Indemnitee a
complete and unqualified release in respect of potential liability.

     (d) If, at the time of the receipt of a notice of a claim pursuant to this
Section 9, the Company has director and officer liability insurance in effect, the
Company shall give prompt notice of the commencement of such proceeding to the
insurers in accordance with the procedures set forth in the respective policies.
The Company shall thereafter take all necessary or desirable action to cause such
insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of
such proceeding in accordance with the terms of the policies.

     10. Other Right to Indemnification. The indemnification and advancement of Expenses provided
by this Agreement are cumulative, and not exclusive, and are in addition to any other rights to
which the Indemnitee may now or in the future be entitled under any provision of the Bylaws or
Articles of the Company, any vote of shareholders or Disinterested Directors, any provision of law
or otherwise. Except as required by applicable law, the Company shall not adopt any amendment to
its Bylaws or Articles the effect of which would be to deny, diminish or encumber the Indemnitee’s
right to indemnification under this Agreement.

     11. Director and Officer Liability Insurance. The Company shall, from time to time, make the
good faith determination whether or not it is practicable for the Company to obtain and maintain a
policy or policies of insurance with reputable insurance companies providing the officers and
directors of the Company with coverage for losses from wrongful acts, or to ensure the Company’s
performance of its indemnification obligations under this Agreement. 

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Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against the protection
afforded by such coverage. In the event the Company maintains directors’ and officers’ liability
insurance, the Indemnitee shall be named as an insured in such manner as to provide the Indemnitee the same
rights and benefits as are accorded to the most favorably insured of the Company’s officers or directors. However,
the Company agrees that the provisions hereof shall remain in effect regardless of whether liability or other insurance
coverage is at any time obtained or retained by the Company; except that any payments made to, or
on behalf of, the Indemnitee under an insurance policy shall reduce the obligations of the Company
hereunder. Notwithstanding the foregoing, the Company shall have no obligation to obtain or
maintain such insurance if the Company determines in good faith that such insurance is not
reasonably available, if the premium costs for such insurance are disproportionate to the amount of
coverage provided or if the coverage provided by such insurance is limited by exclusions so as to
provide an insufficient benefit.

     12. Spousal Indemnification. The Company will indemnify the Indemnitee’s spouse to whom the
Indemnitee is legally married at any time the Indemnitee is covered under the indemnification
provided in this Agreement (even if Indemnitee did not remain married to him or her during the
entire period of coverage) against any pending or threatened action, suit, proceeding or
investigation for the same period, to the same extent and subject to the same standards,
limitations, obligations and conditions under which the Indemnitee is provided indemnification
herein, if the Indemnitee’s spouse (or former spouse) becomes involved in a pending or threatened
action, suit, proceeding or investigation solely by reason of his or her status as Indemnitee’s
spouse, including, without limitation, any pending or threatened action, suit, proceeding or
investigation that seeks damages recoverable from marital community property, jointly-owned
property or property purported to have been transferred from the Indemnitee to his/her spouse (or
former spouse). The Indemnitee’s spouse or former spouse also shall be entitled to advancement of
Expenses to the same extent that Indemnitee is entitled to advancement of Expenses herein. The
Company may maintain insurance to cover its obligation hereunder with respect to Indemnitee’s
spouse (or former spouse) or set aside assets in a trust or escrow fund for that purpose.

     13. Intent. This Agreement is intended to be broader than any statutory indemnification
rights applicable in the State of Georgia and shall be in addition to any other rights Indemnitee
may have under the Company’s Articles, Bylaws, applicable law or otherwise. To the extent that a
change in applicable law (whether by statute or judicial decision) permits greater indemnification
by agreement than would be afforded currently under the Company’s Articles, Bylaws, applicable law
or this Agreement, it is the intent of the parties that Indemnitee enjoy by this Agreement the
greater benefits so afforded by such change.

     14. Attorney’s Fees and Other Expenses to Enforce Agreement. In the event that the Indemnitee
is subject to or intervenes in any proceeding in which the validity or enforceability of this
Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee’s
rights under, or to recover damages for breach of, this Agreement the Indemnitee, if he/she
prevails in whole or in part in such action, shall be entitled to recover from the Company and
shall be indemnified by the Company against any actual expenses for attorneys’ fees and
disbursements reasonably incurred by the Indemnitee.

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     15. Effective Date. The provisions of this Agreement shall cover claims, actions, suits or
proceedings whether now pending or hereafter commenced and shall be retroactive to cover acts or
omissions or alleged acts or omissions which heretofore have taken place. The
Company shall be liable under this Agreement, to the extent specified in Section 2 hereof, for
all acts and omissions of the Indemnitee while serving as a director and/or officer,
notwithstanding the termination of the Indemnitee’s service, if such act was performed or omitted
to be performed during the term of the Indemnitee’s service to the Company.

     16. Duration of Agreement. This Agreement shall survive and continue even though the
Indemnitee may have terminated his/her service as a director, officer, employee, agent or fiduciary
of the Company or as a director, officer, partner, employee, agent or fiduciary of any other
entity, including, but not limited to another corporation, partnership, limited liability company,
employee benefit plan, joint venture, trust or other enterprise or by reason of any act or omission
by the Indemnitee in any such capacity. This Agreement shall be binding upon the Company and its
successors and assigns, including, without limitation, any corporation or other entity which may
have acquired all or substantially all of the Company’s assets or business or into which the
Company may be consolidated or merged, and shall inure to the benefit of the Indemnitee and his/her
spouse, successors, assigns, heirs, devisees, executors, administrators or other legal
representations. The Company shall require any successor or assignee (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company, by written agreement in form and substance reasonably satisfactory to the
Company and the Indemnitee, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if no such succession
or assignment had taken place.

     17. Disclosure of Payments. Except as required by any Federal or state securities laws or
other Federal or state law, neither party shall disclose any payments under this Agreement unless
prior approval of the other party is obtained.

     18. Severability. If any provision or provisions of this Agreement shall be held invalid,
illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability
of the remaining provisions of this Agreement (including, but not limited to, all portions of any
Sections of this Agreement containing any such provision held to be invalid, illegal or
unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent
possible, the provisions of this Agreement (including, but not limited to, all portions of any
paragraph of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as
to give effect to the intent manifest by the provision held invalid, illegal or unenforceable.

     19. Counterparts. This Agreement may be executed by one or more counterparts, each of which
shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.

     20. Captions. The captions and headings used in this Agreement are inserted for convenience
only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

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     21. Definitions. For purposes of this Agreement:

     (a) “Change in Control” shall mean:

	 	(i)	 	a “change in control” of the Company of a
nature that would be required to be reported in response to Item 6(e)
of Schedule 14A for a proxy statement filed under Section 14(a) of the
Act as in effect on the date of this Agreement;
	 
	 	(ii)	 	a “person” (as that term is used in Section
14(d)(2) of the Act) who becomes the beneficial owner (as defined in
Rule 13d-3 under the Act) directly or indirectly of securities
representing 45% or more of the combined voting power for election of
directors of the then outstanding securities of the Company;
	 
	 	(iii)	 	the individuals who at the beginning of any
period of two consecutive years or less (starting on or after the date
of this Agreement) constitute the Company’s Board of Directors cease
for any reason during such period to constitute at least a majority of
the Company’s Board of Directors, unless the election or nomination for
election of each new member of the Board of Directors was approved in
advance by vote of at least two-thirds of the members of such Board of
Directors then still in office who were members of such Board of
Directors at the beginning of such period;
	 
	 	(iv)	 	the shareholders of the Company approve any
reorganization, merger, consolidation or share exchange as a result of
which the common stock of the Company shall be changed, converted or
exchanged into or for securities of another organization or any
dissolution or liquidation of the Company or any sale or the
disposition of 50% or more of the assets or business of the Company; or
	 
	 	(v)	 	the shareholders of the Company approve any
reorganization, merger, consolidation or share exchange with another
corporation unless (1) the persons who were the beneficial owners of
the outstanding shares of the common stock of the Company immediately
before the consummation of such transaction beneficially own more than
60% of the outstanding shares of the common stock of the successor or
survivor corporation in such transaction immediately following the
consummation of such transaction and (2) the number of shares of the
common stock of such successor or survivor corporation beneficially
owned by the persons described in Section 21(a)(v)(1) immediately
following the consummation of such transaction is beneficially owned by
each such person in substantially the same proportion that each such

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	 	 	 	person had beneficially owned shares of the Company common stock
immediately before the consummation of such transaction, provided (3)
the percentage described in Section 21(a)(v)(1) of the beneficially
owned shares of the successor or survivor corporation and the number
described in Section 21(a)(v)(2) of the beneficially owned shares of
the successor or survivor corporation shall be determined exclusively
by reference to the shares of the successor or survivor corporation
which result from the beneficial ownership of shares of common stock
of the Company by the persons described in Section 21(a)(v)(1)
immediately before the consummation of such transaction.

