Document:

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                              EMPLOYMENT AGREEMENT
                                 BY AND BETWEEN
                                 BANK OF FLORIDA
                                       AND
                                 MARTIN P. MAHAN

     THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into this 16/th/ day of
September, 2002, by and between Bank of Florida ("Bank" or "Employer") and
Martin P. Mahan ("Employee"). Employer and Employee are collectively referred to
herein as the "Parties."

                                    RECITALS

     WHEREAS, the Employer wishes to retain Employee as its Chief Operating
Officer to perform the duties and responsibilities as are described in this
Agreement and as the Employee's Chief Executive Officer and Board of Directors
("Board") may assign to Employee from time to time; and

     WHEREAS, Employee desires to become employed by the Employer and to serve
as the Employer's Chief Operating Officer in accordance with the terms and
provisions of this Agreement.

     NOW, THEREFORE, in consideration of the mutual agreements contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties hereto represent, warrant, undertake,
covenant and agree as follows:

                                 OPERATIVE TERMS

     1.   Employment and Term. Employer shall employ Employee and Employee shall
be employed pursuant to the terms of this Agreement to perform the services
specified in Section 2 herein. The initial term of employment shall be for a
period of three years, commencing on September 1, 2002 (the "Effective Date").
On the third anniversary of the Effective Date and on each succeeding
anniversary thereafter until the Employee's 65/th/ birthday, the term of this
Agreement shall be automatically extended for one additional year. However,
either Party may terminate such renewals of this Agreement by giving the other
Party written notice of its intent not to renew at least 30 days prior to any
anniversary of the Effective Date.

     The Board shall, prior to any renewal taking effect, review Employee's
performance and this Agreement to determine if the Agreement's renewals should
be continued. The Board's decision shall be included in its meeting minutes.

     In the event the Employee gives notice of termination (as defined in
Section 11[a] herein), the Employer may elect, at its sole option, to have the
term of this Agreement expire immediately or upon the 30th day following the
delivery to the Employer of such notice of termination. A voluntary employment
termination by the Employee shall result in the termination of the rights and
obligations of the Parties under this Agreement; provided, however, that the
terms and provisions of Section 12, 13, 14, 15, 16, 17, 18 and 19 herein shall
continue to apply and Employer shall pay to employee all compensation accrued,
but not yet paid.

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     In the event the Employer desires to involuntarily terminate the Employee's
employment, the Employer shall deliver to the Employee a notice of termination,
and the following provisions shall apply:

          (a)  In the event the involuntary termination is for Cause, this
     Agreement shall terminate immediately upon delivery to the Employee of a
     notice of termination. Such a termination for Cause shall result in the
     termination of all rights and obligations of the Parties under this
     Agreement, with the exception of Sections 12, 13, 14, 15, 16, 17, 18 and 19
     herein and Employer's obligations to pay to Employee all compensation
     accrued, but not yet paid.

          (b) In the event the involuntary termination is without Cause, the
     Employee shall be entitled to receive the severance benefits set forth in
     Section 9(e) and (f) herein and will remain subject to the provisions of
     Sections 12, 13, 14, 15, 16, 17, 18 and 19 herein.

     2.   Position, Responsibilities and Duties. During the term of this
Agreement, Employee shall serve in the following capacities and shall fulfill
the following responsibilities and duties:

          (a)  Specific Duties: Employee shall serve as the Chief Operating
     Officer of the Bank, through election by the Board. In such capacity,
     Employee shall have the same powers, duties and responsibilities of
     supervision and management of the Bank usually accorded to a Chief
     Operating Officer of similar financial institutions and shall report
     directly to the Chief Executive Officer. In addition, Employee shall use
     his best efforts to perform the duties and responsibilities enumerated in
     this Agreement and any other duties assigned to Employee by the Chief
     Executive Officer or the Board and to utilize and develop contacts and
     customers to enhance the business of Employer. Specifically, Employee's
     duties shall include, but not be limited to:

               (i)    building and maintaining a high quality employee team;

               (ii)   overseeing and supervising all of the Bank's operating
                      activities;

               (iii)  supervising the Bank's human resource and marketing
                      departments;

               (iv)   keeping the Bank's Chief Executive Officer informed of
                      important developments concerning the Bank, industry
                      developments and regulatory initiatives affecting the
                      Bank;

               (v)    establishing and implementing marketing efforts to
                      increase the business of the Bank, including increasing
                      the Bank's fee and interest income;

               (vi)   assisting the Bank's Chief Executive Officer with the
                      preparation of the Bank's annual business plan and budget;

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               (vii)  implementing and monitoring the Bank's annual business
                      plan and budget;

               (viii) recommending to the Bank's Chief Executive Officer any
                      necessary revisions to the Bank's three-year business
                      plan;

               (ix)   coordinating with the Bank's attorneys, accountants and
                      other service providers to the extent necessary to further
                      the business of the Bank, keeping in compliance with
                      government laws and regulations and otherwise keeping the
                      Bank in as good a financial and legal posture as possible;

               (x)    being responsible for the oversight of the Bank's branch
                      network, as branches open;

               (xi)   maintaining adequate expense records relating to
                      Employee's activities on behalf of the Bank; and

               (xii)  conducting and undertaking all other activities,
                      responsibilities, and duties normally expected to be
                      undertaken and accomplished by the Chief Operating Officer
                      of a financial institution similar in size and operation
                      to the Bank's business.

