Document:

Exhibit 10.1
    

    
      

      
    

    
      RAMCO-GERSHENSON, INC.
31500
      Northwestern Hwy., Suite 300
Farmington
      Hills, Michigan  48334
    

    
      

      

      February 16, 2010

    

    
      Mr. Gregory Andrews
2440
      Lincoln Avenue
Miami,
      Florida 33133
    

    
      Dear Gregory:
    

    
                This letter states our agreement
      with respect to your employment with Ramco-Gershenson Properties Trust,
      or its subsidiary Ramco-Gershenson, Inc. (collectively, the “Trust”).
    

    
                1.        Your
      Employment Duties and Responsibilities.  During
      the “Term” (as defined in paragraph 2 below), you will initially be
      employed by the Trust as its Executive Vice President of Finance, with
      the expectation that you will be promoted to the position of Executive
      Vice President and Chief Financial Officer no later than April,
      2010.  You will devote substantially all of your full working time and
      attention, as well as your best efforts, to such position.  You will
      report to the Chief Executive Officer of the Trust and will have such
      authority and responsibilities and perform such duties for the Trust as
      are generally consistent with those of the chief financial officer of a
      publicly traded real estate investment trust or may from time to time be
      established by the Chief Executive Officer of the Trust in his
      reasonable judgment.
    

    
                2.        Term.  The
      term of your employment under this Agreement (the “Term”) will begin on
      the date hereof, with the understanding you will not be required to work
      on a full-time basis until March 1, 2010, and will continue, subject to
      the termination provisions set forth in paragraph 5 below, until
      December 31, 2013.  The Term shall automatically renew for successive
      one-year periods thereafter unless the Trust gives you written notice 90
      days prior to the end of the then-current Term of its intent to allow
      the Term to expire.  Upon the termination of your employment, you will
      be entitled to the termination benefits set forth in paragraph 6 below.
    

    
                3.        Compensation.
    

    
              (a)       Your initial base salary
      shall be at the annual rate of $360,000 payable in accordance with the
      Trust’s standard payroll procedures.  Your base salary will be reviewed
      annually on a time frame consistent with the review of other executive
      employees, but except for decreases consistent with those applicable to
      the Trust’s executive officers generally, in no event shall your base
      salary be lower than the prior base salary paid to you by the Trust or
      your initial base salary.
    

    
               (b)       You will also be
      eligible to participate in any Short Term Incentive Plan (“STIP”)
      generally available to executive officers of the Trust.  Your STIP
      target potential for 2010 will not be less than 60% of your base salary.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
              (c)       You will also be
      eligible to participate in any Long Term Incentive Plan (“LTIP”)
      generally available to executive officers of the Trust.  Your LTIP
      target potential for 2010 will not be less than 90% of your base salary.
    

    
              (d)       On the date of this
      Agreement, you will be granted nonqualified stock options to purchase
      75,000 shares of beneficial interest of the Trust.  On or about March 1,
      2010, you will receive a grant of 20,000 restricted shares of beneficial
      interest of the Trust.  Each such grant will vest in three equal annual
      installments on the first three anniversaries of the grant date and each
      will be pursuant to the Trust’s 2009 Omnibus Long-Term Incentive Plan
      and consistent with the terms of restricted share and stock option
      awards to Trust executives.
    

    
                4.        Fringe
      Benefits.
    

    
                          (a)       In addition
      to your other compensation, during the Term you will be entitled to
      receive from the Trust the same fringe benefits, including medical,
      dental, disability and life insurance, as are generally made available
      from time to time to other executive officers of the Trust.  In
      addition, during the Term your appropriate business expenses will be
      reimbursed in accordance with the Trust’s policies and procedures.  You
      will be entitled to at least four weeks of paid vacation
      annually.  During the Term, the Trust agrees to pay your full individual
      membership dues, or corporate membership dues that provide you the
      privileges of individual membership, for the National Association of
      Real Estate Investment Trusts, the International Council of Shopping
      Centers, and the Urban Land Institute.  You agree to participate to the
      extent practicable and consistent with your other duties in the
      activities of such organizations for the benefit of the Trust.
    

    
                          (b)       You will be
      responsible for payment of applicable taxes on the compensation and
      benefits provided to you by the Trust.
    

