Document:

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                                  EXHIBIT 10.1

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                             ATLANTIC COAST FEDERAL

               2005 AMENDED AND RESTATED DIRECTOR RETIREMENT PLAN

        WHEREAS, Atlantic Coast Federal maintains the Atlantic Coast Federal
Director Retirement Plan (the "Plan"), originally effective July 1, 2001, for
the benefit of certain of its non-employee directors (the "Director(s)"); and

        WHEREAS, Atlantic Coast Federal desires to revise the Plan effective
January 1, 2005, in order to bring the Plan into compliance with Section 409A of
the Internal Revenue Code of 1986 (the "Code").

        NOW, THEREFORE, in consideration of the mutual promises contained
herein, Atlantic Coast Federal and the Directors hereby agree as follows:

                                    ARTICLE I
                                     PURPOSE

        This Atlantic Coast Federal Director Retirement Plan (the "Plan") is
established for the purpose of providing retirement benefits to those
non-employee Directors (each a "Participant") who have contributed significantly
to the success and growth of Atlantic Coast Federal, and its predecessor
Atlantic Coast Federal Credit Union, whose services are vital to its continued
growth and success in the future and who are to be encouraged to remain a member
of the Board of Directors until retirement. The Plan was originally effective
July 1, 2001. The Plan is hereby amended and restated January 1, 2005, in order
to conform the Plan to Code Section 409A.

                                   ARTICLE II
                          ESTABLISHMENT OF RABBI TRUST

        Atlantic Coast Federal may establish a rabbi trust into which Atlantic
Coast Federal may contribute assets which shall be held therein, subject to the
claims of its creditors in the event of Atlantic Coast Federal's insolvency,
until the contributed assets are paid to the Directors and their beneficiaries
in such manner and at such times as specified in this Plan. In the event that a
rabbi trust is established, it is the intention of Atlantic Coast Federal to
make contributions to the rabbi trust to provide the Bank with a source of funds
to assist it in meeting the liabilities of this Plan. The rabbi trust and any
assets held therein shall conform to the terms of the rabbi trust agreement
which may be established in conjunction with this Plan. To the extent the
language in this Plan is modified by the language in the rabbi trust agreement,
the rabbi trust agreement shall supersede this Plan. Any contributions to the
rabbi trust shall be made during each Plan Year in accordance with the rabbi
trust agreement.

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                                   ARTICLE III
                                   ELIGIBILITY

        Each Participant who has attained 120 full months of service as a member
of the Board of Directors of Atlantic Coast Federal, whether continuous or
otherwise, shall be entitled to receive the retirement benefits as provided in
this Plan. Any Participant who resigns at the request of, or is removed from
service by, the Office of Thrift Supervision, Federal Deposit Insurance
Corporation or any other regulatory authority for Atlantic Coast Federal, shall
be ineligible for benefits under this Plan.

                                   ARTICLE IV
                               RETIREMENT BENEFIT

        A.      NORMAL RETIREMENT. Commencing upon the Director's Separation
from Service (as defined below) after attaining age 65 ("Retirement Age"),
Atlantic Coast Federal shall pay to the Participant, an annual benefit of Ten
Thousand Dollars ($10,000) per year for Ten (10) years (the "Benefit Period"),
payable in equal monthly installments over a period of One Hundred and Twenty
(120) months, commencing on the first day of the month following the
Participant's Separation from Service. Notwithstanding the preceding sentence,
for Directors who are Specified Employees (defined below), payments shall not
begin until the first day of the seventh month following their Separation from
Service.

                1.      "Specified Employee" means a Director who also meets the
definition of key employee as defined under Internal Revenue Code Section 416(1)
because he: (i) is a key officer of Atlantic Coast Federal earning at least
$150,000 per year; (ii) is a 5% owner of Atlantic Coast Federal; or (iii) is a
1% owner of Atlantic Coast Federal and has compensation of at least $130,000 per
year.

                2.      "Separation from Service" means the Director's
retirement or termination of service or termination of employment with Atlantic
Coast Federal. No Separation from Service shall be deemed to occur due to
military leave, sick leave or other bona fide leave of absence if the period of
such leave does not exceed six months or, if longer, so long as the Director's
right to reemployment is provided by law or contract. If the leave exceeds six
months and the Director's right to reemployment is not provided by law or by
contract, then the Director shall be have a Separation from Service on the first
date immediately following such six-month period.

        The Director shall not be treated as having a Separation from Service if
the Director provides more than insignificant services for Atlantic Coast
Federal following the Director's actual or purported termination of service or
employment with Atlantic Coast Federal. Services shall be treated as not being
insignificant if such services are performed at an annual rate that is at least
equal to 20% of the services rendered by the Director for Atlantic Coast
Federal, on average, during the immediately preceding three full calendar years
of service or employment (or if employed less than three years, such shorter
period of employment) and the annual base compensation for such services is at
least equal to 20% of the average base compensation earned during the final
three full calendar years of service or employment (or if employed less than
three

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years, such shorter period of employment).

