Document:

Exhibit No. 10.6

                              EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT  AGREEMENT (this "Agreement") is effective the 15th day of
November 2001 (the  "Effective  Date"),  by and between  NEXITY BANK, an Alabama
banking corporation ("Employer"); and Kenneth T. Vassey ("Employee").

                                    RECITALS

      WHEREAS, Employer desires to retain the services of Employee as its Senior
Vice President Senior Lending Officer, and Employee desires to be so employed;

                                    AGREEMENT

      NOW,  THEREFORE,  in  consideration  of the mutual  recitals and covenants
contained herein, the parties hereby agree as follows:

      1.  Employment.  Employer agrees to employ Employee and Employee agrees to
be employed by Employer, subject to the terms and provisions of this Agreement.

      2. Term.  The  employment of Employee by Employer as provided in Section 1
unless earlier terminated as provided herein, shall be for a rolling term of two
years (the "Term") commencing on the date hereof. This agreement shall be deemed
to extend each day for an additional day automatically and without any action on
behalf of either party hereto.  The obligations and rights set forth in Sections
7, 8 and 9 hereof shall survive  termination of this Agreement  except as may be
specified otherwise in such sections.

      3.    Duties; Extent of Services.  Employee shall perform for Employer all
            duties  incident to the  position of Senior  Vice  President  Senior
            Lending  Officer  of  the  Employer,  under  the  direction  of  the
            president of Employer, or its designee. In addition,  Employee shall
            engage  in  such  other  services  for  Employer  or its  affiliated
            companies,  as Employer from time to time shall direct.  The precise
            services of Employee  and the title of  Employee's  position  may be
            extended,  curtailed  or  modified  by  Employer  from  time to time
            without affecting the enforceability of the terms of this Agreement.
            Employee  shall use his best efforts in, and devote his entire time,
            attention,  and  energy,  to  Employer's  business  and,  except  as
            previously  disclosed to Employer,  shall not during the term hereof
            serve,  without the express  permission of the board of directors of
            Employer, as an officer or director of any business enterprise other
            than the Company or an affiliate

<PAGE>

            thereof.  Nothing  contained herein is intended to prohibit Employee
            from  spending a  reasonable  amount of time  managing  his personal
            investments  and discharging  his civic  responsibilities  and other
            permitted  activities as long as such  activities do not  materially
            interfere with his duties and obligations under this Agreement.

      4. Compensation.

      (a)  During  the term of this  Agreement,  Employee's  total  annual  cash
compensation  shall be an amount not less than  $150,000.00.  During the term of
this  Agreement,  Employee may also receive other cash or non-cash  compensation
(including without limitation merit increases and/or  participation in incentive
compensation  plans  adopted  by  Employer)  as may  be  granted  by  Employer's
Executive management, in its sole discretion.

      (b) Employee  shall be entitled to vacation  days,  paid holidays and sick
days and health benefits as provided customarily by Employer.

      (c) Employee shall be granted  options to acquire 100,000 shares of Nexity
Financial Corporation Common Stock at the then current market price at execution
of the agreement under the Nexity Financial Corporation Stock Option Plan.

      5. Compliance  with Rules and Policies.  Employee shall comply with all of
the rules,  regulations,  and policies of Employer now or hereinafter in effect.
He shall  promptly  and  faithfully  do and perform any and all other duties and
responsibilities  which he may,  from  time to time,  be  directed  to do by the
Chairman or President of Employer or its designee.

      6. Representation of Employee. Except as previously disclosed to Employer,
Employee  represents to Employer that he is not subject to any rule,  regulation
or agreement,  including without limitation, any non-compete or non-solicitation
agreement,  that purports to, or which  reasonably  could, be expected to limit,
restrict  or  interfere  with  Employee's  ability  to engage in the  activities
provided for in this Agreement.

      7. Disclosure of Information.  Employee  acknowledges  that any documents,
information  and technology and computer  related  know-how,  whether written or
not, that comes into Employee's possession or knowledge during Employee's course
of employment  with  Employer  which is not or has not become part of the public
domain,  including,  without  limitation the financial and business  conditions,
goals and

<PAGE>

operations of customers of Employer, or any of its affiliates or subsidiaries as
the same may exist from time to time (collectively, "Confidential Information"),
are valuable,  special and unique assets of Employer's  business.  Employee will
not,  during or after  the term of this  Agreement,  (i)  disclose  any  written
Confidential Information to any person, firm, corporation, association, or other
entity not  employed by or  affiliated  with  Employer for any reason or purpose
whatsoever,  or (ii) use any  written  Confidential  Information  for any reason
other than to further the  business of Employer.  Employee  agrees to return any
written Confidential  Information,  and all copies thereof, upon the termination
of Employee's  employment  (whether  hereunder or otherwise).  In the event of a
breach or threatened  breach by Employee of the provisions of this Section 7, in
addition to all other remedies available to Employer, Employer shall be entitled
to an injunction  restraining  Employee from disclosing any written Confidential
Information  or from  rendering any services to any person,  firm,  corporation,
association  or other entity to whom any written  Confidential  Information  has
been disclosed or is threatened to be disclosed. Employee further agrees that he
will not divulge to any person, firm, corporation,  association, or other entity
not employed by or affiliated with Employer, any of Employer's business methods,
sales, services or techniques, regardless of whether the same is written or not.

8.    Competition.  Except as  specified  otherwise  in this  Section 8, if this
      Agreement  is  terminated  by the Company for Cause or by the Employee for
      any reason, Mr. Vassey shall not enter into an employment  relationship or
      a consulting arrangement or serve as an officer,  director or greater than
      5%shareholder   with  any  other  bank,   thrift,   lending  or  financial
      institution in the capacity of a  correspondent  banker or as a supervisor
      of or a  participant  in any  Internet  banking  business  (hereinafter  a
      "competitor")  within  one  year of the  anniversary  of the  date of such
      termination (the "Noncompete  Period").  The obligations contained in this
      Section 8 shall not  prohibit  Mr.  Vassey from being an owner of not more
      than 5% of the outstanding stock of any class of a bank,  thrift,  lending
      or financial institution,  which is publicly traded, so long as Mr. Vassey
      has no active participation in the business of such corporation.

      8.1   During the  Noncompete  Period,  Mr.  Vassey  shall not  directly or
            indirectly  through  another  entity (i) induce or attempt to induce
            any  employee of Company to leave the employ of  Company,  including
            but not limited to a competitor,  or in any way  interfere  with the
            relationship between Company and any employee thereof, (ii) hire any
            person who was an employee of Company or any  subsidiary at any time
            during the time that Mr.  Vassey was  employed by Company,  or (iii)
            induce or attempt  to induce any  customer,  supplier,  or  business
            relation and the Company or do business with a competitor.

<PAGE>

      8.2   The severance  payment and stock option  payment to which Mr. Vassey
            is  entitled   under  this  Agreement   shall  be  deemed   adequate
            consideration  for Mr. Vassey's  obligations  under Sections 7 and 8
            hereof.

      8.3   If, at the time of enforcement of this Section 8, a court shall hold
            that the  duration,  scope or area  restrictions  stated  herein are
            unreasonable under  circumstances  then existing,  the parties agree
            that the  maximum  duration,  scope or area  reasonable  under  such
            circumstances shall be substituted for the stated duration, scope or
            areas and that the court shall be allowed to revise the restrictions
            contained  herein  to  cover  the  maximum  period,  scope  and area
            permitted by law. Mr. Vassey agrees that the restrictions  contained
            in this Section 8 are reasonable.