          (b)  General Duties: During the term of this Agreement, Employee shall
     devote all of his working time, attention, skill and best efforts to
     accomplish and faithfully perform all of the duties assigned to Employee on
     a full-time basis. Employee shall, at all times, conduct himself in a
     manner that will reflect positively upon the Employer. Employee shall
     obtain such licenses, certificates, accreditations and professional
     memberships and designations as the Employer may reasonably require.
     Employee shall join and maintain memberships in such social and civic
     organizations as the Employer's Board may deem appropriate to foster the
     Employer's contacts and business network in the community. Employee may,
     however, invest his assets in such form or manner as Employee so desires,
     so long as such investments do not require his services during normal
     business hours in the operation of the affairs of the companies in which
     such investments are made. Employee shall notify Employer prior to any
     significant participation by him in any trade association or similar
     organization.

     3.   Compensation. During the term of this Agreement, Employee shall be
compensated as follows:

          (a)  Base Salary: Employee shall receive an annual salary of $150,000
     (the "Base Salary") payable in accordance with the Employer's standard
     payroll practices. Employer may adjust the Base Salary from time to time
     based upon the Board's evaluation of Employee's performance. In no event,
     however, will the Base Salary be reduced without Employee's written
     concurrence.

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          (b)  Relocation Bonus: Within 10 days of the Effective Date, Employee
     shall receive a $50,000 relocation bonus. In the event Employee leaves the
     employment of Employer (for any reason) within six months of the Effective
     Date, Employee shall repay such bonus to Employer within 60 days of the
     date of the termination of Employee's employment. Such repayment obligation
     shall thereafter continue, but shall be reduced by $10,000 for each
     subsequent month. Employer may, at its election, set off and collect any
     sums so due out of any amounts which the Employer may owe Employee pursuant
     to the terms of this Agreement.

          (c)  Performance Bonus: Beginning December 31, 2002, and at the end of
     each fiscal year of the Employer, in addition to Employee's Base Salary,
     Employee shall be paid performance bonuses ("Performance Bonuses") based
     upon good faith written annual goals for Employee established with
     Employee's input by the Board of Directors and given to the Employee at
     least 30 days before January 1/st/ of the year for which the goals apply
     ("Performance Goals"). The payment of Performance Bonuses pursuant to this
     Section shall be contingent upon the following:

               (i)    As of the calendar year end in question, the overall
                      condition of the Bank must be "satisfactory" in the
                      opinion of the Florida Department of Banking and Finance
                      and Federal Deposit Insurance Corporation ("FDIC") as set
                      forth in the most current Report of Examination provided
                      to the Board of Directors of the Bank and the Uniform
                      Financial Institution Rating of the Employer shall not be
                      less than a "2"; and

               (ii)   As of the fiscal year end in question, the Employer shall
                      be "adequately capitalized" as defined under regulations
                      promulgated by the FDIC pursuant to the Federal Deposit
                      Insurance Corporation Improvement Act of 1991; and

               (iii)  The Employer shall have positive Net Income (as reported
                      to the FDIC on Schedule RI, Consolidated Report of Income
                      for the Period January 1 to December 31 of that year); and

               (iv)   No bonus shall exceed 40% of the Employee's Base Salary.

          When the above contingencies have been met, but in no instance beyond
          45 days from each calendar year-end, the Employer shall set the
          Performance Bonus amounts based upon the following criteria:

               (i)    Goals set by the Board of Directors and goals met; and

               (ii)   Expense control goals set by the Board of Directors and
                      goals met. The Performance Goals shall be part of the
                      annual business plans prior to the expiration of each
                      calendar year for the next ensuing calendar year. In each
                      business plan, each of the above criteria will be

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                      assigned a specific percentage bonus (in relation to the
                      Employee's Base Salary) and each percentage (or, such
                      portion of each percentage if a specific criteria has not
                      been fully met) shall be paid to Employee annually, but in
                      no event beyond fifty (50) days from each calendar year
                      end.

     4.   Payment of Business Expenses. Employee is authorized to incur
reasonable expenses in performing his duties hereunder. Employer will reimburse
Employee for authorized expenses, according to the Employer's established
policies, promptly after Employee's presentation of an itemized account of such
expenditures.

     5.   Vacation. Employee is entitled to three weeks paid vacation time per
year on a non-cumulative basis.

     6.   Fringe Benefits.

          (a)  Medical and Other Benefits: Employee is entitled to participate
     in all medical and health care benefits, life and long-term disability
     insurance plans and retirement plans provided by the Employer to its
     officers.

          (b)  Club Memberships and Education: Employer will reimburse Employee
     for any club membership dues that are pre-approved by the Board of
     Directors, as well as pre-approved dues and expenses related to joining
     service organizations such as the Rotary Club or Kiwanis Club. Employer
     will also reimburse Employee for admission or attendance fees for
     pre-approved educational meetings or seminars offered by such organizations
     as the Florida Bankers Association.

          (c)  Automobile Allowance: Employee shall be entitled to receive an
     automobile allowance commensurate with his position, in accordance with the
     Bank's policies.

     7.   Disability/Illness.

          (a)  Illness: Employee shall be paid his full Base Salary for any
     period of his illness or incapacity: provided that such illness or
     incapacity does not render Employee unable to perform his duties under this
     Agreement for a period longer than three consecutive months. At the end of
     such three-month period, Employer may terminate Employee's employment and
     this Agreement.