        Where the Director continues to provide services to Atlantic Coast
Federal in a capacity other than as an employee, a Separation from Service will
not be deemed to have occurred if the Director is providing services at an
annual rate that is 50% or more of the services rendered, on average, during the
immediate preceding three full calendar years of employment (or if employed less
than three years, such lesser period) and the annual base compensation for such
services is 50% or more of the annual base compensation earned during the final
three full calendar years of employment (or if less, such lesser period).

        B.      DEATH AFTER RETIREMENT. If the Participant dies within the
Benefit Period, the remaining monthly payments due the Participant shall be paid
to the Participant's designated beneficiary (including any contingent
beneficiary) on file with Atlantic Coast Federal or if no designation is on
file, the spouse shall be the designated beneficiary. In the absence of any
surviving beneficiary or spouse, the benefits shall be paid to the personal
representative of the estate of the Participant. Participants may designate
their beneficiary by completing the beneficiary designation form set forth as
Exhibit A hereto.

        If the Participant's designated beneficiary begins to receive the
monthly payments and thereafter dies without receiving the remaining monthly
payments, Atlantic Coast Federal shall pay the installments remaining to the
contingent beneficiary, if any, and then to the personal representative of the
estate of the designated beneficiary.

        C.      DEATH OF PARTICIPANT PRIOR TO RETIREMENT. In the event the
Participant should die prior to attaining Retirement Age, Atlantic Coast Federal
agrees to pay to the Participant's designated beneficiary the retirement benefit
the Participant would have otherwise received commencing on the first day of the
month following the Participant's death. If the designated beneficiary
(including any contingent beneficiary) dies before receiving all the monthly
installments, Atlantic Coast Federal shall pay the remaining installments to the
personal representative of the estate of the designated beneficiary. If the
Participant dies prior to retirement with no surviving designated beneficiary
(including any spouse or contingent beneficiary), Atlantic Coast Federal shall
pay the installments to the personal representative of the estate of the
Participant. Notwithstanding any other terms of this Plan, no death benefit
shall be payable under this Plan if it is determined that the Participant's
death was caused by suicide.

        D.      DEATH OR DISABILITY PRIOR TO RETIREMENT. In the event a Director
who has completed at least 60 full months of service (whether continuous or
otherwise), dies or becomes Disabled (as defined below) while serving as a
Director, such person shall be eligible for benefits as a Participant in this
Plan whether or not the Director has met the Retirement Age. The amount of the
annual benefits payable to such person or his or her designated beneficiary, as
the case may be, over the Benefit Period shall be equal to the product of
$10,000 multiplied by a fraction the denominator of which is 120 and the
numerator of which is the number of full months of service as a Director. Such
benefits shall be paid in equal monthly installments over the Benefit Period. A
Director shall be considered "Disabled" if the Director: (i) is unable to engage
in any substantial gainful activity by reason of any medically determinable
physical or mental impairment

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which can be expected to result in death, or last for a continuous period of not
less than 12 months; (ii) by reason of any medically determinable physical or
mental impairment which can be expected to result in death, or last for a
continuous period of not less than 12 months, is receiving income replacement
benefits for a period of not less than three months under an accident and health
plan covering Atlantic Coast Federal's employees; or (iii) is determined to be
totally disabled by the Social Security Administration.

                                    ARTICLE V
                                 STATUS OF PLAN

        This Plan does not constitute a contract of employment for any Director,
nor shall any provision of this Plan be construed as giving the Director the
right to continued service on the Board of Directors.

                                   ARTICLE VI
                                 BINDING EFFECT

        This Plan shall be binding upon the parties hereto and upon the
successors and assigns of Atlantic Coast Federal, and upon the heirs and legal
representatives of the Participant.

                                   ARTICLE VII
                              ASSIGNMENT OF RIGHTS

        Neither the Participant nor the any beneficiary or personal
representative of the Participant can assign any of the rights to benefits under
this Plan. Any attempt to anticipate, sell, transfer, assign, pledge, encumber
or change the Participant's right to receive benefits shall be void. The rights
to benefits are not subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance, attachment or garnishment by
creditors.

                                  ARTICLE VIII
                                  CHOICE OF LAW

        This Plan shall be construed under and governed by the laws of the State
of Georgia, except to the extent preempted by the laws of the United States of
America.

                                   ARTICLE IX
                              UNFUNDED ARRANGEMENT

        The Participant and any beneficiary are general unsecured creditors of
Atlantic Coast Federal for the payment of benefits under the Plan. The benefits
represent the mere promise by Atlantic Coast Federal to pay such benefits.

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                                    ARTICLE X
                                  ADMINSTRATION

        A.      COMMITTEE; DUTIES. The Plan shall be administered by the
Committee, which shall be appointed by the Board. The Committee shall have the
authority to make, amend, interpret, and enforce all appropriate rules and
regulations for the administration of the Plan and decide or resolve any and all
questions, including interpretations of the Plan, as may arise in connection
with the Plan. A majority vote of the Committee members shall control any
decision.

        B.      AGENTS. The Committee may, from time to time, employ other
agents and delegate to them such administrative duties as it sees fit, and may
from time to time consult with counsel who may be counsel to Atlantic Coast
Federal.