     (b) “Disinterested Director” shall mean a director of the Company who is not or
was not a party to the action, suit, investigation or proceeding in respect of which
indemnification is being sought by the Indemnitee.

     (c) “Expenses” shall include all attorneys’ fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, and
all other disbursements or expenses incurred in connection with prosecuting,
defending, preparing to prosecute or defend, investigating or being or preparing to
be a witness in any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative in nature, in each case to
the extent reasonable.

     (d) “Independent Counsel” shall mean a law firm or a member of a law firm that
neither is presently nor in the past five years has been retained to represent (i)
the Company or the Indemnitee in any matter material to either such party or (ii)
any other party to the action, suit, investigation or proceeding giving rise to a
claim for indemnification hereunder. Notwithstanding the foregoing, the term
“Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or the Indemnitee in an action to determine the
Indemnitee’s right to indemnification under this Agreement.

     22. Entire Agreement, Modification and Waiver. This Agreement constitutes the entire
agreement and understanding of the parties hereto regarding the subject matter hereof, and no
supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by both parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver. No supplement, modification or amendment of this Agreement
shall limit or restrict any right of the Indemnitee under this Agreement in respect of any act or
omission of the Indemnitee prior to the effective date of such supplement, modification or
amendment unless expressly provided therein.

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     23. Notices. All notices, requests, demands or other communications hereunder shall be in
writing and shall be deemed to have been duly given if (i) delivered by hand with receipt
acknowledged by the party to whom said notice or other communication shall have been directed or if
(ii) mailed by certified or registered mail, return receipt requested with postage prepaid, on the
date shown on the return receipt:

     (a)   If to the Indemnitee to:

(ADDRESS)

     (b)   If to the Company, to:

Cousins Properties Incorporated

191 Peachtree Street
Atlanta, GA 30303-1740
Attention: Robert M. Jackson

with a copy to:

King & Spalding LLP

1180 Peachtree Street, N.E.
Atlanta, GA 30309-3521
Attention: Alan J. Prince

or to such other address as may be furnished to the Indemnitee by the Company or to the Company by
the Indemnitee, as the case may be.

     24. Governing Law. The parties hereto agree that this Agreement shall be governed by, and
construed and enforced in accordance with, the laws of the State of Georgia, applied without giving
effect to any conflicts-of-law principles.

     IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement on the day
and year first above written.

	 	 	 	 	 
	 	COUSINS PROPERTIES INCORPORATED
 	 
	 	By:  	/s/ Robert M. Jackson 	 
	 	 	Robert M. Jackson, Senior Vice President and 	 
	 	 	General Counsel 	 
	 
	 	INDEMNITEE
 	 
	 	By:  	 	 
	 	 	NAME 	 
	 	 	 	 
	 

10Ex-10.1

 

	 	 	 	 	 

Exhibit 10.1

FIRST AMENDED AND RESTATED

MID-AMERICA BANCSHARES, INC.

2006 OMNIBUS EQUITY INCENTIVE PLAN

ARTICLE 1. INTRODUCTION

     This FIRST AMENDED MID-AMERICA BANCSHARES, INC. 2006 OMNIBUS EQUITY INCENTIVE PLAN (“Plan”)
was first adopted by the Board of Directors and the Shareholders effective April 30, 2006, and
amended and restated effective June 18, 2007. The purpose of the Plan is to promote the long-term
success of the Company and the creation of stockholder value by (a) encouraging Employees, Outside
Directors and Consultants to focus on critical long-range objectives, (b) encouraging the
attraction and retention of Employees, Outside Directors and Consultants with exceptional
qualifications and (c) linking Employees, Outside Directors and Consultants directly to stockholder
interests through increased stock ownership. The Plan seeks to achieve this purpose by providing
for Awards in the form of Restricted Shares, Stock Units, Options (which may constitute incentive
stock options or nonstatutory stock options) or stock appreciation rights. The Plan shall be
governed by, and construed in accordance with, the laws of the State of Tennessee (except the
choice-of-law provisions of such jurisdiction).

ARTICLE 2. DEFINITIONS

     2.1 “Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more
Subsidiaries own not less than 50% of such entity.

     2.2 “Agreement” means a written understanding entered into between the Company and an Eligible
Person granted an Award which sets forth the terms and conditions of the Award.

     2.3 “Award” means any award of an Option, a SAR, a Restricted Share, a Stock Unit, a
Performance Unit, an Other Award or a combination thereof under the Plan.

     2.4 “Board” means the Company’s board of directors, as constituted from time to time.

     2.5 “Cause” means, unless otherwise provided in a Participant’s Agreement, removal by or at
the direction any state or federal regulatory agency having appropriate jurisdiction of a person as
an Employee, Outside Director or Consultant, or: (i) engaging in (A) willful or gross misconduct or
(B) willful or gross neglect, (ii) repeatedly failing to adhere to the directions of superiors or
the board of directors or the written policies and practices of the Company or any Subsidiary or
Affiliate with which the person has a relationship, (iii) the commission of a felony or a crime of
moral turpitude, or any crime involving the Company or any Subsidiary or Affiliate, (iv) fraud,
misappropriation, embezzlement or material or repeated insubordination, (v) a material breach of
the Participant’s employment agreement or consulting contract, if any, (other than a termination of
employment by the Participant), or (vi) any illegal act detrimental to the Company or any
Subsidiary or Affiliate, all as determined in the sole discretion of the Committee.

 

 

     2.6 “Change in Control” means:

	 	(a)	 	The consummation of a merger or consolidation of the Company with or into
another entity or any other corporate reorganization, if more than 50% of the combined
voting power of the continuing or surviving entity’s securities outstanding immediately
after such merger, consolidation or other reorganization is owned by persons who were
not stockholders of the Company immediately prior to such merger, consolidation or
other reorganization;
	 
	 	(b)	 	The sale, transfer or other disposition of all or substantially all of the
Company’s assets;
	 
	 	(c)	 	A change in the composition of the Board, as a result of which fewer than 50%
of the incumbent directors are directors who either (i) had been directors of the
Company on the date 24 months prior to the date of the event that may constitute a
Change in Control (the “original directors”) or (ii) were elected, or nominated for
election, to the Board with the affirmative votes of at least a majority of the
aggregate of the original directors who were still in office at the time of the
election or nomination and the directors whose election or nomination was previously so
approved; or
	 
	 	(d)	 	Any transaction as a result of which any person is the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing more than 50% of the total voting power represented by the
Company’s then outstanding voting securities. For purposes of this Paragraph (d), the
term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of
the Exchange Act but shall exclude (i) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or of a Parent or Subsidiary and (ii) a
corporation owned directly or indirectly by the stockholders of the Company in
substantially the same proportions as their ownership of the common stock of the
Company. A transaction shall not constitute a Change in Control if its sole purpose is
to change the state of the Company’s incorporation or to create a holding company that
will be owned in substantially the same proportions by the persons who held the
Company’s securities immediately before such transaction.

     2.7 “Code” means the Internal Revenue Code of 1986, as amended.

     2.8 “Committee” means the group of Board Members appointed to administer the Plan, as
described in Article 3.

     2.9 “Common Share” means one share of the common stock of the Company.

     2.10 “Company” means Mid-America Bancshares, Inc. and any successor or assignee corporation(s)
into which the Company may be merged, changed or consolidated; any corporation for whose securities
the securities of the Company, shall be exchanged; and any assignee of or successor to
substantially all of the assets of the Company.

2

 

Exhibit 10.1

     2.11 “Consultant” means a consultant or adviser who provides bona fide services to the
Company, a Subsidiary or, in the discretion of the Committee, an Affiliate, as an independent
contractor. Service as a Consultant may but need not, in the discretion of the Committee, be
considered employment for all purposes of the Plan, except as provided in Section 5.1 for ISO
grant purposes.

     2.12 “Disability” means, as determined by the Committee in its discretion, a Participant’s
inability to serve at his or her most recent current position by reason of any mental or physical
impairment which can be expected to last for a continuous period of at least 12 months or result in
death. “Permanent and total Disability” shall have the meaning used in Code Section 22(e)(3). A
determination of Disability may be made by a physician approved or selected by the Committee.

     2.13 “Eligible Persons” means Employees, Outside Directors and Consultants.

     2.14 “Employee” means a common-law employee of the Company, a Subsidiary or, in the discretion
of the Committee, an Affiliate.

     2.15 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     2.16 “Exercise Price,” in the case of an Option, means the amount for which one Common Share
may be purchased upon exercise of such Option, as specified in the applicable Stock Option
Agreement. “Exercise Price,” in the case of a SAR, means an amount, as specified in the applicable
SAR Agreement, which is subtracted from the Fair Market Value of one Common Share in determining
the amount payable upon exercise of such SAR.