      8.4   In the event of a breach or a threatened breach by Mr. Vassey of any
            of the  provisions  of this  Section 8, the  Company,  addition  and
            supplementary  to other rights and  remedies  existing in its favor,
            may apply to any court of law or  equity of  competent  jurisdiction
            for specific  performance and/or injunctive or other relief in order
            to  enforce or  prevent  any  violations  of the  provisions  hereof
            (without  posting a bond or other  security).  In  addition,  in the
            event of an  alleged  breach  or  violation  by Mr.  Vassey  of this
            Section 8, the  Noncompete  Period shall be tolled until such breach
            or violation has been duly cured.

      9. Termination.

            (a) Employer  may  terminate  Employee For Cause.  "For Cause" shall
mean (i) abuse of or addiction to intoxicating drugs (including  alcohol);  (ii)
any action by the Employee which constitutes fraud,  sexual harassment,  willful
malfeasance of duty or conduct grossly  inappropriate  to Employee's  office and
which is  demonstrably  likely  to lead to  material  injury to  Employer,  or a
successor or affiliate of Employer,  (iii) a felony  conviction of Employee;  or
(iv) the  suspension  or  removal  of  Employee  by  federal  or  state  banking
regulatory authorities;  provided, that "For Cause" shall not include Employee's
medical disability. In addition, the services of Employee and the obligations of
Employer under this Agreement may be terminated For Cause by Employer due to the
death of Employee.

            (b) If Employer  terminates  Employee's  employment  hereunder  "For
Cause" all rights and obligations  specified in Section 8 shall survive any such
termination and Employee shall not be entitled to any further  compensation from
Employer including compensation under Section 4.

            (c) If for any  reason  during the term of this  Agreement  Employee
desires to cease working for Employer,  Employee  shall notify  Employer of such
desire.

<PAGE>

In that case,  Employee may cease working for Employer at a mutually agreed upon
date, all rights and obligations  specified in Section 8 shall continue to apply
in full and  Employee  shall not be entitled to any  further  compensation  from
Employer under Section 4.

            (d)  Employer  may  terminate  Employee  at any time other than "For
Cause" but in that case (i) Employee  shall continue to receive the minimum cash
compensation  provided  for in Section 4 (a) for a period of one year  following
the date of termination  and health  insurance  comparable to that maintained by
Employer  on  behalf of  Employee  prior to such  termination  for such one year
period, and (ii) all rights and obligations specified in Section 8 shall survive
any such  termination,  which for purposes of this Section 9 (d) shall mean that
the non-compete  covenant provided for therein shall continue until all payments
due to Employee  under this Section 9 (d) have been made and,  thereafter,  they
shall expire.

            (e) Notwithstanding  anything to the contrary contained herein, upon
the occurrence of a "Change in Control," all rights and obligations specified in
Section 8 (but not Section 4) shall terminate immediately.  For purposes of this
Section 9(e),  "Change of Control" shall mean the occurrence  during the term of
this Agreement of any of the following  events:  (i) a merger,  consolidation or
other corporate  reorganization  of Employer in which Employer does not survive,
or a sale of all or  substantially  all of the  assets  of  Employer,  (ii)  the
acquisition of beneficial  ownership by one person or a related group of persons
of greater  than Fifty One  percent  (51%) of the  outstanding  voting  stock or
assets of Employer or  Employer's  holding  company,  or (iii)  individuals  who
currently constitute the directors of Employer or Employer's holding company, or
who become directors of Employer upon nomination or election by the directors of
Employer,  other  than  through  an actual or  threatened  stockholder  election
contest,  cease for any reason to  constitute  a majority  of the  directors  of
Employer.

            (f) The  provisions  of Section 7 shall  survive  regardless  of any
termination   of  Employee's   employment   hereunder,   whether   voluntary  or
involuntary.

      10. Notice. For the purposes of this Agreement,  notices and demands shall
be deemed  given when mailed by United  States  mail,  addressed  in the case of
Employer  to Nexity  Financial  Corporation,  3500 Blue Lake  Drive,  Suite 330,
Birmingham,  Alabama 35243, Attention:  President; or in the case of Employee to
Mr. Ken Vassey 3226 Millwood Trail, Smyrna, Georgia 30080.

      11. Miscellaneous. No provision of this Agreement may be modified, waived,
or  discharged  unless such  modification,  waiver or  discharge is agreed to in
writing.  The validity,  interpretation,  construction  and  performance of this
Agreement

<PAGE>

shall be governed by the laws of the State of Alabama. This Agreement supersedes
and cancels any prior employment agreement or understanding entered into between
Employee and Employer.

      12.  Validity.  The  invalidity  of any  provision or  provisions  of this
Agreement shall not affect any other  provision of this  Agreement,  which shall
remain in full force and effect,  nor shall the  invalidity  of a portion of any
provision of this Agreement affect the balance of such provision.

      13. Default.

            (a)  If  Employee   breaches  or  violates  any  of  the  covenants,
conditions,  or terms of this  Agreement on his part to be  performed,  Employer
shall have the right,  without  notice to Employee,  to obtain an  injunction or
other  equitable  relief  against him  restraining  him from  violating any such
covenant,  condition  or term,  such notice  being  hereby  expressly  waived by
Employee.

            (b) Additionally,  in the event of any conduct by Employee violating
any provision of this Agreement, Employer shall be entitled, if it so elects, to
institute  and  initiate  and  prosecute  proceedings  in any court of competent
jurisdiction, either at law or in equity, to obtain damages for such conduct, to
enforce specific  performance of such provision or to obtain any other relief or
any combination of the foregoing that Employer may elect to pursue.

      14. Parties.  Except as provided in Section 9 (e), this Agreement shall be
binding  upon and shall  inure to the  benefit of any  successors  or assigns to
Employer.  Employee  may not  assign any of his  rights or  delegate  any of his
duties or obligations under this Agreement or any portion hereof.

      IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by
Employee and by a duly authorized officer of Employer as of the date first above
written.

<PAGE>

Witnesses:

_______________________________         __________________________________

_______________________________         __________________________________

Attest:                                 NEXITY BANK

By: ___________________________         By: ______________________________
    Its Secretary                           Its: President

[Corporate Seal]Exhibit 10.7

Nexity Bank
Salary Continuation Agreement
================================================================================

                                                               Prepared 02-06-04
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                            (C) 2004 Clark Consulting

This  document  is provided to assist  your legal  counsel in  documenting  your
specific  arrangement.  The laws of the various states may differ  considerably,
and  this  specimen  is for  general  information  only.  It is not a form to be
signed,  nor is it to be  construed  as  legal  advice.  Failure  to  accurately
document  your  arrangement  could result in  significant  losses,  whether from
claims  of  those   participating  in  the  arrangement,   from  the  heirs  and
beneficiaries of participants,  or from regulatory agencies such as the Internal
Revenue Service,  the Department of Labor, or bank examiners.  License is hereby
granted to your legal counsel to use these materials in documenting  solely your
arrangement.

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Nexity Bank
Salary Continuation Agreement
================================================================================

                                   NEXITY BANK
                          SALARY CONTINUATION AGREEMENT

      THIS SALARY CONTINUATION  AGREEMENT (the "Agreement") is adopted this 20th
day of July, 2004, by and between NEXITY BANK, a state-chartered commercial bank
located  in  Birmingham,  Alabama  (the  "Company"),  and  GREGARY  L.  LEE (the
"Executive").

      The  purpose of this  Agreement  is to provide  specified  benefits to the
Executive,  a member  of a select  group of  management  or  highly  compensated
employees who contribute  materially to the continued  growth,  development  and
future business success of the Company. This Agreement shall be unfunded for tax
purposes and for purposes of Title I of the Employee  Retirement Income Security
Act of 1974  ("ERISA"),  as amended from time to time.  The Company will pay the
benefits from its general assets.

      The Company and the Executive agree as provided herein.