        C.      BINDING EFFECT OF DECISIONS. The decision or action of the
Committee in respect to any question arising out of or in connection with the
administration, interpretation and application of the Plan and the rules of
regulations promulgated hereunder shall be final, conclusive and binding upon
all persons having any interest in the Plan.

        D.      INDEMNITY OF COMMITTEE. Atlantic Coast Federal shall indemnify
and hold harmless the members of the Committee against any and all claims, loss,
damage, expense or liability arising from any action or failure to act with
respect to the Plan, except in the case of gross negligence or willful
misconduct.

                                   ARTICLE XI
                             AMENDMENT; TERMINATION

        A.      AMENDMENT. This Plan may be amended by Atlantic Coast Federal
any time, but no such amendment shall affect the vested rights of, or reduce the
benefits to, any Participant without their written consent.

        B.      TERMINATION. The Board may at any time partially or completely
terminate the Plan if, in its judgment, the tax, accounting, or other effects of
the continuance of the Plan, or potential payments thereunder, would not be in
the best interests of Atlantic Coast Federal.

                1.      PARTIAL TERMINATION. The Board may partially terminate
the Plan, in which case, the Plan shall continue to operate and be effective
with regard to benefits accrued prior to the effective date of such partial
termination, but no further benefits shall accrue after the termination date.

                2.      COMPLETE TERMINATION. The Board may completely terminate
the Plan by immediately ceasing all benefit accruals and paying out all promised
benefits. Subject to the requirements of Code Section 409A, in the event of
complete termination, the Plan shall cease to operate and Atlantic Coast Federal
shall pay each Director his accrued benefit as if that Director had terminated
service as of the effective date of the complete termination. Such complete
termination of the Plan shall occur only under the following circumstances and
conditions.

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                        (a)     The Board may terminate the Plan within 12
months of a corporate dissolution taxed under Code section 331, or with approval
of a bankruptcy court pursuant to 11 U.S.C. ss.503(b)(1)(A), provided that the
accrued benefit under the Plan is included in each Director's gross income in
the latest of (i) the calendar year in which the Plan terminates; (ii) the
calendar year in which the amount is no longer subject to a substantial risk of
forfeiture; or (iii) the first calendar year in which the payment is
administratively practicable.

                        (b)     The Board may terminate the Plan within the 30
days preceding a Change in Control (but not following a Change in Control),
provided that the Plan shall only be treated as terminated if all substantially
similar arrangements sponsored by Atlantic Coast Federal are terminated so that
the Directors and all participants under substantially similar arrangements are
required to receive all amounts of compensation deferred under the terminated
arrangements within 12 months of the date of the termination of the
arrangements.

                        (c)     The Board may terminate the Plan provided that
(i) all arrangements sponsored by Atlantic Coast Federal that would be
aggregated with this Plan under Proposed Treasury regulations section
1.409A-1(c) if any Director covered by this Plan was also covered by any of
those other arrangements are also terminated; (ii) no payments other than
payments that would be payable under the terms of the arrangement if the
termination had not occurred are made within 12 months of the termination of the
arrangement; (iii) all payments are made within 24 months of the termination of
the arrangements; and (iv) Atlantic Coast Federal does not adopt a new
arrangement that would be aggregated with any terminated arrangement under
Proposed Treasury regulations section 1.409A-1(c) if the same Director
participated in both arrangements, at any time within five years following the
date of termination of the arrangement.

                        (d)     The Board may terminate the Plan pursuant to
such other terms and conditions as the Internal Revenue Service may permit from
time to time.

                                   ARTICLE XII
                                CLAIMS PROCEDURE

        In the event that benefits under this Plan are not paid to the Director
(or to his beneficiary in the case of the Director's death) and such claimants
feel they are entitled to receive such benefits, then a written claim must be
made to the Plan Administrator within sixty (60) days from the date payments are
refused. Atlantic Coast Federal and its Board of Directors shall review the
written claim and, if the claim is denied, in whole or in part, they shall
provide in writing, within ninety (90) days of receipt of such claim, their
specific reasons for such denial, reference to the provisions of this Plan upon
which the denial is based, and any additional material or information necessary
to perfect the claim. Such writing by Atlantic Coast Federal and its Board of
Directors shall further indicate the additional steps which must be undertaken
by claimants if an additional review of the claim denial is desired.

        If claimants desire a second review, they shall notify the Plan
Administrator in writing within sixty (60) days of the first claim denial.
Claimants may review this Plan or any documents relating thereto and submit any
issues and comments, in writing, they may feel appropriate. In its sole
discretion, the Plan Administrator shall then review the second claim and

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provide a written decision within sixty (60) days of receipt of such claim. This
decision shall state the specific reasons for the decision and shall include
reference to specific provisions of this Plan upon which the decision is based.

        If claimants continue to dispute the benefit denial based upon completed
performance of this Plan or the meaning and effect of the terms and conditions
thereof, then claimants may submit the dispute to mediation, administered by a
legally recognized arbitration mediation association in accordance with its
rules. If mediation is not successful in resolving the dispute, it shall be
settled by binding arbitration administered by a legally recognized arbitration
association in accordance with its rules, and the judgment on the award rendered
by the arbitrator(s) may be entered in any court having jurisdiction thereof.

