Document:

Exhibit

Exhibit 10(g).1

AMENDED SCHEDULE OF EXECUTIVE OFFICERS WHO HAVE EXECUTED A POST-TERMINATION AGREEMENT AND COVENANT NOT TO COMPETE IN THE FORM FILED AS EXHIBIT 10(p) TO THE ANNUAL REPORT ON FORM 10-K OF THE COMPANY FOR THE FISCAL YEAR ENDED JANUARY 31, 2011 (this "Amended Schedule")

This Amended Schedule amends the Schedule of Executive Officers Who Have Executed a Post-Termination Agreement and Covenant Not to Compete that followed the form of Post-Termination Agreement and Covenant Not to Compete originally filed by Wal-Mart Stores, Inc. as Exhibit 10(p) to its Annual Report on Form 10-K for the year ended January 31, 2011, as filed on March 30, 2011 (the "Form Agreement"). This Amended Schedule is included pursuant to Instruction 2 of Item 601(a) of Regulation S-K for the purpose of setting forth the details in which the specific agreements executed in the form of the Form Agreement differ from the Form Agreement, in particular to set forth the persons who, with Wal-Mart Stores, Inc., were parties to Post-Termination Agreements and Covenants Not to Compete in such form as of January 31, 2017.

	
			
	Executive Officer Who is a Party to such a Post-Termination Agreement and Covenant Not to Compete
	Date of Agreement
	Value of Restricted Stock Award Granted in Connection with Agreement

	Daniel J. Bartlett
	May 16, 2013
	Not Applicable

	M. Brett Biggs
	September 21, 2010
	$500,000

	David Chojnowski
	November 16, 2016
	Not Applicable

	Gregory Foran
	July 23, 2014
	Not Applicable

	John R. Furner
	May 7, 2011
	Not Applicable

	Jeffrey J. Gearhart
	June 11, 2013
	$1,500,000

	C. Douglas McMillon
	January 19, 2010
	$2,000,000

	Jacqueline P. Canney
	June 26, 2015
	Not ApplicableAMENDMENT NO. 1

TO THE 

SOUTHWEST GEORGIA FINANCIAL CORPORATION

DIRECTORS AND EXECUTIVE OFFICERS 

STOCK PURCHASE PLAN

 

 

THIS AMENDMENT NO. 1
is made as of the 23 day of March, 2016 by Southwest Georgia Financial Corporation, a holding company organized under the laws
of the State of Georgia (the “Company”), to be effective as set forth herein.

 

W I T N E S S E T H:

WHEREAS,
the Company previously established the Southwest Georgia Financial Corporation Directors and Executive Officers Stock Purchase
Plan, effective as of August 22, 2012 (the “Plan”); and

WHEREAS, the Company
now desires to amend the Plan to increase the aggregate number of shares of Company Common Stock available for issuance under the
Plan. 

 

NOW, THEREFORE,
the Plan is hereby amended, as follows:

 

1.

Section 6 of the Plan is
hereby amended by deleting the present section in its entirety and substituting the following in lieu thereof:

 

6.

 

COMMON
STOCK TO BE ISSUED

 

As
of the Effective Date, the maximum number of shares of Common Stock that shall be available for issuance pursuant to the Plan shall
be 450,000 shares (which total consists of 289,250 shares for issuance under the Plan and the 160,750 shares
previously purchased under the Plan), subject to adjustment for changes in capitalization of the Company as described in the following
paragraph.

 

In
the event that prior to the transfer of all of the shares of Common Stock which may be issued in accordance with this Plan, there
shall be any increases or reductions in the number of shares of Common Stock of the Company outstanding by reason of any one or
more stock dividends, stock splits, stock constrictions or any other materials change in the capital structure of the Company by
way of reclassification, reorganization or recapitalization, the aggregate number of shares of Common Stock which may be issued
under this Plan shall be proportionately and equitably adjusted. 

 

No
one shall, by any reason of participation in this Plan, have any interest in shares of Common Stock of the Company nor any rights
of, or status as, a shareholder of the Company unless and until appropriate book entries representing such shares are issued. The
Company shall be under no obligation to issue shares of Common Stock unless and until such shares of Common Stock shall have been
paid for in full and all of the applicable provisions of this Plan shall have been complied with.

 

2.  

This Amendment No.
1 to the Plan is subject to approval by the shareholders of the Company at a meeting duly called for such purposes. The increase
in number of shares of Company Common Stock available for issuance may not be issued pursuant to the Plan unless and until such
amendment is approved by the shareholders within twelve months after the date first written above. Except as hereby modified, the
Plan shall remain in full force and effect.

[Signature on Following Page]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Company has executed this Amendment No. 1 as of the date first written above.

 

COMPANY:

 

SOUTHWEST GEORGIA FINANCIAL CORPORATION

 

By:  /s/DeWitt Drew

 

Name: DeWitt Drew

 

Title:President and Chief Executive OfficerEMPLOYEE STOCK
OWNERSHIP PLAN AND TRUST OF

SOUTHWEST GEORGIA FINANCIAL
CORPORATION

 

(Amended
and Restated Effective as of January 1, 2014)

    	 

    	 

    

TABLE
OF CONTENTS

 

                                                                                                                                                                                                                                                                           

	 	 	                   
                                     Page                                                                                       
	ARTICLE I DEFINITIONS.....2                                                                                                             
		1.1	Account Balance.....2                                                                                                      
      

		1.2	Adoption Date.....2                                                                                                      

		1.3	Annual Compensation.....2                                                                                             

		1.4	Annual Valuation Date.....2                                                                                            

		1.5	Authorized Leaves of Absence.....2                                                                                  

		1.6	Beneficiary.....2                                                                                                                    

		1.7	Board.....3

		1.8	Break in Service.....3

		1.9	Code.....3

		1.10	Company.....3

		1.11	Effective Date.....3

		1.12	Eligible Participant.....3

		1.13	Employee.....3

		1.14	Employer.....3

		1.15	Employer Contribution Account.....3

		1.16	Employer Stock.....4

		1.17	Employment.....4

		1.18	ERISA.....4

		1.19	ESOP Committee.....4

		1.20	ESOP Account.....4

		1.21	Fiduciaries.....4

		1.22	FMLA Leave.....4

		1.23	Hour of Service.....5

		1.24	Non-Employer Stock Account.....6

		1.25	Non-Employer Securities Portion of the Plan.....6

		1.26	Normal Retirement Date.....6

		1.27	Participant.....6

		1.28	Plan.....6

		1.29	Plan Administrator.....6

		1.30	Plan Year.....6

		1.31	Qualified Election Period.....6

		1.32	Service.....6

		1.33	Trust (or Trust Fund).....6

		1.34	Trustee.....6

		1.35	Valuation Date.....7

		1.36	Year of Service.....7

ARTICLE IIPARTICIPATION
AND SERVICE.....7

		2.1	Participation.....7

		2.2	Service.....8

		2.3	Effect of Break in Service.....8

		2.4	Inactive Account Status.....10

		2.5	Transfers of Employment Among Employers.....10

i

		2.6	Election Not to Participate.....10

		2.7	Qualified Military Service.....10

ARTICLE IIICONTRIBUTIONS.....11

		3.1	Employer Contributions.....11

		3.2	Fund for Exclusive Benefit of Participants.....12

		3.3	Special Limitation on Allocations for Plan Years to Which Code
	 	 	Section 415(c)(6) Applies.....12

ARTICLE
IVINTERESTS OF PARTICIPANTS.....12

		4.1	Accounts of Participants.....12

		4.2	Allocation of Shares of Employer Stock, Income, Expense, Fluctuations in

Asset Value, Etc.....13

		4.3	Allocation of Employer Contributions.....13

		4.4	Maximum Additions.....15

		4.5	Directed Investments By Eligible Participants.....17

		4.6	Investment of Non-Employer Stock Accounts.....18

		4.7	Code Section 1042 Transactions.....19

ARTICLE VBENEFITS.....20

		5.1	Normal Retirement Benefits.....20

		5.2	Disability Benefits.....20

		5.3	Postponed Retirement.....20

		5.4	Death Benefits.....20

		5.5	Benefits on Termination of Employment.....21

		5.6	Payment of Benefits.....22

		5.7	Restrictions on Participants’ Right To Dispose of Employer
Stock;

Employer’s
and Plan’s Right of First Refusal.....23

		5.8	Participant’s Right to Put Employer Stock to the Company and the Plan.....24

		5.9	Securities Laws Restrictions On Resales.....25

		5.10	Maintenance of Accounts Prior to Payout.....26

		5.11	Present Value of Payments.....26

		5.12	Commencement of Payments.....26

		5.13	Error in Participant’s Account.....30

		5.14	No Other Benefits
or Withdrawals.....30

		5.15	Voting Rights.....30

		5.16	Tender or Exchange Offer for Employer Stock.....31

		5.17	Appraisal of Employer
Stock.....32

		5.18	Direct Transfer of Eligible Rollover Distributions.....32

		5.19	Notice of Right to Defer Distribution.....34

 

ii

    	 

    	 

    

ARTICLE
VIDESIGNATION OF BENEFICIARY.....34

ARTICLE
VIIADMINISTRATION.....35

		7.1	Allocation of Responsibility Among Fiduciaries for Plan and Trust Administration.....35

		7.2	Appointment of Plan Administrator.....36

		7.3	Claims Procedure.....36

		7.4	Records and Reports.....37

		7.5	Other Plan Administrator Powers and Duties.....37

		7.6	Rules and Decisions.....38

		7.7	Authorization of Benefit Payments.....38

		7.8	Application and Forms
for Benefits.....38

		7.9	Payment for Benefit of Disabled or Incapacitated Person.....38

		7.10	Notices to Trustee.....38

		7.11	Indemnification by the Company.....39

ARTICLE
VIII POWERS, DUTIES AND RESPONSIBILITIES OF THE TRUSTEE.....39

		8.1	Establishment and Acceptance of Trust.....39

		8.2	Investment of Trust Fund.....39

		8.3	Discharge of Duties.....41

		8.4	Prohibited Transactions.....41

		8.5	Delegation of Responsibilities.....42

		8.6	Powers of Trustee.....42

		8.7	Payments From The Fund.....44

		8.8	Payment of Compensation, Expenses and Taxes.....44

		8.9	Accounting.....45

		8.10	Bond.....45

		8.11	Resignation or Removal of the Trustee.....45

ARTICLE
IXAMENDMENT OF THE PLAN.....46

ARTICLE XDISCONTINUANCE
OF CONTRIBUTIONS AND TERMINATION OF PLAN.....46

		10.1	Intention to Continue Plan.....46

		10.2	Termination or Partial Termination of Plan.....46

		10.3	Discontinuance of Contributions.....47

ARTICLE
XIMISCELLANEOUS.....47

		11.1	Participants’ Rights, Acquittance.....47

		11.2	Spendthrift Clause.....48

		11.3	Participation of Adopting Employers.....48

		11.4	Successor Employer.....49

		11.5	Transfer of Plan
Assets.....49

		11.6	Delegation of Authority
by the Company.....50

		11.7	Construction of
Agreement.....50

    	 

    	 

    

		11.8	Headings.....50

ARTICLE
XIITOP-HEAVY PLAN PROVISIONS.....50

		12.1	Application.....50

		12.2	Definitions.....50

		12.3	Allocation of Minimum Contribution.....51

		12.4	Post-EGTRRA Top-Heavy Provisions.....52

 

 

 

iv

    	 

    	 

    

 

 

EMPLOYEE STOCK OWNERSHIP
PLAN AND TRUST OF SOUTHWEST GEORGIA FINANCIAL CORPORATION

 

THIS
AGREEMENT is made and entered as of the
day of December, 2014, by and
between Southwest Georgia Financial Corporation, a holding
company organized under the laws of the
State of Georgia, (the “Company”)
and Southwest Georgia Bank, a state banking
association, as trustee (the “Trustee”);

 

W I T N E
S S E T H:

 

WHEREAS, the
Company maintains the Southwest Georgia
Financial Corporation Employee Stock Ownership Plan and Trust (the
“Plan”);

 

WHEREAS,
the Plan was amended and restated effective January 1, 2000 to comply with the Tax
Reform Act of 1986, as amended; the pension
provisions of the General Agreement on
Tariffs and Trade (“GATT”); the
Uniformed Services Employment and Reemployment Rights Act
of 1994 (“USERRA”) the Small Business
Job Protection Act of 1996 (“SBJPA”),
the Tax Reform Act of 1997 (“TRA ‘97”), the Internal
Revenue Restructuring and Reform Act of
1998, and the Community Renewal Tax Relief
Act of 2000 and has subsequently been amended
and restated effective as of January
1, 2005 to incorporate other changes in law and for certain other
purposes.

 

WHEREAS, the
Company again amended and restated the
Plan, effective as of January 1, 2009, except where
otherwise stated, to incorporate prior
amendments to the Plan, to reflect certain
provisions of the Economic Growth and
Tax Relief Reconciliation Act of 2001
(“EGTRRA”) as applicable to the Plan and to reflect other legislative
changes necessary to bring the Plan into
compliance with current laws, including
final Regulations issued under section 415 of
the Internal Revenue Code of 1986, as
amended, and the Pension Protection Act of 2006 (“PPA”);

 

WHEREAS,
the Company now desires to amend and
restate the Plan as required or permitted
by the Small Business Jobs Act
of 2010 (“SBJA”), the Preservation of
Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (“PRA
2010”), the Moving Ahead for Progress in the
21st Century Act (“MAP-21”), the American
Taxpayer Relief Act of 2012 (“ATRA”)
and the applicable statutory or regulatory changes included on the
2013 Cumulative List;

 

WHEREAS, the
provisions of this amendment and restatement
of the Plan shall apply only to those eligible
employees who terminate employment with
the Company on or after January 1, 2014 or
such later date as may apply for
a provision which becomes effective afterwards. Benefits payable to or on behalf of
a Participant who terminates employment prior to January 1, 2014 shall not be
affected by the terms of any
Plan amendment adopted after such Participant’s
termination of employment unless the
amendment and restatement provides otherwise.

 

1

    	 

    	 

    

NOW THEREFORE,
effective as of January 1, 2014 except as otherwise provided,
the Plan is amended and restated as follows.

 

ARTICLE
I DEFINITIONS

The
following words and phrases when used herein shall have
the meanings set forth

below
unless a different meaning is plainly required by
the context. The masculine gender wherever used
herein shall be deemed to include the feminine.
Words in the singular shall be read and
construed as though used in the plural in
all cases where they would so apply, and
vice versa.

 

1.1             
Account Balance. The amount standing
to the credit of a Participant in his Employer
Contribution Account and Non-Employer Stock Account, which shall at
all times be fully vested.

 

		1.2	Adoption Date. The date this
plan was originally effective, namely July
8, 1981.

 

1.3             
Annual Compensation. A Participant’s
total compensation paid by the Employer
for the Plan Year including wages, salary, overtime pay,
bonuses, and any amounts contributed by
the Employer on behalf of an Employee
pursuant to a salary reduction agreement which is not includible in the gross income of the
Employee under Code Sections 125, 132(f)(4), 401(k), 402(a)(8),
402(h), or 403(b), but excluding commissions, any indirect payments
such as contributions to this Plan or any other
profit sharing plan, pension plan, group
insurance plan or welfare plan, and income from
the exercise of stock options, stock appreciation rights, restricted stock
units, restricted stock or other stock awards. The Annual Compensation of each Participant taken into account in determining contributions
and allocations for any Plan Year beginning after December 31, 2013, shall not exceed
$260,000, as adjusted for cost-of-living
increases in accordance with Code Section
401(a)(17)(B). The cost-of-living adjustment in effect
for a calendar year applies to
Annual Compensation for the determination
period (the Plan Year or other
consecutive 12-month period over which Annual Compensation is otherwise
determined under the plan) that begins with or within such calendar year.

 

		1.4	Annual Valuation Date. December 31
of each year while the Plan is in effect.

 

1.5             
Authorized Leaves of Absence.
Any absence authorized by
the Employer under the Employer’s standard personnel
practices, provided that all persons under similar
circumstances must be treated alike in the
granting of such Authorized Leaves of Absence pursuant to Section 2.7, and
provided further that the Employee returns within the
period of authorized absence. An absence due to service
in the armed forces of the United
States shall be considered an Authorized Leave of Absence pursuant to Section 2.7.

 

1.6             
Beneficiary. Any person
or persons (natural or otherwise) designated
by a Participant on a form supplied by
the ESOP Committee to receive benefits payable
in the event of the death of the Participant, or
in the absence of any such designated
person(s), such other person(s) determined to be the beneficiary under Article VI hereof.

    	 

    	 

    

1.7             
Board. The Board of Directors
of Southwest Georgia Financial Corporation, a Georgia
corporation.

 

1.8             
Break in Service.
A twelve-month computation period in
which the subject Employee completes no more than 500 Hours of Service.

 

1.9             
Code. The Internal Revenue Code of 1986, as
amended, and the regulations established pursuant thereto and
the rulings issued thereunder, as they now exist or
as they may hereafter be amended
or modified.

 

		1.10	Company. Southwest Georgia Financial Corporation, a Georgia corporation.

 

1.11         
Effective Date. The date upon which this amendment and restatement of
the Plan is effective, namely January
1, 2014. The Plan was originally effective as of July 8, 1981.

 

1.12         
Eligible Participant. Any Employee
who (i) is credited with at least ten (10) years
of participation in the Plan, (ii) who has attained at least the age of fifty-five
(55), and (iii) who is a Participant at the time of any
election under Section 4.5.

 

1.13         
Employee. Any person who
is an employee (such term having its
customary meaning) of the Employer and who
is receiving remuneration for personal services
rendered to the Employer (or who
is on an Authorized Leave of Absence).
Provided, however, that for purposes of
this Plan, the term Employee shall not include
any person whose terms and conditions
of employment are determined by collective
bargaining with a union or an affiliate thereof representing such persons
and with respect to whom inclusion in this Plan has not been provided
for in the collective bargaining
agreement setting forth those terms and
conditions. In addition, the term Employee shall include
leased employees within the meaning of
Code Section 414(n)(2) unless (i) such leased
employees constitute less than twenty percent
(20%) of the Employer’s non-highly compensated work force
within the meaning of Code Section 414(n)(5)(C)(ii),
and (ii) such leased employees are
covered by a plan described in Code
Section 414(n)(5), in which event such
leased employees shall not be considered Employees for purposes
of this Plan. Leased employees shall not be
eligible to participate in the Plan. An individual classified as an independent contractor
or other individual under contract with an Employer and classified by
the Employer as a non-Employee shall not be eligible to participate in the
Plan; provided, however, that if
any individual classified by an
Employer as an independent contractor or other
non-Employee designation is later required by action
of the Internal Revenue Service, Department of
Labor or any other governmental
agency to be classified as an Employee, such individual shall not be
an eligible Employee prior to such reclassification
and, after such reclassification, the individual’s participation shall
be in accordance with the rules established by the Company.

 

1.14         
Employer. The Company and
any other business enterprise duly adopting
for the exclusive benefit of its eligible employees
(and their beneficiaries) the provisions of this Plan in
accordance with the terms hereof.

 

1.15         
Employer Contribution Account.
The account maintained for a Participant to record
his share of the contributions of the Employer
and adjustments relating thereto in accordance
with Article IV.