    
                          (c)       The Trust
      agrees to reimburse you for reasonable moving costs and expenses
      associated with the relocation of you and your family from Florida to
      Michigan in accordance with the Trust’s policies, including the
      following:  (i) payment for the maintenance of a second household in
      Michigan for a period up to June 30, 2010; (ii) lease termination fees
      required to break the lease on your current residence, not to exceed
      $6,000; (iii) customary closing costs related to the acquisition of a
      residence in Michigan; and (iv) reasonable costs for travel between
      Florida and Michigan.
    

    
                          (d)       The Trust’s
      payment or reimbursement of expenses under this Section will be made no
      later than on or before the end of the calendar year following the
      calendar year in which an expense was incurred, will not affect the
      expenses eligible for reimbursement in any other calendar year, and
      cannot be liquidated or exchanged for any other benefit.
    

    
                5.        Termination.
    

    
                          (a)       Death.  Your
      employment will terminate immediately upon your death.
    

    
                          (b)       Disability.  Your
      employment will terminate immediately upon your disability.  Disability
      shall be total and permanent disability, as defined under the Trust’s
      disability plan, which definition will be conclusive and binding.  
    

    
      
        

        

      

      
        
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                          (c)       With
      Cause.  The Trust will have the
      right, upon written notice to you, to terminate your employment under
      this Agreement for Cause.  Such termination will be effective
      immediately upon such written notice.  For purposes of this Agreement,
      termination of your employment for “Cause” means termination for your
      conviction of a felony or crime involving moral turpitude; embezzlement,
      misappropriation of Trust property or other acts of dishonesty or fraud;
      material breach of your duties of good faith or loyalty to the Trust;
      neglect of significant job responsibilities which is not cured within 30
      days of your receipt of written notice thereof; or material breach of
      this Agreement which is not cured within 30 days of your receipt of
      written notice of such breach; or repeated failure, after written
      notice, to follow specific directions from the Chief Executive Officer
      and/or the Board of Trustees of the Trust.
    

    
                          (d)       Change
      in Control.  If your employment
      is terminated by the Trust without Cause or you terminate your
      employment with Good Reason (as defined below) prior to expiration of
      the Term and within twelve months after a Change in Control (as defined
      below) and within twelve months after the initial existence of one or
      more of the Good Reason conditions set forth in Section 5(e)(i) through
      5(e)(v), the provisions of paragraph 6(d) below will apply.  The term
      “Change in Control” means:
    

    
                                    (i)       on
      or after the date of execution of this Agreement, any person (which, for
      all purposes hereof, will include, without limitation, an individual,
      sole proprietorship, partnership, unincorporated association,
      unincorporated syndicate, unincorporated organization, trust, body
      corporate and a trustee, executor, administrator or other legal
      representative) (a “Person”) or any group of two or more Persons acting
      in concert becomes the beneficial owner, directly or indirectly, of
      securities of the Trust representing, or acquires the right to control
      or direct, or to acquire through the conversion of securities or the
      exercise of warrants or other rights to acquire securities, 40% or more
      of the combined voting power of the Trust’s then outstanding securities;
      provided that for the purposes of this Agreement (A) “voting power”
      means the right to vote for the election of trustees, and (B) any
      determination of percentage of combined voting power will be made on the
      basis that (x) all securities beneficially owned by the Person or group
      or over which control or direction is exercised by the Person or group
      which are convertible into securities carrying voting rights have been
      converted (whether or not then convertible) and all options, warrants or
      other rights which may be exercised to acquire securities beneficially
      owned by the Person or group or over which control or direction is
      exercised by the Person or group have been exercised (whether or not
      then exercisable), and (y) no such convertible securities have been
      converted by any other Person and no such options, warrants or other
      rights have been exercised by any other Person; or
    

    
                                     (ii)      a
      reorganization, merger, consolidation, combination, corporate
      restructuring or similar transaction (an “Event”), in each case, in
      respect of which the beneficial owners of the outstanding Trust’s voting
      securities immediately prior to such Event do not, following such Event,
      beneficially own, directly or indirectly, more than 60% of the combined
      voting power of the then outstanding voting securities entitled to vote
      generally in the election of trustees of the Trust and any resulting
      parent entity of the Trust in substantially the same proportions as
      their ownership, immediately prior to such Event, of the outstanding
      Trust voting securities; or
    

    
                                     (iii)     an
      Event involving the Trust as a result of which 40% or more of the
      members of the board of trustees of the parent entity of the Trust or
      the Trust are not persons who were members of the Board immediately
      prior to the earlier of (x) the Event, (y) execution of an agreement the
      consummation of which would result in the Event, or (z) announcement by
      the Trust of an intention to effect the Event; or
    

    
      
        

        

      

      
        
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                                      (iv)      the
      Board adopts a resolution to the effect that, for purposes of this
      Agreement, a Change in Control has occurred.
    