                                  ARTICLE XIII
                                  MISCELLANEOUS

        A.      SEVERABILITY. In the event that any of the provisions of this
Plan or portion thereof, are held to be inoperative or invalid by any court of
competent jurisdiction, then: (1) insofar as is reasonable, effect will be given
to the intent manifested in the provisions held invalid or inoperative, and (2)
the validity and enforceability of the remaining provisions will not be affected
thereby.

        B.      INCAPACITY OF RECIPIENT. In the event the Director is declared
incompetent and a conservator or other person legally charged with the care of
his person or estate is appointed, any benefits under the Plan to which such
Director is entitled shall be paid to such conservator or other person legally
charged with the care of his person or estate.

        C.      LIMITATIONS ON LIABILITY. Notwithstanding any of the preceding
provisions of the Plan, no individual acting as an employee or agent of Atlantic
Coast Federal, or as a member of the Board of Directors shall be personally
liable to the Director or any other person for any claim, loss, liability or
expense incurred in connection with the Plan.

        D.      INUREMENT. This Plan shall be binding upon and shall inure to
the benefit of Atlantic Coast Federal, its successors and assigns, and the
Director, his successors, heirs, executors, administrators, and beneficiaries.

        E.      COMPLIANCE WITH SECTION 409A OF THE CODE. This Plan is intended
to be a non-qualified, deferred compensation plan described in Section 409A of
the Code. The Plan shall be operated, administered and construed to give effect
to such intent. To the extent that a provision of the Plan fails to comply with
Code Section 409A and a construction consistent with Code Section 409A is not
possible, such provision shall be VOID ab INITIO. In addition, the Plan shall be
subject to amendment, with or without advance notice to Participants and other
interested parties, and on a prospective or retroactive basis, including but not
limited to amendment in a manner that adversely affects the rights of
Participants and other interest parties, to the extent necessary to effect such
compliance.

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                                  EXHIBIT 10.2

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                        SUPPLEMENTAL RETIREMENT AGREEMENT
                   AMENDED AND RESTATED AS OF JANUARY 1, 2005

        THIS SUPPLEMENTAL RETIREMENT AGREEMENT is amended and restated as of
January 1, 2005 by and between ATLANTIC COAST FEDERAL (the "Bank"), its
successors and assigns and ROBERT J. LARISON, JR. (the "Executive").

                                   WITNESSETH:

        WHEREAS, the Executive and the Bank entered into a Supplemental
Retirement Agreement dated as of the 1st day of November, 2002 (the "Original
Agreement"); and

        WHEREAS, the American Jobs Creation Act of 2004 enacted new section 409A
of the Internal Revenue Code (the "Code"), which affects the Original Agreement,
and the Executive and the Bank now wish to amend and restate the Original
Agreement solely in order to comply with Code section 409A.

        NOW, THEREFORE, in consideration of the premises and covenants contained
herein, the Executive and the Bank hereby amend and restate the Original
Agreement in its entirety as follows, effective as of January 1, 2005:

1.      DEFINITIONS. In this Agreement, the following words and phrases shall
        have the following meanings:

        (A)     ACCRUED BENEFIT PERCENTAGE shall mean, except as otherwise
                provided in this Agreement, 2.5% for each full calendar quarter
                of the Executive's employment with the Bank since January 1,
                2002, calculated through the last day of the calendar quarter in
                which the Executive (i) experiences a Separation from Service or
                (ii) attains the Normal Retirement Date, whichever shall first
                occur; PROVIDED, HOWEVER, that in no event shall the Accrued
                Benefit Percentage exceed 60%.

        (B)     ADMINISTRATOR shall mean the person or committee appointed by
                the Board of Directors of the Bank to administer this Agreement.
                If a committee is appointed by the Board of Directors, a
                majority of those persons shall constitute a quorum and the act
                of the majority of such of persons either at a meeting or by
                written consent, shall be the act of the Administrator. The
                administrator may adopt such rules and procedures, not
                inconsistent with this Agreement, as it deems necessary or
                appropriate in order to administer this Agreement.

        (C)     AVERAGE COMPENSATION shall mean the amount determined by
                dividing by three (3) the total monetary compensation earned by
                the Executive from the Bank and its affiliates and subsidiaries
                (or any successors thereto by merger or purchase) during the
                three annual periods in the ten year period prior to his
                Separation from Service that results in the largest total,
                including but not limited to salary, bonuses and incentive
                compensation (but excluding specifically stock-based
                compensation, such

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                as restricted stock, stock options and stock appreciation
                rights). An annual period shall consist of any twelve (12) month
                consecutive period not including any portion of another twelve
                (12) month period.

        (D)     BENEFIT COMMENCEMENT DATE shall mean the first business day of
                the calendar month following the earliest of (i) the Executive's
                Normal Retirement Date; (ii) the Executive's Separation from
                Service; (iii) the Executive's death; (iv) the Executive's
                Disability; or (v) a Change in Control.