                                    Article 1
                                   Definitions

      Whenever used in this  Agreement,  the  following  words and phrases shall
have the meanings specified:

1.1   "Accrual  Balance"  means the  liability  that  should be  accrued  by the
      Company,  under Generally Accepted Accounting Principles ("GAAP"), for the
      Company's  obligation to the Executive under this  Agreement,  by applying
      Accounting  Principles  Board  Opinion  Number 12 ("APB 12") as amended by
      Statement of Financial Accounting Standards Number 106 ("FAS 106") and the
      Discount Rate. Any one of a variety of amortization methods may be used to
      determine the Accrual Balance.  However,  once chosen,  the method must be
      consistently applied. The Accrual Balance shall be reported by the Company
      to the Executive on Schedule A.

1.2   "Beneficiary"  means each designated person, or the estate of the deceased
      Executive,  entitled to benefits,  if any, upon the death of the Executive
      determined pursuant to Article 4.

1.3   "Beneficiary  Designation  Form" means the form  established  from time to
      time by the Plan  Administrator  that the Executive  completes,  signs and
      returns to the Plan Administrator to designate one or more Beneficiaries.

1.4   "Change of Control" shall mean:

            (a) a change in the  ownership  of the capital  stock of the Company
      where a  corporation,  person or group  acting in concert (a  "Person") as
      described in Section

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Nexity Bank
Salary Continuation Agreement
================================================================================

      14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange
      Act"),  holds or acquires,  directly or indirectly,  beneficial  ownership
      (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of a
      number of shares of capital stock of the Company which  constitutes  fifty
      percent (50%) or more of the combined  voting power of the Company's  then
      outstanding  capital stock then entitled to vote generally in the election
      of directors; or

            (b) the persons who were  members of the Board of  Directors  of the
      Company  immediately  prior to a tender offer,  exchange offer,  contested
      election  or any  combination  of the  foregoing,  cease to  constitute  a
      majority of the Board of Directors; or

            (c) the  adoption  by the Board of  Directors  of the  Company  of a
      merger,  consolidation  or  reorganization  plan  involving the Company in
      which  the  Company  is not  the  surviving  entity,  or a sale  of all or
      substantially  all of the  assets of the  Company.  For  purposes  of this
      Agreement, a sale of all or substantially all of the assets of the Company
      shall be deemed to occur if any Person  acquires  (or during the  12-month
      period ending on the date of the most recent  acquisition  by such Person,
      has  acquired)  gross assets of the Company  that have an  aggregate  fair
      market value equal to fifty  percent (50%) of the fair market value of all
      of the gross assets of the Company  immediately  prior to such acquisition
      or acquisitions; or

            (d) a tender offer or exchange offer is made by any Person which, if
      successfully  completed,  would result in such Person  beneficially owning
      (within  the meaning of Rule 13d-3  promulgated  under the  Exchange  Act)
      either fifty percent (50%) or more of the Company's  outstanding shares of
      common stock or shares of capital stock having fifty percent (50%) or more
      the combined voting power of the Company's then outstanding  capital stock
      (other  than an offer  made by the  Company),  and  sufficient  shares are
      acquired  under the offer to cause such person to own fifty  percent (50%)
      or more of the voting power; or

            (e)  any  other  transactions  or  series  of  related  transactions
      occurring  which have  substantially  the same effect as the  transactions
      specified in any of the preceding clauses of this Section.

1.5   "Change of Control Benefit" means the benefits described in Section 2.5.

1.6   "Code" means the Internal Revenue Code of 1986, as amended.

1.7   "Constructive Termination of Employment" means the Executive,  following a
      Change of Control, experiences one of the following:

      (i)   Without the Executive's  express written consent,  the assignment to
            the Executive of any duties or  responsibilities  inconsistent  with
            the Executive's current

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Nexity Bank
Salary Continuation Agreement
================================================================================

            positions,    or   a   change   in   the    Executive's    reporting
            responsibilities, titles or offices; and/or

      (ii)  A reduction by the Company in the Executive's base salary.

1.8   "Death Benefit" means the benefit described in Article 3.

1.9   "Disability" shall mean the Executive's  inability as a result of physical
      or mental incapacity to substantially  perform, his duties for the Company
      on a full-time basis, with or without  accommodation,  for a period of six
      (6) months.

1.10  "Disability Benefit" means the benefit described in Section 2.4.

1.11  "Discount  Rate"  means  the  rate  used  by the  Plan  Administrator  for
      determining  the  Accrual  Balance.  The rate is  based on the  yield on a
      20-year  corporate  bond rated Aa by Moody's,  rounded to the nearest 1/4%
      The  initial  Discount  Rate is seven  percent  (7 %).  However,  the Plan
      Administrator,  in its sole  discretion,  may adjust the Discount  Rate to
      maintain the rate within reasonable standards according to GAAP.

1.12  "Effective Date" means January 1, 2004.

1.13  "Final  Pay" means the  current  base annual  salary of the  executive  at
      Termination of Employment.

1.14  "Involuntary Termination of Employment" means the Executive is notified in
      writing by the Company, that employment with the Company is terminated for
      reasons other than an approved  leave of absence,  Voluntary  Termination,
      Constructive Termination of Employment, or Termination for Cause.

1.15  "Involuntary  Termination  Date"  means the  month,  day and year in which
      Involuntary Termination occurs.

1.16  "Normal Retirement Age" means the Executive's 65th birthday.

1.17  "Normal  Retirement Date" means the later of the Normal  Retirement Age or
      Termination of Employment.

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Nexity Bank
Salary Continuation Agreement
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1.18  "Plan Administrator" means the plan administrator described in Article 8.

1.19  "Plan Year" means each  twelve-month  period  commencing  on the Effective
      Date.

1.20  "Projected Final Pay" means Final Pay increased five percent (5%) annually
      from the date of a Change of Control until Normal Retirement Age.

1.21  "Termination for Cause" has that meaning set forth in Article 5.

1.22  "Termination of Employment" means that the Executive ceases to be employed
      by the Company for any reason,  voluntary  or  involuntary,  other than by
      reason of a leave of absence approved by the Company.

1.23  "Voluntary  Termination"  means the  Termination  of  Employment  prior to
      Normal   Retirement   Age  for  reasons  other  than  death,   Disability,
      Involuntary  Termination,   Constructive  Termination  of  Employment,  or
      Termination for Cause.

1.24  "Voluntary  Termination  Date"  means  the  month,  day and  year in which
      Voluntary Termination occurs.

                                    Article 2
                            Benefits During Lifetime

2.1   Normal Retirement Benefit.  Upon Termination of Employment on or after the
      Normal  Retirement Age for reasons other than death, the Company shall pay
      to the Executive the benefit  described in this Section 2.1 in lieu of any
      other benefit under this Article 2.

      2.1.1 Amount of  Benefit.  The annual  benefit  under this  Section 2.1 is
            thirty percent (30%) of Final Pay. The Board may, in its discretion,
            increase  this  amount by one  percent  (1%) per Plan Year,  up to a
            maximum annual benefit of forty-five percent (45%) of Final Pay.

      2.1.2 Payment of Benefit.  The Company shall pay the annual benefit to the
            Executive in twelve (12) equal  monthly  installments  commencing on
            the  first  day  of  the  month  following  the  Executive's  Normal
            Retirement  Date.  The annual benefit shall be paid to the Executive
            for fifteen (15) years.

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Nexity Bank
Salary Continuation Agreement
================================================================================

2.2   Voluntary  Termination Benefit.  Upon Voluntary  Termination before Normal
      Retirement Date,  except in the case of a Change of Control and subject to
      the  provisions  of Article 5, the Company  shall pay to the Executive the
      benefit  described in this Section 2.2 in lieu of any other  benefit under
      this Article 2.