    
                          (e)       Good
      Reason.  You may terminate your
      employment for Good Reason, provided that such termination of employment
      occurs within twelve months after the initial existence of one or more
      of the Good Reason conditions set forth in paragraphs (i) through (v) of
      this Section 5(e).  The term “Good Reason” means the initial existence
      of one or more of the following conditions arising without your consent,
      provided that you provide notice to the Trust of the existence of such
      condition within 90 days of the initial existence of the condition and
      the Trust does not remedy the condition within 30 days after receiving
      notice:
    

    
                                    (i)      a
      material diminution in your authority, duties, or responsibilities;
    

    
                                    (ii)     a
      material diminution in the authority, duties, or responsibilities of the
      supervisor to whom you are required to report;
    

    
                                    (iii)    a
      material diminution in the budget over which you retain authority;
    

    
      `                             (iv)    a
      material change in the geographic location at which you must perform the
      services related to your position; or
    

    
                                    (v)     any
      other action or inaction that constitutes a material breach by the Trust
      of any agreement under which you provide services to the Trust.
    

    
                6.        Termination
      Benefits.
    

    
                          (a)       The amounts
      described in this paragraph 6 will be in lieu of any termination or
      severance payments required by the Trust’s policy or applicable law
      (other than continued medical or disability coverage to which you or
      your family are entitled under the Trust’s then existing employment
      policies covering Trust executives or then applicable law), and will
      constitute your sole and exclusive rights and remedies with respect to
      the termination of your employment with the Trust.  Any termination
      payment measured by your base salary will be payable in accordance with
      the Trust’s normal payroll procedures commencing on the first payroll
      date following your termination of employment.  Any payment measured by
      your bonus amount will be paid to you in one lump sum within the 30-day
      period following the six-month anniversary of the date of your
      termination of employment.  Under any and all circumstances of
      termination, you shall be entitled to receive payment for accrued
      vacation and for reimbursement of expenses incurred but not reimbursed
      prior to termination, in accordance with the Trust’s policies.  The
      Trust may withhold from any payments made under this paragraph 6 all
      federal, state, city or other taxes to the extent such taxes are
      required to be withheld by applicable law.
    

    
                          (b)       If your
      employment is involuntarily terminated by the Trust without Cause or by
      you for Good Reason during the Term and Section 6(d) does not apply, you
      will be entitled to be paid any unpaid portion of your base salary under
      paragraph 3(a) above through the date of termination, a pro rata portion
      of your STIP award, to the extent earned (and calculated based on the
      average STIP award for the previous two years, or if such termination
      occurs in 2010, based on the target award of 60% of base salary), and an
      amount equal to eighteen months’ base salary and annual bonus
      (calculated based on the average STIP award for the previous two years,
      or if such termination occurs in 2010, based on the target award of 60%
      of base salary).  In addition, any restricted shares, stock options or
      other plan benefits, if any, remaining unvested on the date of your
      termination will immediately vest and become exercisable, and the Trust
      will reimburse you on a monthly basis for your COBRA payments for health
      benefits for a period of six months to the extent that you are eligible
      under COBRA.
    

    
      
        

        

      

      
        
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                          (c)       If your
      employment is terminated during the Term because of your death or
      Disability, you will receive any unpaid portion of your base salary
      under paragraph 3(a) above through the date of termination, a pro rata
      portion of your STIP award, to the extent earned (and calculated based
      on the average STIP award for the previous two years, or if such
      termination occurs in 2010, based on the target award of 60% of base
      salary), plus an amount equal to one year’s base salary.  In addition,
      any restricted shares, stock options or other plan benefits, if any,
      remaining unvested on the date of your termination will immediately vest
      and become exercisable, and the Trust will reimburse you or your family
      on a monthly basis for any COBRA payments for health benefits for a
      period of six months to the extent that you or they are eligible under
      COBRA.
    