    	 

    	 

    

1.16         
Employer Stock. The
common stock, par value $1.00 per share,
of Southwest Georgia Financial Corporation, a qualifying
employer security within the meaning of Section
407(d)(5) of ERISA. Employer Stock shall also include any securities substituted
for such stock by way of recapitalization,
reorganization, merger or consolidation. The Plan shall not hold or
invest in any Employer Stock unless such
securities are (i) common stock which
is readily tradable in an established market as provided in Treas. Reg. Section 1.401(a)(35)-1(f)(5)
or (ii) if there is no such readily
tradable common stock, then common stock
having a combination of voting power and dividend rights
equal to or in excess of that
class of common stock having the greatest
voting power and that class of common stock
having the greatest dividend rights; provided that noncallable
preferred stock which is convertible at any time at
a reasonable price into common stock having the characteristics described above may
be used.

 

1.17         
Employment. Service as an Employee
of the Employer. The term “Reemployment”
shall mean Employment following a Break in Service.
The terms “Employed” and “Reemployed” shall be
used in the same sense as the terms Employment
and Reemployment, respectively.

 

1.18         
ERISA. The Employee Retirement
Income Security Act of 1974, as
amended from time to time.

 

1.19         
ESOP Committee. The committee
appointed by the Board as the Plan Administrator
to, among its other duties: (i)
convey the directions of Participants
to the Trustee as to the voting or
tender of shares of Employer Stock under
Article V that are allocated to Participants’
accounts and to notify the Trustee as
to the voting of allocated shares of Employer
Stock for which it does not receive
timely directions from Participants and the
tender of unallocated shares of Employer
Stock in accordance with Article V; (ii)
direct the Trustee as to the acquisition or disposition of Employer
Stock, including the number of shares to purchase, the price of such
shares and when to acquire such shares
as provided in Section 8.2; and (iii)
direct the Trustee to borrow funds to
acquire Employer Stock, including the
terms, amount and timing of any exempt
loan. In the absence of the appointment
of an ESOP Committee, the Company shall
assume such responsibilities, except as otherwise
restricted in the Plan. If the ESOP Committee (or
any committee which is carrying out any
or all of the functions of the ESOP Committee)
decides that it cannot perform the functions required under Article V with respect to the
voting or tender of shares of Employer Stock because
of restrictions under ERISA or the Code, the Board shall designate a person, committee
or entity to perform such functions.

 

1.20         
ESOP Account. The ESOP
Account consists of the Employer Contribution
Account under which Employer Contributions
are made pursuant to Article IV.

 

1.21         
Fiduciaries. The named fiduciaries, who
shall be the Employer, the ESOP
Committee and the Trustee, and other parties designated as fiduciaries by such named fiduciaries in accordance
with the powers herein provided, but only with respect
to the specific responsibilities of each for Plan and Trust administration as set forth herein.

 

1.22         
FMLA Leave. The leave of absence taken by
an Employee, on either a paid
or unpaid basis, in accordance with the
Family and Medical Leave Act of 1993 and
in connection with any effective similar state family leave law.

    	 

    	 

    

		1.23	Hour of Service. Each Employee
shall be credited with an Hour of Service for:

 

(1)              
Each hour for which such Employee is paid, or entitled to payment,
by the Employer for the performance of
duties. These hours shall be credited to the
Employee for the computation period in which the duties are performed; and

 

(2)              
Each hour for which such Employee is paid, or entitled to payment,
by the Employer on account of a period
of time during which no duties are
performed (irrespective of whether the employment
relationship has terminated) due to vacation, holiday, illness, incapacity (including
disability), jury duty, military duty or leave
of absence, provided, however, that under this paragraph (2):

 

(i)                
No more than 500 Hours of Service shall be credited for any single continuous period
(whether or not such period occurs in a single computation period)
during which the Employee performs no duties:

 

(ii)              
No hours shall be credited if
such payment is made or due under a plan
maintained by the Employer solely
for purposes of complying with applicable worker’s compensation, unemployment
insurance or disability insurance laws; and

 

(iii)            
No hours shall be credited for
a payment which reimburses an Employee
for medical or medically related expenses incurred by the
Employee; and

 

(3)              
Each hour for which back pay, irrespective of
mitigation of damages, is either
awarded or agreed to by the Employer.
These hours shall be credited to the
Employee for the computation period to
which the award or agreement pertains rather than the period in which
the award, agreement, or payment is made.
The same Hours of Service shall not be
credited under paragraphs (1) or (2), as the case may
be, and this paragraph (3). Crediting of hours
for back pay awarded or agreed to with
respect to periods described in paragraph (2) shall be subject to
the limitations of that paragraph.

 

(4)              
Hours of Service credited under the Plan shall be calculated and
credited subject to the rules and restrictions
set forth in Department of Labor Regulations Section 2530.200b-2(b),
(c) and (f) which are incorporated herein by this
reference.

 

(5)              
The method of determining Hours of Service under the Plan shall be
in accordance with Department
of Labor Regulations Section 2530.200b-3
and shall be applied in a consistent and nondiscriminatory manner to Employees
or classes of Employees.

 

(6)              
For purposes of determining whether a Break in Service
has occurred for participation and vesting purposes,
for Plan Years beginning on or after
January 1, 1985, Hours of Service shall also
include hours for maternity or paternity absences in accordance with Section
2.3(e). During such absence, the Employee shall receive
credit for Hours of Service equal to
the number of hours that normally would have
been credited during the absence, or if unknown, then eight hours
per day of absence, provided that the
credit for Hours of Service on account
of the birth or placement of a
child with the Employee by adoption shall
not exceed 501 Hours of Service per absence.
Hours of Service on account of pregnancy or
adoption shall only be required to be credited if, in the Plan Year in which the maternity
or paternity absence begins,

    	 

    	 

    

crediting
of such hours is necessary to prevent a Break
in Service that year; otherwise, such hours
shall be credited in the following Plan Year.

 

1.24         
Non-Employer Stock Account.
The account maintained for a Participant to record
the amounts realized pursuant to Section 5.16 and adjustments relating thereto.

 

1.25         
Non-Employer Securities Portion of
the Plan. The portion of the
Plan consisting of the Non-Employer Stock Account
which holds the proceeds of a tender offer,
exchange or other sale or disposition of Employer Stock pursuant to Section 5.16.

 

1.26         
Normal Retirement Date. The first
day of the month coincident with or next
following the date on which a Participant attains the age of sixty-five
(65) years. A Participant’s right to his retirement benefits shall become
non-forfeitable upon his attainment of age sixty-five
(65).

 

1.27         
Participant. Any Employee who
has qualified under the terms of the Plan for participation therein and who
remains so qualified.

 

1.28         
Plan. The Plan and Trust set forth herein, as amended from
time to time, which shall be known as the Employee Stock Ownership Plan and
Trust of Southwest Georgia Financial Corporation, is intended
to qualify as an employee stock ownership
plan as defined in Section 4975(e)(7)
of the Code, which is designed to primarily
invest in qualifying employer securities.

 

1.29         
Plan Administrator. The
ESOP Committee, or in its absence, the Company or any administrative committee appointed for that purpose by the Company.

 

		1.30	Plan Year. January 1 through the next following December 31.

 

		1.31	Qualified Election Period. The six (6)
Plan Year periods beginning with later of

		(a)	the first Plan Year in which the
relevant Participant first became an Eligible Participant,
or

		(b)	the first Plan Year beginning after December 31, 1986.

 

1.32         
Service. A Participant’s
period of employment with the Employer, or any predecessor of the Employer,
whether a corporation, partnership or sole proprietorship, and any
corporation, sole proprietorship or partnership
that is a member of a controlled group
of corporations that includes
the Employer, or is under common control,
or is a member of an affiliated service group that includes
the Employer, or is related through the leasing of employees,
as determined under Code Section 414(b), (c), (m) and (n).

 

1.33         
Trust (or Trust Fund). The fund known as
the Employee Stock Ownership Plan Trust of Southwest Georgia
Financial Corporation, maintained in accordance
with the terms of the trust agreement, as amended from time to time, which constitutes
a part of the Plan.

 

1.34         
Trustee. Southwest Georgia Bank,
a state banking association, and any successor
trustee(s) designated in the manner provided in the
Plan and accepting such trust as provided herein.

    	 

    	 

    

1.35         
Valuation Date. The periodic and
regularly scheduled date(s) for valuation of
the individual investment funds of the Trust
and the respective Non-Employer Stock Accounts of
Participants.

 

1.36         
Year of Service. The applicable 12-month
period during which the Employee completes at
least 1,000 Hours of Service. Year of
Service shall include past service with any
Employer to the extent provided hereunder, provided there shall be no duplication
of benefits.

 

ARTICLE II

PARTICIPATION
AND SERVICE

2.1             
Participation

 

(a)               
Participation Requirements Prior to January 1, 1993. An Employee
shall become a Participant as of the
January 1 or July 1 (the “Entry Date”)
coincident with or next following the date on which the
Employee first completes two (2) Years of Service, provided
that such Employee is Employed on such
Entry Date. Notwithstanding the foregoing, an
Employee who was actively employed on January 7, 1991 shall become a Participant
on January 7, 1991 and shall be eligible for an allocation of the Employer’s
contribution for the Plan Year ending December 31, 1991 in accordance
with Section 4.3 based on his Annual Compensation during
such Plan Year without regard to his
Hours of Service for such Plan Year provided
he is in active Employment on December 31, 1991.

 

(b)              
Participation Requirements from January 1, 1993 through May
31, 1997. An Employee who is first credited
with an Hour of Service on or
before May 31, 1997 who did not become a Participant prior to January 1, 1993 shall
be eligible to participate on (i) January 1,
1993 if the Employee has completed a
ninety (90) day evaluation period on or before
January 1, 1993, or (ii) in the case
of any other eligible Employee, the first
day of the month following
the completion of a ninety (90) day evaluation
period which shall begin on the
first date the Employee is credited with an Hour of Service, provided the Employee
is employed on such date. An Employee
who is employed in a janitorial position shall not be eligible to participate.

 

(c)               
Participation Requirements Effective as of June 1, 1997. An
Employee who is first credited with an Hour of Service on or
after June 1, 1997 shall become a Participant
on the first day of the month following the date on which the Employee completes two (2) Years of
Service, provided that such Employee
is Employed on such date. An Employee
who is employed in a janitorial position
shall not be eligible to participate.

 

(d)              
Computation of Service.
For purposes of determining an Employee’s eligibility to participate under
Section 2.1, the computation period initially
to be taken into account to determine
whether the Employee has completed a
Year of Service shall be the 12-month period
commencing with the date of the
Employee’s Employment. In the event
that the Employee fails to be credited
with at least 1,000 Hours of Service
during this initial computation period, the eligibility computation
period shall be the first Plan Year
commencing after the Employee’s date of
Employment and succeeding Plan Years. If the
Employee is credited with at least 1,000 Hours
of Service during the 12-month period
commencing with the

    	 

    	 

    

date
of the Employee’s Employment, the computation period used to determine
whether the Employee has been credited with the
second Year of Service, shall be the
12-month period beginning on the first
anniversary of the Employee’s Employment commencement date and,
if necessary, succeeding years based on
the Employee’s date of Employment.

 

(e)               
Service with Acquired Employers.
If an Employee was employed by an
employer who was acquired by the
Company or an affiliate of the Company (either
as an acquisition of stock or assets),
for purposes of determining the Employee’s eligibility to participate,
the Employee’s last continuous period of service with such
acquired employer shall be credited only as provided in Schedule A.

 

(f)               
Participation Exclusion Effective as of
May 1, 1999. Notwithstanding the other
provisions of this Section 2.1, effective
May 1, 1999, any Employee who is employed
on an exclusively commissioned basis shall not be eligible to participate in the Plan.

 

2.2             
Service. A Participant’s
eligibility for benefits under the Plan
shall be based on his Years of Service determined as follows:

 

(a)               
Service Prior to the Adoption Date.
With regard to an Employee who was Employed
on the Adoption Date, his Years of
Service with the Employer prior to and
including the Adoption Date shall be counted
as Service hereunder, including periods of Authorized Leave of Absence. In
addition, an Employee’s Years of
Service with Moultrie National Bank (now, Southwest Georgia Bank) prior to the Adoption
Date shall be counted as Service hereunder.

 

(b)              
Service From and After the
Adoption Date. Subject to subsection
(a) and the provisions which follow,
an Employee shall accrue a Year
of Service for each Plan Year
in which he has 1,000 or
more Hours of Service. Provided, however, that if
the Employee has completed at least 1,000 Hours
of Service during the 12-month period commencing on the
date of his Employment and such
period overlaps two Plan Years in neither
of which has the Employee completed at least 1,000 Hours
of Service, he shall nevertheless be
credited with a Year of Service for the
Plan Year in which he becomes a Participant (or in which
he becomes eligible for re-participation) in the Plan.

 

(c)               
Service of Acquired Employers.
If an Employee was employed by an
Employer who was acquired by the
Company or an affiliate of the Company
(either by acquisition of
stock or assets), for purposes of determining
the Employer’s eligibility to participate, the Employee’s last
continuous period of service with such
acquired Employer shall be credited only
as provided in Schedule A.

 

2.3             
Effect of Break in Service.
In the event a Participant, or an Employee who was
not a Participant, incurs a Break in
Service, the following provisions shall
apply to his participation in the Plan:

 

(a)               
A Participant shall remain a Participant
until such time as he incurs a Break
in Service;

    	 

    	 

    

(b)              
In the case of an Employee who was a Participant when
he incurred a Break in Service, he will again be considered a Participant
on the date he completes one Hour of Service
after the Break in Service; and

 

(c)               
If an Employee who is not a Participant has
a Break in Service, he must satisfy the eligibility
requirements of Section 2.1 for participation
as if he were a new Employee whose Employment commenced on the
first date that he completed an Hour of Service after the last date
of the computation period in which the Break in Service occurred, provided that his
earlier period of service will be
counted if his Break in Service period does not equal or exceed five years.

 

(d)              
Computation Period. The
Plan Year shall be the computation period
for purposes of determining whether a Break
in Service has occurred. The first Plan Year computation period
for this purpose shall be, in
the case of Employees who were Participants
on the Effective Date, the Plan Year
commencing on said date and shall be,
in the case of Employees who thereafter
become Participants, the Plan Year which
includes the last day of the computation
period during which the Participant satisfies the requirements for participation as
set forth in Section 2.1 above.

 

(e)               
Maternity or Paternity Leave.
In the case of an Employee who is absent from Employment on account of
(i) the Employee’s pregnancy, (ii) the birth of
a child of the Employee, (iii) the placement
of a child with the Employee in connection
with the adoption of the child by the
Employee or (iv) an absence due to the
need for caring for such child for a period
beginning immediately following such birth or
placement, the Plan shall treat as Hours of Service,
solely for purposes of determining whether
a Break in Service has occurred, the following
hours:

 

(i)                
the Hours of Service which otherwise would normally have been credited to such
Employee but for such absence; or

 

(ii)              
if the Hours of Service in (i) cannot be determined, then
eight (8) Hours of Service for each day of such absence.

 

However,
such Hours of Service credited under this Section 2.3(e) shall not
exceed 501 Hours of Service for each such absence.

 

The
Hours of Service credited under this Section 2.3(e)
shall be credited in the Plan Year in
which the absence begins only if an Employee would be prevented from incurring a Break
in service in such Plan Year.
In any other case,
such hours shall be credited in the
immediately following Plan Year. The Employee
shall not be entitled to receive credit
for maternity or paternity leave under this Section 2.3(e) unless such Employee furnishes
to the Plan Administrator within such reasonable time period as
the Plan Administrator may establish evidence
that the absence is on account of one of the
four (4) reasons specified in the first paragraph of this Section 2.3(e) and
evidence of the duration of such absence.

 

For purposes
of determining whether a Break in Service has occurred for purposes of participation and
vesting with respect to an Employee who
returns to work following an FMLA Leave, for periods on and
after August 5, 1993, any period of unpaid FMLA
Leave shall

    	 

    	 

    

not be
treated as or counted toward a Break
in Service. Unpaid FMLA Leave shall not
be counted in Hours of Service except
to the extent Hours of Service are
otherwise credited for any unpaid leave of absence by the Employer.

 

2.4             
Inactive Account Status. In
the event that any Participant (excluding an
Employee whose employment is terminated) completes more than 500 Hours
of Service but less than 1,000 Hours
of Service in any Plan Year of
his participation, or if during a Plan Year
a Participant has no more than 500 Hours
of Service but is on an Authorized Leave of
Absence which would prevent him from
having a Break in Service, his
Employer Contribution Account shall be
placed on inactive status. In such case, such Plan Year shall not be considered as
a Year of Service, and the Participant
shall not share in the Employer’s contribution allocations
made pursuant to Section 4.3 for any
such Plan Year, but he
shall continue to receive income allocations
in accordance with Section 4.2. In the event
such Participant has 1,000 Hours of Service
in a subsequent Plan Year, his Employer Contribution Account shall revert
to active status for such Plan Year with full rights and privileges under this Plan restored.

 

2.5             
Transfers of Employment
Among Employers. Subject to Section
2.3, in computing Service hereunder, the period
of an Employee’s employment with
any other member of a group of related
employers which includes the Employer
shall be counted for participation and
vesting purposes, and a transfer of an Employee from the employ of one such
member to the employ of another member shall not interrupt
Employment. Related employers shall be determined
under Code Section 414(b), (c), (m) and
(n) to include members of a controlled group
of corporations, trades or businesses under common control,
members of an affiliated service group, and entities related through the leasing
of employees. In the event any Participant during
the course of any Plan Year is
employed simultaneously by more than one such
member, he shall be entitled to an allocation under
Section 4.3 hereof by taking into account his aggregate Annual
Compensation from such simultaneous members.
Further, if the Employee was previously Employed in a job classification
which precludes such Employee from participation in the
Plan, his Employment in such job classification
shall count as Service hereunder for eligibility purposes.

 

2.6             
Election Not to Participate.
An Employee who is eligible to participate in the Plan may elect
in a writing directed to the Plan Administrator not to participate for the
Plan Years specified in such writing.
Effective January 1, 2002, an Employee, leased employee,
independent contractor, Beneficiary or other person with any claim
to benefits under the Plan who provides
the Plan Administrator with a knowing, voluntary and irrevocable
waiver of benefits under the Plan in a form
satisfactory to the Plan Administrator shall not be
eligible to participate in or receive benefits from the Plan and shall be treated for all purposes as ineligible.

 

		2.7	Qualified Military Service.

 

(a)               
USERRA Provisions. Notwithstanding any
provision of this Plan to the contrary,
contributions, benefits, and service credit with respect to qualified military service shall be provided as required under Code
Section 414(u).

 

		(b)	HEART Provisions.

    	 

    	 

    

(i)                
Death Benefits. In the case
of deaths occurring on or after January 1, 2007, if a Participant dies
while performing qualified military service as
defined in Code Section 414(u), the Participant’s surviving spouse or Beneficiary shall be entitled to any additional
benefits as described in Code Section 401(a)(37)
(other than benefit accruals relating to the period of qualified military service)
and which are provided under the Plan as if the Participant had resumed and then terminated Employment
on account of death.

 

(ii)              
Continued Benefit Accruals. In
the case of deaths or total and permanent
disabilities occurring on or after January
1, 2007, the Plan shall not provide
any continued benefit accruals under the
Plan in the case of a Participant who dies
or becomes totally and permanently disabled while performing qualified military service.