        (E)     CAUSE shall mean a Separation from Service that arises from the
                Executive's gross negligence, willful misconduct, breach of
                fiduciary duty involving personal profit, intentional failure to
                perform stated duties, and willful violation of any law, rule,
                or regulation (other than traffic violations or similar
                offenses) or final cease-and-desist order.

        (F)     CHANGE IN CONTROL shall mean the following:

                (1)     "Change in Control" shall mean (i) a change in the
                ownership of the Bank or Atlantic Coast Federal Corporation (the
                "Company"), (ii) a change in the effective control of the Bank
                or Company, or (iii) a change in the ownership of a substantial
                portion of the assets of the Bank or Company, as described
                below. Notwithstanding anything herein to the contrary, the
                reorganization of Atlantic Coast Federal, MHC by way of a
                "second-step conversion" shall not be deemed a Change in
                Control.

                (2)     A change in ownership occurs on the date that any one
                person, or more than one person acting as a group (as defined in
                Proposed Treasury Regulations section 1.409A-3(g)(5)(v)(B)),
                acquires ownership of stock of the Bank or Company that,
                together with stock held by such person or group, constitutes
                more than 50% of the total fair market value or total voting
                power of the stock of such corporation.

                (3)     A change in the effective control of the Bank or Company
                occurs on the date that either (i) any one person, or more than
                one person acting as a group (as defined in Proposed Treasury
                Regulations section 1.409A-3(g)(5)(vi)(B)) acquires (or has
                acquired during the 12-month period ending on the date of the
                most recent acquisition by such person or persons) ownership of
                stock of the Bank or Company possessing 35% or more of the total
                voting power of the stock of the Bank or Company, or (ii) a
                majority of the members of the Bank's or Company's board of
                directors is replaced during any 12-month period by directors
                whose appointment or election is not endorsed by a majority of
                the members of the Bank's or Company's board of directors prior
                to the date of the appointment or election, provided that this
                sub-section "(ii)" is inapplicable where a majority shareholder
                of the Bank or Company is another corporation.

                (4)     A change in a substantial portion of the Bank's or
                Company's assets occurs on the date that any one person or more
                than one person acting as a group (as defined in Proposed
                Treasury Regulations section 1.409A-3(g)(5)(vii)(C)) acquires
                (or has

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                acquired during the 12-month period ending on the date of the
                most recent acquisition by such person or persons) assets from
                the Bank or Company that have a total gross fair market value
                equal to or more than 40% of the total gross fair market value
                of (i) all of the assets of the Bank or Company, or (ii) the
                value of the assets being disposed of, either of which is
                determined without regard to any liabilities associated with
                such assets. For all purposes hereunder, the definition of
                Change in Control shall be construed to be consistent with the
                requirements of Proposed Treasury Regulations section
                1.409A-3(g)(5), except to the extent that such proposed
                regulations are superseded by subsequent guidance.

        (G)     DISABLED OR DISABILITY shall mean the Executive:

                (1)     is unable to engage in any substantial gainful activity
                by reason of any medically determinable physical or mental
                impairment which can be expected to result in death, or last for
                a continuous period of not less than 12 months;

                (2)     by reason of any medically determinable physical or
                mental impairment which can be expected to result in death, or
                last for a continuous period of not less than 12 months, is
                receiving income replacement benefits for a period of not less
                than three months under an accident and health plan covering
                employees of the Bank; or

                (3)     is determined to be totally disabled by the Social
                Security Administration.

        (H)     INVOLUNTARY TERMINATION shall mean Separation from Service
                without the Executive's express written consent, and shall
                include a material diminution of or interference with the
                Executive's duties, responsibilities and benefits as President
                and Chief Executive Officer of the Bank, including (without
                limitation) any of the following actions unless consented to in
                writing by the Executive: (i) a change in the principal
                workplace of the Executive to a location outside of a 30 mile
                radius from the Bank's main office as of the date hereof; (ii) a
                material demotion of the Executive; (iii) a material reduction
                in the number or seniority of other personnel reporting to the
                Executive or a material reduction in the frequency with which,
                or on the nature of the matters with respect to which, such
                personnel are to report to the Executive, other than as part of
                an institution-wide reduction in staff; (iv) a material adverse
                change in the Executive's salary, perquisites, benefits,
                contingent benefits or vacation, other than as part of an
                overall program applied uniformly and with equitable effect to
                all members of the senior management of the Bank; and (v) a
                material permanent increase in the required hours of work or the
                workload of the Executive. The term "Involuntary Termination"
                does not include termination for Cause or termination of
                employment due to retirement, death, Disability or suspension or
                temporary or permanent prohibition from participation in the
                conduct of the Bank's affairs under Section 8 of the Federal
                Deposit Insurance Act.

        (I)     MONTHLY BENEFIT shall mean the Average Compensation multiplied
                by the Accrued Benefit Percentage and then divided by twelve
                (12), calculated at the Benefit Commencement Date.

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        (J)     NORMAL RETIREMENT DATE shall mean the date the Executive attains
                age 55 (i.e., February 9, 2012).