          (b)  Disability: If the Employer terminates this Agreement pursuant to
     Employee's illness or incapacity as determined under Section 7(a) herein,
     Employer shall pay to Employee all compensation accrued, but not yet paid.

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          (c)  Continuation of Coverages: During any period of illness or
     disability, the Employer will continue any other life, health and
     disability coverages for Employee substantially identical to the coverages
     maintained prior to Employee's termination for disability. Such coverages
     shall cease upon the earlier of:

               (i)    Employee's full time employment by another Person;

               (ii)   one year after the date of such termination (with the
                      exception of disability insurance coverage); or

               (iii)  the date of Employee's death.

          (d)  No Reduction in Base Salary: During the period in which Employee
     is disabled or subject to illness or incapacity, unless Employee is
     terminated pursuant to Section 7(b) herein, there shall be no reduction in
     Employee's Base Salary.

     8.   Death During Employment. In the event of Employee's death during the
term of this Agreement, Employer's obligation to Employee shall be limited to
the portion of Employee's compensation which was accrued, but not yet paid.

     9.   Termination.

          (a)  Illness, Incapacity or Death: This Agreement shall terminate upon
     Employee's illness, incapacity or death in accordance with the provisions
     of Sections 7 and 8 herein.

          (b)  Termination for Cause: The Employer shall have the right, at any
     time, upon prior written notice of termination satisfying the requirements
     of Section 11 herein, to terminate Employee's employment hereunder,
     including termination for Cause. For the purpose of this Agreement,
     termination for "Cause" shall mean termination for personal dishonesty,
     incompetence, misconduct or conduct which negatively reflects upon the
     Employer (as determined by its Board of Directors), breach of fiduciary
     duty, failure to perform the duties stated in this Agreement, violation of
     any law, rule or regulation (other than minor traffic violations or similar
     offenses), violation of a final cease-and-desist order, or personal default
     on indebtedness which is not corrected within 30 days from the date of
     default. Cause shall also include failure of the Bank to obtain the
     necessary regulatory approvals for Employee to serve as a senior executive
     officer of the Bank by December 31, 2002. In the event Employee is
     terminated for Cause, Employee shall have no right to compensation or other
     benefits for any period after such date of termination, other than
     compensation which was accrued, but not yet paid.

          (c)  Involuntary Termination: If the Employee is terminated by
     Employer other than for Cause, Employee's right to compensation and other
     benefits under this Agreement shall be as set forth in Section 9 (e) and
     (f) herein.

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          (d)  Change-in-Control: A "Change-in-Control" of the Employer shall
     mean the first to occur of any one or more of the following:

               (i)    any transaction, whether by merger, consolidation, asset
                      sale, recapitalization, reorganization, combination, stock
                      purchase, tender offer, reverse stock split, or otherwise,
                      which results in the acquisition of, or beneficial
                      ownership (as such term is defined under rules and
                      regulations promulgated under the Securities Exchange Act
                      of 1934, as amended) by, any person or entity or any group
                      of persons or entities acting in concert, of 50% or more
                      of the outstanding shares of common stock of the Employer
                      or of Employer's parent holding company, Bancshares of
                      Florida, Inc., or

               (ii)   the sale of all or substantially all of the assets of the
                      Employer; or

               (iii)  the liquidation of the Employer or a material amount of
                      Employer's assets or of Employer's parent holding company,
                      Bancshares of Florida, Inc.; or

               (iv)   the takeover or control of all or substantially all of the
                      operations of Employer or of Employer's parent holding
                      company, Bancshares of Florida, Inc., through any of the
                      means specified above.

          In the event of an anticipated "Change-in-Control," Employee shall be
     entitled at any time up to thirty (30) days prior to the date of closing of
     the transaction which will effect such Change-in-Control (the
     "Change-in-Control Date") and at his election, to give written notice to
     Employer of termination of this Agreement as of the Change-in-Control Date,
     and Employee shall be paid, in addition to all accrued but unpaid Base
     Salary (which is to be paid as earned) and Performance Bonuses (which are
     to be paid as provided in this Agreement), a lump sum cash payment defined
     in Section 9(e) (the "Change-in-Control Payment"). The Change-in Control
     Payment shall be unconditional and without setoff of any kind and paid in
     cash, not later than ten (10) days after the Change-in-Control Date.
     Additionally, the Change-in-Control Payment shall be made to Employee as a
     condition to the closing of the transaction which will effect the change in
     control, and prior to the Change-in-Control Date, Employer shall notify
     representatives of the acquiring or successor entity, as the case may be,
     of Employee's rights and Employer's obligation sunder this Agreement,
     including without limitation this paragraph, and without effecting
     Employer's obligations to pay Employee hereunder, any such acquiring or
     successor entity shall become obligated to forthwith pay to Employee for
     such part of the Change-in-Control Payment as has not been paid by the
     Employer as of the Change-in-Control Date.

          (e)  Severance Payment: If Employee is terminated by the Employer for
     reason other than Cause, Employee shall be paid, as severance, the total
     Base Salary due for the remaining term of this Agreement. Notwithstanding
     the foregoing, the amount of the Change-in-Control Payment shall be two and
     one-half years' base salary.