 

(iii)            
Differential Wage Payments. For Plan Years beginning on or after
January 1, 2009, if a Participant on qualified military service receives
a differential wage payment (as defined
in Code Section 3401(h)(2)), he or she
shall be treated as an Employee of the
Employer making the payment, and the differential wage payment
shall be treated as compensation for
all purposes of applying the Code except
for purposes of determining contributions and benefits under the Plan.

 

ARTICLE
III CONTRIBUTIONS

3.1             
Employer Contributions. For
so long as the Plan continues in effect,
the

Employer
may make a contribution annually to the Trust
for allocation to the accounts of all Participants or
former Participants as provided in Section 4.3(a).
The Employer’s contribution shall be made in (i)
cash, (ii) property acceptable to the
Trustee and approved by the Plan Administrator, or
(iii) Employer Stock (as defined herein), or
any combination of the foregoing. The amount of
each such contribution to the Trust shall be
determined by the Board of Directors of
the Employer, taking into consideration the then prevailing financial conditions
and fiscal requirements of the Employer and such other factors as
the Board of Directors may deem pertinent and applicable under the circumstances.
In no event shall the annual contribution
be less than an amount necessary,
when added to other available funds held by the
Plan, to pay the current amounts due (if any) under any loans or purchase money obligations
incurred by the Plan for the purpose of purchasing shares of
Employer Stock. The contributions by the Employer
shall be credited to the Employer Contribution
Accounts of Participants in accordance
with Article IV. The Employer shall pay
to the Trustee its contribution for each Plan Year
not later than the close of such Plan Year or
within such other period thereafter as is described
in Code Section 404(a)(6).

 

In
no event shall the contribution by
the Employer be greater than the amount deductible
by the Employer for
federal income tax purposes for the taxable year
with respect to which the same is made,
plus such additional amount as may be
deductible by reason
of a deduction carry forward from a prior
year or years when less that the
maximum deductible amount was actually contributed,
except in anticipation of a future contribution
of less than the maximum amount
deductible with respect to such future
year and the carry-forward to such future year
of the

    	 

    	 

    

current
excess contribution for deduction purposes under
applicable statutes and regulations. The contribution provisions of Code Section 404(a)(9)
shall apply to the Plan and, in accordance with such provisions, additional contributions
may be made to the Plan for the purposes specified in such provisions.

 

No contributions by Participants shall
be permitted under this Plan.

 

3.2             
Fund for Exclusive Benefit
of Participants. All assets of the Trust Fund shall be held
hereunder for the exclusive benefit of
the Participants and their Beneficiaries for the purpose of distributing to such
Participants and Beneficiaries the corpus and income
of the Trust Fund in accordance with the
provisions of Article V hereof. No part
of the Trust Fund corpus or income shall
be used for or diverted to purposes other
than for the exclusive benefit of Participants and
Beneficiaries under the Plan, whether by operation of law or
natural termination of contracts, by
power of revocation or amendment, by the
happening of a contingency, by
collateral arrangement or by any other
means; provided that the Employer hereby reserves the
right to amend or revoke the Plan at any time as provided in Articles IX and X hereof.

 

To
the extent permitted by the Code
and applicable rules and regulations
thereunder and notwithstanding anything herein to the
contrary, upon the Employer’s request, a contribution
which was made by a mistake of fact, or
conditioned upon the initial qualification of
the Plan or upon the deductibility
of the contribution under Code
Section 404, shall be returned to the Employer
within one year after
the payment of the contributions, the
denial of the qualified status of the Plan or
the disallowance of the deduction for such
contribution (to the extent disallowed), whichever
is applicable.

 

3.3             
Special Limitation on Allocations for Plan Years
to Which Code Section 415(c)(6) Applies.
For any Plan Year to which the special
limitation of Code Section 415(c)(6)
shall otherwise apply, no more than one-third
(1/3) of the Employer contributions for the
Plan Year shall be allocated to the
accounts of Highly Compensated Employees (within the meaning of Code Section
414(q)).

 

ARTICLE IV

INTERESTS
OF PARTICIPANTS

4.1             
Accounts of Participants. The Trustee shall maintain an
Employer Contribution

Account
for each Participant to which contributions made
under the Plan shall be credited and
a Non-Employer Stock Account for each
Participant who tenders, exchanges or otherwise sells Employer
Stock pursuant to Section 5.16. The Participant’s
Employer Contribution Account may, if necessary in the view of the Trustee,
be subdivided into subaccounts to reflect allocations of
Employer Stock and allocations of non-Employer Stock assets
(“Other Assets”) in each Participant’s Employer Contribution Account.
The Participant’s Non-Employer Stock Account may also be divided into subaccounts as deemed advisable by the Trustee.

    	 

    	 

    

4.2             
Allocation of Shares of Employer
Stock, Income, Expense, Fluctuations in Asset
Value, Etc.

 

(a)               
In General.
As of the close of business on
each Annual Valuation Date, the Trustee shall determine, in such
reasonable ways and from such information as it may deem appropriate,
the fair market value of the Trust Fund. In
making this determination, the value
of Employer Stock shall be its fair
market value on such Annual Valuation Date as determined as the closing price
on the last trading date in the month in which the Annual Valuation Date occurs or, if the Employer
Stock is not publicly traded, by an independent appraisal by a person selected by
the Plan Administrator and acceptable
to the Trustee who customarily makes
such appraisals and meets the requirements of
the regulations under Code Section 170(a)(1).
After such determination is made of the fair market value of
the Trust Fund, the Trustee shall make appropriate
adjustments in the Employer Contribution Accounts
of all Participants, former Participants and Beneficiaries who have unpaid
balances in their accounts at
such time, by allocating pro rata among
such accounts based on the respective
balances thereof as of the next preceding Annual Valuation Date
(but after first reducing each such account balance
by any distribution from the account during
the Plan Year then ending), any increases and
decreases in the value of the assets of the Trust Fund and any
income (other than contributions), expenses,
and realized gains and losses of the Trust Fund since such preceding Annual Valuation Date.

 

(b)              
Dividends on Employer Stock. To
the extent permitted by law, the
dividends (if any) paid during a Plan Year
on Employer Stock held by the Plan (whether
allocated or unallocated to Participants’
accounts) may be used to pay
debt on outstanding borrowings, to pay administrative
or other Plan expenses, or, in the discretion
of the Plan Administrator, be paid in cash
to Participants in the Plan in accordance with the
respective number of shares of Employer Stock allocable to each
Participant’s account as of the Annual Valuation Date immediately preceding
the dividend payment date.

 

If
dividends on allocated shares of Employer Stock are
used to pay debt on outstanding
borrowings, there shall be transferred from
the suspense account of unallocated shares of Employer Stock to the accounts of Participants
to which the dividends would have been allocated the number of shares of Employer
Stock equal in value to the amount of dividends that would have
been allocated to such accounts, but for the
use of such dividends to make payments on borrowings.
Such allocation of shares from the suspense
account shall be made in the Plan Year
in which the dividends would otherwise
have been allocated. If dividends are paid
to Participants, they shall be paid not later
than ninety (90) days after the close of the Plan Year
in which such dividends are paid to the Trust. The direction by the Plan Administrator, which may be
a continuing direction, to pay such dividends
to Participants shall be made in writing
to the Trustee by the Plan Administrator
at least thirty (30) days prior to a
dividend payment date. In the event any
dividends on Employer Stock are held
by the Plan for
a two-year period or longer, they may
only be distributed in cash if the
provisions of Article V regarding cash
distributions are satisfied.

 

		4.3	Allocation of Employer Contributions.

 

(a)               
In General.
For Plan Years beginning on or after
January 1, 1997, as of each Annual Valuation
Date, and after the allocations provided
in Section 4.2 above, the current

    	 

    	 

    

contribution
of the Employer shall be allocated to the
Employer Contribution Accounts of (i) all
Participants who are active Employees
on the last day of such Plan Year and who have a Year of Service
for such year, and (ii) all retirees and disabled Participants who have not elected pursuant to Sections 5.1, 5.2 or
5.3 to have their Account Balances determined as of
the Annual Valuation Date next preceding their dates
of retirement, in the same proportion as the Annual Compensation of
each such Participant or former Participant bears to the aggregate Annual
Compensation of all such Participants during such year.

 

For
Plan Years beginning on or after January
1, 1993 (but before January 1, 1997), as of each Annual Valuation Date, and after
the allocations provided in Section 4.2 above, the current contribution of
the Employer shall be allocated to the
Employer Contribution Accounts of (i) all Participants who
are active Employees on the last day of such
Plan Year, and

(ii) all Participants
who retired or become totally and permanently
disabled (as defined in Section 5.2) during the
Plan Year, and who have not elected pursuant
to Sections 5.1, 5.2 or 5.3 to have their Account Balances determined as of the Annual
Valuation Date next preceding their dates of retirement,
in the same proportion as the Annual Compensation of
each such Participant or former Participant bears to the aggregate Annual Compensation
of all such Participants during such year,
without regard to the number of Hours of Service credited to such
Participant or former Participant for such Plan Year.

 

For
Plan Years ending on and after August
5, 1993, an Employee on FMLA Leave on
the last day of the Plan Year who returns to work following such FMLA Leave shall be deemed to have been an active Employee
on the last day of such Plan Year.

 

(b)              
Allocation of Suspense Account Employer Stock. The
Trustee shall maintain a suspense account to which
it shall credit all borrowings (loans, purchase
money obligations, etc.) made by
it to purchase Employer Stock and to which it shall debit all shares of Employer
Stock which are purchased with such borrowed
funds. The shares in the suspense account shall not be
allocated except as the shares are released
from the suspense account as provided for in this subsection 4.3(b).

 

Except in circumstances
where the Plan Administrator and the Trustee agree
on a different method, a suspense account established hereunder shall be handled as
follows: on each Annual Valuation Date,
the Trustee shall release shares of Employer
Stock in the suspense account for allocation to the
accounts of Participants who are eligible
to share in the Employer’s contribution for
such year. The number of shares to be released on each
Annual Valuation Date shall be equal to the
number of encumbered securities held immediately before
release for the current Plan Year multiplied by a fraction,
the numerator of which is the amount of principal and interest
paid for such year and the denominator of which
is the sum of the principal and interest
to be paid for such year and for all
future years. If the interest rate is variable, future
interest shall be projected using the interest rate applicable as of the end of the Plan Year.
Such released shares of Employer Stock shall be allocated to the eligible Participants’
Employer Contribution Accounts in the manner provided in subsection (a) above.

 

(c)               
Earnings on Advance Employer Contributions. Earnings
on advance Employer contributions shall be allocated
to eligible Participants’ Employer Contribution Accounts in the manner provided in subsection (a) above.

    	 

    	 

    

		4.4	Maximum Additions.

 

(a)               
The Annual Additions made to the accounts of
a Participant for any Plan Year
shall not exceed the lesser of: (i) $52,000 for Plan Years
beginning after December 31, 2013, as adjusted
for increases in the cost-of-living under Section 415(d) of
the Code; or (ii) 100% of the Participant’s annual
compensation, within the meaning of Code Section 415(c)(3),
for the Plan Year. The annual compensation limit referred to in item (ii) above shall
not apply to any contribution for medical benefits after
separation from service (within the meaning
of Code Section 401(h) or Section 419A(f)(2)) which is otherwise treated as an annual
addition.

 

(b)              
For purposes of this Section 4.4, “compensation” means
compensation as defined in Code Section 415(c)(3).
Compensation shall include elective deferrals under Code Sections 402(g), 125 and
457, and elective amounts that are not
includible in the Participant’s gross
income by reason of Code Section 132(f)(4).
Effective for Plan Years beginning on or after
July 1, 2007, “compensation” shall be adjusted for
regular pay paid after severance from employment if such amount is paid
by the later of within 2 1/2 months after
a severance from employment (within the meaning
of Code Section 401(k)(2)(B)(i)(I)) or by the end of
the limitation year that includes the date of such severance from employment and if:

 

(i)                
the payment is regular compensation for services during the Participant’s
regular working hours, or compensation for services outside the
Participant’s regular working hours (such as overtime or shift differential),
commission, bonuses, or other similar payments paid after a Participant’s
severance from employment with the Employer
maintaining the Plan (or any other
entity that is treated as the Employer
pursuant to Section 414(b), (c), (m), or (o) of the Code), and

 

(ii)              
the payment would have been paid to the
Employee if the Employment had continued.

 

Any other
payment of compensation paid after severance
of employment that is not described
in this subsection (b) is not considered compensation
with the meaning of Section 415(c)(3) of the Code, even if payment
is made within the time period specified above.

 

		(c)	Excess Allocations.

 

(i)                
For Limitation Years Prior to July 1, 2007. If
such Annual Additions with respect to any
Participant for any Plan Year
would exceed the limitations set forth
in this Section 4.4, such excess Annual
Additions shall be treated in accordance with the following as applicable:

 

(1)              
First, any Employee contributions made
by the Participant which
would constitute excess Annual Additions for
the Plan Year shall be returned to the Participant.

 

(2)              
Second, any remaining excess Annual
Additions shall be reallocated
to other Participants in accordance with
the method of allocation under Section 4.3 hereof
to the extent that such allocations do
not cause the

    	 

    	 

    

Annual
Additions to any such other Participant’s
Account to exceed the limitations set forth in this Section 4.4.

 

(3)              
To the extent that such allocation or reallocation of excess amounts
causes the limitation set forth in this
Section 4.4 to be exceeded with respect
to each participant for the Plan Year,
then such amounts will be held unallocated
in a suspense account, to be allocated in the next Plan Year(s) in accordance with
Section 4.3 hereof. If such a suspense account is in existence at
any time in accordance with this provision, all amounts
in such suspense account must be allocated
before any Employer contributions and Employee
contribution which would constitute such Annual
Additions may be made to the Plan. Investment gains and
losses and other income shall not be allocated
to such suspense account. Upon termination of
the Plan, any amount remaining in such
suspense account which is unallowable shall revert to the Employer.

 

(ii)              
For Limitation Years Beginning On or After July 1, 2007.
If such Annual Additions with respect
to any Participant for any
Plan Year would exceed the
limitations set forth in this Section
4.4, such excess Annual Additions shall
be treated in accordance
with the final regulations relating to Code
Section 415 that were made effective
July 1, 2007. Such final regulations do not include
the correction methods for excess annual additions that were previously in
Section 1.415-6(b)(6) of the 1981 Income Tax Regulations.
The Committee is permitted to implement
corrections using these methods; provided, the Plan satisfies the eligibility requirements
for self-correction under the Employee
Plans Compliance Resolution System pursuant
to Rev. Proc. 2006-27, as amended
and modified by the Internal Revenue Service from time to time.

 

(d)              
For purposes of this Section 4.4, the
following definitions and rules of interpretation
shall apply:

 

(i)                
The “Annual Addition” of a Participant
means amounts treated as Employer contributions, plus the
Participant’s contributions (if any).
With respect to defined contribution plans under which forfeitures can occur, Annual
Additions shall also include any forfeitures
allocable during the Plan Year. Further,
amounts allocated to an individual medical
benefit account, as defined in Code Section 415(1)(2),
which is part of a defined benefit plan maintained by the
Employer shall be treated as Annual Additions
to a contribution plan. In no event shall
this be construed as applying the limitations of
Code Section 415(c)(1)(B) to individual
medical accounts or post-retirement medical benefits.
Rollover contributions are also not treated as
Annual Additions. For purposes of clarity,
restorative payments allocated to a Participant’s Account Balance result from
actions (or a failure to act) by a fiduciary for which there is a reasonable
risk of liability under Title I of ERISA
or under other applicable federal or state law, where
similarly situated Participants are similarly treated, shall not constitute an Annual Addition.

 

(ii)              
“Dollar Limitation” means the limitation provided
in Code Section 415(c)(1)(A) (adjusted
in accordance with regulations of the
Secretary of the Treasury) as in effect for the particular Plan Year.

    	 

    	 

    

(iii)            
For purposes of computing the maximum allocation under Section 4.4(a),
all defined contribution plans (whether or not terminated) of the Employer shall be treated
as one defined contribution plan.

 

(iv)            
When the term Employer is used
in this Section, it shall mean the Employer
and any other corporation or division
which is a member of a controlled group of
corporations (within the meaning of Code Section 414(b),
as modified by Code Section 415(h)) of which the Employer
is also a member.

 

(e)               
In addition to other limitations set forth in the
Plan and notwithstanding any other provision of the Plan, the
Annual Additions under the Plan (and
all other defined contribution plans required
to be aggregated with this Plan under Code
Section 415) shall not increase
to an amount in excess of the amount
permitted (when considered with all other aggregated
plans of the Employer) under Code Section 415.

 

(f)               
If no more than one-third of the Employer contributions for
a Plan Year are allocated to the accounts
of highly compensated employees (as defined
in Code Section 414(q)), then, for purposes
of determining allocations to Participant accounts under this Section 4.4,
Employer contributions which are deductible
under Code Section 404(a)(9)(B) and charged against Participant accounts shall not
be included, in accordance with Code
Section 415(c)(6).

 

		4.5	Directed Investments By Eligible Participants.

 

(a)               
In General. Each
Eligible Participant shall, during any
Qualified Election Period, be permitted
to direct the investment of his Employer
Contribution Account in accordance with
the provisions of this Section 4.5.
Each Eligible Participant may elect, in a writing
delivered to the Plan Administrator within
ninety (90) days after the close of each Plan Year
in the Qualified Election Period, to direct
the investment of twenty-five percent (25%) of such
Participant’s Account Balance in the
Plan attributable to Employer Stock contributed
to or acquired by the Plan after December
31, 1986, determined as of the Annual Valuation
Date for the Plan Year preceding
the Plan Year in which such election is made (to the extent such portion exceeds
the amount to which a prior election under this Section 4.5 applies); provided,
however, that in the case of the election year
in which the Participant is permitted
to make his last such election, fifty
percent (50%) shall be substituted for twenty-five percent (25%) in applying
this Section 4.5. Any Employer Stock diversified
under this Section 4.5 shall be valued based on the closing sale price of the Employer
Stock as of the last trading day of
the calendar month immediately preceding the month in which the diversification takes
place.

 

For purposes
of this Section 4.5, a Participant’s Account Balance at the end of any Plan Year
shall be deemed not to include any
amounts allocated to a Participant’s Account
or contributed to the Plan after
the end of such Plan Year, even if allocated
as of the end of such Plan Year. The Plan shall offer
at least three (3) investment options for Eligible Participants which
are permissible under regulations issued under the Code. Any
investment or reinvestment made pursuant to this Section 4.5 shall be
made within a reasonable time after the
Participant’s written election is delivered
to the Plan Administrator, but in any
event within ninety (90) days of the
90-day period set forth in Section 4.5(a). No
fiduciary of the Plan shall have any liability

    	 

    	 

    

for
investments and reinvestments made under this Section
4.5 pursuant to the direction of an Eligible
Participant. The Account Balance of an Eligible Participant who
directs the investment of a portion of
his Account Balance shall be charged with all costs and expenses of
such investment or reinvestment or of any other transaction hereunder at the request of the Participant, as
well as all income, gains, losses, etc. attributable to such investment or
reinvestment.