        (K)     SEPARATION FROM SERVICE shall mean the date of cessation of the
                employment relationship (other than an approved leave of
                absence) between the Executive and the Bank and its affiliates
                and subsidiaries (including any successor in interest, if
                applicable), and shall be construed to comply with Code Section
                409A and Proposed Treasury Regulations Section 1.409A-1(h).

        (L)     SPECIFIED EMPLOYEE shall mean a key employee of the Bank within
                the meaning of Code Section 416(i) without regard to paragraph 5
                thereof, determined in accordance with Code Section 409A and
                Proposed Treasury Regulations Section 1.409A-1(i).

2.      PAYMENT OF BENEFITS.

        (A)     NORMAL BENEFIT.

                If the Executive is living on the Benefit Commencement Date, the
                Bank shall pay the Monthly Benefit to him on such date and on
                the first business day of each calendar month thereafter for a
                total of 180 months (i.e., monthly payments for 15 years),
                regardless of whether the Executive has experienced a Separation
                from Service; provided however, that, if the Executive has
                experienced a Separation from Service, then, to the extent
                necessary to comply with Code Section 409A and the regulations
                thereunder, such payments shall not commence until the first day
                of the seventh month following the date of the Executive's
                Separation from Service if the Executive is a Specified Employee
                on his date of Separation from Service.

        (B)     DEATH BENEFIT.

                (i)     DEATH DURING OR AFTER SERVICE. If the Executive dies
                        prior to the Normal Retirement Date, the Bank shall pay
                        to the beneficiary designated on Exhibit A, using an
                        Accrued Benefit Percentage of 60%, the Monthly Benefit
                        commencing on the first business day of the month
                        following what would have been the Executive's Normal
                        Retirement Date and on the first business day of each
                        calendar month thereafter for a period of 180 months.
                        The Average Compensation calculation shall assume that
                        the Executive's compensation increased by 3% for each
                        full calendar year that occurs prior to what would have
                        been his 55th birthday.

                (ii)    DEATH DURING BENEFIT PERIOD. If the Executive dies on or
                        after the Benefit Commencement Date, the Bank shall
                        continue to make the remaining monthly payments due to
                        the Executive to the beneficiary designated by the
                        Executive on Exhibit A.

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        (C)     DISABILITY BENEFIT.

                If the Executive becomes Disabled before the Normal Retirement
                Date, the Bank shall pay the Monthly Benefit to him, using an
                Accrued Benefit Percentage of not less than 60%, starting on the
                first business day of the calendar month following the date on
                which the Executive became Disabled and on the first business
                day of each calendar month thereafter for a total of 180 months
                (i.e., monthly payments for 15 years). If the Executive dies
                after becoming entitled to Disability benefits, the Bank shall
                continue to make the remaining monthly payments due to the
                Executive to the beneficiary designated by the Executive on
                Exhibit A.

        (D)     INVOLUNTARY TERMINATION BENEFIT. In the event the Executive
                incurs a Separation from Service due to an Involuntary
                Termination before the Normal Retirement Date, the Bank shall
                pay the Monthly Benefit to the Executive, using an Accrued
                Benefit Percentage of not less than 60%, commencing on the first
                business day of the month following the Separation from Service
                and on the first business day of each calendar month thereafter
                for a total of 180 months; (i) provided, however, that in the
                event of Involuntary Termination due to Cause, except as may be
                prohibited by federal law, the Executive shall only be entitled
                to the Monthly Benefit calculated at the time of his Separation
                from Service with payment commencing on the first business day
                of the month following the Separation from Service and on the
                first business date of each calendar month thereafter for a
                total of 180 months; and (ii) provided, further, that, to the
                extent necessary to comply with Code Section 409A and the
                regulations thereunder, such payments shall not commence until
                the first day of the seventh month following the date of the
                Executive's Separation from Service if the Executive is a
                Specified Employee on his date of Separation from Service.

        (E)     CHANGE IN CONTROL BENEFIT. Subject to Section 5, if a Change in
                Control occurs before the Normal Retirement Date, then, within
                30 calendar days of a Change in Control, the Bank shall pay the
                Executive a lump sum equal to the present value of the Monthly
                Benefit that would otherwise be paid to the Executive hereunder,
                using an Accrued Benefit Percentage of not less than 60%,
                regardless of whether the Executive has experienced a Separation
                from Service; provided however, that, if the Executive has
                experienced a Separation from Service, then, to the extent
                necessary to comply with Code Section 409A and the regulations
                thereunder, such payments shall not be made until the first day
                of the seventh month following the date of the Executive's
                Separation from Service if the Executive is a Specified Employee
                on his date of Separation from Service.

3.      CLAIMS. In the event a claim for benefits is wholly or partially denied
        under this Agreement, the Executive or any other person claiming
        benefits under this Agreement (a "Claimant") shall be given notice in
        writing within 30 calendar days after the Administrator's receipt of the
        claim. For good cause shown, the Administrator may extend this period
        for an additional 30 calendar days. Any denial must specifically set
        forth the reasons for the denial and any additional information
        necessary to rescind such denial. The Claimant shall have the right to
        seek a review of the denial by filing a written request with the
        Administrator within 60 calendar days of receipt of the denial. Such
        request may be

                                       5
<PAGE>

        supported by such documentation and evidence deemed relevant by the
        Claimant. Following receipt of this information, the Administrator shall
        make a final determination and notify the Claimant in writing within 60
        calendar days of the Administrator's receipt of the request for review
        together with the specific reasons for the decision.