      2.2.1 Amount  of  Benefit.  The  benefit  under  this  Section  2.2 is the
            Voluntary  Termination  Benefit set forth on Schedule A for the Plan
            Year  during  which the  Voluntary  Termination  Date  occurs.  This
            benefit is  determined by vesting the Executive in ten percent (10%)
            of the  Accrual  Balance  for each  Plan Year  until  the  Executive
            becomes one hundred  percent  (100%) vested in the Accrual  Balance.
            For purposes of determining the Executive's vesting percentage,  the
            Executive's  years of service prior to the  Effective  Date shall be
            considered.

      2.2.2 Payment  of  Benefit.  The  Company  shall  pay the  benefit  to the
            Executive  in  a  lump  sum  within   thirty  (30)  days   following
            Termination of Employment.

2.3   Involuntary  Termination  Benefit.  Upon  Involuntary  Termination  before
      Normal  Retirement  Date,  except in the case of a Change of  Control  and
      subject  to the  provisions  of Article  5, the  Company  shall pay to the
      Executive  the benefit  described in this Section 2.3 in lieu of any other
      benefit under this Article 2.

      2.3.1 Amount  of  Benefit.  The  benefit  under  this  Section  2.3 is the
            Involuntary Termination Benefit set forth on Schedule A for the Plan
            Year during which the Termination of Employment occurs. This benefit
            is determined by vesting the Executive in one hundred percent (100%)
            of the Accrual Balance.

      2.3.2 Payment  of  Benefit.  The  Company  shall  pay the  benefit  to the
            Executive  in  a  lump  sum  within   thirty  (30)  days   following
            Termination of Employment.

2.4   Disability Benefit. Upon Termination of Employment due to Disability prior
      to Normal  Retirement  Age,  the Company  shall pay to the  Executive  the
      benefit  described in this Section 2.4 in lieu of any other  benefit under
      this Article 2.

      2.4.1 Amount of Benefit.  The annual benefit under this Section 2.4 is the
            Disability  Benefit set forth on Schedule A for the Plan Year during
            which  the  Termination  of  Employment  occurs.   This  benefit  is
            determined by vesting the Executive in one hundred percent (100%) of
            the  benefit  described  in  Section  2.1.1  of this  Agreement,  as
            determined at the time of the Executive's  Termination of Employment
            due to Disability.

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Nexity Bank
Salary Continuation Agreement
================================================================================

      2.4.2 Payment of Benefit.  The Company shall pay the annual benefit to the
            Executive in twelve (12) equal monthly installments  commencing with
            the month following Normal  Retirement Age. The annual benefit shall
            be paid to the Executive for fifteen (15) years.

2.5   Change in Control Benefits.

      2.5.1 Involuntary   Change  of  Control  Benefit.   Upon  the  Executive's
            Involuntary Termination of Employment or Constructive Termination of
            Employment  following a Change of Control,  the Company shall pay to
            the Executive the benefit described in this Section 2.5.1 in lieu of
            any other benefit under this Article 2.

            (a)   Amount of Benefit. The annual benefit under this Section 2.5.1
                  is the Change of Control  Benefit  set forth on Schedule A for
                  the Plan Year during which  Termination of Employment  occurs.
                  This  benefit  is  determined  by  vesting  the  Executive  in
                  forty-five  percent (45%) of the  Executive's  Projected Final
                  Pay

            (b)   Payment of Benefit.  The Company shall pay the annual  benefit
                  to the  Executive  in twelve (12) equal  monthly  installments
                  commencing with the month following Normal Retirement Age. The
                  annual benefit shall be paid to the Executive for fifteen (15)
                  years.

      2.5.2 Voluntary Change of Control Benefit.  Upon the Executive's Voluntary
            Termination of Employment following a Change of Control, the Company
            shall pay to the  Executive  the benefit  described  in this Section
            2.5.2 in lieu of any other benefit under this Article 2.

            (a)   Amount of Benefit. The annual benefit under this Section 2.5.2
                  is the Change of Control  Benefit  set forth on Schedule A for
                  the Plan Year during which  Termination of Employment  occurs.
                  This  benefit  is  determined  by  vesting  the  Executive  in
                  forty-five percent (45%) of the Executive's Final Pay.

            (b)   Payment of Benefit.  The Company shall pay the annual  benefit
                  to the  Executive  in twelve (12) equal  monthly  installments
                  commencing with the month following Normal Retirement Age. The
                  annual benefit shall be paid to the Executive for fifteen (15)
                  years.

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                                    Article 3
                                 Death Benefits

3.1   Death During Active  Service.  If the  Executive  dies while in the active
      service of the  Company,  the  Company  shall pay to the  Beneficiary  the
      benefit  described in this Section 3.1. This benefit shall be paid in lieu
      of the benefits under Article 2.

      3.1.1 Amount of Benefit.  The benefit  under this Section 3.1 is the Death
            Benefit set forth on  Schedule A for the Plan Year during  which the
            Executive   dies.   This  benefit  is   determined  by  vesting  the
            Executive's beneficiary in one hundred percent (100%) of the Accrual
            Balance.

      3.1.2 Payment of Benefit.  The  Company  shall pay the lump sum benefit to
            the  Executive's  beneficiary  within thirty (30) days following the
            Executive's death.

3.2   Death During Payment of a Benefit. If the Executive dies after any benefit
      payments  have  commenced  under Article 2 of this  Agreement,  but before
      receiving all such payments,  the Company shall pay the remaining benefits
      to the  Beneficiary  at the same time and in the same  amounts  they would
      have been paid to the Executive had the Executive survived.

3.3   Death After  Termination  of  Employment  But Before  Payment of a Benefit
      Commences.  If the  Executive  is entitled to any benefit  payments  under
      Article 2 of this Agreement, but dies prior to the commencement of benefit
      payments,  the Company  shall pay the same benefit to which the  Executive
      was entitled to prior to death to the Beneficiary, except that the benefit
      payments shall  commence on the first day of the month  following the date
      of the Executive's death.

                                    Article 4
                                  Beneficiaries

4.1   Beneficiary Designation.  The Executive shall have the right, at any time,
      to designate a  Beneficiary  (ies) to receive any benefits  payable  under
      this Agreement upon the death of the Executive. The Beneficiary designated
      under this Agreement may be the same as or different from the  beneficiary
      designation  under  any other  benefit  plan of the  Company  in which the
      Executive participates.

4.2   Beneficiary   Designation   Change.   The  Executive   shall  designate  a
      Beneficiary by completing and signing the  Beneficiary  Designation  Form,
      and delivering it to the Plan  Administrator or its designated  agent. The
      Executive's Beneficiary designation shall be

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      deemed automatically revoked if the Beneficiary  predeceases the Executive
      or if the  Executive  names a spouse as  Beneficiary  and the  marriage is
      subsequently  dissolved.  The  Executive  shall have the right to change a
      Beneficiary by completing,  signing and otherwise complying with the terms
      of the Beneficiary Designation Form and the Plan Administrator's rules and
      procedures,  as in effect from time to time.  Upon the  acceptance  by the
      Plan Administrator of a new Beneficiary  Designation Form, all Beneficiary
      designations  previously filed shall be cancelled.  The Plan Administrator
      shall be entitled to rely on the last  Beneficiary  Designation Form filed
      by the  Executive  and  accepted  by the Plan  Administrator  prior to the
      Executive's death.

4.3   Acknowledgment.  No  designation or change in designation of a Beneficiary
      shall be effective until received, accepted and acknowledged in writing by
      the Plan Administrator or its designated agent.

4.4   No  Beneficiary  Designation.  If  the  Executive  dies  without  a  valid
      beneficiary designation, or if all designated Beneficiaries predecease the
      Executive,   then  the   Executive's   spouse  shall  be  the   designated
      Beneficiary.  If the Executive has no surviving spouse, the benefits shall
      be made to the personal representative of the Executive's estate.