 

(b)              
Alternative To Directed Investments.
In lieu of permitting directed investments by
Eligible Participants as provided in subsection
(a), the Company may determine and
direct that the portion of such Eligible Participant’s Account Balance which
is actually directed for investment by
such Participant be (i) distributed to such
Participant, or (ii) transferred to another qualified
plan of the Employer which accepts such transfers, provided that such
plan permits employee-directed investment and
does not invest in Employer Stock to a substantial degree.
Such distribution or transfer shall be made within ninety (90) days of the 90- day
period set forth in Section 4.5(a) during which such Participant directed such investment.

 

		4.6	Investment of Non-Employer Stock Accounts.

 

(a)               
Non-Employer Stock Accounts. The ESOP Committee may designate that all or
a portion of the Non-Employer Stock Accounts be
invested in a collective trust fund or
as otherwise permitted in Section 8.2. If permitted on a nondiscriminatory
basis by the ESOP Committee, all or
a portion of the amounts in a Participant’s
Non-Employer Stock Account (if any)
shall be subject to the investment direction
of the Participant in accordance with the
provisions of subsection (b). The amount to be
invested at the direction of the Participant is referred to as the “Participant Directed Amount.”

 

(b)              
Investment Direction. Any direction by
a Participant of the investment of the
amounts credited to him under the Plan,
as described in Section 4.6(a), shall
be made in accordance with this subsection.

 

(i)                
A Participant shall direct the investment, or change the direction of the
investment, of his Participant Directed
Amount by delivering to the Plan Administrator
a statement on such form, or by following
such other procedure, as may be prescribed
by the Plan Administrator, directing
the investment of his Participant Directed
Amount into any or all of the separate
investment options selected by the ESOP Committee and offered under the Plan.
Such statement must be submitted within a stated period of time prior
to the date for which it is to be effective
as designated by the Plan Administrator.
The Plan Administrator may prescribe different periods of
time for the initial direction of the Participant
Directed Amount and for subsequent changes of direction. A Participant shall
be given the opportunity to change the investment direction of his Participant
Directed Amounts pursuant to the uniform and
nondiscriminatory procedures established by the Plan Administrator.
Any Participant direction shall remain
in effect until superseded by a subsequent direction, or until the complete distribution of a Participant’s
Non-Employer Stock Account.

 

(ii)              
If individual direction is permitted, the Trustee shall use
its best efforts to ensure that each Participant
is provided such information and rights
to exercise control over his Non-Employer
Stock Account as required to satisfy all of
the conditions

    	 

    	 

    

to make
the Non-Employer Securities Portion of the Plan an “ERISA Section 404(c)
plan” (within the meaning of the ERISA 404(c) regulations) and to make each election by a Participant subject
to the relief provided under ERISA 404(c).
The Participant will have the sole responsibility for the investment of his Participant
Directed Amount among the available investment options and,
to the extent permitted by law, no Fiduciary
or other person will have any liability for
any loss or diminution in value
resulting from Participant’s exercise of such investment responsibility.
The investment options may be changed, eliminated, or modified from time to
time by the ESOP Committee.”

 

4.7             
Code Section 1042 Transactions. Notwithstanding
anything to the contrary contained
herein, the provisions of this Section
4.7 shall apply if the Plan acquires Employer
Stock in a sale to which Code Section
1042 applies. In such
event, no allocation of “Code Section 1042 Assets”
shall be made, directly or indirectly, under the Plan or
any other plan which is qualified under Code
Section 401(a) and which is maintained by the
Employer, to any “Disqualified Participant” for the “Applicable
Period.” For purposes of this Section 4.7:

 

(a)               
“Code Section 1042 Assets” shall mean
assets of the Plan attributable
to (or allocable in lieu of) shares of Employer
Stock acquired in a sale to which Code
Section1042 applies.

 

		(b)	“Disqualified Participant” shall mean:

 

(i)                
the seller of such Employer Stock;

 

		(ii)	any individual who is related (within the meaning of Code

§267(b)) to
such seller; or

 

(iii)            
any person who owns (after application
of Code Section 318(a), as applied without regard
to the employee trust exception of
Code Section 318(a)(2)(B)(i)), more than twenty-five percent (25%) of the outstanding
portion of (1) any class of, or (2) the
total value of, stock of the Company or any member
of its controlled group of corporations (within the meaning of Code §409(l)(4)).

 

		(c)	“Applicable Period” shall mean:

 

(i)                
with respect to the individuals described in clauses (b)(i) and (b)(ii) hereof,
the period beginning on the date of such sale
and ending on the later of (1) the date
which is ten (10) years after
the date of such sale, or (2)
the date of the
allocation under the Plan that is attributable to the final payment
on any loan, the proceeds of which are used to acquire such Employer Stock;

 

(ii)              
with respect to an individual described in clause (b)(iii) hereof who met the
requirements of such clause at any time during the
one year period ending on the
date of such sale, all periods during which the Plan is in existence; and

 

(iii)            
with respect to an individual described in clause (b)(iii) hereof (but not in clause
(c)(ii) hereof) who meets the
requirements of such clause on a date as
of which Code §1042 Assets are allocated, the date of such allocation.

    	 

    	 

    

ARTICLE V
BENEFITS

5.1             
Normal Retirement Benefits. A Participant
retiring under the Plan at his
Normal

Retirement
Date shall be entitled to receive the entire amount of his Account Balance in the Plan determined,
with respect to the ESOP Account, as of the
Annual Valuation Date immediately preceding
the payment of such Account, provided that the Employer Stock allocated to
his Account shall be valued based
on the closing sales price of the Employer Stock as
of the last trading day of the calendar month immediately preceding
the month in which payment commences and, with respect
to the Non-Employer Securities Portion of the
Plan, as of the Valuation Date coincident with or next preceding
the date payment commences. The manner of payment of benefits distributed
pursuant to this Section 5.1 shall be determined under the provisions of Section
5.6.

 

5.2             
Disability Benefits. In the event
a Participant shall become totally and permanently
disabled (as defined below), he shall be
entitled to retire under the Plan for disability and
to receive the entire amount of his Account Balance in the Plan, with respect to the ESOP Account,
as of the Annual Valuation Date immediately
preceding the payment of such Account, provided that the Employer
Stock allocated to his Account shall be valued based on the closing sales price of
the Employer Stock as of the last trading
day of the calendar month immediately preceding
the month in which payment commences and, with respect
to the Non- Employer Securities Portion of the
Plan, determined as of the Valuation
Date coincident with or next preceding the date payment
commences. Benefits pursuant to this Section 5.2 shall be distributed as indemnification
against the Participant’s injury
or illness, the manner of the
payment of which shall be determined as
provided in Section 5.6. A Participant shall be considered
to be totally and permanently disabled if he
is eligible for benefits under the Employer’s
long-term disability plan.

 

5.3             
Postponed Retirement. If required
by law and for purposes
of this Plan only, an Employee may remain
in the service of the Employer after his Normal Retirement
Date. In the event a Participant remains so employed after his Normal
Retirement Date, he shall continue to
be a Participant just as if he had not
yet reached his Normal Retirement Date.
When such a Participant actually retires, he
shall be entitled to receive the entire
amount of his Account Balance in the
Plan determined, with respect to the ESOP Account,
as of the Annual Valuation Date immediately preceding the
payment of such Account, provided that the
Employer Stock allocated to his Account
shall be valued based on the closing sales
price of the Employer Stock as of the
last trading day of the calendar month immediately preceding the
month in which payment commences and, with respect
to the Non-Employer Securities Portion of the
Plan, as of the Valuation Date coincident with or next preceding the date payment
commences. The manner of payment of benefits distributed
pursuant to this Section 5.3 shall be determined as provided in Section 5.6.

 

5.4             
Death Benefits. In the event of the death of a Participant
before his retirement hereunder, there shall be
payable to his Beneficiary the entire interest of the
Participant in the Plan determined, with respect
to the ESOP Account, as of the Annual
Valuation Date immediately preceding the payment
of such Account, provided that the Employer Stock

    	 

    	 

    

allocated
to his Account shall be valued based
on the closing sales price of the Employer
Stock as of the last trading day of the
calendar month immediately preceding the month in which payment
commences and, with respect to the Non-Employer
Securities Portion of the Plan, as
of the Valuation Date coincident with or next preceding the date payment
commences.

 

		5.5	Benefits on Termination of Employment.

 

(a)               
Benefits Payable Upon Termination of Employment. If a
Participant’s Service is terminated for
any reason other than his retirement, death
or total and permanent disability, his participation
in the Plan will terminate upon the occurrence of
a Break in Service. Each Participant shall be fully vested in his Account Balance.
Upon incurring a one year Break in Service,
the Participant may file a written claim
for benefits with the Plan Administrator,
on a form provided by the Plan Administrator
for that purpose, requesting distribution
of his Account Balance. Notwithstanding
the preceding sentence, effective as of
May 1, 1999, if a Participant has attained age
60 and has completed 20 or more Years
of Service as of his termination of Employment,
the Participant’s Account Balance, upon request
of the Participant, will be distributed as
soon as administratively practicable following
Participant’s termination of Employment. His Account
Balance in the Plan shall be determined,
with respect to the ESOP Account, as of the
Annual Valuation Date immediately preceding
the payment of such Account, provided
that the Employer Stock allocated to his Account
shall be valued based on the closing sales price
of the Employer Stock as of the last
trading day of the calendar month immediately
preceding the month in which payment
commences and, with respect to the
Non-Employer Securities Portion of the Plan, as
of the Valuation Date coincident with or next preceding the date payment
commences.

 

(b)              
Time of Payment.
Such amounts shall be payable to a Participant
who terminates Employment, in such manner and
over such period of time as the
Participant may determine in accordance
with Section 5.6. Pending commencement of payment
thereof, the amount so payable shall be
maintained as provided in Section 5.10 hereof. Such payment
shall be made to and accepted by the Participant in full and final satisfaction and
settlement of any and all of his claims and rights under the Plan and in the Trust
Fund.

 

In
the event a former Participant entitled to benefits
under this Section 5.5 dies before such benefits shall have been paid in full,
then the remainder of his Account Balance shall be payable to his Beneficiary.

 

(c)               
Lump Sum Payment of
Value of Small Benefits. Notwithstanding
any other provision of the Plan, and irrespective
of whether a Participant elects to defer receipt of his Vested Interest under subsections
(a) or (b) of this Section 5.5, any benefits payable
under the Plan may be paid
as a lump sum distribution of the Account Balance of a Participant
under the following circumstances:

 

(i)                
If the Participant’s Account Balance
is not in excess of $5,000, then the
Plan Administrator shall direct the payment
of such Account Balance in a lump sum to such
Participant or his Beneficiary within an administratively practicable
time after the occurrence of the event which entitles such Participant to a
distribution. In the
event of a distribution under this Section 5.5(c)(i) in excess of
$1,000, if the Member

    	 

    	 

    

does
not elect to have such distribution paid
directly to an Eligible Retirement Plan specified
by the Member in a Direct Rollover in accordance
with Section 5.18 or to receive
the distribution directly, then the Plan Administrator will pay the
distribution in a Direct Rollover to an Eligible
Retirement Plan designated by the Plan
Administrator.

 

(ii)              
If the Participant’s Account Balance exceeds $5,000, then with
the written consent of the Participant, the Plan Administrator shall direct the payment
of such Account Balance in a lump sum to such Participant or his Beneficiary.

 

5.6             
Payment of Benefits.
The benefits to which a retiring, disabled
or terminated Participant is entitled
upon his retirement, disability or other termination
of Employment under Sections 5.1, 5.2, 5.3 or 5.5, as the case may be, shall
be paid as elected by the Participant in one of the ways described in this Section
5.6. Any such election shall be exercised by such person in writing
filed with the Plan Administrator within the period specified in such Section 5.1, 5.2, 5.3 or
5.5, as the case may be. The
available optional modes of payment of benefits under
the Plan are as follows:

 

(a)               
distribution in full (lump sum) during any single calendar year;

 

(b)              
annual installments for a period
not to exceed fifteen (15) years or
the life expectancy of the Participant or the life expectancy of the Participant and his spouse, if any;
or

 

		(c)	any combination of the above.

 

If
a Participant dies before the commencement
of distribution of his benefits, the
Beneficiary may elect any of the alternative
forms of payment under (a), (b) or
(c) above which otherwise could have been elected
by the Participant; provided,
however, that the Participant’s Account Balance shall be distributed
within five (5) years from the date of the Participant’s death if the Beneficiary
is not an individual or if the Beneficiary is an individual and elects a lump sum distribution.
Provided, further, that any installments
shall begin within one year
of the Participant’s death and continue for a period not exceeding
the Beneficiary’s life expectancy if the
Beneficiary is an individual or continue
for a period of not more than five (5) years
from the date of the Participant’s
death if the Beneficiary is not an individual.

 

If
any distribution includes an insurance
contract, such insurance contract shall not permit a form of distribution other than
a form permitted under this Section.

 

Distribution
of a Participant’s Account Balance
will be made in whole shares of Employer
Stock, cash or a combination of both,
as determined by the Plan Administrator;
provided, however, that a Participant (or his Beneficiary)
shall have the right to demand distribution of
his Account Balance entirely in whole shares of Employer
Stock, with the value of any fractional
shares paid in cash. Notwithstanding
the preceding sentence, if the bylaws
or charter of the Employer restrict the
ownership of substantially all outstanding
employer securities to employees or a
trust described in Code Section 401(a), distribution of a Participant’s Account Balance
will be made in cash.

    	 

    	 

    

If
Employer securities (acquired with the
proceeds of an exempt loan) which are
to be distributed under the Plan consist
of more than one class, the party receiving the distribution must receive substantially
the same proportion of each such class.

 

(d)              
In the event of
death of the Participant, the entire amount of
the Participant’s Account, computed
as of the Valuation Date coincident with or
next preceding the date of his death shall be distributed as follows:

 

(i)                
Unless Section 5.6(d)(iii) applies, if the Participant’s surviving
spouse is the Participant’s sole designated
Beneficiary, then distributions to the surviving spouse
will begin by December
31 of the calendar year immediately following
the calendar year in which
the Participant died, or, if later, by December
31 of the calendar year in which the Participant would have attained age 70-1/2.

 

(ii)              
Unless Section 5.6(d)(iii) applies, if the Participant’s surviving
spouse is not the Participant’s
sole designated Beneficiary, then distributions
to the designated Beneficiary will begin
by December 31 of
the calendar year immediately following the calendar year in which the Participant
died.

 

(iii)            
If the designated beneficiary has elected to receive a lump sum distribution, or,
if there is no designated Beneficiary as
of September 30 of the year following
the year of the Participant’s
death, the Participant’s entire interest will be
distributed by December 31 of the calendar year
containing the fifth anniversary of the Participant’s
death.

 

(iv)            
If the Participant’s spouse is the Participant’s sole
designated Beneficiary and the surviving spouse
dies after the Participant but before distribution to
the surviving spouse has been made, Section 5.6(d)(i) will apply as if the
surviving spouse were the Participant.

 

For
purposes of this Section 5.6, unless Section 5.6(d)(iv) applies, distribution is
considered to be made on the Participant’s
required beginning date within the meaning of Section 5.12(b).
If Section 5.6(d)(iv) applies, distribution is considered to be made on the date distribution is made to the surviving spouse
under Section 5.6(d)(i).

 

5.7             
Restrictions on Participants’ Right To Dispose of Employer
Stock; Employer’s and Plan’s Right of First Refusal.
Any Employer Stock distributed under the
Plan shall be subject to the
following restrictions on its transfer (if
it is not readily tradable on an established market
when the right of first refusal is exercised) and an appropriate legend indicating
this restriction will be placed on each stock certificate:

 

(a)               
Any person (the “Seller”, which
shall include Participants and their Beneficiaries)
desiring to sell, transfer or assign all or any
portion of the Employer Stock distributed under
this Plan shall first have received a bona fide
written offer for the purchase of such stock
and shall then offer to sell the
same to the Company and the Plan, pursuant
to their right of first refusal, in the manner hereinafter set forth.

    	 

    	 

    

(b)              
The Seller shall deliver to the Trustee and the Company a notice in writing of
his desire to sell or transfer his stock which notice shall contain a signed copy
of said bona fide offer to purchase, stating the price and other terms and conditions
of such offer and the name and address of the
proposed purchaser, along with a written statement
of the Seller’s willingness to sell his stock
to the Company or the Plan in preference
to the proposed purchaser. The Trustee
and the Company shall have fourteen (14) days
from the receipt of such notice within which
to decide whether to purchase all of
the stock being offered and, if so, whether
such purchase shall be made by the Company or by the Plan or a part by each
(such electing party, whether the Company or the Trustee, is hereinafter called the
“Purchaser”). If the Purchaser is to purchase
such stock, then it shall deliver to
the Seller (within the fourteen (14)
day period provided for above) written notice
of acceptance of such offer designating a closing place and
date for the purchase of the Employer Stock (the “Closing”) which
shall not be more than thirty

(30) days
after the date of its notice of acceptance to the Seller.

 

(c)               
If all of the Participant’s offered Employer Stock is not
to be purchased, then the Seller shall have the
right to sell such Employer Stock to the
person making the bona fide offer within
30 days following the day upon which the Trustee
and the Company were required to give
notice of their election to purchase. Any such sale
shall be under terms and conditions no less favorable
to the Seller than those presented to the Trustee
and the Company. In the event such stock is not so sold, it shall remain subject
to the terms and conditions of
this Section 5.8.

 

(d)              
In the event the Purchaser
elects to purchase the Seller’s stock pursuant
to the provisions hereof, the Seller
shall deliver at the Closing the certificate(s) representing
the shares to be sold, which certificate(s) shall be duly endorsed for transfer to the Purchaser, and the purchase
price and payment thereof shall be made by the Purchaser in accordance with the terms and
provisions of the sale. The selling price must not be
less favorable to the Seller than the greater of (i)
the purchase price and terms offered by
the bona fide purchaser or (ii) the fair
market value of the Employer Stock as of the most recent Annual Valuation Date as
described in Section 4.2; provided, however, in the event the Seller
is a “disqualified person” (as defined in Code
Section 4975) the fair market value shall
be determined in a manner acceptable
to the Plan Administrator and the Trustee as of the date of the transaction.

 

(e)               
Any purported gift, sale, transfer,
assignment, mortgage, pledge or hypothecation
of Employer Stock distributed under the Plan by a Participant or his Beneficiary in violation of
this restriction shall be null and void, and
the Company and the Plan shall not recognize
such gift, sale, transfer, assignment, mortgage,
pledge or hypothecation as passing any
interest in the stock.

 

(f)               
Nothing contained herein shall apply to any sale of
Employer Stock directly to the Company or the Plan other than
sales made to the Plan under the right of first refusal
provided for hereunder.

 

		5.8	Participant’s Right to Put Employer
Stock to the Company and the Plan.

 

(a)               
General. In the event the Plan acquires
Employer Stock in a leveraged transaction, any
Participant (or his Beneficiary) thereafter
receiving a distribution of Employer

    	 

    	 

    

Stock from
the Plan at a time when such Employer Stock is not readily tradable
on an established market shall have a “put option” on such
shares, giving him the right to have
the Company purchase such shares. The
same right shall apply to any Employer Stock distributed to a Participant
(or his Beneficiary) pursuant to his exercising the
right to demand Employer Stock described
in Section 5.6. The put option shall be exercisable during the following two election
periods by giving notice in writing to the Employer:

 

(i)                
the first option period shall be
the sixty (60) day period commencing on the date of distribution of the shares
of Employer Stock; and

 

(ii)              
the second option period shall be the sixty (60)
day period commencing on the date the
fair market value of the Employer Stock is determined
(and the Participant or Beneficiary is notified of
such determination) for the Plan Year next following
the Plan Year in which such shares of
Employer Stock are distributed. The
Plan may be given the opportunity to purchase shares of Employer Stock tendered
to the Employer under the put option,
as described in subsection (c) hereof.
Except to the extent otherwise required by law, the put option hereunder shall not
apply at any time that the Employer Stock is readily tradable on an established market.