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          Any payment under this Section 9(e) shall be made in substantially
     equal semi-monthly installments on the 15th and last days of each month
     until paid in full and shall only be paid subject to Employee's execution
     of a full release in favor of the Employer for any potential claims related
     to this Agreement or to Employee's employment with the Employer.

          (f)  Additional Severance Benefits: Unless the Employee is terminated:
     (i) for Cause; (ii) pursuant to Sections 7, 8 or 10(b) herein; or (iii)
     pursuant to a termination of employment by the Employee, the Employer shall
     maintain in full force and effect, for the continued benefit of the
     Employee any Employee benefit plans and programs in which the Employee was
     entitled to participate immediately prior to the date of termination for
     the shorter of: (i) the remaining term of this Agreement; (ii) 12 months;
     or (iii) the period of time ending on the date Employee becomes eligible
     for participation in a comparable plan; provided, however, that the
     Employee's continued participation is possible under the general terms and
     provisions of such plans and programs. Further, the Employer shall pay for
     the same or similar benefits if such benefits are available to the Employee
     on an individual or group basis as a result of contractual or statutory
     provisions requiring or permitting such availability including, but not
     limited to, health insurance covered under COBRA.

     10.  Required Provisions by Regulation. Employer and Employee acknowledge
that the laws and regulations governing the Parties require that certain
provisions be provided in each employment agreement with officers and employees
of the Bank. The Parties agree to be bound by the following provisions:

          (a)  Suspension/Temporary Prohibition: If the Employee is suspended
     and/or temporarily prohibited from participating in the conduct of the
     Bank's affairs by a notice served under Section 8(e) or (g)(1) of the
     Federal Deposit Insurance Act (12 U.S.C. (S)1818[e][3] and [g][1]) the
     Bank's obligations under this Agreement shall be suspended as of the date
     of such service unless stayed by appropriate proceedings. If the charges
     and the notice are dismissed, the Bank may in its discretion:

               (i)  pay the Employee all or part of his compensation withheld
                    while the obligations under this Agreement are suspended;
                    and

               (ii) reinstate (in whole or part) any of the Bank's obligations
                    which were suspended.

          (b)  Permanent Prohibition: If the Employee is removed and/or
     permanently prohibited from participating in the conduct of the Bank's
     affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal
     Deposit Insurance Act (12 U.S.C. (S)1818[e][4] or [g][1]), all of the
     Bank's obligations under this Agreement shall terminate as of the effective
     date of the order, but the Employee's vested rights, if any shall not be
     affected.

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          (c)  Default Under FDIA: If the Bank is in default (as defined in
     Section 3[x][1] of the Federal Deposit Insurance Act), all obligations
     under this Agreement shall terminate as of the date of default, but this
     subsection of this Agreement shall not affect the Employee's vested rights
     if any.

          (d)  Regulatory Termination: All obligations under this Agreement
     shall be terminated, except to the extent that a determination has been
     made that continuation of this Agreement is necessary for continued
     operation of the Bank:

               (i)  by the Director or his or her designee, at the time the FDIC
                    enters into an agreement to provide assistance to or on
                    behalf of the Bank under the authority contained in Section
                    13(c) of the Federal Deposit Insurance Act; or

               (ii) by the Director or his or her designee, at the time the
                    Director or his or her designee approves a supervisory
                    merger to resolve problems related to operation of the Bank
                    or when the Bank's determined by the Director to be in
                    unsafe or unsound condition.

          Any of the Employee's rights that have already vested, however, shall
     not be affected by such action. For purposes of this subsection of the
     Agreement, the term "Director" shall mean the Director of the FDIC.

     11.  Notice of Termination.

          (a)  Employee's Notice: Employee shall have the right, upon prior
     written notice of termination of not less than 30 days, to terminate his
     employment hereunder. In such event, Employee shall have no right after the
     date of termination to compensation or other benefits as provided in this
     Agreement, except for compensation which was accrued, but unpaid.

          (b)  Specificity: Any termination of the Employee's employment by the
     Employer or by Employee shall be communicated by written notice of
     termination to the other Parties hereto. For purposes of this Agreement, a
     "notice of termination" shall mean a dated notice which shall: (i) indicate
     the specific termination provision in the Agreement relied upon; (ii) set
     forth in reasonable detail the facts and circumstances claimed to provide a
     basis for termination of the Employee's employment under the provision so
     indicated; and (iii) set forth the date of termination, which shall be not
     less than 30 days nor more than 45 days after such notice of termination is
     given, unless another Section of the Agreement requires or permits a
     different effective date.

          (c)  Delivery of Notices: All notices given or required to be given
     herein shall be in writing, sent by United States first-class certified or
     registered mail, postage prepaid, by way of overnight carrier, or by hand
     delivery. If to the Employee (or to the Employee's spouse or estate upon
     the Employee's death) notice shall be sent to

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     Employee's last-known address, and if to Employer, notice shall be sent to
     the Employer's corporate headquarters. All such notices shall be effective
     five days after having been deposited in the mail if sent via first-class
     certified or registered mail, or upon delivery if by hand delivery or if
     sent via overnight carrier. Either Party, by notice in writing, may change
     or designate the place for receipt of all such notices.