     2.17 “Fair Market Value” means the value of one Common Share, determined as follows:

     (i) If the Common Share is listed on a national stock exchange, the closing sale price
per share on the exchange for the last preceding date on which there was a sale of Common
Shares on such exchange, as determined by the Committee.

     (ii) If the Common Shares are not then listed on a national stock exchange but are
traded on an over-the-counter market, the average of the closing bid and asked prices for
the Common Shares in such over-the-counter market for the last preceding date on which there
was a sale of Common Shares in such market, as determined by the Committee.

     (iii) If neither (i) nor (ii) applies, such value as the Committee in its discretion
may in good faith determine. Notwithstanding the foregoing, where the Common Shares are
listed or traded, the Committee may make discretionary determinations in good faith where
the Common Shares have not been traded for 10 trading days.

     2.18 “ISO” means an Option of the type described in Section 422(b) of the Code.

     2.19 “NSO” means an Option not described in Sections 422 or 423 of the Code.

     2.20 “Option” means an ISO or NSO granted under the Plan and entitling the holder to purchase
Common Shares.

     2.21 “Optionee” means an individual or estate that holds an Option or SAR.

3

 

Exhibit 10.1

     2.22 “Other Award” means a right granted to an Eligible Person under Section 11.2.

     2.23 “Outside Director” means a person who is not an Employee but is a member of the board of
directors of the Company, a Subsidiary or, in the discretion of the Committee, an Affiliate.
Service as an Outside Director shall be considered employment for all purposes of the Plan,
except as provided in Section 5.1 for ISO grant purposes.

     2.24 “Parent” means any corporation (other than the Company) in an unbroken chain of
corporations ending with the Company, if each of the corporations other than the Company owns stock
possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. A corporation that attains the status of a Parent on a date after
the adoption of the Plan shall be considered a Parent commencing as of such date.

     2.25 “Participant” means an individual or estate that holds an Award.

     2.26 “Performance Unit” means a right granted to a Participant under Section 11.1 of the Plan.

     2.27 “Plan” means this First Amended and Restated Mid-America Bancshares, Inc. 2006 Omnibus
Equity Incentive Plan, as amended from time to time, including the amendment and restatement made
effective June 18, 2007.

     2.28 “Restricted Share” means a Common Share awarded under the Plan pursuant to Article 9.

     2.29 “Retirement” means the separation of service without cause: (a) on or after the
Participant’s attainment of age 65; (b) on or after the Participant’s attainment of age 55 with at
least 10 consecutive years of service; or (c) as determined by the Committee, in its absolute
discretion, as set forth in the applicable Agreement.

     2.30 “Separation from Service” means the removal by any regulatory agency of a person as an
Employee, Outside Director or Consultant, or:

     (i) in the case of an employee, the termination of the employer-employee relationship
for any reason, whether or not such termination was wrongful;

     (ii) in the case of an Outside Director, the expiration or termination of such
person’s status as a director, whether or not such termination was wrongful; and

     (iii) in the case of a consultant, as defined in the Agreement or, if not so defined,
the termination of the independent contractor relationship for any reasons, whether or not
such termination was wrongful.

     2.31 “SAR” means a stock appreciation right granted under the Plan pursuant to Article 8.

     2.32 “Stock Unit” means a bookkeeping entry representing the equivalent of one Common Share,
as awarded under the Plan pursuant to Article 10.

4

 

Exhibit 10.1

     2.33 “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 such chain. A corporation that
attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a
Subsidiary commencing as of such date.

ARTICLE 3. ADMINISTRATION

     3.1 Committee Composition. The Committee shall administer the Plan. The Committee
shall consist exclusively of two or more directors of the Company who shall be appointed by the
Board. In addition, the composition of the Committee shall satisfy:

	 	(a)	 	Such requirements as the Securities and Exchange Commission may establish for
administrators acting under plans intended to qualify for exemption under Rule 16b-3
(or its successor) under the Exchange Act; and
	 
	 	(b)	 	Such requirements as the Internal Revenue Service may establish for outside
directors acting under plans intended to qualify for exemption under Section 162(m) of
the Code.

     3.2 Committee Responsibilities. The Committee shall (a) select any Eligible Persons
who are to receive Awards under the Plan, (b) determine the type, number, vesting requirements and
other features and conditions of such Awards, (c) interpret the Plan and Agreements, (d) establish,
amend and revoke rules and regulations for administration of the Plan, (e) amend any outstanding
Award, accelerate or extend vesting or exercisability of any Award, and waive conditions or
restrictions of any Awards, to the extent the Committee deems appropriate, (f) cancel, with the
consent of the Participant or as otherwise permitted by the Plan, outstanding Awards, and (g) make
all other decisions and perform acts relating to the operation of the Plan that the Committee deems
necessary or appropriate to promote the best interests of the Company under the Plan. The Committee
may permit the Chief Executive Officer of the Company or his or her delegate to make Awards to
Eligible Employees who are not officers or directors of the Company at such times and in such
manner as authorized by the Committee. The Committee may adopt such rules or guidelines as it deems
appropriate to implement the Plan.

     3.3 Committee for Nonofficer Grants. The Board may also appoint a secondary committee
of the Board, which shall be composed of one or more directors of the Company or any Subsidiary
bank who need not satisfy the requirements of Section 3.1. Such secondary committee may administer
the Plan with respect to Employees and Consultants who are not considered officers or directors of
the Company under Section 16 of the Exchange Act, may grant Awards under the Plan to such Employees
and Consultants and may determine all features and conditions of such Awards. Within the
limitations of this Section 3.3, any reference in the Plan to the Committee shall include such
secondary committee.

     3.4 Committee Decisions and Determinations. Any determination made by the
Committee pursuant to the provisions of the Plan or an Agreement shall be made in its sole

5

 

Exhibit 10.1

discretion in the best interest of the Company, not as a fiduciary. All decisions made by the
Committee pursuant to the provisions of the Plan or an Agreement shall be final and binding on all
persons, including Participating Companies and Participants. Any determination by the Committee
shall not be subject to de novo review if challenged in any court or legal forum.

ARTICLE 4. SHARES AVAILABLE FOR AWARDS

     4.1 Basic Limitation. Common Shares issued pursuant to the Plan may be authorized but
unissued shares or treasury shares. The aggregate number of shares subject to Awards under the Plan
shall not exceed 1,000,000. The limitation of this Section 4.1 shall be subject to adjustment
pursuant to Section 4.5.

     4.2 Additional Shares. If Restricted Shares or Common Shares issued upon the exercise
of Options are forfeited, then such Common Shares shall again become available for Awards under the
Plan. If Stock Units, Options, SAR’s, Performance Units or Other Awards are forfeited, terminate or
are similarly treated for any other reason before being exercised, then the corresponding Common
Shares shall again become available for Awards under the Plan. If Stock Units are settled, then
only the number of Common Shares (if any) actually issued in settlement of such Stock Units shall
reduce the number available under Section 4.1 and the balance shall again become available for
Awards under the Plan. If SAR’s are exercised, then only the number of Common Shares (if any)
actually issued in settlement of such SAR’s shall reduce the number available under Section 4.1 and
the balance shall again become available for Awards under the Plan. The foregoing notwithstanding,
the aggregate number of Common Shares that may be issued under the Plan upon the exercise of ISOs
shall not be increased when Restricted Shares or other Common Shares are forfeited.

     4.3 Dividend Equivalents. The Committee, in its sole discretion, may award dividend
equivalent rights to Participants. Any dividend equivalents paid or credited under the Plan shall
not be applied against the number of shares available for Awards, whether or not such dividend
equivalents are converted into Stock Units.

     4.4 Incentive Stock Options. Solely for purposes of determining whether shares are
available for the issuance of ISOs, and notwithstanding any provision of this Article 4 to the
contrary, the maximum aggregate number of shares that may be issued through ISOs under the Plan is
100,000. The terms of Sections 4.2 and 4.5 apply in determining the number of shares available
under this Section for issuance through ISOs.

     4.5 Adjustments. In the event that the outstanding Common Shares hereafter are
changed into or exchanged for a different number or kind of shares or other securities of the
Company or of another corporation by reason of merger, consolidation, reorganization,
recapitalization, reclassification, combination of shares, stock split-up, or stock dividend, or in
the event that there should be any other stock splits, stock dividends or other relevant changes in
capitalization occurring after the effective date of this Plan:

	 	(a)	 	the aggregate number and kind of shares subject to Awards made hereunder may be
adjusted appropriately; and

6

 

Exhibit 10.1

	 	(b)	 	rights under outstanding Awards made to Eligible Persons hereunder, both as to
the number of subject shares and the Exercise Price, may be adjusted appropriately.