 

(b)              
Price and Payment. The price at which the
put option shall be exercisable is the fair market value as of the Annual Valuation
Date which precedes the date the put option is exercised except in the
case of a put option in favor of a “disqualified
person” (as defined in Code Section 4975) in which event the fair market value shall be determined as of the date
of the transaction. Payment for the shares of Employer
Stock put to the Employer may be made in cash or
in installments over a period not exceeding
five (5) years, at the election of the Employer.
If the purchase price is paid in installments, a reasonable interest rate and adequate security must be provided.
The periodic payments shall begin within
thirty (30) days after the put is exercised.

 

(c)               
Right of Plan. The Plan shall have
the option by notice in writing
to the Employer to assume the rights and obligations of the Employer
under the put option provided for herein at the time the
put option is exercised. The put option provided
for hereunder shall not bind the Plan to purchase the Employer Stock.

 

(d)              
Continuation of Rights.
The provisions of this Section 5.8 with respect
to any Employer Stock acquired
by the Plan in a leveraged transaction, or which
is distributed to Participants (or Beneficiaries) pursuant to the
right described in section 5.6 hereinabove
in lieu of the Plan’s right to
distribute Plan benefits in cash, shall be non-terminable and shall continue
if the loan is repaid or if the Plan ceases to be an ESOP, except to the
extent such rights have terminated in
accordance with the terms hereof. Except as
otherwise expressly provided in this Plan, any Employer
Stock acquired in a leveraged transaction
shall not be subject to any put, call, or other
option or buy-sell or similar arrangement while
held by and when distributed from
the Plan, regardless of whether the Plan is then an
ESOP. The protections set forth in the preceding
sentence shall be non-terminable.

 

5.9             
Securities Laws Restrictions On
Resales. To the extent that
the shares of Employer
Stock to be acquired by the
Plan have not been registered under either state
or federal securities laws, but have been
issued and acquired pursuant to applicable exemptions thereunder,

    	 

    	 

    

any such
Employer Stock distributed to Participants in the
Plan may only be sold by the Participant
upon registration under such securities laws
or pursuant to an available exemption thereunder.
The shares of Employer Stock held and distributed by the Plan may be appropriately
legended to reflect the restrictions on sale in the securities laws.

 

5.10         
Maintenance of Accounts Prior to Payout.
Subject to the limitations set forth
in Section 5.5, during such period of time between termination of a Participant’s
Employment as described
in Section 5.5 hereof and the date when he becomes
entitled to actual payment of his interest
in his Employer Contribution Account,
his Account Balance shall be maintained
by the Trustee in the following manner:

 

(a)               
The Trustee shall segregate on his books the
Participant’s Account Balance as of the date of
the termination of his Employment, and
such segregated Account Balance shall
not thereafter share in any Employer
contributions or amounts otherwise allocated
as Employer contributions. The balance
in a segregated account may remain
invested as a part of the Trust Fund, sharing in the net income, net loss, net appreciation and net depreciation of the
Trust Fund, to the same extent as
if such accounts had not been segregated, with the
Trustee having the same powers of investment, reinvestment and
commingling as he has for all other assets of
the Trust.

 

(b)              
In the event that an individual for
whom a segregated account is maintained
in accordance with Section 5.10(a) is Reemployed
following a Break in Service, such accounts shall continue to be
maintained as separate accounts, provided, however, the Plan Administrator
may integrate such segregated account with his post Break in Service
Employer Contribution Account and thereafter regard it as a single account for all purposes hereunder.

 

5.11         
Present Value of Payments.
Any method of payment of benefits shall result in the present
value of payments to be paid to
the Participant being greater than fifty percent
(50%) of the present value of the total benefits to be paid to the Participant and his Beneficiary.

 

		5.12	Commencement of Payments.

 

(a)               
In General. Notwithstanding
anything herein to the contrary, unless a Participant
otherwise elects in a writing delivered to the Plan Administrator, subject, however, to
the requirements of Section 5.12(b), benefit
payments hereunder shall commence not later
than the earlier of (i) sixty (60) days
after the later of (A)
the date on which such Participant reaches his Normal
Retirement Date, (B) the Plan Year
in which occurs the tenth anniversary of the year in which
such Participant commenced participation, or (C) the
Plan Year in which such Participant’s
Employment with the Employer terminates.

 

(b)              
Required Beginning Date.
Payments of a Participant’s entire interest in the
Plan shall begin no later than the following
date: (i) if the Participant is a five-percent
(5%) owner (within the meaning of Code
Section 416(i)(1)), April 1 of the calendar
year next following the calendar year
in which the Participant attains age 70-1/2,
or (ii) for any other Participant, April
1 of the calendar year next following the later to occur of
his attainment of age 70-1/2 or his retirement.

    	 

    	 

    

		(c)	Period of Distribution.

 

(i)                
General. The requirements of this Section 5.12(c)
will take precedence over any inconsistent
provisions of the Plan. All distributions required under this Section 5.12(c)
will be determined and made in accordance with the
Treasury regulations under Code Section 401(a)(9).

 

(ii)              
Required Beginning Date. The Participant’s entire interest will be distributed, or
begin to be distributed, to the Participant
no later than the Participant’s required
beginning date, determined pursuant to Section 5.12(b).

 

(iii)            
Forms of Distribution. Unless the Participant’s
entire interest is distributed in a single
lump sum on or before the required beginning date, as
of the first distribution calendar year
distributions will be made in accordance
with subsections (iv), (v), (vi) and (vii) of this Section 5.12(c).

 

(iv)            
Amount of Required Minimum Distribution For
Each Distribution Calendar Year.
During the Participant’s lifetime, the
minimum amount that will be distributed
for each distribution calendar year is
the lesser of:

 

(1)              
the quotient obtained by dividing
the Participant’s Account balance by
the distribution period in the Uniform Lifetime
Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations,
using the Participant’s age as of the Participant’s birthday in the distribution calendar year;
or

 

(2)              
if the Participant’s sole designated Beneficiary for the distribution
calendar year is the Participant’s
spouse, the quotient obtained by dividing the
Participant’s Account balance by
the number in the Joint and
Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations,
using the Participant’s and spouse’s attained ages as of the Participant’s and spouse’s birthdays
in the distribution calendar year.

 

(v)              
Lifetime Required Minimum Distributions Continue Through Year of
Participant’s Death. Required minimum distributions will be determined
under this Section 5.12(c) beginning with the first distribution calendar year
and up to and including the distribution calendar year that includes the Participant’s date of death.

 

		(vi)	Death on or After Date Distributions Begin.

 

(1)              
Participant Survived by Designated Beneficiary.
If the Participant dies on or after the
date distributions begin and there is a designated Beneficiary,
the minimum amount that will be distributed for
each distribution calendar year
after the year of
the Participant’s death is the quotient obtained
by dividing the Participant’s Account
balance by the longer of the remaining life expectancy of the
Participant or the remaining life expectancy of the
Participant’s designated Beneficiary, determined as follows:

    	 

    	 

    

(A)            
The Participant’s remaining life expectancy is calculated using
the age of the Participant in the year
of death, reduced by one for each subsequent
year.

 

(B)             
If the Participant’s surviving spouse is the Participant’s sole
designated Beneficiary, the remaining life expectancy of the surviving spouse
is calculated for each distribution calendar
year after the year of the Participant’s
death using the surviving spouse’s age as
of the spouse’s birthday in that
year. For distribution calendar years
after the year of the
surviving spouse’s death, the remaining
life expectancy of the surviving spouse
is calculated using the age of the surviving spouse as of the spouse’s birthday
in the calendar year of
the spouse’s death, reduced by one for each subsequent calendar year.

 

(C)             
If the Participant’s surviving spouse
is not the Participant’s sole designated Beneficiary,
the designated Beneficiary’s remaining life expectancy is calculated
using the age of the Beneficiary in the
year following the year of the Participant’s
death, reduced by one for each
subsequent year.

 

(2)              
No Designated Beneficiary. If the Participant dies on or after the date
distributions begin and there is no designated
Beneficiary as of September 30 of the year after
the year of the Participant’s
death, the minimum amount that will be distributed for each distribution calendar
year after the year of the
Participant’s death is the quotient obtained by dividing the
Participant’s Account balance by the Participant’s
remaining life expectancy calculated using the
age of the Participant in the year of death, reduced by one for each subsequent
year.

 

		(vii)	Death Before Date Distributions Begin.

 

(1)              
Participant Survived by Designated Beneficiary.
If the Participant dies before the date distributions begin and
there is a designated Beneficiary, the minimum amount that will be
distributed for each distribution calendar
year after the year
of the Participant’s death is the
quotient obtained by dividing the Participant’s Account balance by the remaining
life expectancy of the Participant’s designated Beneficiary, determined as provided
in Section 5.12(c)(vi).

 

(2)              
No Designated Beneficiary.
If the Participant dies before the date
distributions begin and there is no designated
Beneficiary as of September 30 of the year
following the year of the Participant’s
death, distribution of the Participant’s entire interest will be
completed by December 31 of
the calendar year containing the fifth anniversary of the Participant’s death.

 

(3)              
Death of Surviving Spouse Before Distributions to
Surviving Spouse Are Required to Begin.
If the Participant dies before the date

    	 

    	 

    

distributions
begin, the Participant’s surviving spouse is the
Participant’s sole designated Beneficiary, and the surviving spouse dies
before distributions are required to begin
to the surviving spouse under Section 5.6(d),
this Section 5.12(c)(vii) will apply as if the surviving spouse were the Participant.

 

(viii)        
Definitions. The following definitions shall
apply for purposes of Sections 5.6 and
5.12:

 

(1)              
Designated Beneficiary. The individual who is designated as
the Beneficiary under Article VI
of the Plan and is the designated Beneficiary
under Code Section 401(a)(9) and Section
1.401(a)(9)-1, Q&A-4 of the Treasury regulations.

 

(2)              
Distribution calendar year.
A calendar year for which
a minimum distribution is required. For distributions beginning
before the Participant’s death, the first
distribution calendar year is the
calendar year immediately preceding the calendar year
which contains the Participant’s required beginning date. For distributions
beginning after the Participant’s death, the
first distribution calendar year is the
calendar year in which distributions
are required to begin under Section 5.6(d).
The required minimum distribution for the Participant’s first distribution calendar
year will be made on or
before the Participant’s required beginning date. The required minimum
distribution for other distribution calendar
years, including the required minimum distribution for the distribution calendar
year in which the Participant’s required
beginning date occurs, will be made on or before December 31 of that distribution calendar year.

 

(3)              
Life expectancy. Life expectancy as computed by
use of the Single Life Table in Section 1.401(a)(9)-9
of the Treasury regulations.

 

(4)              
Participant’s Account balance.
The Account balance as of the
last valuation date in the calendar year
immediately preceding the distribution calendar
year (valuation calendar year) increased
by the amount of any contributions made
and allocated or forfeitures allocated to the Account balance as of dates in
the valuation calendar year after the valuation date and decreased by distributions
made in the valuation calendar year after the
valuation date. The Account balance for the
valuation calendar year includes
any amounts rolled over or transferred to the Plan either in the valuation calendar
year or in the distribution calendar year
if distributed or transferred to the
Plan either in the valuation calendar year
or in the distribution calendar year if distributed or transferred in the valuation
calendar year.

 

(ix)            
Required Minimum Distributions for 2009. Notwithstanding
anything contained herein to the contrary,
pursuant to Code Section 401(a)(9)(H),
distributions required by this Section
5.12 were made for the 2009 Plan Year.
Furthermore, no portion of a distribution required
under this Section 512 made to a Participant
or Designated beneficiary with respect to the
2009 Plan Year was treated as

    	 

    	 

    

an
Eligible Rollover Distribution for purposes of the Direct Rollover option described
in Section 5.18.

 

5.13         
Error in Participant’s Account. When an
error or omission is discovered in the account of a Participant,
the Trustee shall, upon direction by
the Plan Administrator make such equitable
adjustments as the Plan Administrator deems
necessary as of the Plan Year in which
the error or omission is discovered.

 

5.14         
No Other Benefits or Withdrawals. Except as
expressly provided for in this Article V or Section 4.5(b),
for so long as this Plan continues in
effect no individual, whether a Participant,
former Participant, Beneficiary or otherwise, shall be entitled to any payment
or withdrawal of funds from the Trust Fund.

 

		5.15	Voting Rights.

 

(a)               
Voting of Allocated Shares. Except as provided in subsection
(d) below, each Participant shall have the right to direct the Trustee confidentially with respect to the voting of
Employer Stock held in the Trust and allocated to the
Participant’s Employer Contribution Account. The Participant shall convey
his instructions with respect to such shares in confidence in writing
to the ESOP Committee, which shall then
inform the Trustee of such voting instructions. In
the absence of an ESOP Committee, such instructions shall be communicated by the Participants
directly to the Trustee. The instructions so received
by the ESOP Committee and Trustee shall
be held by the ESOP Committee
and Trustee in confidence and shall not be divulged or released to any person.
Upon timely receipt of such instructions, the Trustee shall on each matter vote as
instructed the number of shares of Employer Stock allocated
to such Participant’s Employer Contribution Account.
To the extent permitted by law,
any shares with respect to which the
Participant does not give directions
for voting in a timely manner shall be voted
by the Trustee as directed by the ESOP Committee.
For voting purposes, allocated fractional shares of
Employer Stock shall be aggregated into whole shares of
Employer Stock and voted by the
Trustee to the extent possible to reflect the
voting instructions of Participants with respect
to whole shares of Employer Stock allocated
to their Employer Contribution Accounts.

 

(b)              
Voting of Unallocated Shares. Except as provided in (d)
below, shares of Employer Stock held by the Trustee and not yet
allocated to Participants’ Employer Contribution Accounts
shall be voted by the
Trustee, in the same proportion as Participants direct
the voting of allocated shares of Employer Stock.

 

(c)               
Obligations of the Company. Except as provided in (d)
below, the Company shall in an appropriate time and
manner furnish the Trustee and Participants with proxy materials, notices
and information statements when voting rights are to be
exercised. In general, the materials
to be furnished Participants shall be the same
as those provided to security holders.

 

(d)              
Voting Non-Registration Type
Stock. In the event the
Employer Stock is not at the time
a registration-type class of securities as defined
in Code Section 409(e), then except as
provided in the following sentence, the Employer Stock held in the Trust shall be
voted

    	 

    	 

    

in the
manner determined by the ESOP Committee
and communicated in writing to the Trustee.
With respect to any matter which
involves the voting of such shares with
respect to the approval or disapproval
of any corporate merger, consolidation, recapitalization,
reclassification, liquidation, dissolution, sale of substantially all
the assets or such similar transaction as prescribed
in regulations, each Participant shall be entitled to direct the Trustee as to the exercise of
any voting rights attributable to shares
of Employer Stock allocated to his Employer
Contribution Account at such date. On all other
matters, the ESOP Committee and the Trustee need not solicit voting instructions
from Participants.

 

		5.16	Tender or Exchange Offer for Employer Stock.

 

(a)               
Tender Offer. The provisions of this Section shall apply in the
event any person, including the Company, either
alone or in conjunction with others, makes a tender
offer, or exchange offer, or otherwise offers
to purchase or solicits an offer to sell
to such person one percent
or more of the outstanding shares of
Employer Stock (herein referred to as
a “Tender Offer”).

 

(b)              
Tender or Exchange of Allocated Shares.
Notwithstanding the other provisions of the
Plan, in the event of a Tender Offer at
a time when such Employer Stock is readily tradable on an established market, each
current or former Participant (or after the death of a former Participant, his Beneficiary)
who has shares of Employer Stock allocated to his
Employer Contribution Account (an “Affected
Participant”) shall be given the opportunity to direct
the Trustee confidentially regarding whether to tender,
exchange or otherwise sell whole shares
of Employer Stock allocated to his Employer
Contribution Account in accordance with the
provisions, conditions and terms of such
Tender Offer and the provisions of this
Section. If Affected Participants elect to tender,
exchange or sell a greater number of shares of Employer Stock than
the total number of shares of Employer Stock offered in such Tender Offer (referred
to as an “Oversubscribed Offer”),
the Trustee shall reduce, on a pro
rata basis, the number of shares of Employer
Stock that each Affected Participant agreed to tender or exchange except that Trustee
may provide that the prorata reduction
will not apply, and will be determined
without regard to, Affected Participants whose
allocated shares of Employer Stock do not exceed
a prescribed amount. Each direction to
tender, exchange or otherwise sell shares
of Employer Stock shall be deemed an
agreement to have such number of shares reduced on a pro rata basis in the event of an Oversubscribed Offer, to the extent determined
by the Trustee.

 

(c)               
Required Forms and Instructions. As promptly as practicable after
a Tender Offer is made, the Trustee shall
send to all Affected Participants such
materials and forms for responding as are appropriate to determine the
direction of each Affected Participant. Any form
for responding shall prominently note that failure
by an Affected Participant
to return such form within a specified reasonable period of time shall be deemed a
direction to the Trustee not to tender, exchange or otherwise sell the
whole shares of Employer Stock allocated to the
Employer Contribution Account of such Affected Participant.
The Participant shall convey his instructions in confidence in writing
to the ESOP Committee, which shall then
convey such instructions to the Trustee. In the absence of an ESOP Committee, such
instructions shall be conveyed directly to the
Trustee. In carrying out the steps necessary to determine the
directions of Affected Participants under
this Section, the Trustee shall adopt such means
as it deems appropriate to provide Affected
Participants with the opportunity to indicate their
directions in a

    	 

    	 

    

confidential
manner, i.e., without the disclosure of any Affected Participant’s individual
decision to the public or the Company.

 

(d)              
Disposition of Allocated Employer Stock. As
promptly as practicable after receiving
an Affected Participant’s response
form which directs it to tender, exchange
or otherwise sell his whole shares of
allocated Employer Stock, the Trustee shall carry out the tender,
exchange or sale of such shares; provided, however,
that the Trustee shall have the right to change
or to modify its actions hereunder to comply with
the terms of any valid order of a court
of competent jurisdiction directing it to
take certain actions inconsistent with the requirements of this Section. The
proceeds of a disposition directed by an Affected
Participant shall be allocated to the Non-Employer Stock Account of each such
Affected Participant.

 

(e)               
Fractional Shares. The Trustee shall determine the total number
of whole shares it was directed to tender, exchange or sell, and
the total number of whole shares it was directed
not to tender, exchange or sell (either expressly or by
failure to timely respond). If the majority
of the allocated whole shares of Employer
Stock were directed to be tendered, exchanged
or sold, then the Trustee shall also
tender, exchange, or sell, as promptly as
practicable, any allocated fractional shares which are held in the Trust. However, if the majority of
the allocated whole shares of Employer
Stock were not directed to be tendered,
exchanged or sold, the
Trustee shall not tender, exchange or sell any such allocated fractional shares unless
otherwise directed by the
ESOP Committee.