     12.  Post-Termination Obligations. Employer shall pay to Employee such
compensation as is required pursuant to this Agreement; provided, however, any
such payment shall be subject to Employee's post-termination cooperation. Such
cooperation shall include the following:

          (a)  Employee shall furnish such information and assistance as may be
     reasonably required by Employer in connection with any litigation or
     settlement of any dispute between Employer, a customer and/or any other
     third parties (including without limitation serving as a witness in court
     or other proceedings);

          (b)  Employee shall provide such information or assistance to Employer
     in connection with any regulatory examination by any state or federal
     regulatory agency;

          (c)  Employee shall keep the Employer's trade secrets and other
     proprietary or confidential information secret to the fullest extent
     practicable, subject to compliance with all applicable laws;

          (d)  Employee shall return all Employer's property, including, but not
     limited to, keys, credit cards, manuals and other written materials.

          (e)  Employee shall execute a full release of all potential claims
     related to this Agreement or to Employee's employment with the Employer in
     favor of the Employer.

     Upon submission of proper receipts, Employer shall promptly reimburse
Employee for any reasonable expenses incurred by Employee in complying with the
provisions of this Section.

     13.  Indebtedness. If during the term of this Agreement, Employee becomes
indebted to the Employer for any reason, the Employer may, at its election, set
off and collect any sums due Employee out of any amounts which the Employer may
owe Employee pursuant to the terms of this Agreement. Furthermore, upon the
termination of this Agreement, all sums owed to the Employer by Employee shall
become immediately due and payable. Employee shall pay all expenses and
Attorneys' Fees actually or necessarily incurred by the Employer in connection
with any collection proceeding for Employee's indebtedness. Notwithstanding any
of the foregoing, any indebtedness to the Employer secured by a mortgage on
Employee's residence shall not be subject to the foregoing provisions, but shall
be governed by the loan documents evidencing such indebtedness.

     14.  Maintenance of Trade Secrets and Confidential Information. Employee
shall use his best efforts and utmost diligence to guard and protect all of the
Employer's trade secrets and confidential information. Employee shall not,
either during the term or after termination of this Agreement, for whatever
reason, use in any capacity, or divulge or disclose in any manner, to any
Person, the identity of the Employer's customers, methods of operation,
marketing or promotional methods, processes, techniques, systems, formulas,
programs, trade secrets or other confidential

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information relating to the Employer's business. Upon termination of this
Agreement or Employee's employment, for any reason, Employee shall immediately
return and deliver to the Employer all records and papers and all materials of
whatever nature which bear trade secrets or confidential information relating to
the Employer.

     15.  Competitive Activities.

          (a)  Limitation on Outside Activities: Employee agrees that during the
     term of this Agreement, except with the express consent of the Board,
     Employee will not, directly or indirectly, engage in, participate in,
     become a director of, render advisory or other services to, become
     interested in, or make any financial investment in any firm, corporation,
     business entity or business enterprise competitive with or to any business
     of the Employer; provided, however, that Employee shall not be precluded or
     prohibited from owning passive investments, including investments in the
     securities of other financial institutions. Employee, however, shall be
     prohibited from making any investments or commitments of time, accepting
     any positions or participating in any activities which cause Employee to
     devote time to such investments, commitments, positions or activities which
     interfere with Employee's position with and obligations to the Bank.

          (b)  Agreement Not to Compete: Employee acknowledges that by virtue of
     his employment with the Employer, Employee will acquire an intimate
     knowledge of the activities and affairs of the Employer, including trade
     secrets and other confidential matters. Employee, therefore, agrees that
     during the term of this Agreement, and for a period of 12 months following
     the termination of Employee's employment hereunder, Employee shall not
     become employed, directly or indirectly, whether as an employee,
     independent contractor, consultant, or otherwise, with any
     federally-insured financial institution, financial holding company, bank
     holding company, or other financial services provider located in Broward,
     Palm Beach or Collier Counties, Florida that offers similar products or
     services as those offered by the Employer, or with any Person whose intent
     it is to organize another such company or entity located in Broward, Palm
     Beach or Collier Counties, Florida.

          Employee further agrees that for a period of 12 months following the
     termination of Employee's employment hereunder for any reason, Employee
     shall not directly or indirectly solicit the business of any then current
     customer of the Employer, regardless of whether or not Employee was
     responsible for generating such customer's business for the Employer. This
     restriction shall apply to both loan customers and depositors of the
     Employer.

          Employee hereby agrees that the duration of the anti-competitive
     covenant set forth herein is reasonable, and that its geographic scope is
     not unduly restrictive.

     16.  Remedies for Breach.

          (a)  Arbitration: The Parties agree that, except for the specific
     remedies for Injunctive Relief as contained in Section 16(b), herein, any
     controversy or claim arising out of or relating to this Agreement, or any
     breach thereof, including, without limitation, any claim that this
     Agreement or any portion thereof is invalid, illegal or otherwise voidable,

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     shall be submitted to binding arbitration before and in accordance with the
     Rules of the American Arbitration Association. Judgment upon the
     determination and/or award of such arbitrator may be entered in any court
     having jurisdiction thereof; provided, however, that this clause shall not
     be construed to permit the award of punitive damages to either Party. The
     prevailing party to said arbitration shall be entitled to an award of
     reasonable Attorneys' Fees. The venue for arbitration shall be in Broward
     County, Florida.