4.5   Facility  of  Payment.  If  the  Plan  Administrator   determines  in  its
      discretion  that a benefit is to be paid to a minor,  to a person declared
      incompetent,  or to a person incapable of handling the disposition of that
      person's  property,  the Plan  Administrator  may  direct  payment of such
      benefit to the guardian, legal representative or person having the care or
      custody of such minor,  incompetent  person or incapable person.  The Plan
      Administrator may require proof of incompetence,  minority or guardianship
      as it may deem  appropriate  prior to  distribution  of the  benefit.  Any
      payment of a benefit  shall be a payment for the account of the  Executive
      and the  Executive's  Beneficiary,  as the  case  may be,  and  shall be a
      complete  discharge of any liability  under the Agreement for such payment
      amount.

                                    Article 5
                               General Limitations

5.1   Termination for Cause.  Notwithstanding any provision of this Agreement to
      the contrary,  the Company shall not pay any benefit under this  Agreement
      if the Company's Board of Directors terminates the Executive's  employment
      for:

            (a)   Gross negligence or gross neglect of duties to the Company;

            (b)   Commission  of a felony  or of a gross  misdemeanor  involving
                  moral turpitude;

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            (c)   Fraud or willful  violation of any law or significant  Company
                  policy committed in connection with the Executive's employment
                  and resulting in a material adverse effect on the Company; or

            (d)   Issuance  of an order  for  removal  of the  Executive  by the
                  Company's banking regulators.

            Notwithstanding the foregoing,  the Executive shall not be deemed to
      have been terminated by reason of violating Section 5.1(c) until Executive
      is  notified  in writing by the  Company  (or its  successor  entity) of a
      determination of a violation of Section 5.1(c), specifying the particulars
      thereof in  reasonably  sufficient  detail,  and giving  the  Executive  a
      reasonable opportunity (of not less than ten (10) days), together with his
      counsel,  to explain to the  Company  why there has been no  violation  of
      Section 5.1(c),  followed by a finding by the Company (i) that in the good
      faith opinion of the Company (or its  successor  entity) the Executive had
      committed an act described in Section  5.1(c) above,  (ii)  specifying the
      particulars  thereof in detail,  and (iii) determining that such violation
      has not been  corrected,  or is not capable of correction.  Nothing herein
      shall limit the right of the Executive or his  Beneficiary  to contest the
      validity or propriety of any such determination.

5.2   Suicide or Misstatement.  The Company shall not pay any benefit under this
      Agreement if the Executive  commits  suicide  within three (3) years after
      the  Effective  Date.  In addition,  the Company shall not pay any benefit
      under this  Agreement if the Executive has made any material  misstatement
      of fact on any  application for life insurance owned by the Company on the
      Executive's life.

5.3   Excess Parachute Payment.

      5.3.1 Notwithstanding any provision of this Agreement to the contrary, and
            subject to Section 5.3.2 below, the Company shall not be required to
            pay any benefit under this Agreement if, upon the advice of counsel,
            the Company  determines  that the payment of such  benefit  would be
            prohibited  by 12  C.F.R.  Part  359  or any  successor  regulations
            regarding employee compensation promulgated by any regulatory agency
            having jurisdiction over the Company or its affiliates.

      5.3.2 Notwithstanding  the  preceding,  in the  event  that the  Executive
            becomes entitled to the benefits under this Agreement,  and any such
            benefits  will be subject to the tax (the "Excise  Tax")  imposed by
            Section  4999 of the Code,  the Company  shall pay to the  Executive
            coincident  with the first payment of benefits  under this Agreement
            pursuant to the provisions of Article 2 or 3 of this  Agreement,  an
            additional amount (the "Gross-Up  Payment") such that the net amount
            retained by the Executive  after  deduction of any Excise Tax on the
            benefits  and after  application  of any  federal,  state,  or local
            income taxes on the benefits and the

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            Gross-Up  Payments,  shall be equal to the benefits  provided  under
            Article 2 or 3 of this Agreement.

            (a)   For  purposes  of  determining  whether  any of  the  benefits
                  provided  under this  Agreement  will be subject to the Excise
                  Tax and the amount of such Excise Tax, (i) any other  payments
                  or benefits  received or to be  received by the  Executive  in
                  connection  with a change in  control of the  Company,  or the
                  Executive's termination of employment (whether pursuant to the
                  terms of this  Agreement  or any other  plan,  arrangement  or
                  agreement  with the  Company)  shall be treated as  "parachute
                  payments"  within the  meaning of  section  280G(b)(2)  of the
                  Code, and all "excess  parachute  payments" within the meaning
                  of  section  280G(b)(1)  shall be  treated  as  subject to the
                  Excise Tax,  unless in the opinion of tax counsel  selected by
                  the  Company's  independent  auditors  and  acceptable  to the
                  Executive  such other  payments  or  benefits  (in whole or in
                  part) do not  constitute  parachute  payments,  or such excess
                  parachute payments (in whole or in part) represent  reasonable
                  compensation for services actually rendered within the meaning
                  of  Section  280G(b)(4)  of the Code,  (ii) the  amount of the
                  benefits  provided under this Agreement which shall be treated
                  as  subject  to the Excise Tax shall be equal to the lesser of
                  (A) the total amount of the such  benefits,  or (B) the amount
                  of excess  parachute  payments  within the  meaning of Section
                  280G(b)(1) and (4) (after  applying  clause (i),  above),  and
                  (iii)  the  value of any  non-cash  benefits  or any  deferred
                  payment  or  benefit  shall  be  determined  by the  Company's
                  independent  auditors in  accordance  with the  principles  of
                  Sections 280G(d)(3) and (4) of the Code.

            (b)   For  purposes  of  determining  the  amount  of  the  Gross-Up
                  Payment,  the Executive  shall be deemed to pay federal income
                  taxes at the highest  marginal rate of federal income taxation
                  in the calendar  year in which the  Gross-Up  Payment is to be
                  made, and state and local income taxes at the highest marginal
                  rates of taxation in the state and locality of your  residence
                  on the Executive  incurs a Termination of  Employment,  net of
                  the maximum  reduction in federal  income taxes which could be
                  obtained from deduction of such state and local texas.

            (c)   In the event that the Excise Tax is subsequently determined to
                  be less than the amount  taken into  account  hereunder at the
                  time the Executive  incurs a Termination  of  Employment,  the
                  Executive  shall  repay to the  Company  at the time  that the
                  amount of such reduction in Excise Tax is finally  determined,
                  the  portion  of the  Gross-Up  Payment  attributable  to such
                  reduction.  In the event that the Excise Tax is  determined to
                  exceed the amount taken into account  hereunder at the time of
                  the Executive's Termination of Employment (including by reason
                  of any  payment,  the  existence  or amount of which cannot be
                  determined at the time of the

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                  Gross-Up  Payment),  the  Company  shall  make  an  additional
                  gross-up  payment in respect of such excess (plus any interest
                  payable with respect to such excess) at the time the amount of
                  such excess is finally determined.

                                    Article 6
                          Claims And Review Procedures

6.1   Claims  Procedure.  An Executive or Beneficiary  ("claimant")  who has not
      received  benefits under the Agreement  that he or she believes  should be
      paid shall make a claim for such benefits as follows:

      6.1.1 Initiation  -  Written  Claim.  The  claimant  initiates  a claim by
            submitting  to the  Plan  Administrator  a  written  claim  for  the
            benefits.

      6.1.2 Timing of Plan Administrator  Response. The Plan Administrator shall
            respond to such claimant within forty-five (45) days after receiving
            the  claim.  If  the  Plan  Administrator  determines  that  special
            circumstances  require additional time for processing the claim, the
            Plan  Administrator  can extend the  response  period by an up to an
            additional  sixty (60) days by  notifying  the  claimant in writing,
            prior to the end of the initial  45-day  period,  that an additional
            period  is  required.  The  notice of  extension  must set forth the
            special  circumstances and the date by which the Plan  Administrator
            expects to render its decision. If there is an extension, a decision
            on the claim shall be made as soon as  possible,  but not later than
            one hundred five (105) days after receipt by the Plan  Administrator
            of your initial claim for benefits.