4.      GENERAL ASSETS AND FUNDING. The amounts payable under this Agreement are
        payable from the general assets of the Bank and no special fund or
        arrangement is intended to be established hereby nor shall the Bank be
        required to earmark, place in trust or otherwise segregate assets with
        respect to this Agreement or any benefits hereunder. The Administrator
        reserves the right to determine how the Bank will fund its obligation
        undertaken by this Agreement. Should the Administrator elect to purchase
        assets relating to this Agreement, in whole or in part, through the
        medium of life insurance or annuities, or both, the Bank shall be the
        owner and beneficiary of each such policy unless otherwise provided by
        this Agreement. Bank reserves the absolute right, in its sole
        discretion, to terminate such life insurance or annuities, as well as
        any other investment program, at any time, in whole or in part unless
        otherwise provided by this Agreement. Such termination shall in no way
        affect the Bank's obligation to pay the Executive the benefits as
        provided in this Agreement. At no time shall the Executive be deemed to
        have any right, title, or interest in or to any specific asset or assets
        of the Bank, including but not by way of restriction, any insurance or
        annuity contract and contracts or the proceeds therefrom.

5.      CERTAIN REDUCTIONS. Notwithstanding any other provision of this
        Agreement, if the value and amounts of benefits under this Agreement,
        together with any other amounts and the value of benefits received or to
        be received by the Executive in connection with a Change in Control
        would cause any amount to be nondeductible for federal income tax
        purposes by the Bank or the consolidated group of which the Bank is a
        member pursuant to Section 280G of the Code, then amounts and benefits
        under this Agreement shall be reduced (not less than zero) to the extent
        necessary so as to maximize amounts and the value of benefits to the
        Employee without causing any amount to become nondeductible by Bank
        pursuant to or by reason of such Section 280G. The Employee shall
        determine the allocation of such reduction among payments and benefits
        to the Employee.

6.      BENEFICIARY DESIGNATIONS. The Executive shall designate a beneficiary by
        filing with Bank a written designation of beneficiary on a form
        substantially similar to the form attached as Exhibit A. The Executive
        may revoke or modify the designation at any time by filing a new
        designation. However, designations will only be effective if signed by
        the Executive and accepted by the Bank during the Executive's lifetime.
        The Executive's beneficiary designation shall be deemed automatically
        revoked if the beneficiary predeceases the Executive, or if the
        Executive names a spouse as beneficiary and the marriage is subsequently
        dissolved. If the Executive dies without a valid beneficiary
        designation, all payments shall be made to the Executive's surviving
        spouse, if any, and if none, to the Executive's surviving children and
        the descendants of any deceased child by right of representation, and if
        no children or descendants survive, to the Executive's estate.

        If a benefit is payable to a minor, to a person declared incompetent, or
        to a person incapable of handling the disposition of his or her
        property, the Bank may pay such benefit

                                       6
<PAGE>

        to the guardian, legal representative or person having the care or
        custody of such minor, incompetent person or incapable person, or to a
        custodian selected by the Bank under the Georgia Uniform Transfers to
        Minors Act for the benefit of such minor. The Bank may require proof of
        incompetency, minority or guardianship as it may deem appropriate prior
        to distribution of the benefit. Such distribution shall completely
        discharge the Bank from all liability with respect to such benefit.

7.      AMENDMENT AND TERMINATION.

        (a)     AMENDMENT. The Bank may at any time amend the Agreement in whole
                or in part, provided, however, that no amendment shall decrease
                or restrict the amount accrued to the date of amendment.

        (b)     TERMINATION. The Bank may at any time partially or completely
                terminate the Agreement, if, in its judgment, the tax,
                accounting, or other effects of the continuance of the
                Agreement, or potential payments thereunder, would not be in the
                best interests of the Bank.

                (i)     PARTIAL TERMINATION. In the event of a partial
        termination, the Agreement shall continue to operate and be effective
        with regard to benefits accrued prior to the effective date of such
        partial termination, but no further benefits shall accrue after the date
        of such partial termination.

                (ii)    COMPLETE TERMINATION. Subject to the requirements of
        Code Section 409A, in the event of complete termination, the Agreement
        shall cease to operate and the Bank shall pay the Executive his Account
        as if he had terminated service as of the effective date of the complete
        termination. Such complete termination of the Agreement shall occur only
        under the following circumstances and conditions.

                        (A)     The Bank may terminate the Agreement within 12
        months of a corporate dissolution taxed under Code section 331, or with
        approval of a bankruptcy court pursuant to 11 U.S.C. ss.503(b)(1)(A),
        provided that the amounts accrued under the Agreement are included in
        the Executive's gross income in the latest of (i) the calendar year in
        which the Agreement terminates; (ii) the calendar year in which the
        amount is no longer subject to a substantial risk of forfeiture; or
        (iii) the first calendar year in which the payment is administratively
        practicable.