          (b)  Injunctive Relief: The Parties acknowledge and agree that the
     services to be performed by Employee are special and unique and that money
     damages cannot fully compensate Employer in the event of Employee's
     violation of the provisions of Sections 14 and 15 of this Agreement. Thus,
     in the event of a breach of any of the provisions of such Section, Employee
     agrees that Employer, upon application to a court of competent
     jurisdiction, shall be entitled to an injunction restraining Employee from
     any further breach of the terms and provision of such Section. Should
     Employer prevail in an action seeking such an injunction, Employee shall
     pay all costs and Attorneys' Fees incurred by Employer in and relating to
     obtaining such injunction. Such injunctive relief may be obtained without
     bond and Employee's sole remedy, in the event of the wrongful entry of such
     injunction, shall be the dissolution of such injunction. Employee hereby
     waives any and all claims for damages by reason of the wrongful issuance of
     any such injunction.

          (c)  Cumulative Remedies: Notwithstanding any other provision of this
     Agreement, the injunctive relief described in Section 16(b) herein and all
     other remedies provided for in this Agreement which are available to
     Employer as a result of Employee's breach of this Agreement, are in
     addition to and shall not limit any and all remedies existing at law or in
     equity which may also be available to Employer.

     17.  Assignment. This Agreement shall inure to the benefit of and be
binding upon the Employee, and to the extent applicable, his heirs, assigns,
executors, and personal representatives, and to the Employer, and to the extent
applicable, its successors, and assigns, including, without limitation, any
Person which may acquire all or substantially all of the Employer's assets and
business, or with or into which the Employer may be consolidated or merged, and
this provision shall apply in the event of any subsequent merger, consolidation,
or transfer, unless such merger or consolidation or subsequent merger or
consolidation is a transaction of the type which would result in termination
under Sections 10(c) and 10(d) herein.

     18.  Attorneys' Fees. In the event that any claim or controversy hereunder
is the subject of any litigation or arbitration between the Parties, the
prevailing Party shall be entitled to an award of all reasonable costs,
including Attorneys' Fees.

     19.  Miscellaneous.

          (a)  Amendment of Agreement: Unless as otherwise provided herein, this
     Agreement may not be modified or amended except in writing signed by the
     Parties.

          (b)  Certain Definitions: For purposes of this Agreement, the
     following terms whenever capitalized herein shall have the following
     meanings:

                                  Page 12 of 15

<PAGE>

               (i)  "Person" shall mean any natural person, corporation,
                    partnership (general or limited), trust, association or any
                    other business entity.

               (ii) "Attorneys' Fees" shall include the legal fees and
                    disbursements charged by attorneys and their related travel
                    and lodging expenses, court costs, paralegal fees, etc.
                    incurred in arbitration, mediation, settlement negotiations,
                    discovery, trial, appeal or bankruptcy proceedings.

          (c)  Headings for Reference Only: The headings of the Sections and the
     Subsections herein are included solely for convenient reference and shall
     not control the meaning of the interpretation of any of the provisions of
     this Agreement.

          (d)  Governing Law/Jurisdiction: This Agreement shall be construed in
     accordance with and governed by the laws of the State of Florida. Any
     litigation involving the Parties and their rights and obligations hereunder
     shall be brought in the appropriate court in Broward County, Florida.

          (e)  Severability: If any of the provisions of this Agreement shall be
     held invalid for any reason, the remainder of this Agreement shall not be
     affected thereby and shall remain in full force and effect in accordance
     with the remainder of its terms.

          (f)  Entire Agreement: This Agreement and all other documents
     incorporated or referred to herein, contain the entire agreement of the
     Parties and there are no representations, inducements or other provisions
     other than those expressed in writing herein. No modification, waiver or
     discharge of any provision or any breach of this Agreement shall be
     effective unless it is in writing signed by both Parties. A Party's waiver
     of the other Party's breach of any provision of this Agreement, shall not
     operate, or be construed, as a waiver of any subsequent breach of that
     provision or of any other provision of this Agreement.

          (g)  Waiver: No course of conduct by Employer or Employee and no delay
     or omission of Employer or Employee to exercise any right or power given
     under this Agreement shall: (i) impair the subsequent exercise of any right
     or power, or (ii) be construed to be a waiver of any default or any
     acquiescence in or consent to the curing of any default while any other
     default shall continue to exist, or be construed to be a waiver of such
     continuing default or of any other right or power that shall theretofore
     have arisen. Any power and/or remedy granted by law and by this Agreement
     to any Party hereto may be exercised from time to time, and as often as may
     be deemed expedient. All such rights and powers shall be cumulative to the
     fullest extent permitted by law.

          (h)  Pronouns: As used herein, words in the singular include the
     plural, and the masculine include the feminine and neuter gender, as
     appropriate.

                                  Page 13 of 15

<PAGE>

          (i)  Recitals: The Recitals set forth at the beginning of this
     Agreement shall be deemed to be incorporated into this Agreement by this
     reference as if fully set forth herein, and this Agreement shall be
     interpreted with reference to and in light of such Recitals.

     IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of
the day and year first written above.

EMPLOYEE                              BANK OF FLORIDA

/s/ Martin P. Mahan                   By: /s/ Michael L. McMullan
Martin P. Mahan                           Michael L. McMullan,
                                          President and Chief Executive Officer

                                  Page 14 of 15

<PAGE>

                 SPECIFIC JOINDER BY BANCSHARES OF FLORIDA, INC.