      6.1.3 Notice of Decision.  If the Plan Administrator denies part or all of
            the claim,  the Plan  Administrator  shall  notify the  claimant  in
            writing  of such  denial.  The Plan  Administrator  shall  write the
            notification  in  a  manner  calculated  to  be  understood  by  the
            claimant. The notification shall set forth:

            (a)   The specific reasons for the denial;

            (b)   A reference to the  specific  provisions  of the  Agreement on
                  which the denial is based;

            (c)   A  description  of any  additional  information  or material l
                  necessary  for  the  claimant  to  perfect  the  claim  and an
                  explanation of why it is needed;

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            (d)   An explanation of the  Agreement's  review  procedures and the
                  time limits applicable to such procedures; and

            (e)   A statement  of the  claimant's  right to bring a civil action
                  under  ERISA  Section  502(a)  following  an  adverse  benefit
                  determination on review.

6.2   Review  Procedure.  If the Plan  Administrator  denies  part or all of the
      claim,  the claimant shall have the  opportunity  for an appeal and a full
      and fair review by the Plan Administrator of the denial, as follows:

      6.2.1 Initiation - Written  Request.  To initiate the claim denial review,
            the claimant,  within one hundred eighty (180) days after  receiving
            the Plan  Administrator's  notice of denial, must file with the Plan
            Administrator a written request for review.

      6.2.2 Additional Submissions - Information Access. The claimant shall then
            have the opportunity to submit written comments,  documents, records
            and other information  relating to the claim. The Plan Administrator
            shall also  provide the  claimant,  upon request and free of charge,
            reasonable  access to, and copies  of, all  documents,  records  and
            other   information   relevant  (as  defined  in  applicable   ERISA
            regulations) to the claimant's claim for benefits.

      6.2.3 Considerations  on  Review.  In  considering  the  review,  the Plan
            Administrator  shall take into account all materials and information
            the  claimant  submits  relating  to the  claim,  without  regard to
            whether such  information was submitted or considered in the initial
            benefit determination.

      6.2.4 Timing of Plan Administrator  Response. The Plan Administrator shall
            respond in  writing to such  claimant  within  forty-five  (45) days
            after  receiving the request for review.  If the Plan  Administrator
            determines that special  circumstances  require  additional time for
            processing the claim, the Plan Administrator can extend the response
            period  by an  additional  forty-five  (45)  days by  notifying  the
            claimant in writing,  prior to the end of the initial 45-day period,
            that an additional period is required.  The notice of extension must
            set forth the special  circumstances  and the date by which the Plan
            Administrator  expects to render its  decision.  This  extension may
            only be  made  where  there  are  special  circumstances  which  are
            communicated  to you in writing within the initial  forty-five  (45)
            day  period.  If there is an  extension,  a decision  on your appeal
            shall be made as soon as  possible,  but not later than  ninety (90)
            days after receipt by the Plan  Administrator  of your initial claim
            for review.

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      6.2.5 Notice of Decision. The Plan Administrator shall notify the claimant
            in. writing of its decision on review. The Plan Administrator  shall
            write the  notification  in a manner  calculated to be understood by
            the claimant. The notification shall set forth:

            (a)   The specific reasons for the denial;

            (b)   A reference to the  specific  provisions  of the  Agreement on
                  which the denial is based;

            (c)   A statement  that the  claimant  is entitled to receive,  upon
                  request and free of charge,  reasonable  access to, and copies
                  of, all documents,  records and other information relevant (as
                  defined in applicable  ERISA  regulations)  to the  claimant's
                  claim for benefits; and

            (d)   A statement  of the  claimant's  right to bring a civil action
                  under ERISA Section 502(a).

                                    Article 7
                           Amendments and Termination

      This  Agreement may be amended or terminated  only by a written  agreement
signed by the Company and the  Executive.  Provided,  however,  if the Company's
Board of  Directors  determines  that the  Executive  is no longer a member of a
select  group of  management  or highly  compensated  employees,  as that phrase
applies to ERISA,  for reasons other than death,  Disability or retirement,  the
Company  may  amend  or  terminate  this  Agreement.   Upon  such  amendment  or
termination  the Company shall pay benefits to the  Executive as if  Involuntary
Termination occurred on the date of such amendment or termination, regardless of
whether Involuntary Termination actually occurs.

      Notwithstanding  the previous paragraph in this Article 7, the Company may
amend or  terminate  this  Agreement  at any time if,  pursuant to  legislative,
judicial or regulatory  action,  continuation  of the Agreement  would (i) cause
benefits to be taxable to the Executive prior to actual receipt,  (ii) result in
significant financial penalties or other significantly detrimental ramifications
to the Company  (other than the  financial  impact of paying the  benefits);  or
(iii)  otherwise  cause the  Agreement to violate  ERISA or the Code,  provided,
however,  that the Company shall in good faith  negotiate  with the Executive to
provide an  alternative  agreement or  arrangement  in place of this  Agreement,
which  alternative  agreement  or  arrangement  provides  substantially  similar
benefits as this Agreement.

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                                    Article 8
                           Administration of Agreement

8.1   Plan Administrator  Duties. This Agreement shall be administered by a Plan
      Administrator  which  shall  consist of the Board,  or such  committee  or
      person(s) as the Board shall appoint. The Executive may be a member of the
      Plan Administrator.  The Plan Administrator shall also have the discretion
      and authority to (i) make,  amend,  interpret and enforce all  appropriate
      rules and  regulations for the  administration  of this Agreement and (ii)
      decide or resolve any and all questions including  interpretations of this
      Agreement, as may arise in connection with the Agreement.

8.2   Agents. In the  administration of this Agreement,  the Plan  Administrator
      may employ  agents and delegate to them such  administrative  duties as it
      sees fit, (including acting through a duly appointed representative),  and
      may from time to time  consult  with  counsel  who may be  counsel  to the
      Company.

8.3   Binding  Effect  of  Decisions.   The  decision  or  action  of  the  Plan
      Administrator with respect to any question arising out of or in connection
      with the  administration,  interpretation and application of the Agreement
      and the rules and  regulations  promulgated  hereunder  shall be final and
      conclusive  and  binding  upon all  persons  having  any  interest  in the
      Agreement.  No Executive or Beneficiary shall be deemed to have any right,
      vested or nonvested, regarding the continued use of any previously adopted
      assumptions, including but not limited to the Discount Rate.

8.4   Indemnity of Plan  Administrator.  The Company  shall  indemnify  and hold
      harmless the members of the Plan Administrator against any and all claims,
      losses,  damages,  expenses  or  liabilities  arising  from any  action or
      failure  to act with  respect  to this  Agreement,  except  in the case of
      willful misconduct by the Plan Administrator or any of its members.

8.5   Company  Information.  To enable the Plan  Administrator  to  perform  its
      functions,  the Company  shall supply full and timely  information  to the
      Plan  Administrator on all matters relating to the date and  circumstances
      of the retirement,  Disability, death, or Termination of Employment of the
      Executive and such other pertinent  information as the Plan  Administrator
      may reasonably require.

8.6   Annual Statement.  The Plan Administrator  shall provide to the Executive,
      within 120 days after the end of each Plan Year, a statement setting forth
      the benefits payable under this Agreement.

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                                    Article 9
                                  Miscellaneous

9.1   Binding  Effect.  This Agreement shall bind the Executive and the Company,
      and their beneficiaries,  survivors, executors, successors, administrators
      and transferees.