The foregoing adjustments and the manner of application of the foregoing provisions to Awards shall
be determined solely by the Committee on a case-by-case basis, applied to similarly situation
groups or in any other manner as it deems in its sole discretion. Any adjustment hereunder may
provide for the elimination of fractional share interests.

     4.6 Code Section 409A Limitation. Any adjustment made pursuant to Section 4.5 to any
Award that is considered “deferred compensation” within the meaning of Code Section 409A shall be
made in compliance with the requirements of Code Section 409A. Any adjustments made pursuant to
Section 4.5 to any Award that is not considered “deferred compensation” shall be made in a
manner to ensure that after such adjustment, the Award either continues not to be subject to Code
Section 409A or complies with the requirements of Code Section 409A.

ARTICLE 5. ELIGIBILITY, PARTICIPATION AND TERMINATION

     5.1 Eligibility. Employees, Outside Directors and Consultants shall be eligible for
Awards. Notwithstanding the foregoing, only Employees shall be eligible for the grant of ISOs.

     5.2 Participation. The Committee shall decide which Eligible Persons may receive an
Award hereunder. To receive an Award, an Eligible Person must enter into an Agreement evidencing
the Award.

     5.3 Separation from Service. Unless provided otherwise in an Agreement, the following
provisions shall apply to Awards.

	 	(a)	 	Upon any separation from service for any reason other than his or her death or
permanent and total Disability, a Participant shall have the right, subject to the
restrictions of Sections 6.4 and 8.4, to exercise his or her Options or SAR’s at any
time within three months after separation from service, but only to the extent that, at
the date of such separation, the Participant’s right to exercise such Options or SAR’s
had accrued pursuant to the terms of the Agreement and had not previously been
exercised; provided, however, that, unless otherwise provided in the Agreement, if
there occurs a separation from service for Cause or a separation from service by the
Participant (other than on account of death or permanent and total Disability), any
Options or SAR’s not exercised in full prior to such separation shall be canceled.
Awards other than Options and SAR’s shall be forfeited upon any separation from service
for any reason other than the Participant’s death or permanent and total Disability.
	 
	 	(b)	 	If the Participant dies while a Participant or within three months after any
separation from service other than for Cause or a separation by the Participant (other
than on account of death or permanent and total Disability), then the Options or SAR’s
may be exercised in full, subject to the restrictions of Sections 6.4 and 8.4, at any
time

7

 

Exhibit 10.1

	 	 	 	within six months after the Participant’s death, by the beneficiary of the
Participant, but only to the extent that, at the date of death, the Participant’s right
to exercise such Options or SAR’s had accrued and had not been forfeited pursuant to
the terms of the Agreement and had not previously been exercised. Awards other than
Options and SAR’s shall fully vest upon a Participant’s separation from service by
reason of his or her death and Performance Units may be paid out at a target level of
performance.
	 
	 	(c)	 	Upon separation from service for reason of permanent and total Disability or
death, a Participant or her or his estate shall have the right, subject to the
restrictions of Sections 6.4 and 8.4 to exercise his or her Options or SAR’s at any
time within three months after separation from service, but only to the extent that, at
the date of such separation, the Participant’s right to exercise such Options or SAR’s
had accrued
pursuant to the terms of the applicable Agreement and had not previously been
exercised. Distribution of earned Performance Units may be made at the same time
payments are made to Participants who did not incur a separation from service.

     5.4 Dissolution or Liquidation. To the extent not previously exercised or settled,
Awards shall terminate immediately prior to the dissolution or liquidation of the Company.

     5.5 Reorganizations. In the event that the Company is a party to a merger or other
reorganization, outstanding Awards shall be subject to the agreement of merger or reorganization.
Such agreement shall provide for:

	 	(a)	 	The continuation of the outstanding Awards by the Company, if the Company is a
surviving corporation;
	 
	 	(b)	 	The assumption of the outstanding Awards by the surviving corporation or its
parent or subsidiary;
	 
	 	(c)	 	The substitution by the surviving corporation or its parent or subsidiary of
its own awards for the outstanding Awards;
	 
	 	(d)	 	Full exercisability or vesting and accelerated expiration of the outstanding
Awards; or Settlement of the full value of the outstanding Awards in cash or cash
equivalents followed by cancellation of such Awards.

If none of (a) through (d) is provided in such agreement, then each outstanding Award shall be
deemed fully vested.

ARTICLE 6. OPTIONS

     6.1 Stock Option Agreement. A Stock Option Agreement between the Optionee and the
Company shall evidence each grant of an Option under the Plan. Such Option shall be subject to all
applicable terms of the Plan and may be subject to any other terms that are not inconsistent with
the

8

 

Exhibit 10.1

Plan. The Stock Option Agreement shall specify whether the Option is an ISO or an NSO. The
provisions of the various Stock Option Agreements entered into under the Plan need not be
identical. Options may be granted in consideration of a reduction in the Optionee’s other
compensation. A Stock Option Agreement may provide that a new Option will be granted automatically
to the Optionee when he or she exercises a prior Option and pays the Exercise Price in the form
described in Section 6.8.

     6.2 Number of Shares. Each Stock Option Agreement shall specify the number of Common
Shares subject to the Option and shall provide for the adjustment of such number in accordance with
Article 4.5.

     6.3 Exercise Price. Each Stock Option Agreement shall specify the Exercise Price,
provided that the Exercise Price for any Option shall in no event be less than 100% of the Fair
Market Value of a Common Share on the date of grant. In the case of an NSO, a Stock Option
Agreement may specify an Exercise Price that varies in accordance with a predetermined formula
while the NSO is outstanding.

     6.4 Exercisability and Term. Each Stock Option Agreement shall specify the date or
event when all or any installment of the Option is to become exercisable. The Stock Option
Agreement shall also specify the term of the Option, provided that the term of an ISO shall in no
event exceed ten (10) years from the date of grant. A Stock Option Agreement may provide for
accelerated exercisability in the event of the Optionee’s death, Disability or Retirement or other
events and may provide for expiration prior to the end of its term in the event of the termination
of the Optionee’s service. Options may be awarded in combination with SAR’s, and such an Award may
provide that the Options will not be exercisable unless the related SAR’s are forfeited.

     6.5 Effect of Change in Control. The Committee may determine, at the time of granting
an Option or thereafter, that such Option shall become exercisable as to all or part of the Common
Shares subject to such Option in the event that a Change in Control occurs with respect to the
Company, subject to the following limitations:

	 	(a)	 	In the case of an ISO, the acceleration of exercisability shall not occur
without the Optionee’s written consent.
	 
	 	(b)	 	If the Company and the other party to the transaction constituting a Change in
Control agree that such transaction is to be treated as a “pooling of interests” for
financial reporting purposes, and if such transaction in fact is so treated, then the
acceleration of exercisability shall not occur to the extent that the Company’s
independent accountants and such other party’s independent accountants separately
determine in good faith that such acceleration would preclude the use of “pooling of
interests” accounting.

     6.6 Modification or Assumption of Options. Within the limitations of the Plan, the
Committee may modify, extend or assume outstanding options or may accept the cancellation of
outstanding options (whether granted by the Company or by another issuer) in return for the grant
of new Options for the same or a different number of shares and at the same or a different exercise

9

 

Exhibit 10.1

price. The foregoing notwithstanding, no modification of an Option shall, without the consent of
the Optionee, alter or impair his or her rights or obligations under such Option.

     6.7 Buyout Provisions. The Committee may at any time (a) offer to buy out for a
payment in cash or cash equivalents an Option previously granted or (b) authorize an Optionee to
elect to cash out an Option previously granted, in either case at such time and based upon such
terms and conditions as the Committee shall establish.

     6.8 Payment for Option Shares. The entire Exercise Price of Common Shares issued upon
exercise of Options shall be payable in cash or cash equivalents at the time when such Common
Shares are purchased, except, in the case of an ISO granted under the Plan, payment shall be made
only pursuant to the express provisions of the applicable Stock Option Agreement. The Stock Option
Agreement may specify that payment may be made in any form(s) described herein. In the case of an
NSO, the Committee may at any time accept payment in any form(s) described herein.