 

(f)               
Unallocated Shares. In the case of shares of Employer
Stock that have not been allocated to the Employer Contribution Accounts, the ESOP
Committee shall convey tender or exchange instructions to the
Trustee with respect to such unallocated
shares, which instructions shall direct that the Trustee tender or exchange such shares in the same proportion as Participants
direct the tender or exchange of shares
of Employer Stock allocated to their Employer
Contribution Accounts, treating for this purpose
the failure of a Participant to instruct
or validly instruct the ESOP Committee or Trustee as a decision not to tender or exchange.

 

5.17         
Appraisal of Employer Stock. In
the event that any class or series of
Employer Stock held by the
Plan is not readily tradable on an established market, all valuations, including the
annual valuation, of Employer Stock must be performed by an independent appraiser
meeting the requirements of the regulations under Code Section 170(a)(1).

 

		5.18	Direct Transfer of Eligible Rollover Distributions.

 

(a)               
For the purposes of this Section 5.18, the following definitions shall apply:

 

(i)                
“Eligible Rollover Distribution” shall mean any distribution
of all or any portion of the
balance to the credit of the Distributee,
except that an Eligible Rollover Distribution shall
not include: any distribution that is
one of a series of substantially equal
periodic payments (not less frequently than annually)
made for the life (or life expectancy)
of the Distributee or the joint lives (or joint life
expectancies) of the Distributee and the Distributee’s designated Beneficiary,
or for a specified period of ten years or more;
any distribution to the extent such distribution
is required under Code Section 401(a)(9); distribution
described in Code Section 401(k)(2)(B)(i)(IV); or the

    	 

    	 

    

portion
of any Distribution that is not includable
in gross income (determined without regard
to the exclusion for net unrealized appreciation
with respect to employer securities). For taxable years beginning after December 31,
2006, a Participant may elect to transfer
his or her employee after-tax contributions
(if any) by means of
a direct rollover to a qualified plan or
to a 403(b) plan that agrees to account
separately for amounts so transferred (including interest thereon), including accounting
separately for the portion of such distribution
which is includible in gross
income and the portion of such
distribution which is not includible in gross income.

 

(ii)              
“Eligible Retirement Plan” shall mean an individual retirement
account described in Code Section 408(a), an individual retirement annuity
described in Code Section 408(b), an
annuity plan described in Code Section 403(a), a qualified
trust described in Code Section 401(a),
that accepts the Distributee’s Eligible Rollover Distribution, or an annuity
contract described in Code Section 403(b) and an eligible plan under Code Section
457(b) which is maintained by a state, political subdivision of a state, or any agency
or instrumentality of a state
or political subdivision of a state and
which agrees to separately account for amounts transferred
into such plan from the Plan. The
definition of Eligible Retirement Plan shall also
apply in the case of a distribution to
a surviving spouse, or to a spouse or former
spouse who is the alternate payee under a qualified
domestic relation order, as defined in Code
Section 414(p). However, in the case of an
Eligible Rollover Distribution to the surviving spouse, an Eligible Retirement
Plan shall mean only an individual retirement
account or individual retirement annuity. For distributions made
after December 31, 2007, Eligible Retirement Plan shall also include
a Roth IRA described in Code Section
408A(b).

 

(iii)            
“Distributee” shall mean an Employee or former Employee.
In addition, the Employees or former Employee’s
surviving spouse and the Employee’s or former
Employee’s spouse or former spouse who is the
alternate payee under a qualified domestic relations
order, as defined in Code Section 414(p),
are Distributees with regard to the interest of the spouse or former spouse.
Solely for purposes of the rollover right set forth
in this Subsection 5.18(a)(v), a Distributee shall also
include a non-spouse Beneficiary who
is a “designated beneficiary” under Code
Section 401(a)(9)(E) and the regulations thereunder.

 

(iv)            
“Direct Rollover” shall mean a payment
to the Eligible Retirement Plan specified by the
Distributee either by direct transfer from
the Plan, or by delivery of the
distribution check by the Distributee, provided such check is made out in a manner to ensure that it is negotiable only by
the trustee of the Eligible Retirement Plan.

 

(v)              
Non-Spouse Beneficiary Rollover Right.
For distributions after December 31, 2009, a non-spouse
Beneficiary who is a “designated beneficiary” under Code
Section 401(a)(9)(E) and the regulations thereunder,
by a direct trustee-to trustee transfer
(“direct rollover”), may roll over all or any portion of his or her distribution
to an individual retirement account (“IRA”)
the Beneficiary established for purposes
of receiving the distribution. In order to be able to roll over the distribution,
the distribution otherwise must satisfy the definition of an
“eligible rollover distribution” under
Code Section 401(a)(31).

    	 

    	 

    

(1)              
Certain Requirements Not Applicable.
Although a non- spouse Beneficiary may
roll over directly a distribution as provided
in this Section 5.18, the distribution, if made prior to January
1, 2010, is not subject to the direct rollover
requirements of Code Section 401(a)(31)
(including Code Section 401(a)(31)(B)), the notice
requirements of Code Section 402(f) or the
mandatory withholding requirements of Code
Section 3405(c). If a non-spouse Beneficiary
receives a distribution from the Plan,
the distribution is not eligible for
a 60-day (non-direct) rollover.

 

(2)              
Trust Beneficiary.
If the Participant’s named Beneficiary is a trust, the
Plan may make a direct rollover to an
IRA on behalf of the trust, provided
the trust satisfies the requirements to be a designated Beneficiary within
the meaning of Code Section 401(a)(9)(E).

 

(3)              
Required Minimum Distributions Not Eligible for Rollover.
A non-spouse Beneficiary may not roll
over an amount that is a required minimum
distribution, as determined under applicable Treasury Regulations and other
Internal Revenue Service guidance. If the Participant dies
before his or her Required Beginning
Date (as defined in Section 5.12(b) and the
non-spouse Beneficiary rolls over to an
IRA the maximum amount eligible for rollover,
the Beneficiary may elect
to use either the 5-year rule or the life expectancy rule,
pursuant to Treasury Regulations Section 1.401(a)(9)-3, A-4(c), in determining
the required minimum distributions from the IRA that receives
the non-spouse beneficiary’s distribution.

 

(b)              
Notwithstanding any provision of
the Plan to the contrary, a Distributee may elect,
at the time and in the manner prescribed
by the Plan Administrator, to have
any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement
Plan specified by the Distributee in a Direct Rollover
as provided in this Section 5.18.

 

5.19         
Notice of Right to Defer Distribution. For any
distribution notice issued in Plan Years
beginning after December 31, 2006, such notice
that is delivered to a Participant with respect
to a distribution will include a description
of a Participant’s right (if
any) to defer receipt of a distribution
and will describe the consequences of failing
to defer receipt of the distribution.
With respect to any required distribution
notice and election form that is delivered to a Participant
before the 90th day after the issuance of
Treasury regulations (unless future guidance
requires otherwise), any notice
that is delivered to a Participant with respect to a distribution will include at
a minimum: (a) a description indicating
the investment options available under
the Plan (including fees) that will be available
if the Participant defers distribution; and
(b) the portion of the summary plan description that contains
any special rules that might materially
affect a Participant’s decision to defer

 

ARTICLE VI 

DESIGNATION
OF BENEFICIARY

Each Employee
becoming a Participant hereunder shall designate in writing, in such form

    	 

    	 

    

and
manner as shall be prescribed by
such rules and regulations as the Plan
Administrator may promulgate in this connection,
a Beneficiary of any interest under this
Trust which may be payable
with respect to such Participant in the
event of his death before or after retirement,
or after such termination of Service as may entitle
him to a Vested Interest in the Trust Fund, which designation may
include the designation of an alternate Beneficiary. Subject also
to such rules and regulations as the Plan Administrator may
promulgate, a Participant may from
time to time change such designation of Beneficiary (or alternate Beneficiary).

 

In
the event benefits become payable
upon the death of a Participant and no
Beneficiary has been properly designated as
above provided, or if the designated Beneficiary shall have
predeceased him, such benefits shall be
payable in full to the following in the
order set out: (1) to the surviving
spouse of the Participant or (2) if the Participant
dies without a spouse then living, to
the surviving children of the
Participant (per capita) or (3) if none
of the foregoing persons is then living,
to the surviving brothers and sisters of the Participant (per capita) or (4)
if none of the foregoing persons is then living, to the
surviving parents of the Participant (per capita)
or (5) if none of the foregoing persons is then living, to the
Participant’s estate. The identity of the Beneficiary of a deceased
Participant’s interest shall be determined
by the Plan Administrator after reasonable investigation. The determination of the
Plan Administrator in this connection shall be final and conclusive and both the Plan
Administrator and the Trustee shall be fully protected in paying such benefits to
such deceased Participant’s Beneficiary as so determined,
regardless of whether payments are actually
made to a person or persons who actually constitute beneficiaries of such deceased Participant
under the provisions hereof.

 

Notwithstanding
the foregoing provisions, the Participant’s entire interest in the
Plan at his death, if any,
shall be paid to such Participant’s
surviving spouse (if such spouse is then
living) unless prior to the Participant’s
death, the spouse consents in a writing
witnessed by a Plan representative or
a notary public to permit the Participant to designate
a person other than the spouse as the Participant’s Beneficiary, which consent
may expressly permit designations of
Beneficiary(ies) by the
Participant without any requirement of further consent by such
spouse. This provision shall not apply where it is established to the satisfaction of the Plan Administrator
that such consent cannot be obtained because there is no spouse,
because the spouse cannot be located,
or because of such other circumstances
as may be permitted by the regulations. Neither shall this provision apply unless the
spouse and Participant have been married throughout the one year period ending
on the date of the Participant’s death.
The Plan Administrator shall provide to each Participant within a reasonable time before such Participant is entitled to
receive benefits, a written explanation of the Participant’s spouse’s
right to waive the surviving spouse
benefits described in this Article VI.

 

ARTICLE
VII ADMINISTRATION

7.1             
Allocation of Responsibility Among
Fiduciaries for Plan and Trust

Administration.
The Fiduciaries shall have only those
specified powers, duties, responsibilities and obligations as
are specifically given them under this Plan and
Trust. In general, the Employer
shall have the sole responsibility for making
the contributions provided for under Article III, and
the Company shall have the sole authority to appoint and remove the Trustee, the

    	 

    	 

    

Plan Administrator
and any Investment Manager or Managers which
it may elect to provide for
managing all or any portion of the Trust, and to amend or terminate, in whole or in part, this Plan and
Trust. The Plan Administrator shall have the sole responsibility for the administration
of the Plan and the Trustee shall have the
sole responsibility for management of the assets
held under the Trust (except where an Investment
Manager has been appointed), all as more
specifically provided hereinafter. Each Fiduciary may
rely upon any direction, information or action of another
Fiduciary in the exercise of the latter’s respective powers, duties, responsibilities
arid obligations hereunder, as being
proper under this Plan and Trust, and
shall not be required to inquire into
the propriety of any such direction, information
or action. It is intended that each
Fiduciary shall be responsible for the
proper exercise of its own powers, duties,
responsibilities and obligations under this Plan and Trust and shall not be responsible
for any act or failure to act of another Fiduciary.
No Fiduciary guarantees the Trust Fund
in any manner against investment loss or depreciation
in asset value.

 

7.2             
Appointment of Plan Administrator.
The Plan Administrator shall be the
ESOP Committee, or in its absence, the Employer.
It is anticipated that in the absence
of the ESOP Committee, the Employer shall
delegate its rights, duties and responsibilities
as Plan Administrator to an administrative committee consisting of one or more persons
designated from time to time by the Board of Directors of the
Employer, and the Employer hereby authorizes
such delegation.

 

The
President of the Employer (or in the event of the President’s inability or
failure to act, any Vice President
of such company) shall certify in writing to the Trustee, as promptly as
practicable after any change in
the membership of the ESOP Committee, the names
of the persons then serving as members of the committee.
The Trustee shall be entitled to rely on the names so certified as being the authorized
and acting members of the committee until notified of any change by subsequent certification.

 

The
ESOP Committee or any administrative committee
may act at a meeting or by
unanimous written consent without a meeting. Such committee shall elect one
of its members as chairman, appoint a secretary,
who may or may not be a committee
member, and advise the Trustee of such actions in writing. The secretary shall
keep a record of all meetings and forward all necessary communications
to the Employer or the Trustee. A quorum
of the committee shall consist of not
less than two-thirds of the members thereof,
and a majority vote of those present shall control
on all matters acted upon at a meeting of the
committee. A dissenting committee member
who, within a reasonable time after he has knowledge
of any action or failure to act
by the majority, registers his dissent
in writing delivered to the other committee members,
the Employer, and the Trustee, shall not be responsible for any
such action or failure to act.

 

7.3             
Claims Procedure. The Plan
Administrator shall make all determinations as to the right of any person to eligibility or a benefit under the Plan.
Benefits under this Plan will be paid only if the Plan Administrator decides
in its discretion that the applicant is
entitled to them. If a written request
for a Plan benefit by a Participant or Beneficiary is wholly or partially denied, the Plan Administrator will provide such claimant
a comprehensible written notice setting forth:

 

(i)                
the specific reason or reasons for such denial;

    	 

    	 

    

 

is
based;

		(ii)	specific reference to pertinent Plan provisions on which
the denial

 

(iii)            
a description of any additional
material or information necessary for
the claimant to submit to perfect the claim and an explanation of why such material or information is necessary;

 

(iv)            
a description of the Plan’s claim
review procedure. The review procedure is available upon written
request by the claimant to the Plan Administrator
within 60 days after receipt by
the claimant of written notice of the
denial of the claim, and includes the right to examine pertinent
documents and submit issues and comments in writing to the Plan Administrator.
The decision on review will be made within 60 days after
receipt of the request for review unless
circumstances warrant an extension of
time not to exceed an additional 60 days
and shall be in writing and drafted in
a manner calculated to be understood by
the claimant, and include specific reasons for the
decision with references to the specific Plan provisions on which the decision is based.

 

7.4             
Records and Reports. The Plan Administrator shall
exercise such authority and responsibility as
it deems appropriate in order to comply
with ERISA and governmental regulations
issued thereunder relating to records of Participants’ service
and Account Balances; notifications to Participants; annual registration with the
Internal Revenue Service; annual reports to the
Department of Labor; and such other documents or reports as may be required
by ERISA. The Employer shall from time
to time make available to the Plan Administrator
such information with respect to the
Employees, their dates of employment, their compensation, and other matters as
may be necessary or desirable in connection with the
performance by the Plan Administrator of its duties with respect to the Plan. The
Plan Administrator shall, in turn, furnish to the Trustee such information and such
rulings and decisions as the Trustee may require or may request in connection
with the performance of its duties as Trustee
of the Trust Fund hereby created.

 

7.5             
Other Plan Administrator Powers
and Duties. The Plan Administrator
shall have such duties and powers as
may be necessary to discharge its duties
hereunder, including, but not by
way of limitation, the provisions of Section 1.19 and
the following:

 

(a)               
the sole and exclusive authority to construe and interpret the Plan,
decide all questions of eligibility and
determine the amount, manner and time of payment of any
benefits hereunder;

 

(b)              
to prescribe procedures to be
followed by Participants or Beneficiaries
filing applications for benefits;

 

(c)               
to prepare and distribute, in such
manner as the Plan Administrator
determines to be appropriate, information explaining the Plan;

 

(d)              
to receive from the Employer
and from Participants such information
as shall be necessary for the proper administration of the Plan;

    	 

    	 

    

(e)               
to furnish the Employer, upon request,
such annual reports with respect
to the administration of the Plan as are reasonable
and appropriate;

 

(f)               
to receive, review and keep
on file (as it deems convenient or proper)
reports of the financial condition, and of the
receipts and disbursements, of the Trust
Fund from the Trustee (or any Investment
Manager);

 

(g)              
to appoint or employ individuals or
other parties to assist in the administration of
the Plan and any other
agents it deems advisable, including accountants and legal
and actuarial counsel; and

 

(h)              
to designate or employ persons
to carry out any of the Plan Administrator’s
fiduciary duties or responsibilities under the Plan.

 

7.6             
Rules and Decisions. The Plan Administrator may adopt
such bylaws, rules and regulations as
it deems necessary, desirable, or appropriate,
provided that same shall not be inconsistent with or
contrary to the express terms of this
Plan. All such bylaws, rules, regulations and decisions of
the Plan Administrator shall be uniformly and consistently applied
to all Participants in similar circumstances. When making a determination or
calculation, the Plan Administrator shall be entitled to rely upon information
furnished by a Participant
or Beneficiary, the Employer, the legal
or actuarial counsel of the Employer,
any Investment Manager, or the Trustee.

 

7.7             
Authorization of Benefit Payments.
The Plan Administrator shall issue directions to the
Trustee concerning all benefits which are
to be paid from the Trust Fund
pursuant to the provisions of the Plan.

 

7.8             
Application and Forms for Benefits.
The Plan Administrator may require a Participant
to complete and file with the
Plan Administrator an application for
a benefit and all other forms approved by
the Plan Administrator and to furnish
all pertinent information requested by
the Plan Administrator. The Plan Administrator may rely
upon all such information so furnished it, including but not limited to the Participant’s current mailing address.

 

7.9             
Payment for Benefit of Disabled
or Incapacitated Person. Whenever, in the
Plan Administrator’s opinion, a person entitled to receive
any payment of a benefit
or installment thereof hereunder is under
a legal disability or is incapacitated
in any way so as to be
unable to manage his financial
affairs, the Plan Administrator may direct
the Trustee to make payments to such
person or to his legal representative or to a relative or
friend of such person for his benefit, or
the Plan Administrator may direct the
Trustee to apply the payment for the benefit of such person In such manner as the
Plan Administrator considers advisable. Any payment
of a benefit or installment thereof in
accordance with the provisions of this
Section shall be a complete discharge of any
liability for the making of such payment under the provisions of the Plan.

 

7.10         
Notices to Trustee.
All notices from the Plan Administrator or any Investment
Manager to the Trustee shall be
in writing, and the Trustee may
rely thereon in carrying out its duties
and responsibilities hereunder.

    	 

    	 

    

7.11         
Indemnification by the
Company. The Company shall indemnify
and hold harmless the Board of Directors, any
Employee performing duties with respect
to the Plan, the Plan Administrator and
the Trustee from and against any and all claims, losses, damages,
expenses and liabilities arising from
their responsibilities in connection
with the Plan, unless such liability
arises from the person’s gross
negligence or dishonesty in the performance
of its duties.

 

ARTICLE VIII

 

POWERS,
DUTIES AND RESPONSIBILITIES OF THE TRUSTEE

 

8.1             
Establishment and Acceptance of Trust.
The Trustee shall hold and manage the assets
received by it to be included in the Trust Fund. All contributions so received
together with the income therefrom shall be
managed, invested and reinvested by the
Trustee in accordance with Section 8.2, subject, however, to the
right of the Company to appoint and employ
an Investment Manager or Managers, to manage and/or invest and
reinvest the Trust Fund, or any part
thereof, in which event the Investment
Manager shall be certified as such
to the Trustee by the Company and
the Trustee shall not be liable for the acts or omissions of
such Investment Manager or Managers or be under any obligation to manage or
invest the assets of the Trust Fund which are
subject to management by such Investment
Manager or Managers. Any such Investment Manager so employed
must meet the definition thereof contained
in Section 3(38) of ERISA and must acknowledge
in writing at the time of such employment
that he or it is a fiduciary with respect
to the Plan. The chief executive officer
of any such Investment Manager shall certify in writing to the
Trustee the names of all persons who
shall act on behalf of the Investment
Manager with respect to the Trust
Fund, and the Trustee may rely thereon in its dealings with the Investment Manager.
The Trustee shall have the power to take such action and execute such documents with
respect to the Plan, the Trust Fund created
thereunder and the benefits provided
thereunder as it may deem necessary or advisable in order
to carry out the purposes for which the Plan is established and operated.