     Bancshares of Florida, Inc. ("Bancshares"), the parent holding company of
the Bank, desires to make certain specific commitments to Employee. In that
regard, Bancshares and Employee agree as follows:

     1.   Stock Options. Subject to availability of shares under Bancshares'
          1999 Stock Option Plan and all terms thereof, Bancshares shall grant
          an option to purchase 20,000 shares of Bancshares common stock. Such
          option shall be granted pursuant to a separate Stock Option Agreement
          and shall be governed pursuant to such agreement's terms.

     2.   Employment by Bancshares. Within 30 days of each anniversary date of
          the Agreement, or at the Board's discretion, Bancshares' Board of
          Directors shall review and consider Employee's performance under the
          Agreement and determine whether to offer Employee employment as
          Bancshares' Chief Operating Officer.

     3.   Termination. This Specific Joinder shall terminate upon any
          termination of the Agreement.

     IN WITNESS WHEREOF, Employee and Bancshares have executed this Specific
Joinder as of the day and year first written above.

EMPLOYEE                              BANCSHARES OF FLORIDA, INC.

/s/ Martin P. Mahan                   By: /s/  Michael L. McMullan
Martin P. Mahan                           Michael L. McMullan,
                                          President and Chief Executive Officer

                                  Page 15 of 15Yarn Purchase Agreement

 
Exhibit
10.24.1 
 
AMENDMENT AND RESTATEMENT OF

YARN PURCHASE AGREEMENT 
 
This Yarn Purchase Agreement entered into as of January 1, 1999, and as amended December 31, 2001, between Parkdale America, LLC, Parkdale
Mills, Incorporated, and Magnolia Manufacturing Co. Inc., hereinafter referred to as “Parkdale” and Cone Mills Corporation, hereinafter referred to as “Cone” is, effective as of February 15, 2002 hereby amended and restated as
follows: 
 
Parkdale agrees to sell and Cone agrees
to purchase yarns meeting the specifications spelled out in attached Schedule A beginning April 1, 1999 and continuing through December 31, 2007. 
 
IT IS AGREED: 
 

	1.	 	Quantities. 

 
Cone’s projected weekly requirements for each of the yarn counts are stated in Schedule A for karded cotton ringspun. Parkdale agrees
to supply up to these quantities at the conversion prices set forth in Schedule A plus any additional requirements at those prices. Actual weekly shipments will be coordinated by the schedulers for the parties. Cone agrees to purchase from Parkdale
all requirements for these yarns in excess of internal production. Cone is not required to order any minimum amount of yarn while this agreement remains in effect. 
 
Should Cone’s requirements increase significantly over projections stated in Schedule A or should Cone
desire additional denim yarns in excess of its internal production at the expiration of its other outside denim yarn contracts, Parkdale shall have a right of first refusal for all such additional denim yarns that it is willing to supply at
competitive prices and quality in the quantity desired. Notwithstanding the above, the parties agree that nothing contained herein prevents Cone from entering into a joint venture outside the United States which manufactures these yarns. However,
should Cone invest in such a joint venture it will not use its production of these yarns in the manufacture of denim in the United States unless Cone own 50% or more of the joint venture so as to make the joint venture the equivalent of internal
capacity. Moreover, the parties agree that nothing contained herein prevents Cone from otherwise increasing its internal yarn capacity for these yarns. Should Cone decide to build a new plant to increase such capacity, it will give Parkdale written
notice of a least one year prior to the expected completion date. In addition, the parties agree that nothing contained herein prevents Cone from contracting with third parties for the purchase of fabric containing karded cotton ringspun yarn
without regard to the yarn source or from contracting with third parties to weave fabric containing karded cotton ringspun yarn supplied to Cone or assigned by Cone pursuant to this agreement. 
 
Cone will provide Parkdale with a rolling three months
projection of yarn requirements covered by this agreement. The parties agree that such projections are good faith estimates only and actual requirements may vary significantly from the projections. Therefore, nothing in this agreement constitutes a
“take or pay” obligation on the part of Cone. 

 

	2.	 	Prices. 

 
Yarn prices per pound shall be determined as follows: 
 

	 	•	 	Cost of cotton content is based upon cotton price as fixed by Cone plus no basis points times waste factor as stated in Schedule A. 

 

	 	•	 	Conversion costs as listed in Schedule A. 

 

	3.	 	Cotton Price Fixations and Reimbursement Payments. 

 
Parkdale is responsible for purchasing the cotton. Cone is responsible for fixing the cotton price. 
 
3.A    All fixations orders and executions
of orders must be confirmed in writing. Cone will provide fixation orders by contract months that are currently being traded and in multiples of 100 bales as outlined in Schedule B. 
 
3.B    In the event that the cotton content of the yarn deliveries are less than the
number of bales fixed for the quarter, the excess cotton fixation can be rolled forward for one month. If the excess is not consumed after one month, Cone agrees to pay carrying charges at the market rate until the excess fixations are consumed. If
the cotton content of the yarn deliveries is greater than the bales fixed for the quarter, cotton fixation can be rolled back from the upcoming quarter, or cotton can be purchased at market to cover the shortage at Cone’s option. 
 
3.C.    Should Cone fail to exercise its
right to fix the price as contemplated by paragraph 3.A above, Parkdale has the right to fix the cotton price for the coming quarter’s yarn requirements. 
 
3.D    The individual responsible for price fixation orders and executions shall be Marvin Woolen or as otherwise
designated in writing by Cone. 
 
3.E    Parkdale agrees to provide a status report each week of yarn deliveries against cotton price fixations. 
 