     All or any part of the Exercise Price may be paid by any combination of the following: (a)
surrendering, or attesting to the ownership of, Common Shares that are already owned by the
Optionee. Such Common Shares shall be valued at their Fair Market Value on the date when the new
Common Shares are purchased under the Plan. The Optionee shall not surrender, or attest to the
ownership of, Common Shares in payment of the Exercise Price if such action would cause the
Company to recognize compensation expense (or additional compensation expense) with respect to the
Option for financial reporting purposes; (b) delivering (on a form prescribed by the Company) an
irrevocable direction to a securities broker approved by the Company to sell all or part of the
Common Shares being purchased under the Plan and to deliver all or part of the sales proceeds to
the Company, including those necessary for withholding taxes; (c) delivering (on a form prescribed
by the Company) an irrevocable direction to pledge all or part of the Common Shares being purchased
under the Plan to a securities broker or lender approved by the Company, as security for a loan,
and to deliver all or part of the loan proceeds to the Company, including proceeds necessary for
withholding taxes; (d) delivering (on a form prescribed by the Company) a full-recourse promissory
note. However, the par value of the Common Shares being purchased under the Plan, if newly issued,
shall be paid in cash or cash equivalents; or (e) by any other form that is consistent with
applicable laws, regulations and rules.

     6.9 Special Rules for ISO’s.

	 	(a)	 	In the case of ISOs granted hereunder, the aggregate Fair Market Value
(determined as of the date of the Awards thereof) of Common Shares with respect to
which ISOs become exercisable by any Participant for the first time during any calendar
year (under the Plan and all other plans maintained by the Company, Affiliates or
Subsidiaries) shall not exceed $100,000.
	 
	 	(b)	 	In the case of an individual described in Section 422(b)(6) of the Code
(relating to certain 10% owners), the Exercise Price with respect to an ISO shall not
be less than

10

 

Exhibit 10.1

	 	 	 	110% of the Fair Market Value of a Common Share on the day the Option is
granted, and the term of an ISO shall be no more than five years from the date of
grant.
	 
	 	(c)	 	If Common Shares acquired upon exercise of an ISO are disposed of in a
disqualifying disposition within the meaning of Section 422 of the Code by a
Participant prior to the expiration of either two years from the date of grant of such
Option or one year from the transfer of such shares to the Participant pursuant to the
exercise of such Option, or in any other disqualifying disposition within the meaning
of Section 422 of the Code, such Participant shall notify the Company in writing as
soon as practicable thereafter of the date and terms of such disposition and, if the
Company thereupon has a tax-withholding obligation, shall pay to the Company an amount
equal to any withholding tax the Company is required to pay as a result of the
disqualifying disposition.

ARTICLE 7. AUTOMATIC OPTION GRANTS TO OUTSIDE DIRECTORS

     7.1 Initial Grants. Each person who first becomes an Outside Director after the
Effective Date shall receive a one-time grant of an NSO covering Common Shares (subject to
adjustment under Section 4.5) as shall be determined by the Committee. Such NSO shall be granted on
the date when such Outside Director first joins the Board and shall become exercisable immediately
on the date of grant.

     7.2 Annual Grants. Upon the conclusion of each regular annual meeting of the
Company’s stockholders held in the year 2006 or thereafter, each person who shall continue service
as an Outside
Director thereafter shall receive an NSO covering Common Shares (subject to adjustment under
Section 4.5) as shall be determined by the Committee, except that such NSO shall not be granted in
the calendar year in which the same Outside Director received the NSO described in Section 7.1.
NSOs granted under this Section 7.2 shall become exercisable in full on the first anniversary of
the date of grant.

     7.3 Accelerated Exercisability. All NSOs granted to an Outside Director under this
Article 7 shall also become exercisable in full in the event of:

	 	(a)	 	The termination of such Outside Director’s service because of death, Disability
or Retirement; or
	 
	 	(b)	 	A Change in Control with respect to the Company; provided, however, if the
Company and the other party to the transaction constituting a Change in Control agree
that such transaction is to be treated as a “pooling of interests” for financial
reporting purposes, and if such transaction in fact is so treated, then the
acceleration of exercisability shall not occur to the extent that the Company’s
independent accountants and such other party’s independent accountants separately
determine in good faith that such acceleration would preclude the use of “pooling of
interests” accounting.

11

 

Exhibit 10.1

     7.4 Exercise Price. The Exercise Price under all NSOs granted to an Outside Director
under this Article 7 shall be equal to 100% of the Fair Market Value of a Common Share on the date
of grant, payable in one or more of the forms described in Section 6.8.

     7.5 Term. Notwithstanding other provisions of the Plan to the contrary, all NSOs
granted to an Outside Director under this Article 7 shall terminate on the earliest of (a) the 10th
anniversary of the date of grant, (b) the date 24 months after the termination of such Outside
Director’s service for any reason other than death or Disability, (c) the date of termination of
such Outside Director’s service for Cause, or (d) the date 12 months after the termination of such
Outside Director’s service because of death.

     7.6 Affiliates of Outside Directors. The Committee may provide that the NSOs that
otherwise would be granted to an Outside Director under this Article 7 shall instead be granted to
an affiliate of such Outside Director. Such affiliate shall then be deemed to be an Outside
Director for purposes of the Plan, provided that the service-related vesting and termination
provisions pertaining to the NSOs shall be applied with regard to the service of the Outside
Director.

ARTICLE 8. STOCK APPRECIATION RIGHTS

     8.1 SAR Agreement. Each grant of an SAR under the Plan shall be evidenced by an SAR
Agreement between the Optionee and the Company. Such SAR shall be subject to all applicable terms
of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The
provisions of the various SAR Agreements entered into under the Plan need not be identical. SAR’s
may be granted in consideration of a reduction in the Optionee’s other compensation.

     8.2 Number of Shares. Each SAR Agreement shall specify the number of Common Shares to
which the SAR pertains and shall provide for the adjustment of such number in accordance with
Section 4.5 unless the Committee provides otherwise.

     8.3 Exercise Price. Each SAR Agreement shall specify the Exercise Price, which shall
not be less than 100% of the Fair Market Value for a Common Share on the date of grant. An SAR
Agreement may specify an Exercise Price that varies in accordance with a predetermined formula
while the SAR is outstanding.

     8.4 Exercisability and Term. Each SAR Agreement shall specify the date when
all or any installment of the SAR is to become exercisable. The SAR Agreement shall also specify
the term of the SAR. An SAR Agreement may provide for accelerated exercisability in the event of
the Optionee’s death, Disability or Retirement or other events and may provide for expiration prior
to the end of its term in the event of the termination of the Optionee’s service. SAR’s may be
awarded in combination with Options, and such an Award may provide that the SAR’s will not be
exercisable unless the related Options are forfeited. An SAR may be included in an ISO only at the
time of grant but may be included in an NSO at the time of grant or thereafter. An SAR granted
under the Plan may provide that it will be exercisable only in the event of a Change in Control. To
the extent

12

 

Exhibit 10.1

necessary to comply with Code Section 409A, the SAR Agreement shall not include any
features allowing a Participant to defer the recognition of income past the Exercise Date.

     8.5 Effect of Change in Control. The Committee may determine, at the time of granting
an SAR or thereafter, that such SAR shall become fully exercisable as to all Common Shares subject
to such SAR in the event that a Change in Control occurs with respect to the Company, subject to
the following sentence. If the Company and the other party to the transaction constituting a Change
in Control agree that such transaction is to be treated as a “pooling of interests” for financial
reporting purposes, and if such transaction in fact is so treated, then the acceleration of
exercisability shall not occur to the extent that the Company’s independent accountants and such
other party’s independent accountants separately determine in good faith that such acceleration
would preclude the use of “pooling of interests” accounting.

     8.6 Exercise of SAR’s. Upon exercise of an SAR, the Optionee (or any person having
the right to exercise the SAR after his or her death) shall receive from the Company (a) Common
Shares, (b) cash or (c) a combination of Common Shares and cash, as the Committee shall determine.
The amount of cash and/or the Fair Market Value of Common Shares received upon exercise of SAR’s
shall, in the aggregate, be equal to the amount by which the Fair Market Value (on the date of
surrender) of the Common Shares subject to the SAR’s exceeds the Exercise Price. If, on the date
when an SAR expires, the Exercise Price under such SAR is less than the Fair Market Value on such
date but any portion of such SAR has not been exercised or surrendered, then such SAR shall
automatically be deemed to be exercised as of such date with respect to such portion.

     8.7 Modification or Assumption of SAR’s. Within the limitations of the Plan, the
Committee may modify, extend or assume outstanding SAR’s or may accept the cancellation of
outstanding SAR’s (whether granted by the Company or by another issuer) in return for the grant of
new SAR’s for the same or a different number of shares and at the same or a different exercise
price.
The foregoing notwithstanding, no modification of an SAR shall, without the consent of the
Optionee, alter or impair his or her rights or obligations under such SAR.

ARTICLE 9. RESTRICTED SHARES

     9.1 Restricted Share Agreement. Each grant of Restricted Shares under the Plan
shall be evidenced by a Restricted Share Agreement between the recipient and the Company. Such
Restricted Shares shall be subject to all applicable terms of the Plan and may be subject to any
other terms that are not inconsistent with the Plan. The provisions of the various Restricted Share
Agreements entered into under the Plan need not be identical. Restricted Shares may be granted
alone or in addition to other Awards made under the Plan.