 

		8.2	Investment of Trust Fund.

 

(a)               
The Plan is designed to be an employee stock ownership
plan as defined in Section 4975(e)(7) of the Code and regulations
thereunder. Therefore, the Plan shall be invested primarily in Employer Stock.
The ESOP Committee shall direct
the Trustee in writing as to all purchases
and sales of Employer Stock by the
Plan. Shares of Employer Stock may be
purchased in the open market, from the
Company or affiliates of the Company, or
through privately negotiated transactions, at prices not in excess of the fair market value
of the Employer Stock on the date of the purchase, as long as such purchases
are permitted by applicable law. The
Trustee may suspend purchases of Employer
Stock in circumstances which, in the
opinion of counsel for the Trustee, such
suspension is necessary to comply with rules and regulations of the Securities and Exchange
Commission, in which event such purchases will be
made or resumed as or when the Trustee is satisfied that such
purchases are permitted under such rules and regulations.

 

(b)              
To the extent the Trustee does
not receive such written direction from
the Plan Administrator and to the extent the Trust Fund is not invested in Employer
Stock, the funds

    	 

    	 

    

of
the Trust may be invested in stocks, common or preferred, trust shares, mutual
fund shares, annuity contracts and insurance
policies (including specifically “key man” insurance on any
key employee of the Employer) bonds and
mortgages and other evidences of indebtedness or ownership,
master variable notes, commercial paper, repurchase agreements issued by persons
other than the Trustee which are secured by obligations
of the U.S. Treasury or agencies
or instrumentalities of the United States (except
as any such investment may be
limited hereunder or under the provisions of ERISA),
and, consistently with Code Section 4975(d)(4), any deposits with Southwest
Georgia Bank or an affiliated state or federally
supervised bank, including certificates of deposits or savings certificates, and in
any common trust fund or commingled trust fund maintained by the Trustee for the investment
of qualified employee benefit trusts; provided, however, the Trustee or Investment
Manager, as the case may be, shall be subject to the principal requirements that the
Plan is to be invested primarily in Employer Stock and that the investments of
the other assets of the Plan shall be diversified to the
extent necessary to minimize the risk
of large losses, unless under the circumstances it is clearly prudent not to do so. For purposes of the restrictions
on investment in and holding of Employer Stock, the
Trustee (and any Investment
Manager) shall be permitted to invest in and hold such securities having an aggregate fair market value
up to 100% of the fair market value of
the Trust Fund’s assets with respect
to the ESOP Account.

 

(c)               
If the Plan Administrator directs the Trustee to dispose of
shares of Employer Stock under circumstances which would, in the
opinion of counsel for the Trustee, require
registration of such shares under the
Securities Act of 1933 and/or qualification
of the shares under the blue sky laws
of any state or states,
then the Trustee shall not be required to
proceed with such disposition of the shares unless the Employer
takes any and all actions as may be deemed
necessary to effect such registration
and/or qualification. The costs of such
registration and/or qualification shall be borne by the Employer.

 

(d)              
The Trustee may cause any
investment in securities held by the Trustee
to be registered in or
transferred into its name as Trustee or into the
name of such nominee as it may appoint, or it may
retain the same unregistered and in such form
as shall permit transferability, but the
books and records of the Trust Fund shall at
all times show that all such investments are
part of the Trust Fund.

 

(e)               
The ESOP Committee shall establish the
general investment policy and objectives for the Trust Fund and shall communicate
same to the Trustee and any
Investment Manager who may then be
serving as such, as promptly as practicable after
establishing or revising same. It shall be the
responsibility of the Trustee and any
such Investment Manager to advise the
Company, in writing, at reasonable intervals
and at such other times as
the Company shall request of all investments and
reinvestments of the Trust Fund made in furtherance
of such investment policy and objectives.

 

(f)               
The Non-Employer Securities Portion of the Plan shall be
invested in various investment options according
to the investment directions of Participants
or as otherwise directed by the
ESOP Committee. If Participants may direct the
investments, the Plan Administrator shall communicate the Participants’ investment
directions to the Trustee who shall invest amounts credited to such accounts in accordance
with Participants’ directions. The Participant Directed Amount shall not share
in general Trust Fund earnings, but it shall be

    	 

    	 

    

charged
or credited as appropriate with the net
earnings, gains, losses and expenses as well as
any appreciation or depreciation in market value attributable to such account.

 

(g)              
Notwithstanding the foregoing provisions of this Section 8.2, the
investment of Trust Fund assets shall be subject to the provisions of Article IV of the Plan.

 

8.3             
Discharge of Duties. The ESOP Committee,
Plan Administrator, the Trustee and any Investment
Manager (and any other party who may at
any time be serving as a Fiduciary with respect to the Plan) shall discharge their
duties solely in the interests of the
Participants and Beneficiaries, for the exclusive purpose
of providing benefits as herein described and defraying reasonable expenses
of administration, in accordance with
the Plan and consistent with the fiduciary
responsibility provisions of ERISA Title I,
and with the care, skill, prudence and diligence,
under the circumstances then prevailing, that a prudent man
acting in a like capacity and familiar with such
matters would use in the conduct of an enterprise of like character
and with like aims.

 

8.4             
Prohibited Transactions. Notwithstanding anything herein to the contrary,
neither the Trustee, nor any other party
at any time serving as
a Fiduciary with respect to the Plan, shall
cause the Plan to engage in any “prohibited
transactions” as same are defined and applicable to this Plan under
ERISA Section 406 or Code Section 4975, subject
to any available and applicable exception contained in or
allowed by ERISA or the Code, and,
except as otherwise permitted by such
exemption and provided for herein, in complying
with such limitations, neither the Trustee nor
any other Fiduciary shall engage in any
transaction which they know or should know constitutes a direct or indirect:

 

(a)               
sale or exchange or leasing of any
property between the Trust Fund and a “party in interest” or a “disqualified
person” (as such terms are defined under ERISA);

 

(b)              
lending of money or other extension of credit between the Trust Fund
and a party in interest or a disqualified person;

 

(c)               
furnishing of goods, services, or facilities between
the Trust Fund and a party in interest or a disqualified person;

 

(d)              
transfer to, or use by or
for the benefit of, a party in interest or
a disqualified person, of any assets of the Trust Fund; or

 

(e)               
acquisition, on behalf of the
Trust Fund, of any Employer security or Employer
real property which would constitute a violation by this Plan of Section 407 of ERISA.

 

Unless
such transaction is permissible under ERISA, neither
the Trustee nor any other Fiduciary shall deal with the assets of the Trust Fund
in their own interest or for their own account
or act in any transaction involving the
Trust Fund on behalf of a party (or
represent a party) whose interests are
adverse to the interests of the Trust
Fund or the interests of
its Participants or Beneficiaries. No
Fiduciary shall receive any consideration
for its own personal account
from any party dealing with the
Trust Fund in connection with a transaction
involving the assets of the Trust Fund.

    	 

    	 

    

8.5             
Delegation of Responsibilities. The
Trustee and any other party serving
as a Fiduciary with respect to the
Plan shall act prudently in the delegation
or allocation of responsibilities to other persons
(to the extent such delegation or allocation is allowable
hereunder and under ERISA), and if at any time there
is more than one authorized Trustee serving,
each Trustee shall exercise reasonable care
to prevent the other Trustees from committing
a breach of such other Trustees’
obligations and responsibilities hereunder.
Each Fiduciary shall conduct a periodic
review to assure that functions delegated by
such Fiduciary are carried out properly.
Neither the Trustee nor any other person
serving at any time as
a Fiduciary with respect to the Plan shall be liable for the actions of any other
Trustee or Fiduciary unless he knowingly participates, approves, acquiesces in or conceals a breach of obligations and responsibilities
committed by the other.

 

8.6             
Powers of Trustee. Subject to the
rights of the ESOP Committee with respect
to the purchase and sale of Employer
Stock, the terms of an exempt loan,
and the rights of the Participants with respect
to the voting and tender of Employer Stock, the
Trustee (and any Investment Manager
to the extent applicable to its
investment powers and duties) shall have the
following powers and authority in the administration and
investment of the Trust Fund, to be exercised
without being required to make or to file any
inventory or appraisal with, nor to give
any bond or be a surety thereon to, any
officer, court or tribunal, and in accordance
with and subject to the above provisions of this Article VIII:

 

(a)               
Purchase of Property. To purchase or subscribe for any securities or
other property, real and personal, and to retain the same in trust.

 

(b)              
Sale, Exchange, Conveyance and Transfer of Property. To sell, exchange,
convey, transfer or otherwise dispose of any securities or
other property held by it, by public
or private sale without notice, advertisement
or court order. No person dealing with the Trustee shall be
bound to see to the application of the
purchase money or to inquire into the validity, expediency, or propriety of
any such-sale or other disposition.

 

(c)               
Exercise of Owner’s Rights. Subject to Section 5.15, to vote
in accordance with its fiduciary
obligations hereunder any Employer Stock
or any other stocks, bonds or other securities held
in the Trust Fund on all matters for which such vote is required; to
give general or special proxies or powers of
attorney with or without power of substitution;
to exercise any conversion privileges,
subscription rights, or other options, and
to make any payments
incidental thereto; to oppose, or to consent to or
otherwise participate in, corporate reorganizations or other changes
affecting corporate securities, and to delegate discretionary powers, and to
pay any assessments or charges in connection therewith; and generally to exercise any
of the powers of an owner with respect
to the Employer Stock and any other stocks, bonds, securities or other property held as part of the Trust Fund.

 

(d)              
Borrowing. To borrow or raise money for
the purpose of the Plan in such
amount, and upon such terms and conditions,
including entering into purchase money
transactions, as the ESOP Committee appointed
by the Board may
direct and the Trustee shall determine
appropriate; and for any sum so borrowed, to issue its promissory note as Trustee, and to secure
the repayment thereof by pledging all or any part of
the Trust Fund. A loan shall be used
primarily for the benefit of Plan Participants
and their Beneficiaries. No person lending

    	 

    	 

    

money to
the Trustee shall be bound to see to the application of the money lent or to inquire
into the validity, expediency or propriety
of any such borrowing. Any
borrowing by the Trustee to purchase
Employer Stock shall provide for the following special provisions:

 

(i)                
the Plan shall repay to the lender the amount of such loan, together
with the interest thereon, only out of amounts contributed for
such purposes to the Plan by the Employer;

 

(ii)              
from time to time, as the Plan repays
such loan, shares of Employer Stock shall be
released from the suspense account for allocation
to Participants’ accounts as provided
in Section 4.3(b);

 

(iii)            
the collateral, if any, from the
Trust Fund to secure such loan
shall be limited to the Employer Stock purchased with the
proceeds of such loan and then only to the
extent that such stock has not been released
from the suspense account for allocation
to Participants’ accounts as provided for in Section 4.3;

 

 

of
the Plan;

		(iv)	the loan shall be made without recourse
against the existing assets

 

(v)              
in the event of default by
the Plan under such loan,
the value of assets of the Plan transferred in satisfaction of the loan must not exceed the
amount of the default; provided, where the lender is a “disqualified person”
(as such term is defined in Code Section
4975), Plan assets may be transferred to such disqualified person only upon and to
the extent of failure to meet the payment schedule of
the loan;

 

(vi)            
the loan must be for a specific term, and not payable on demand, and
the interest rate on the loan
must not be in excess of a reasonable
rate and the proceeds of any
such loan shall be used within a reasonable
period of time after the making of the
loan to acquire Employer stock or to repay other such loans; and

 

(vii)          
such other requirements as may be
necessary for the loan or purchase money transaction to meet
the applicable requirements of Code Section 4975 for an exempt loan.

 

(e)               
Retention of Cash. To
keep such portion of the Trust Fund in cash or cash balances as the Trustee, from
time to time, may deem to be
in the best interests of the Trust, without liability for interest thereon.

 

(f)               
Retention of Property Acquired.
To accept and retain for such
time as it may deem advisable any securities or
other property received or acquired by
it as Trustee hereunder, whether or not
such securities or other property would normally be purchased as investments
hereunder.

 

(g)              
Execution of Instruments.
To make, execute, acknowledge and delivery any and all documents
of transfer and conveyance and any and
all other instruments that may be necessary or appropriate to carry out the powers herein granted.

    	 

    	 

    

(h)              
Settlement of Claims and Debts.
To settle, compromise or submit to arbitration
any claims, debts or damages due or owing
to or from the Trust Fund, to commence
or defend suits or legal or administrative proceedings, and to represent the Trust
Fund in all suits and legal and administrative proceedings.

 

(i)                
Employment of Agents and Counsel. To
employ suitable agents and counsel (who
shall be counsel for or acceptable to
the Company), and to pay their reasonable expenses and compensation, and the Trustee
shall be fully protected in relying upon the advice of such counsel.

 

(j)                
Buy-Sell Agreements. To enter into buy-sell agreements upon such
terms as the Trustee deems appropriate for the purchase of
Employer Stock which give the Plan the
option to purchase Employer Stock upon the
death of another party to the agreement,
but which do not obligate the Plan to purchase such Employer Stock.

 

(k)              
Power to Do Any Necessary Act.
To do all acts, take all such proceedings, and
exercise all such rights and privileges, although
not specifically mentioned herein, as the Trustee may
deem necessary to administer the Trust
Fund and to carry out the purposes of this Trust.

 

The
interest and principal payments made with respect
to any loan by the
Plan during a Plan Year shall not exceed
the excess of (1) the sum of
the contributions made for such Plan Year
and all prior Plan Years (together with any earnings on such contributions);
over (2) the interest and principal
payments previously made with respect to all loans in all prior Plan Years.
Such contributions and earnings shall be
accounted for separately by the ESOP Committee
until the loan is repaid.

 

8.7             
Payments From The Fund. The
Trustee shall from time to time, on the written directions of the
Plan Administrator, make payments out of the
Trust Fund to such persons, in such manner, in such
amounts, and for such purposes as may be specified in the
written directions of the Plan Administrator, pursuant to Article
V, and upon any such payment being made, the amount thereof
shall no longer constitute a part of the Trust
Fund. Each such written direction shall be accompanied by a certificate
of the Plan Administrator that the payment
is in accordance with the Plan. The
Trustee shall not be responsible in any way with
respect to the application of such payments, or,
subject to observing the standards hereinabove
set forth in Sections 8.1 through 8.5,
for the adequacy of the Trust Fund to
meet and discharge any and all liabilities
under the Plan.

 

8.8             
Payment of Compensation, Expenses and
Taxes. The Trustee (and any Investment
Manager) shall be paid such reasonable compensation
as shall from time to time be agreed
upon in writing by the
Employer and the Trustee or the Investment Manager, as the case may be. In
addition, they shall be reimbursed for any reasonable
expenses, including reasonable counsel
fees, incurred by them in the management
and investment of the Trust Fund. Such
compensation and expenses shall be paid either
by the Employer or the Trust, as
directed by the Employer, but until paid
shall constitute a charge upon the Trust Fund.
All taxes of any and all kinds whatsoever
that may be levied or assessed under existing or future laws upon, or in respect of, the
Trust Fund or the income thereof shall be paid from the Trust Fund. Brokerage
fees and

    	 

    	 

    

commissions
and other purchase and sale transaction associated
costs shall be paid by the Company or
the Trust, as directed by
the Company, but until paid shall constitute
a charge upon the Trust Fund.

 

8.9             
Accounting. The Trustee shall keep
accurate and detailed accounts of all
investments, receipts, disbursements and other
transactions hereunder. All accounts,
books and records relating to such transactions
shall be open to inspection and audit
at all reasonable times by
any person designated by the Plan Administrator.

 

Within ninety
(90) days following the close of each fiscal year
of the Trust and within ninety (90) days after
the removal or resignation of the Trustee as
provided in Section 8.11 hereof, the Trustee
shall file with the Plan Administrator a written
account setting forth all investments, receipts, disbursements, and other transactions effected by it during such fiscal
year or during the period from the
close of the last fiscal year to
the date of such removal or resignation,
and setting forth the current value of the Trust Fund.

 

8.10         
Bond. Any person or party
serving as a Fiduciary with respect to
the Plan and any other person or
party handling funds of the Plan shall, if
required by ERISA and not otherwise
exempted, be bonded in an amount which
shall not be less than 10 percent of
the amount of the Trust Fund, but in
no event shall any such bond be less
than $1,000.00 nor more than $500,000.00.
The amount of such bond shall be fixed at the beginning of
each Plan Year in accordance with the
provisions of ERISA Section 412(a). The Employer shall be responsible for paying
the cost of such bond.

 

		8.11	Resignation or Removal of the Trustee.

 

(a)               
Term of Trustee. The Trustee shall continue to serve
as such until his resignation or removal as herein provided.

 

(b)              
Resignation. Any Trustee may
resign and become and remain fully discharged
from any and all further duties or
responsibilities hereunder by giving at
least sixty

(60)
days’ prior written notice to the
Company stating the effective date of such
resignation, or such shorter notice as the Company may
accept as sufficient. Such resignation
shall take effect on the date specified therein unless a successor Trustee(s) shall
have been appointed at an earlier date, in which
event such resignation shall take effect immediately upon the appointment of such successor
Trustee(s).

 

(c)               
Removal. Any Trustee may be removed by
the Company’s giving at least sixty (60)
days prior written notice to the Trustee
stating the effective date of such removal, or such
shorter notice as the Company may request and
the Trustee may accept as sufficient,
in which event such removed Trustee shall become and
remain fully discharged from all further duty or responsibility hereunder
after the effective date of such removal.

 

(d)              
Appointment of Successor Trustee.
In the event of
the resignation or removal of any
Trustee, a successor Trustee(s) shall promptly be
appointed by the Board of Directors of
the Company who shall give any remaining
Trustee(s) notice of such appointment. Any successor
Trustee(s) shall immediately upon his appointment as a successor
Trustee and his acceptance of same in
writing filed with the Company and
any remaining Trustee(s) become

    	 

    	 

    

vested
with all of the property, rights, powers and
duties of a Trustee with like effect as
if originally named the Trustee hereunder.
Any successor Trustee shall not be required to look into the actions of a prior Trustee
unless directed to do so by the Plan Administrator.