9.2   Arbitration.

      9.2.1 In the event of any claim or controversy  arising out of or relating
            to this Agreement or the breach of this Agreement, the parties agree
            that all such claims or controversies shall be resolved by final and
            binding arbitration in Jefferson County,  Alabama in accordance with
            the  Commercial   Arbitration  Rules  of  the  American  Arbitration
            Association  in effect  on the date  when the  claim or  controversy
            first  arises.   Either  party  must  communicate  its  request  for
            arbitration under this section in writing ("Arbitration  Notice") to
            the other party  within one hundred  twenty (120) days from the date
            the  claim or  controversy  first  arises.  Failure  to  communicate
            Arbitration  Notice  within  one  hundred  twenty  (120)  days shall
            constitute a waiver of any such claim or controversy.

      9.2.2 All  claims or  controversies  subject  to  arbitration  under  this
            section shall be submitted to an  arbitration  hearing within thirty
            (30) days from the date Arbitration Notice is communicated by either
            party.  All claims or controversies  submitted to arbitration  under
            this section  shall be resolved by a panel of three (3)  arbitrators
            who are licensed to practice law in the State of Alabama and who are
            experienced  in  the  arbitration  of  employment  disputes.   These
            arbitrators  shall be selected  in  accordance  with the  applicable
            Commercial Arbitration Rules or by agreement of the parties.  Either
            party   may   request   that   the    arbitration    proceeding   be
            stenographically  recorded by a Certified  Shorthand  Reporter.  The
            arbitrators  shall  issue a  decision  on any  claim or  controversy
            within  thirty  (30) days from the date the  arbitration  hearing is
            completed.  The parties  shall have the right to be  represented  by
            legal  counsel  at  any  arbitration   hearing.  The  costs  of  any
            arbitration hearing,  including the attorneys' fees incurred by both
            parties  (including any costs,  expenses or attorneys' fees incurred
            in filing any lawsuit to compel arbitration under subsection (c), if
            applicable), shall be paid by the Company if it is the losing party.
            Otherwise  each party  shall bear an equal share of the costs of the
            arbitration hearing, and its own expenses and attorneys' fees.

      9.2.3 The  arbitration  provisions  in this  section  are  subject  to the
            Federal  Arbitration  Act 9  U.S.C.  " 1 et seq.  (or any  successor
            provisions)  and may be  specifically  enforced  by any  party,  and
            submission to  arbitration  proceedings  compelled,  by any court of
            competent jurisdiction. The

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            decision  of the  arbitrators  may be  specifically  enforced by any
            party in any court of competent jurisdiction.

9.3   No Guarantee of Employment.  This Agreement is not an employment policy or
      contract.  It does not give the  Executive the right to remain an employee
      of the  Company,  nor  does it  interfere  with  the  Company's  right  to
      discharge the Executive.  It also does not require the Executive to remain
      an  employee  nor  interfere  with  the  Executive's  right  to  terminate
      employment at any time.

9.4   Non-Transferability.   Benefits  under  this  Agreement  cannot  be  sold,
      transferred, assigned, pledged, attached or encumbered in any manner.

9.5   Tax  Withholding.  The  Company  shall  withhold  any taxes  that,  in its
      reasonable  judgment,  are  required  to be  withheld  from  the  benefits
      provided  under  this  Agreement.  The  Executive  acknowledges  that  the
      Company's  sole  liability  regarding  taxes  is to  forward  any  amounts
      withheld to the appropriate taxing authority(ies).

9.6   Applicable  Law. The Agreement and all rights  hereunder shall be governed
      by the laws of the State of Alabama, except to the extent preempted by the
      laws of the United States of America.

9.7   Unfunded Arrangement.  The Executive and Beneficiary are general unsecured
      creditors of the Company for the payment of benefits under this Agreement.
      The  benefits  represent  the  mere  promise  by the  Company  to pay such
      benefits.  The  rights  to  benefits  are not  subject  in any  manner  to
      anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
      attachment,  or garnishment by creditors. Any insurance on the Executive's
      life is a  general  asset  of the  Company  to  which  the  Executive  and
      Beneficiary have no preferred or secured claim.

9.8   Reorganization.  The Company shall not merge or  consolidate  into or with
      another company, or reorganize, or sell substantially all of its assets to
      another  company,  firm,  or person  unless such  succeeding or continuing
      company, firm, or person agrees to assume and discharge the obligations of
      the Company under this Agreement.  Upon the occurrence of such event,  the
      term "Company" as used in this  Agreement  shall be deemed to refer to the
      successor or survivor company.

9.9   Entire Agreement.  This Agreement constitutes the entire agreement between
      the Company and the Executive as to the subject matter  hereof.  No rights
      are granted to the Executive by virtue of this Agreement  other than those
      specifically set forth herein.

                                       16
<PAGE>

9.10  Interpretation. Wherever the fulfillment of the intent and purpose of this
      Agreement requires,  and the context will permit, the use of the masculine
      gender includes the feminine and use of the singular includes the plural.

9.11  Alternative  Action.  In the  event it  shall  become  impossible  for the
      Company or the Plan  Administrator  to perform  any act  required  by this
      Agreement, the Company or Plan Administrator may in its discretion perform
      such  alternative act as most nearly carries out the intent and purpose of
      this Agreement and is in the best interests of the Company.

9.12  Headings.  Article and section headings are for convenient  reference only
      and shall not control or affect the meaning or  construction of any of its
      provisions.

9.13  Validity.  In case any  provision  of this  Agreement  shall be illegal or
      invalid for any reason, said illegality or invalidity shall not affect the
      remaining parts hereof, but this Agreement shall be construed and enforced
      as if such illegal and invalid provision has never been inserted herein.

9.14  Notice.  Any notice or filing  required  or  permitted  to be given to the
      Company or Plan Administrator  under this Agreement shall be sufficient if
      in writing and hand-delivered, or sent by registered or certified mail, to
      the address below:

                                 Gregary L. Lee
                               2211 Southwood Road
                          Vestavia Hills, Alabama 35216

      Such  notice  shall be  deemed  given as of the date of  delivery  or,  if
      delivery  is made by mail,  as of the date  shown on the  postmark  on the
      receipt for registration or certification.

      Any notice or filing  required or permitted  to be given to the  Executive
      under this Agreement shall be sufficient if in writing and hand-delivered,
      or sent by mail, to the last known address of the Executive.

                                     *******

                                       17
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

      IN WITNESS WHEREOF, the Executive and a duly authorized  representative of
the Company have signed this Agreement.

EXECUTIVE:                              COMPANY:

                                        Nexity Bank

_________________________________       By    __________________________________

Gregary L. Lee
                                        Title __________________________________

                                       18
<PAGE>

Nexity Bank
Salary Continuation Agreement
BENEFICIARY DESIGNATION FORM
================================================================================

                          BENEFICIARY DESIGNATION FORM

I designate the following as beneficiary of benefits under the Agreement payable
following my death:

Primary:      __________________________________________________________________

________________________________________________________________________________

Contingent:   __________________________________________________________________

________________________________________________________________________________

Note: To name a trust as beneficiary,  please provide the name of the trustee(s)
      and the exact name and date of the trust agreement.

I understand  that I may change these  beneficiary  designations by delivering a
new written designation to the Plan Administrator. I further understand that the
designations  will be automatically  revoked if the beneficiary  predeceases me,
or, if I have named my spouse as  beneficiary  and our marriage is  subsequently
dissolved.

Name:         _____________________________________

Signature:    _____________________________________        Date: _______________

________________________________________________________________________________

SPOUSAL CONSENT (Required if Spouse not named beneficiary):

I consent to the beneficiary  designation  above,  and acknowledge  that if I am
named  beneficiary and our marriage is subsequently  dissolved,  the designation
will be automatically revoked.

Spouse Name:  _____________________________________

Signature:    _____________________________________        Date: _______________

________________________________________________________________________________

Received by the Plan Administrator this _________ day of __________, 20____.