     9.2 Payment for Awards. Subject to the following sentence, Restricted Shares may be
sold or awarded under the Plan for such consideration as the Committee may determine, including
(without limitation) cash, cash equivalents, full-recourse promissory notes, past services and
future services. To the extent that an Award consists of newly issued Restricted Shares, the Award
recipient shall furnish consideration with a value not less than the par value of such Restricted

13

 

Exhibit 10.1

Shares in the form of cash, cash equivalents or past services rendered to the Company (or a Parent
or Subsidiary), as the Committee may determine.

     9.3 Vesting Conditions. Each Award of Restricted Shares may or may not be subject to
vesting conditions as the Committee determines, including achievement of one or more performance
goals set forth in Section 11.3. Vesting shall occur, in full or in installments, upon satisfaction
of the conditions specified in the Restricted Share Agreement. A Restricted Share Agreement may
provide for accelerated vesting in the event of the Participant’s death, Disability or Retirement
or other events the Committee may specify. The Committee may determine, at the time of granting
Restricted Shares or thereafter, that all or part of such Restricted Shares shall become vested in
the event that a Change in Control occurs with respect to the Company, excepts as provided in the
following sentence. If the Company and the other party to the transaction constituting a Change in
Control agree that such transaction is to be treated as a “pooling of interests” for financial
reporting purposes, and if such transaction in fact is so treated, then the acceleration of vesting
shall not occur to the extent that the Company’s independent accountants and such other party’s
independent accountants separately determine in good faith that such acceleration would preclude
the use of “pooling of interests” accounting.

     9.4 Voting and Dividend Rights. The holders of Restricted Shares awarded under the
Plan shall have the same voting, dividend and other rights as the Company’s other stockholders
unless the Participant’s Agreement provides otherwise. A Restricted Share Agreement, however, may
require that the holders of Restricted Shares invest any cash dividends received in additional
Restricted Shares. Such additional Restricted Shares shall be subject to the same conditions and
restrictions as the Award with respect to which the dividends were paid.

     9.5 Certificates. Notwithstanding the limitations on issuance of Common Shares
otherwise provided in the Plan, each Participant receiving an Award of Restricted Share shall be
issued a certificate (or other representation of title, such as book entry registration) in respect
of such Restricted
Share. Such certificate shall be registered in the name of the Participant and shall bear an
appropriate legend referring to the terms, conditions, and restrictions applicable to such Award as
determined by the Committee. The Committee may require that the certificates evidencing such shares
be held in custody by the Company until the applicable period of restriction shall have lapsed and
that, as a condition of any Award of Restricted Shares, the Participant shall have delivered a
share power, endorsed in blank, relating to the Common Shares covered by such Award.

     9.6 Section 83(b) Election. The Committee may prohibit a Participant from
making an election under Section 83(b) of the Code. If the Committee has not prohibited such
election, and if the Participant elects to include in such Participant’s gross income in the year
of transfer the amounts specified in Section 83(b) of the Code, the Participant shall notify the
Company of such election within ten (10) days of filing notice of the election with the Internal
Revenue Service, and will provide the required withholding pursuant to Section 15.6, in addition to
any filing and notification required pursuant to regulations issued under the authority of Section
83(b) of the Code.

     9.7 Provisions Relating to Code Section 162(m). This Plan may be amended by the
Board, without shareholder approval, for the purpose of including provisions calculated to
effectuate

14

 

Exhibit 10.1

the intent of the Company that Awards made to persons who are (or may become) Covered
Employees within the meaning of Section 162(m) of the Code shall constitute “qualified
performance-based compensation” satisfying the relevant requirements of Code Section 162(m) and the
guidance thereunder and to insure that the Plan shall be administered and the provisions of the
Plan shall be interpreted in a manner consistent with Code Section 162(m).

ARTICLE 10. STOCK UNITS

     10.1 Stock Unit Agreement. Each grant of Stock Units under the Plan shall be
evidenced by a Stock Unit Agreement between the recipient and the Company. Such Stock Units shall
be subject to all applicable terms of the Plan and may be subject to any other terms that are not
inconsistent with the Plan. The provisions of the various Stock Unit Agreements entered into under
the Plan need not be identical. Stock Units may be granted in consideration of a reduction in the
recipient’s other compensation. Stock Units may be granted alone or in addition to other Awards
made under the Plan.

     10.2 Payment for Awards. To the extent that an Award is granted in the form of Stock
Units, no cash consideration shall be required of the Award recipients.

     10.3 Vesting Conditions. Each Award of Stock Units may or may not be subject to
vesting. Vesting shall occur, in full or in installments, upon satisfaction of the conditions
specified in the Stock Unit Agreement, including achievement of one or more performance goals set
forth in Section 11.3. A Stock Unit Agreement may provide for accelerated vesting in the event of
the Participant’s death, Disability or Retirement or other events. The Committee may determine, at
the time of granting Stock Units or thereafter, that all or part of such Stock Units shall become
vested in the event that a Change in Control occurs with respect to the Company, except as provided
in the following sentence. If the Company and the other party to the transaction constituting a
Change in Control agree that such transaction is to be treated as a “pooling of interests” for
financial reporting purposes, and if such transaction in fact is so treated, then the acceleration
of vesting shall not occur to the extent that the
Company’s independent accountants and such other party’s independent accountants separately
determine in good faith that such acceleration would preclude the use of “pooling of interests”
accounting.

     10.4 Voting and Dividend Rights. The holders of Stock Units shall have no
voting rights. Prior to settlement or forfeiture, any Stock Unit awarded under the Plan may, at the
Committee’s sole discretion, carry with it a right to dividend equivalents. Such right entitles the
holder to be credited with an amount equal to all cash dividends paid on one Common Share while the
Stock Unit is outstanding. Dividend equivalents may be converted into additional Stock Units.
Settlement of dividend equivalents may be made in the form of cash, in the form of Common Shares,
or in a combination of both, as determined by the Committee. Prior to distribution, any dividend
equivalents that are not paid shall be subject to the same conditions and restrictions as the Stock
Units to which they attach.

15

 

Exhibit 10.1

     10.5 Form and Time of Settlement of Stock Units. Settlement of vested Stock Units may
be made in the form of (a) cash, (b) Common Shares or (c) any combination of both, as determined by
the Committee. The actual number of Stock Units eligible for settlement may be larger or smaller
than the number included in the original Award, based on predetermined performance factors. Methods
of converting Stock Units into cash may include (without limitation) a method based on the average
Fair Market Value of Common Shares over a series of trading days. Vested Stock Units may be settled
in a lump sum or in installments. The distribution must occur or commence when all vesting
conditions applicable to the Stock Units have been satisfied or have lapsed. The amount of a
deferred distribution may be increased by an interest factor or by dividend equivalents. Until an
Award of Stock Units is settled, the number of such Stock Units shall be subject to adjustment
pursuant to Section 4.5.

ARTICLE 11. OTHER AWARDS AND PERFORMANCE-BASED AWARDS

     11.1 Performance Units. The Committee shall have authority to grant Performance Units
under the Plan at any time or from time to time. A Performance Unit consists of the right to
receive Common Shares or cash, as provided in the particular Agreement, upon achievement of a
performance goal or goals (as the case may be) under Section 11.3. The Committee shall have
complete discretion to determine the number of Performance Units granted to each Participant and
any applicable conditions. Each award of Performance Units shall be evidenced by and be subject to
the terms of an Agreement. An award of Performance Units shall be earned in accordance with the
Agreement over a specified period of performance. Unless expressly waived in the Agreement, an
award of Performance Units must vest solely on the attainment of one or more performance goals set
forth in Section 11.3 and in such case shall be subject to the terms and conditions set forth
therein. Performance Units may be granted alone or in addition to other Awards made under the Plan.

     11.2 Other Awards. The Committee shall have authority to grant Other Awards
under the Plan at any time and from time to time. An Other Award is a grant not otherwise
specifically provided for under the terms of the Plan that is valued in whole or in part by
reference to, or is otherwise based upon or settled in, Common Shares. The grant of an Other Award
shall be evidenced by an Agreement, setting forth the terms and conditions of the Award as the
Committee, in its sole discretion
within the terms of the Plan, deems desirable. Other Awards may be awarded alone or in
addition to other Awards made under the Plan.