                        (B)     The Bank may terminate the Agreement within the
        30 days preceding a Change in Control (but not following a Change in
        Control), provided that the Agreement shall only be treated as
        terminated if all substantially similar arrangements sponsored by the
        Bank are terminated so that the Executive and all participants under
        substantially similar arrangements are required to receive all amounts
        of compensation deferred under the terminated arrangements within 12
        months of the date of the termination of the arrangements.

                                       7
<PAGE>

                        (C)     The Bank may terminate the Agreement provided
        that (i) all arrangements sponsored by the Bank that would be aggregated
        with this Agreement under Proposed Treasury regulations section
        1.409A-1(c) if any individual; covered by this Agreement was also
        covered by any of those other arrangements are also terminated; (ii) no
        payments other than payments that would be payable under the terms of
        the arrangement if the termination had not occurred are made within 12
        months of the termination of the arrangement; (iii) all payments are
        made within 24 months of the termination of the arrangements; and (iv)
        the Bank does not adopt a new arrangement that would be aggregated with
        any terminated arrangement under Proposed Treasury regulations section
        1.409A-1(c) if the same individual participated in both arrangements, at
        any time within five years following the date of termination of the
        arrangement.

                        (D)     The Bank may terminate the Agreement pursuant to
        such other terms and conditions as the Internal Revenue Service may
        permit from time to time.

8.      MISCELLANEOUS.

        (A)     WITHHOLDING. To the extent amounts payable under this Agreement
                are determined by the Administrator, in good faith, to be
                subject to federal, state or local income tax, the Bank may
                withhold from each such payment an amount necessary to meet the
                Bank's obligation to withhold amounts under the applicable
                federal, state or local law.

        (B)     GOVERNING LAW. This Agreement shall be construed under the laws
                of the State of Georgia, except to the extent that federal law
                applies.

        (C)     FUTURE EMPLOYMENT. This Agreement shall not be construed as
                providing the Executive the right to be continued in the employ
                of the Bank or its affiliates or subsidiaries.

        (D)     NO PLEDGE OR ATTACHMENT. No benefit which is or may become
                payable under this Agreement shall be subject to any
                anticipation, alienation, sale, transfer, pledge, encumbrance or
                hypothecation or subject to any attachment, levy or similar
                process and any attempt to effect any such action shall be null
                and void.

        (E)     SUCCESSORS AND ASSIGNS. This Agreement and the obligations of
                the Bank herein shall be binding upon the successors and assigns
                of the Bank. This Agreement may not be assigned by the Bank
                without the prior written consent of the Executive or any other
                beneficiary receiving payments under this Agreement.

        (F)     PARTICIPATION IN PLANS. Nothing contained in this Agreement
                shall be construed to alter, abridge, or in any manner affect
                the rights and privileges of the Executive to participate in and
                be covered by any pension, profit sharing, group insurance,
                bonus, incentive, or other employee plans which the Bank or its
                affiliates or subsidiaries may now or hereafter have.

                                       8
<PAGE>

        (G)     NOTICES. Any notices under this Agreement shall be provided to
                the Executive at his last address on file with the Administrator
                and shall be provided to the Administrator in care of President,
                Atlantic Coast Federal, 505 Haines Avenue, Waycross, Georgia
                31501.

        (H)     HEADINGS. Headings of sections herein are inserted for
                convenience of reference. They are not to be considered in the
                construction of this Agreement.

        (I)     SAVINGS CLAUSE. If any provision of this Agreement shall be for
                any reason invalid or unenforceable, the remaining provisions
                shall be carried into effect.

        (J)     ENTIRE AGREEMENT. This Agreement constitutes the entire
                agreement between the Bank and the Executive as to the subject
                matter hereof. No rights are granted to the Executive be virtue
                of this Agreement other than as specifically set forth herein.

        (K)     SUICIDE. No benefits shall be payable if the Executive commits
                suicide within two (2) years after the date of this Agreement,
                or if the Executive has made any material misstatement of fact
                on any application for life insurance purchased by the Bank

        (L)     TOP HAT AGREEMENT. For purposes of the Internal Revenue Code,
                the Bank intends this Agreement to be an unfunded, unsecured
                promise to pay on the part of the Bank. For purposes of ERISA,
                The Bank intends this Agreement to be an unfunded obligation
                solely for the benefit of the Executive for the purpose of
                qualifying this Agreement for the "top hat" exception under
                sections 201(2), 301(a)(3) and 401(a) of ERISA.

        The parties have caused this Agreement to be executed and delivered as
of the date first above written.

                                        ATLANTIC COAST FEDERAL

                                   By:  /s/ C. E. Martin, Jr.
                                        ----------------------------------------
                                        Name: Charles E. Martin, Jr.
                                        Title: Chairman of the Board

                                        EXECUTIVE

                                        /s/ Robert J. Larison, Jr.
                                        ----------------------------------------
                                        Robert J. Larison, Jr.

                                       9

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