By:           _____________________________________

Title:        _____________________________________

<PAGE>

                                 Gregary L. Lee
--------------------------------------------------------------------------------
                           Schedule A Date: 01/01/2004
--------------------------------------------------------------------------------

  Plan Effective Date:  01/01/2004             Plan Anniversary Date: 1/1
--------------------------------------------------------------------------------
Normal Retirement Age:  65                    Normal Retirement Date: 8/4/2024
--------------------------------------------------------------------------------
        Discount Rate:  7.00%           Discount Rate Effective Date: 01/01/2004
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------

                                                                                  COC &
                                                                   COC &      Involuntary or      Pre-
  Plan                  Voluntary    Involuntary                 Voluntary     Constructive    retirement
  Year       Accrual   Termination   Termination   Disability   Termination    Termination       Death
Ending(1)    Balance     Benefit       Benefit      Benefit       Benefit        Benefit        Benefit
---------------------------------------------------------------------------------------------------------
<S>          <C>          <C>          <C>           <C>          <C>            <C>             <C>
Dec 2004     17,213       8,606        17,213        82,500       123,750        328,346         17,213
---------------------------------------------------------------------------------------------------------
</TABLE>

----------
IF THERE IS A CONFLICT IN ANY TERMS OR  PROVISIONS  BETWEEN THIS  SCHEDULE A AND
THE PLAN  AGREEMENT,  THE  TERMS  AND  PROVISIONS  OF THE PLAN  AGREEMENT  SHALL
PREVAIL.

(1)   If a triggering  event  occurs  during a Plan Year,  the benefit  shall be
      determined by subtracting the ending Accrual Balance for the previous Plan
      Year from the projected ending Accrual Balance from the current Plan Year,
      and prorating that difference over the number of full calendar months from
      the prior plan anniversary to the triggering event.

<PAGE>

                   Hypothetical Termination Benefits Schedule

<TABLE>
<CAPTION>
Gregary L. Lee
DOB: 8/04/1959                                       Early Voluntary          Early Voluntary          COC and Voluntary
Plan Anniversary Date: 1/1/2005                        Termination              Termination               Termination
Normal Retirement: 8/4/2024, Age 65                     Lump Sum                  Lump Sum                Installment
Payment: Monthly Installments                      Payable Immediately      Payable Immediately          Payable at 65
                          Benefit    Accrual                 Based On                 Based On                   Based On
                Discount  Level 2    Balance        Vesting   Accrual        Vesting   Accrual        Vesting    Benefit
 Period           Rate      (1)        (2)            (3)       (4)            (5)       (6)            (7)        (8)
<S>                <C>    <C>       <C>               <C>    <C>               <C>    <C>               <C>      <C>
Dec 2004           7%      82,500      17,213          50%       8,606         100%      17,213         100%     123,750
Dec 2005           7%      89,513      37,275          60%      22,365         100%      37,275         100%     129,938
Dec 2006           7%      97,020      60,675          70%      42,473         100%      60,675         100%     136,434
Dec 2007           7%     105,054      87,995          80%      70,396         100%      87,995         100%     143,256
Dec 2008           7%     113,650     119,923          90%     107,930         100%     119,923         100%     150,419
Dec 2009           7%     122,842     157,281         100%     157,281         100%     157,281         100%     157,940
Dec 2010           7%     132,669     201,054         100%     201,054         100%     201,054         100%     165,837
Dec 2011           7%     143,172     252,429         100%     252,429         100%     252,429         100%     174,129
Dec 2012           7%     154,394     312,843         100%     312,843         100%     312,843         100%     182,835
Dec 2013           7%     166,380     384,048         100%     384,048         100%     384,048         100%     191,977
Dec 2014           7%     179,178     468,207         100%     468,207         100%     468,207         100%     201,576
Dec 2015           7%     192,841     568,009         100%     568,009         100%     568,009         100%     211,654
Dec 2016           7%     207,421     686,853         100%     686,853         100%     686,853         100%     222,237
Dec 2017           7%     222,978     829,109         100%     829,109         100%     829,109         100%     233,349
Dec 2018           7%     239,572   1,000,528         100%   1,000,528         100%   1,000,528         100%     245,017
Dec 2019           7%     257,267   1,208,927         100%   1,208,927         100%   1,208,927         100%     257,267
Dec 2020           7%     270,131   1,454,915         100%   1,454,915         100%   1,454,915         100%     270,131
Dec 2021           7%     283,637   1,749,904         100%   1,749,904         100%   1,749,904         100%     283,637
Dec 2022           7%     297,819   2,112,952         100%   2,112,952         100%   2,112,952         100%     297,819
Dec 2023           7%     312,710   2,583,618         100%   2,583,618         100%   2,583,618         100%     312,710
Dec 2024           7%     328,346   3,061,962         100%   3,061,962         100%   3,061,962         100%     328,346

<CAPTION>
Gregary L. Lee
DOB: 8/04/1959                                                  COC and Involuntary
Plan Anniversary Date: 1/1/2005             Disability            or Constructive      Pre-retire.
Normal Retirement: 8/4/2024, Age 65        Installment              Installment       Death Benefit
Payment: Monthly Installments             Payable at 65            Payable at 65         Lump Sum
                                                  Based On                 Based On      Based On
                                        Vesting    Benefit       Vesting    Benefit      Accrual
 Period                                   (9)       (10)           (11)      (12)          (13)
<S>                                       <C>      <C>             <C>      <C>         <C>
Dec 2004                                  100%      82,500         100%     328,346        17,213
Dec 2005                                  100%      89,513         100%     328,346        37,275
Dec 2006                                  100%      97,020         100%     328,346        60,675
Dec 2007                                  100%     105,054         100%     328,346        87,995
Dec 2008                                  100%     113,650         100%     328,346       119,923
Dec 2009                                  100%     122,842         100%     328,346       157,281
Dec 2010                                  100%     132,669         100%     328,346       201,054
Dec 2011                                  100%     143,172         100%     328,346       252,429
Dec 2012                                  100%     154,394         100%     328,346       312,843
Dec 2013                                  100%     166,380         100%     328,346       384,048
Dec 2014                                  100%     179,178         100%     328,346       468,207
Dec 2015                                  100%     192,841         100%     328,346       568,009
Dec 2016                                  100%     207,421         100%     328,346       686,853
Dec 2017                                  100%     222,978         100%     328,346       829,109
Dec 2018                                  100%     239,572         100%     328,346     1,000,528
Dec 2019                                  100%     257,267         100%     328,346     1,208,927
Dec 2020                                  100%     270,131         100%     328,346     1,454,915
Dec 2021                                  100%     283,637         100%     328,346     1,749,904
Dec 2022                                  100%     297,819         100%     328,346     2,112,952
Dec 2023                                  100%     312,710         100%     328,346     2,583,618
Dec 2024                                  100%     328,346         100%     328,346     3,061,962
</TABLE>

         August 4, 2024 Retirement; September 1, 2024 First Payment Date

1     The first line reflects 12 months of data, January 2004 to December 2004.

2     The benefit amount is based on 100% of current compensation.  Compensation
      is based on $82,500 initially, inflating at 0.00% each year to $328,346 at
      retirement.

*     The purpose of this hypothetical illustration is to show the participant's
      annual benefit based on various termination  assumptions.  Actual benefits
      are based on the  terms  and  provisions  of the plan  agreement  executed
      between the company and participant and may differ from those shown.

<TABLE>
<S>                                                                   <C>
Copyright (C) 2003 Clark Consulting                                              Securities offered through Clark Securities, Inc.,
Salary Continuation Plan fur Nexity Bank - Birmingham, AL             a wholly owned subsidiary of Clark, Inc., member NASD & SIPC,
1003062 20205 161085 v5.31.39 03/17/2004:12 SCP-SD NB                                        Los Angeles, CA 90071, (213) 486-6300.
</TABLE>

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