     11.3 Provisions Relating to Code Section 162(m). Unless expressly waived (either with
respect to an individual Participant or a class of individual Participants) in writing by the
Committee, it is the intent of the Company that Awards made to persons who are (or may become)
Covered Employees within the meaning of Section 162(m) of the Code shall constitute “qualified
performance-based compensation” satisfying the relevant requirements of Code Section 162(m) and the
guidance thereunder. Accordingly, the Plan shall be administered and the provisions of the Plan
shall be interpreted in a manner consistent with Code Section 162(m). If any provision of the Plan
or any Agreement relating to such an Award does not comply or is inconsistent with the

16

 

Exhibit 10.1

requirements
of Code Section 162(m), unless expressly waived as described above, such provision shall be
construed or deemed amended to the extent necessary to conform to such requirements. In addition,
the following provisions shall apply to the Plan or an Award to the extent necessary to obtain a
tax deduction for the Company:

	 	(a)	 	Awards subject to this Section must vest (or may be granted or vest) solely on
the attainment of one or more objective performance goals unrelated to term of
employment. Awards will also be subject to the general vesting provisions provided in
the Agreement and this Plan.
	 
	 	(b)	 	Prior to completion of 25% of the period of performance or such earlier date as
required under Section 162(m), the Committee must establish performance goals (in
accordance with subsection (d) below) in writing (including but not limited to
Committee minutes) for Covered Employees who will receive Awards that are intended as
qualified performance-based compensation. The outcome of the goal must be substantially
uncertain at the time the Committee actually established the goal.
	 
	 	(c)	 	The performance goal must state, in terms of an objective formula or standard,
the method for computing the Award payable to the Participant if the goal is attained.
The terms of the objective formula or standard must prevent any discretion being
exercised by the Committee to later increase the amount payable that otherwise would be
due upon attainment of the goal, but may allow discretion to decrease the amount
payable.
	 
	 	(d)	 	The material terms of the performance goal must be disclosed to and subsequently
approved in a separate vote by the stockholders before the payout is executed, unless
they conform to one or any combination of the following goals/targets, each determined
in accordance with generally accepted accounting principles or similar objective
standards (and/or each as may appear in the annual report to stockholders, Form 10K or
Form 10Q): revenue; earnings (including earnings before interest, taxes, depreciation
and amortization, earnings before interest and taxes, and earnings before or after
taxes); operating income; net income; profit margins; earnings per share; return on
assets; return on equity; return on invested capital; economic value-added; stock
price; gross dollar volume; total shareholder return; market share; book value; expense
management; cash flow; and customer satisfaction.

The foregoing criteria may relate to the Company, Affiliates, Subsidiaries, one or more of their
divisions or units, or any combination of the foregoing, and may be applied on an absolute basis
and/or be relative to one or more peer group companies or indices, or any combination thereof, all
as the Committee shall determine.

	 	(e)	 	A combination of the above performance goals may be used with a particular
Agreement evidencing an Award.

17

 

Exhibit 10.1

	 	(f)	 	The Committee in its sole discretion in setting the goals/targets in the time
prescribed above may provide for the making of equitable adjustments (singularly or in
combination) to the goals/targets in recognition of unusual or nonrecurring events for
the following qualifying objective items: asset impairments under Statement of
Financial Accounting Standards No. 121, as amended or superseded; acquisition-related
charges; accruals for restructuring and/or reorganization program charges; merger
integration costs; merger transaction costs; any profit or loss attributable to the
business operations of any entity or entities acquired during the period of service to
which the performance goal relates; tax settlements; any extraordinary,
unusual-in-nature, infrequent-in-occurrence, or other nonrecurring items (not otherwise
listed) as described in Accounting Principles Board Opinion No. 30; any extraordinary,
unusual-in-nature, infrequent-in-occurrence, or other nonrecurring items (not otherwise
listed) in management’s discussion and analysis of financial condition results of
operations, selected financial data, financial statements and/or in the footnotes, each
as appearing in the annual report to stockholders; unrealized gains or losses on
investments; charges related to derivative transactions contemplated by Statement of
Financial Accounting Standards No. 133, as amended or superseded; and compensation
charges related to FAS 123 (Revised) or its successor provision.
	 
	 	(g)	 	The Committee must certify in writing prior to payout that the performance
goals and any other material terms were in fact satisfied. In the manner required by
Section 162(m) of the Code, the Committee shall, promptly after the date on which the
necessary financial and other information for a particular period of performance
becomes available, certify the extent to which performance goals have been achieved
with respect to any Award intended to qualify as “performance-based compensation” under
Section 162(m) of the Code. In addition, the Committee may, in its discretion, reduce
or eliminate the amount of any Award payable to any Participant, based on such factors
as the Committee may deem relevant.
	 
	 	(h)	 	Limitation on Performance-Based Awards.

     (i) If an Option is canceled, the canceled Option continues to be
counted against the maximum number of shares for which Options may be granted to the
Participant under the Plan, but not towards the total number of shares reserved and
available under the Plan pursuant to Sections 4.1 and 4.4.

     (ii) During any fiscal year, the maximum number of Common Shares for which
Options and SAR’s may be granted to any Covered Employee shall not exceed 25,000
shares.

     (iii) During any fiscal year, the maximum payment hereunder for
performance-based compensation purposes under Code Section 162(m) to any Covered
Employee shall not exceed $500,000.

18

 

Exhibit 10.1

In the case of an outstanding Award intended to qualify for the performance-based compensation
exception under Section 162(m), the Committee shall not, without approval of a majority of the
shareholders of the Company, amend the Plan or the Award in a manner that would adversely affect
the Award’s continued qualification for the performance-based exception.

ARTICLE 12. INDEMNITY FOR PARACHUTE PAYMENTS

     12.1 Scope of Limitation. This Article 12 shall apply to an Award only if:

	 	(a)	 	The independent auditors most recently selected by the Board (the “Auditors”)
determine that the after-tax value of such Award to the Participant, taking into
account the effect of all federal, state and local income taxes, employment taxes and
excise taxes applicable to the Participant (including the excise tax under section 4999
of the Code), will be greater after the application of this Article than it was before
the application of this Article; or
	 
	 	(b)	 	The Committee, at the time of making an Award under the Plan or at any time
thereafter, specifies in writing that such Award shall be subject to this Article
(regardless of the after-tax value of such Award to the Participant).

If this Article applies to an Award, it shall supersede any contrary provision of the Plan or of
any Award granted under the Plan.

     12.2 Basic Rule. In the event that it shall be determined that any Award under
the Plan, when combined with other compensation, would subject the Participant to an excise tax
under Section 4999 of the Code and/or under the laws of the State of Tennessee, or any interest or
penalties are incurred or paid by the Participant with respect to such excise tax or state tax (any
such excise tax or state tax, together with any interest and penalties, are hereinafter
collectively referred to as the “Excise Tax”), then the Participant shall be entitled to an
additional payment from the Company as is necessary (after taking into account all federal, state
and local taxes (regardless of type, whether income, excise or otherwise) imposed upon the
Participant as a result of the receipt of the payment contemplated by this Agreement) and any
reduction in such taxes of the Participant as a result of the payment of the related Excise Tax) to
place the Participant in the same after-tax position the Participant would have been in had no
Excise Tax been imposed upon or incurred or paid by the Participant (the “Tax Indemnity”). The
Company’s tax accountants shall determine, utilizing such reasonable assumptions as it considers
necessary, whether a Payment would subject the Participant to the Excise Tax within thirty (30)
days after receipt of a written request from the Company or the Participant in which the requesting
party verifies that a Payment has been made and requests an appropriate determination. The
requesting party shall provide the other party with a copy of any such written request. The tax
accountants shall determine whether a Tax Indemnity obligation exists and, if so, the amount of the
Tax Indemnity and shall provide supporting documentation to both the Company and the Participant.
The Company shall pay the Participant any Tax Indemnity so determined in a
lump sum in cash within thirty (30) days following the release of the related determination by
the outside auditor; provided, however, that any such payment may be reduced by

19

 

Exhibit 10.1

applicable legal
withholdings. In the event that the Internal Revenue Service and/or a state taxing authority
subsequently assesses an Excise Tax that is greater than the tax previously calculated by the
outside auditor, the Company shall make an additional Tax Indemnity payment, as calculated by the
outside auditor in a manner consistent with the provisions of this Section 12.2, to the Participant
within thirty (30) days after the date of such assessment. It shall be Participant’s obligation to
notify the Company of any such assessment.

     12.3 Related Corporations. For purposes of this Article, the term “Company” shall
include affiliated corporations to the extent determined by the Auditors in accordance with Section
280G(d)(5) of the Code.

ARTICLE 13. MISCELLANEOUS

     13.1 Death of Participant. Any Awards that become payable after a Participant’s death
shall be distributed to the Participant’s beneficiary or beneficiaries. Each recipient of an Award
under the Plan shall designate one or more beneficiaries for this purpose by filing the prescribed
form with the Company. A beneficiary designation may be changed by filing the prescribed form with
the Company at any time before the Participant’s death. If no beneficiary was designated or if no
designated beneficiary survives the Participant, then any Awards that becomes payable after the
recipient’s death shall be distributed to the recipient’s surviving spouse, and if there is no
surviving spouse, to the Participant’s estate.