3.F    With respect to any cotton rebate or reimbursement program, such as the Step 2 program, which may be or become
in effect during this agreement, the parties agree as follows; Cone shall receive the benefit based on the pounds of cotton opened necessary to supply the yarn purchased by Cone pursuant to this agreement. Each month Parkdale will send Cone a report
detailing the net pounds of cotton eligible for payment reimbursement. Net pounds will be calculated by subtracting returned pounds from shipped pounds. The net pounds will then be multiplied by the reimbursement payment to determine the total
amount payable to Cone each week. Within ten (10) days of the end of each quarter, Parkdale will write Cone a check reimbursing the total payment reimbursement for the quarter. Should any cotton rebate or reimbursement program be in effect for which
this calculation and reimbursement to Cone is not workable, then the parties agree that a procedure will be developed to assure that Cone shall receive an economic benefit as close to what would be realized under this paragraph as possible.

 

	4.	 	Term. 

 
Unless terminated sooner upon the mutual agreement of the parties, this agreement shall remain in effect until December 31, 2007, and
shall continue for successive renewal terms of one calendar year each thereafter, unless at least one year in advance of the commencement of the renewal term a party gives notice to the other party of its election to terminate the agreement.

 

	5.	 	Assignment. 

 
None of the rights or obligations under this agreement shall be assigned or deleted without the express written consent of each party,
which consent shall not be unreasonably withheld. Notwithstanding this, Cone shall have the right to assign all or a portion of the entitlements under this agreement to a third party greige weaver who will produce fabric for the account of Cone. Any
such third party would be required to agree to abide by the confidentiality provisions of paragraph 15 below, and Cone and Parkdale will otherwise develop a mutually agreeable procedure to protect the confidential nature of this transaction.

 

	6.	 	Specifications. 

 
Any changes in specifications of the yarn counts covered in Schedule A that result in an increase or decrease in Parkdale’s
manufacturing costs must be mutually agreed to in writing upon before commencement of manufacture. These changes will also be reflected in the yarn prices. 
 

	7.	 	Payment. 

 
All invoices are payable net cash thirty (30) days in U.S. dollars. Terms are F.O.B. Parkdale’s Hillsville, Virginia plant unless
otherwise mutually agreed to by the parties. 
 

	8.	 	Cover Option. 

 
Should Parkdale for any reason be unable to fulfill the conditions of this contract, Parkdale will be responsible for purchasing yarn from
a reliable supplier and delivering such yarn to Cone under the terms and conditions of this contract. Parkdale shall notify Cone thirty (30) days in advance should this become necessary. 
 

	9.	 	Warranty. 

 
Parkdale warrants that the yarn supplied hereunder shall conform to the specifications set forth in Schedule A. These specifications may
be changed from time to time upon agreement in writing between the parties. In addition, yarn supplied hereunder will meet the requirements of Levi Strauss. Parkdale further represents and warrants that it shall pass good title to the yarn, free and
clear of any liens, security interests, claims or other encumbrances, to Cone and the yarn shall be free from defects of material and workmanship. With respect to any defects in the yarn used by Cone, Cone shall be entitled to damages in an amount
necessary to make Cone whole limited to Cone’s cost excluding profits. Parkdale further represents and warrants that the use or 

 
sale of the yarn delivered
hereunder will not infringe the claims of any United States patent covering the yarn. Parkdale further represents and warrants that all yarn delivered hereunder is or will be produced in compliance with requirements of the Fair Labor Standards Act
of 1938 as amended. 
 

	10.	 	Inspection and Rejection. 

 
Cone will notify Parkdale as soon as possible if yarn deliveries vary from the specifications contained herein. All non-conforming yarns
will be returned to Parkdale. 
 

	11.	 	Inventory Availability. 

 
Parkdale agrees to maintain an inventory of each of the yarns covered by this contract equal to three (3) days requirements. 
 

	12.	 	Packaging. 

 
Yarn shall be delivered on pallets. All packaging materials will be returned to Parkdale at their expense. Yarn performance data will
accompany each shipment. 
 

	13.	 	Additions or Deletions of Yarn Counts. 

 
Cone may elect to discontinue a given yarn count or to add a yarn count to this contract. However, negotiations on waste factors and
conversion costs must be mutually agreed upon prior to adding a yarn count. All such changes will be reflected on a revised Schedule A. 
 

	14.	 	Governing Law. 

 
This agreement has been executed in the State of North Carolina and the parties agree that the rights and obligations of the parties shall
be governed by North Carolina law. 
 

	15.	 	Confidentiality. 

 
Neither Parkdale nor Cone shall use or disclose to any third party (other than any assignee by Cone permitted under paragraph 5 above) any
information related to this agreement or the transactions contemplated hereby, except as is required to be disclosed by applicable law or becomes generally available to the public other than through a breach of this agreement, or for transactions
specifically contemplated by this agreement. 

 
Each of the
parties hereto has caused this Agreement to be executed by its appropriate officer as of the day and year first above written. 
 

	 PARKDALE AMERICA LLC
	 	 	 	 CONE MILLS CORPORATION

	
	 By:
	 	 /s/    Daniel E.
Nation        

	 	 	 	 By:
	 	 /s/    Michael J. Whisenant
        

	 	 	                                   Daniel E. Nation

                                  Parkdale Mills,
Inc.
                                   Magnolia Manufacturing
Company, Inc.
	 	 	 	 Michael J. Whisenant

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