 

ARTICLE IX AMENDMENT
OF THE PLAN

The
Company shall have the right at any time by instrument in writing, duly executed and

acknowledged
and delivered to the Trustee to modify,
alter or amend this Plan and Trust in
whole or in part, provided, however, that the duties, powers and liability of the Trustee hereunder shall not be
substantially modified without its written consent and provided further that
any benefits which have actually accrued
and become payable hereunder shall not be
affected thereby. No amendment shall be made which shall cause or
authorize any part of the Trust Fund to revert
or be refunded to an Employer or
to be used for or diverted to purposes other
than the exclusive and sole benefit
of the Participants or their Beneficiaries
(other than such part as is required
to pay taxes and expenses of administration).
The Company shall have the limited right to amend this Agreement at
any time, retroactively or otherwise, in such respects
and to such extent as may be necessary
to qualify it under existing and applicable
laws and regulations so as to permit the
full deduction for tax purposes of the
Employer’s contributions made hereunder,
and if and to the extent necessary to
accomplish such purpose may by such amendment
decrease or otherwise affect the rights of Participants to benefits
which have actually accrued and become payable hereunder, any provision herein to
the contrary notwithstanding.

 

No
amendment to the Plan shall reduce
a Participant’s Account Balance or eliminate an
optional form of distribution except to the
extent permissible under Code Sections 411, 412, or
any other relevant Code Section. No amendment to the Plan shall have the effect of
decreasing a Participant’s Account Balance determined without regard
to such amendment as of the later of
the date such amendment is adopted or the date it becomes effective.

ARTICLE
X 

DISCONTINUANCE
OF CONTRIBUTIONS

AND
TERMINATION OF PLAN

 

10.1         
Intention to Continue Plan. The Plan herein provided for has been established by
the Company with the bona fide
intention that it shall be continued in operation indefinitely
and that contributions hereunder shall continue
for an indefinite period. However, the Company reserves the right at any
time to terminate the Plan, and any
Employer reserves the right at any
time to discontinue contributions.

 

10.2         
Termination or Partial Termination of
Plan. The Trustee shall be notified
of such termination or partial termination
in writing and shall proceed at the direction
of the Plan Administrator to liquidate the assets of the Trust Fund.
Upon termination of the Plan by
an Employer, the Employer shall not thereafter make any further contributions under
the Plan, and no amount shall thereafter be payable under the Plan to or
in respect of any Participants then

    	 

    	 

    

employed
by such Employer, except as
provided in this Section X or except as
amounts may become payable under the Plan as a result
of such Participants continuing their participation in the
Plan as a result of being employed by
other participating Employers. To the maximum extent permitted
by ERISA, transfers, distributions or
other dispositions of assets of the Plan as provided
in this Article X shall constitute a complete
discharge of all liabilities under the Plan. Promptly upon any such
termination the Trustee shall (i) pay any due
and accrued expenses and liabilities of the Trust and any expenses
involved in the termination of the Plan and appropriately adjust, as may be required,
all accounts of Participants for such
expenses and charges; and (ii) adjust for income,
gains and losses of the Trust
Fund to such termination date
in the manner described in Section 4.2(a)
hereof as if such termination date was an Annual Valuation Date. The interest of each
affected Employee in the adjusted amount
then credited to his Employer Contribution
Account shall be nonforfeitable as of such date.
The full current value of such adjusted
amount shall be paid from the Trust Fund to each
such Participant in such manner of distribution specified
in Section 5.6 hereof as though each
such Participant separated from Service as of
the date of termination, or shall continue
to be held in Trust at the
discretion of the Plan Administrator as provided in Article V.

 

In
the event of a partial termination of the
Plan, the payments, adjustments and distributions
described above shall also be made, but
only with respect to the portion of the
Plan being terminated.

 

Termination
or partial termination of the Plan shall not affect
the payment of benefits, in accordance
with Section 5.6 hereof, from the Trust Fund,
nor shall such funds thereafter be divested by reason of any provision hereof.

 

10.3         
Discontinuance of Contributions. In
the event of a complete discontinuance
by the Employer of contributions to be
made by it hereunder, the accounts of
all Participants shall be treated, and the rights of
all Participants shall be, as if the Plan was terminated as contemplated
under Section 10.2 on the effective date
of such discontinuance or the date such discontinuance
is deemed to have been effective, including,
but not limited to, nonforfeitability of all amounts credited to the Employer
Contribution Accounts of all affected Participants.

 

ARTICLE
XI MISCELLANEOUS

11.1         
Participants’ Rights, Acquittance.
Except to the extent required or provided for

by
mandatorily imposed law as in effect and
applicable hereto from time to time, neither
the establishment of the Trust hereby created,
nor any modification thereof, nor the
creation of any fund
or account, nor the payment of any
benefits, shall be construed as giving to any
Participant or other person any legal
or equitable right against the Employer, or
any officer or employee thereof, the
Trustee or the Plan Administrator except as herein provided nor shall any Participant have
any legal right, title or interest in
this Trust or any of
its assets, except in the event and to
the extent that benefits may actually
accrue to him hereunder, and the same
limitations shall be applicable with respect to death
benefits which may be payable to the
beneficiaries of a Participant. Under no circumstances
shall the terms of employment of any Participant
be

    	 

    	 

    

modified
or in any way affected hereby.
This Plan and Trust shall not constitute a contract of employment
nor afford any individual any right to be retained in the employ of the Employer.

 

11.2         
Spendthrift Clause. Except
to the extent permitted by
the Code, Participants are prohibited
from anticipating, encumbering, alienating or
assigning any of their rights,
claims or interest in this Trust or in
any of the assets thereof, and no undertaking
or attempt to do so shall in any way bind the Plan Administrator or
the Trustee or be of any
force or effect whatsoever. Furthermore,
except to the extent permitted by
the Code, no such rights, claims or
interest of a Participant in this Trust
or in any of the assets thereof
shall in any way be subject
to such Participant’s debts, contracts or
engagement, nor to attachment, garnishment,
levy or other legal or equitable process.

 

The
foregoing provision against the assignment of a Participant’s right in the
Plan shall not apply in the case of (i) a qualified
domestic relations order which is determined by
the Plan Administrator to meet the requirements of
Code Section 414(p), or (ii) the Participant’s
liability to the Plan due to (A)
the Participant’s conviction of a crime
involving the Plan, (B) a judgment, consent order, or
decree in action for violation of fiduciary
standards, or (C) a settlement involving the Department of Labor or Pension Benefit
Guaranty Corporation.

 

Effective
April 6, 2007, a domestic relations order that otherwise satisfies
the requirements for a qualified domestic relations order will not fail
to be a qualified domestic relations order: (i) solely because the
order is issued after, or revises, another
domestic relations order or qualified domestic relations order; or (ii) solely because
of the time at which the order is issued, including issuance after the Participant’s death.

 

In
any action or proceeding involving the Trust
Fund, or any property constituting part or all thereof,
or the administration thereof, the Employer, the
Plan Administrator and the Trustee shall be
the only necessary parties and
no Employee or former Employee of the Employer
or his Beneficiary or any other person having or claiming to have an interest in the
Trust Fund or under the Plan shall be entitled
to any notice or service of process.
Any final judgment which is not appealed or
appealable that may be entered in any such action or proceeding shall be binding and conclusive
on the parties hereto, the Plan Administrator
and all persons having or claiming to
have any interest
in the Trust Fund or under the Plan.

 

11.3         
Participation of Adopting Employers.
With the written consent of the Company, an adopting Employer may become
a party to this agreement pursuant to
authorization by its Board of Directors.
In the event an adopting Employer
does so become a party, it shall contribute
to the Plan, and its Employees shall
be entitled to benefits hereunder, in accordance with
the terms of the Plan subject to the following special provisions:

 

(a)               
The contribution of each adopting Employer
shall be determined separately by its Board of Directors under Article III hereof.

 

(b)              
In computing the Service of
a person who is in the employ of only
one of the adopting Employers at the
same time, the period of Service of
such Person with any of the adopting
Employers shall be counted, and a transfer
of an Employee from the employ of one

    	 

    	 

    

adopting
Employer to the employ of another shall not interrupt his Service, nor shall such
a transfer constitute a termination of Service under the terms of this Plan.

 

(c)               
The contribution of each adopting Employer shall be
allocated among its Employees separately
from the contributions of the others
in accordance with the provisions of Article
IV. Net increases and decreases in the
value of the Trust Fund resulting from increases or decreases in the value of
the assets of the Trust and earnings
and losses shall be allocated among all
Participants under the Plan as a group
in accordance with the provisions of Article IV.
Participants who are Employees of one or more adopting Employers
shall have separate accounts with respect to their participation as an Employee of each
such adopting Employer.

 

(d)              
In the event of
a transfer of any Participant from the
employ of one adopting Employer to the
employ of another, his account shall
be considered and treated thereafter
as the account of a Participant who
is an Employee of the adopting Employer to which
he is transferred.

 

In
the event of such a transfer, the Participant
transferred shall share in the next annual contribution of
each of such adopting Employers on a pro
rata basis, based upon his Annual
Compensation with each such Employer during its fiscal
year in which the transfer takes places.

 

11.4         
Successor Employer. In the event of the dissolution, merger,
consolidation or reorganization of the Company,
provision may be made by
which the Plan and Trust will be continued by
the successor, and such successor shall be
substituted for the Company under the
Plan. The substitution of the successor shall constitute an
assumption of Plan liabilities by
the successor and the successor shall have all the powers, duties and responsibilities of the Company under
the Plan.

 

11.5         
Transfer of Plan Assets.
In the event of any
merger or consolidation of the Plan with,
or transfer in whole or in part of the
assets and liabilities of the Trust Fund
to another trust fund held under any other
plan of deferred compensation maintained
or to be established for the benefit of
all or some of the Participants of this
Plan, the assets of the Trust Fund applicable to such Participants shall be transferred
to the other trust fund only if:

 

(a)               
each Participant would, if either this Plan or
the other Plan then terminated, receive a benefit immediately after the
merger, consolidation or transfer which is
equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation or
transfer if the Plan had then terminated;

 

(b)              
resolutions of the Board of
Directors of the Employer of the affected
Participants shall authorize such transfer of
assets and, in the case of the
new or successor employer of the affected
Participants, its resolutions shall include
an assumption of liabilities with respect to such Participant’s inclusion
in the new employer’s plan;

 

 

501(a);
and

		(c)	such other plan and trust are qualified
under Code Sections 401(a) and

    	 

    	 

    

(d)              
the Trustee is authorized to make or receive such direct transfers at
the direction of the Company.

 

11.6         
Delegation of Authority by
the Company. Whenever the Company
under the terms of this Agreement is
permitted or required to do or perform
any act or matter or thing it
shall be done and performed by any officer
thereunto duly authorized by the
Board of Directors of the Company.

 

11.7         
Construction of Agreement. This Plan and
Trust agreement shall be construed according
to the laws of the state of Georgia,
and all provisions hereof shall be administered according
to, and its validity and enforceability
shall be determined under the laws of such
state, except where preempted by ERISA.

 

11.8         
Headings. The headings of
Sections and subsections are for ease
of reference only and shall not be construed to limit or modify the detailed provisions
hereof.

 

ARTICLE XII

 

TOP-HEAVY
PLAN PROVISIONS

 

12.1         
Application. In the event that the
Plan is determined to be a Top-Heavy
Plan as hereinafter defined, this Article
XII shall become effective as of the
first day of the Plan Year in which the
Plan is a Top-Heavy Plan.

 

		12.2	Definitions.

 

(a)               
Compensation. The compensation (within the meaning of Code Section
415(c)(3)) of the Participant from the Employer for the Plan Year.

 

(b)              
Key Employee.
During any Plan Year that the Plan
is a Top-Heavy Plan, an Employee who
is a Key Employee within the meaning
of Code Section 416(i), including any
Employee, former Employee or Beneficiary of an Employee
or former Employee who at any time
during the Plan Year or any of the four
(4) preceding Plan Years, is (or was):

 

(i)                
an officer of the Employer whose Compensation is greater
than 50% of the amount in effect under Code Section 415(b)(1)(A)
for any such Plan Year;

 

(ii)              
1 of the 10 Employees having
Compensation of more than the dollar limitation in Code
Section 415(c)(1)(A) and owning (or considered as
owning within the meaning of Code Section 318)
one of the largest interests in the Employer, which interest is at least 1/2%;

 

(iii)            
a one percent (1%) owner of the
Employer having Compensation of more than $170,000 (as indexed); or

 

		(iv)	a five percent (5%) owner of the Employer.

    	 

    	 

    

Ownership
shall be determined according to Code
Section 416(i)(1)(B). For purposes of (i) above, no more than fifty (50) Employees
(or if less, the greater of three (3) or ten percent (10%) of the
Employees) shall be treated as officers. For
purposes of (ii) above, if two Employees
have the same interest in the Employer,
the Employee with the higher Compensation
shall be treated as having the larger
interest. An Employee or former Employee who
is not a Key Employee shall be a non-Key Employee.

 

(c)               
Minimum Contribution. For
a Plan Year, the lesser of three percent
(3%) of a Participant’s compensation
(within the meaning of Treasury Regulation Section 1.415-2(d))
or a percentage of a Participant’s compensation equal to the
percentage at which contributions are made (or
required to be made) under the Plan and
all other plans of the Aggregation Group for the Key Employee
for whom such percentage is highest.

 

Notwithstanding
the foregoing, for Plan Years beginning on or after
January 1, 2007, solely on behalf of any individual who is covered
under a defined benefit plan maintained
by the Employer, the three percent (3%)
minimum contribution referenced above shall be
replaced by five percent (5%).

 

(d)              
Top-Heavy Plan. With respect to any
Plan Year, this Plan shall be deemed
Top-Heavy if the aggregate of the Account Balances
of all Key Employees in the Plan exceeds
sixty percent (60%) of the aggregate of the
Account Balances of all Participants in the Plan, such
determination to be made in accordance
with the procedures described in Code
Section 416(g) as of the Annual Valuation Date immediately preceding such Plan Year
(or in the case of the first Plan Year,
as of the last day of such Plan Year).
For purposes of determining whether the Plan is a Top-Heavy
Plan, the Plan shall be aggregated with
all other plans within the Aggregation Group.

 

(e)               
Aggregation Group. All plans maintained by
the Employer (i) which are required
to be aggregated with the Plan in order for
the Plan to meet the requirements of Code Sections 401(a)(4)
and 410, (ii) in which a Key Employee
is a participant, and (iii) any other
plan of the Employer that the Employer elects to include in the Aggregation Group,
provided that any such plan would not cause the
Aggregation Group to fail to meet the
requirements of Code Sections 401(a)(4)
and 410 with such plan being taken into account.

 

12.3         
Allocation of Minimum Contribution. For
any year in which the Plan is a Top-
Heavy Plan, the Minimum Contribution as defined in Section 12.2(c) hereof shall be
made to the account of each Participant who
is a non-Key Employee, unless the Minimum
Contribution for the Participant is made
under another defined contribution plan maintained by
the Employer. Such Minimum Contribution shall be
made to the Employer Contribution Account
of each non- Key Employee Participant
who has not separated from service on
the last day of such
Plan Year without regard to such Participant’s Hours of Service during such Plan Year. The Employer and Plan Administrator
shall determine under which plan a Participant
shall receive the Minimum Contribution if the Employee
is a Participant in more than one plan maintained by the Employer.

    	 

    	 

    

		12.4	Post-EGTRRA Top-Heavy Provisions.

 

(a)               
Effective date. This Section 12.4 shall apply for purposes of
determining whether the Plan is a Top-Heavy Plan under Code Section 416(g)
for Plan Years beginning after December
31, 2001, and whether the Plan satisfies the
minimum benefits requirements of Code Section
416(c) for such years. This Section 12.4
amends Sections 12.1 through 12.3 of the Plan.

 

		(b)	Determination of Top-Heavy Status.

 

(i)                
Key Employee.
Key Employee means any Employee or
former Employee (including any deceased
Employee) who at any time during
the Plan Year that includes
the determination date was an officer of the Employer having Top-Heavy Compensation
greater than $135,000 (as adjusted under
Code Section 416(i)(1) for Plan Years
beginning after December 31, 2005), a 5% owner of the Employer,
or a 1% owner of
the Employer having Top-Heavy Compensation of more than $150,000. For
this purpose, Top-Heavy Compensation means
compensation within the meaning of Code Section 415(c)(3).
The determination of who is a key employee
will be made in accordance
with Code Section 416(i)(1) and the applicable
regulations and other guidance of general applicability issued thereunder.

 

(ii)              
Determination of Present Values and Amounts. This Section
12.4(b)(ii) shall apply for purposes
of determining the amounts of
Participant’s accounts as of the determination date.

 

(1)              
Distributions During Year Ending on the
Determination Date. The amounts of
account balances of an Employee as of the determination date shall be
increased by the distributions
made with respect to the
Employee under the Plan and any plan aggregated
with the Plan under Code Section 416(g)(2)
during the 1-year period ending on the determination date. The preceding
sentence shall also apply to distributions under
a terminated plan which, had it not been terminated,
would have been aggregated with the Plan under
Code Section 416(g)(2)(A)(i). In the case of a distribution made
for a reason other than severance
from employment, death, or disability,
this provision shall be applied by substituting
“5-year period” for “1-year period.”

 

(2)              
Employees Not Performing Services During Year Ending on the
Determination Date. The accounts of any individual who
has not performed services for the Employer
during the 1-year period ending on the
determination date shall not be taken into account.

 

(c)               
Non-Applicability of Top-Heavy Provisions. The top-heavy
requirements of Code Section 416 and
this Section 12.4 of the Plan shall not
apply in any year beginning
after December 31, 2001 in which the
Plan consists solely of a cash or deferred arrangement which meets
the requirements of Code Section 401(k)(12) and
matching contributions with respect to which
the requirements of Code Section 401(m)(11) are met.

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by
its duly authorized corporate officer
and its corporate seal to be hereunto
affixed, and the Trustee has executed same under seal
and thereby accepted the Trust, as of the day
and year first
above written.

 

COMPANY:

 

 

 

(CORPORATE SEAL)

SOUTHWEST
GEORGIA FINANCIAL CORPORATION

 

 

By:
DeWitt Drew

Title: President and Chief
Executive Officer

 

 

 

 

 

TRUSTEE:

 

 

(CORPORATE SEAL)

SOUTHWEST
GEORGIA BANK

 

 

By:
DeWitt Drew

Title: President and Chief
Executive Officer

 

 

 

 

53

    	 

    	 

    

SCHEDULE A

 

Acquired
Employers Service Crediting Provisions

 

	Acquired Company	Credited Service
	Baker County Bank	Prior  service  with  Baker  County  Bank  is recognized for participation purposes.
	Moultrie Federal Savings and Loan	
        Any employee
        who was actively employed on January
        7,1991automatically becamea

        participant on January 7, 1991.

	Bank of Pavo (acquired 12/11/98)	Immediate participation for employees of Bank of Pavo upon closing of acquisition.
	Empire Financial Services, Inc.	Service of employees with Empire Financial Services, Inc. prior to January 1, 2002 is counted for eligibility and vesting but not as credited service or for allocations of Employer Contributions.
	Sylvester Banking Company	
        Immediate
        participation for employees of Sylvester Banking Company.

         

        Prior service
        with Sylvester Banking Company is recognized
        for eligibility and vesting purposes
        but not as credited service or for allocations
        of Employer Contributions. Prior service with Sylvester
        Banking Company will be counted for the Break in Service rules under Section
        2.3 of the Plan.

 

 

 

 

 

 

 

A-1

    	 

    	 

    

SCHEDULE B

 

Adopting
Employers and Dates of Adoption

 

 

Adopting EmployerDate
of Adoption

Date
Ceased to be Adopting Employer

 

Southwest
Georgia BankJuly 8, 1981

 

Empire Financial Services, Inc.

January 1, 2002

 

 

 

B-1

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