     13.2 Awards Under Other Plans. The Company may grant awards under other plans or
programs. Such awards may be settled in the form of Common Shares issued under this Plan. Such
Common Shares shall be treated for all purposes under the Plan like Common Shares issued in
settlement of Stock Units and shall, when issued, reduce the number of Common Shares available
under Article 4.

     13.3 Non-Transferability. Except as otherwise provided in an Award Agreement or
domestic relations order, an Award is not transferable other than as a result of a Participant’s
death and shall be exercisable during the Participant’s lifetime only by the Participant.

     13.4 Payment of Director’s Fees in Securities. No provision of this Section
shall be effective unless and until the Board has determined to implement such provision.

	 	(a)	 	An Outside Director may elect to receive his or her annual retainer payments
and/or meeting fees from the Company in the form of cash, NSOs, Restricted Shares or
Stock Units, or a combination thereof, as determined by the Board. Such NSOs,
Restricted Shares and Stock Units shall be issued under the Plan. An election under
this Article 13 shall be filed with the Company on the prescribed form.
	 
	 	(b)	 	The number of NSOs, Restricted Shares or Stock Units to be granted to Outside
Directors in lieu of annual retainers and meeting fees that would otherwise be paid in
cash shall be calculated in a manner determined by the Board. The terms of such NSOs,
Restricted Shares or Stock Units shall also be determined by the Board.

20

 

Exhibit 10.1

     13.5 Fractional Shares. No fractional Common Shares will be issued or delivered under
the Plan; however, the determination as to the number of shares to be issued or delivered may, at
the election of the Committee, be delayed to December 31st of each year for the purpose
of combining multiple awards to avoid fractional shares. The Committee will determine whether
cash, other Awards or other property will be issued or paid in lieu of fractional shares or whether
fractional shares will forfeited or eliminated.

     13.6 Retention Rights. Neither the Plan nor any Award granted under the Plan shall be
deemed to give any individual a right to remain an Employee, Outside Director or Consultant. The
Company and its Parents, Subsidiaries and Affiliates reserve the right to terminate the service of
any Employee, Outside Director or Consultant at any time, with or without cause, subject to
applicable laws, the Company’s charter and bylaws and a written employment agreement (if any).

     13.7 Stockholders’ Rights. Other than those otherwise provided by the Plan or in an
Agreement, a Participant shall have no dividend rights, voting rights or other rights as a
stockholder with respect to any Common Shares covered by his or her Award prior to the time when a
stock certificate for such Common Shares is issued or, if applicable, the time when he or she
becomes entitled to receive such Common Shares by filing any required notice of exercise and paying
any required Exercise Price. No adjustment shall be made for cash dividends or other rights for
which the record date is prior to such time, except as expressly provided in the Plan.

     13.8 Regulatory Requirements. Any other provision of the Plan notwithstanding, the
obligation of the Company to issue Common Shares under the Plan shall be subject to all applicable
laws, rules and regulations and such approval by any regulatory body as may be required. The
Company reserves the right to restrict, in whole or in part, the delivery of Common Shares pursuant
to any Award prior to the satisfaction of all legal requirements relating to the issuance of such
Common Shares, to their registration, qualification or listing or to an exemption from
registration, qualification or listing.

     13.9 Withholding Taxes. To the extent required by applicable federal, state,
local or foreign law, a Participant or his or her successor shall make arrangements satisfactory to
the Company for the satisfaction of any withholding tax obligations that arise in connection with
the Plan. The Company shall not be required to issue any Common Shares or make any cash payment
under the Plan until such obligations are satisfied, and the failure of a Participant to satisfy
such requirements with respect to an Award shall cause such Award to be forfeited

     The Committee may permit a Participant to satisfy all or part of his or her withholding or
income tax obligations by having the Company withhold all or a portion of any Common Shares that
otherwise would be issued to him or her or by surrendering all or a portion of any Common Shares
that he or she previously acquired. Such Common Shares shall be valued at their Fair Market Value
on the date when taxes otherwise would be withheld in cash.

     13.10 Term of the Plan. The Plan, as set forth herein, is effective on May 31, 2006,
and Awards may be made under the Plan until the expiration of ten (10) years from such date;
provided, however, that no Awards shall be made hereunder until the shareholders of the Company
approve

21

 

Exhibit 10.1

the Plan; provided, further, that no ISOs shall be granted on or after the 10th anniversary
of the later of (a) the date when the Board adopted the Plan or (b) the date when the Board adopted
the most recent
increase in the number of Common Shares available under Article 4 which was approved by the
Company’s stockholders.

     13.11 Modification, Extension and Renewal of Awards. Within the limitations of the
Plan, the Committee may modify, extend or renew outstanding Awards or accept the cancellation of
outstanding Awards (to the extent not previously exercised) to make new Awards in substitution
therefore, unless such modification, extension or renewal would not satisfy any applicable
requirements of Rule 16b-3 of the Exchange Act. The foregoing notwithstanding, no modification of
an Award shall, without the consent of the Participant, alter or impair any rights or obligations
under any Award previously made.

     Any modification, extension or renewal hereunder to any Award that is considered “deferred
compensation” within the meaning of Section 409A of the Code shall be made in compliance with the
requirements of Code Section 409A. Any modification, extension or renewal hereunder to any Award
that is not considered “deferred compensation” within the meaning of Code Section 409A shall be
made in a manner to ensure that after such action, the Grant either continues not to be subject to
Code Section 409A or complies with the requirements of Code Section 409A.

     13.12 No Fund Created. Any and all payments hereunder to recipients of Awards
hereunder shall be made from the general funds of the Company, and no special or separate fund
shall be established or other segregation of assets made to assure such payments; provided that
bookkeeping reserves may be established in connection with the satisfaction of payment obligations
hereunder. The obligations of the Company under the Plan are unsecured and constitute a mere
promise by the Company to make benefit payments in the future, and, to the extent that any person
acquires a right to receive payments under the Plan from the Company, such right shall be no
greater than the right of a general unsecured creditor of the Company.

     13.13 Code Section 409A Savings Clause.

	 	(a)	 	It is the intention of the Company that no Award shall be “deferred
compensation” subject to Section 409A of the Code, unless and to the extent that the
Committee specifically determines otherwise as provided below, and the Plan and the
terms and conditions of all Awards shall be interpreted accordingly.
	 
	 	(b)	 	The terms and conditions governing any Awards that the Committee determines
will be subject to Section 409A of the Code, including any rules for elective or
mandatory deferral of the delivery of cash or Common Shares pursuant thereto and any
rules regarding treatment of such Awards in the event of a Change in Control, shall be
set forth in the applicable Agreement and shall comply in all respects with Section
409A of the Code.

22

 

Exhibit 10.1

	 	(c)	 	Following a Change in Control, no action shall be taken under the Plan that
will cause any Award that the Committee has previously determined is subject to Section
409A of the Code to fail to comply in any respect with Section 409A of the Code without
the written consent of the Participant.

     13.14 Amendment or Termination. The Board may, at any time and for any reason, amend
or terminate the Plan. An amendment of the Plan shall be subject to the approval of the Company’s
stockholders only to the extent required by applicable laws, regulations or rules. No Awards shall
be granted under the Plan after the termination thereof. The termination of the Plan, or any
amendment thereof, shall not affect any Award previously granted under the Plan.

     13.15 Severability. In the event any provision of the Plan shall be held illegal or
invalid, the illegality or invalidity shall not affect the remaining parts of the Plan and the Plan
shall be construed and enforced, to the extent possible, as if the illegal or invalid provisions
had not been included herein.

     13.16 Captions. The use of captions in the Plan is for convenience. The captions are
not intended to provide substantive rights and shall not be used in construing the terms of the
Plan.

     To record the adoption of the Plan by the Board, the Company has caused its duly authorized
officer to execute this document in the name of the Company.

	 	 	 	 	 
	 	 	MID-AMERICA BANCSHARES, INC.
	 
	 	 	 	 
	 

	 	By:      
	 	 /s/ Gary L. Scott
	 

	 	 	 	 Gary L. Scott, Chairman

	 	 	 	 	 
	Adopted by the Board of Directors — April 30, 2006

	 	Attest:	 	/s/ James S. Short
	 

	 	 	 	Corporate Secretary
	 
	 	 	 	 
	Adopted by the Shareholders — April 30, 2006

	 	 	 	Attest: /s/ James S. Short
	 

	 	 	 	Corporate Secretary
	 
	 	 	 	 
	Amended and Restated — June 18, 2007
	 	 	 	 

23

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]