    
                          (d)       If your
      employment is terminated by the Trust prior to expiration of the Term
      and within twelve months after a Change in Control without Cause or you
      terminate your employment for Good Reason within twelve months after a
      Change in Control, (i) you will receive the unpaid portion of your base
      salary under paragraph 3(a) above through the date of termination, (ii)
      you will also receive an additional amount equal to 2 times your “base
      amount” within the meaning of Sections 280G(b)(3) and 280G(d) of the
      Internal Revenue Code of 1986, as amended, (iii) any restricted shares,
      stock options or other plan benefits, if any, remaining unvested on the
      date of your termination will immediately vest and become exercisable
      and (iv) the Trust will reimburse you on a monthly basis for your COBRA
      payments for health benefits for a period of six months to the extent
      that you are eligible under COBRA.  
    

    
                         (e)       If your
      employment is terminated during the Term by the Trust for Cause, you
      will receive any unpaid portion of your base salary under paragraph 3(a)
      above through the date of termination.
    

    
                           (f)      You will
      have no obligation to mitigate the payment of any amounts pursuant to
      this paragraph 6 by seeking or obtaining other employment.
    

    
                7.        Confidentiality/Nonsolicitation.
    

    
                          (a)      During your
      employment with the Trust and thereafter, except as required by your
      duties to the Trust or by law or legal process, you will not disclose or
      make accessible to any person or entity or use in any way for your own
      personal gain or to the Trust’s detriment any confidential information
      relating to the business of the Trust or its affiliates.  Upon
      termination of your employment with the Trust for any reason, you will
      immediately return to the Trust all confidential materials over which
      you exercise any control.
    

    
      
        

        

      

      
        
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                          (b)       You will not
      at any time during your employment with the Trust, and for a period of
      one year after the termination of such employment for any reason,
      directly or indirectly, induce or solicit any employee of the Trust to
      leave the employ of, any independent contractor to terminate any
      independent contractor relationship with, or any customer, tenant,
      lender or other party which transacts business with the Trust to
      adversely change any relationship with, the Trust.
    

    
                          (c)       Paragraphs
      7(a) and (b) above are intended to protect confidential information of
      the Trust and its affiliates, and relate to matters which are of a
      special and unique character, and their violation would cause
      irreparable injury to the Trust, the amount of which will be extremely
      difficult, if not impossible, to determine and cannot be adequately
      compensated by monetary damages alone.  Therefore, if you breach or
      threaten to breach either of those paragraphs, in addition to any other
      remedies which may be available to the Trust under this Agreement or at
      law or equity, the Trust may obtain an injunction, restraining order, or
      other equitable relief against you and such other persons and entities
      as are appropriate.
    

    
                8.        Continuation
      of Employment Beyond Term.  There
      is not, nor will there be, unless in writing signed by both of us, any
      express or implied agreement as to your continued employment with the
      Trust after the Term.  
    

    
                9.        Miscellaneous.
    

    
                          (a)       This
      Agreement is the complete agreement between us, supersedes any prior
      agreements between us and may be modified only by written instrument
      executed by both of us.
    

    
                          (b)       This
      Agreement will be governed by and construed in accordance with the laws
      of the State of Michigan.
    

    
                          (c)       The
      provisions of this Agreement, will be deemed severable, and if any part
      of any provision is held illegal, void or invalid under applicable law,
      such provision will be changed to the extent reasonably necessary to
      make the provision, as so changed, legal, valid and binding.  If any
      provision of this Agreement is held illegal, void or invalid in its
      entirety, the remaining provisions of this Agreement will not in any way
      be affected or impaired but will remain binding in accordance with their
      terms.
    

    
                          (d)       This
      Agreement will be binding upon and will inure to the benefit of the
      Trust and its successors and assigns but is personal to you and cannot
      be sold, assigned or pledged by you without the Trust’s written consent.
    

    
                          (e)       We will give
      notices under this Agreement to you in writing either by personal
      delivery or certified or registered mail at your address, as listed on
      our records at the time of the notice, and you will give notices to us
      in writing in care of the Trust’s Chief Executive Officer.  Any such
      notice will be deemed given when delivered or mailed in accordance with
      the preceding sentence.
    

    
                          (f)       You
      represent and warrant that you have the right to enter into and perform
      your obligations under this Agreement and that you are not currently and
      will not during the Term become a party to or bound by any agreement or
      understanding, written or otherwise, which would in any way restrict or
      conflict with your performance under this Agreement.
    

    
      
        

        

      

      
        
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                          (g)       The failure
      of either party to enforce any provision or provisions of this Agreement
      will not in any way be construed as a waiver of any such provision or
      provisions as to any future violations thereof, nor prevent that party
      thereafter from enforcing each and every other provision of this
      Agreement.  The rights granted the parties herein are cumulative and the
      waiver of any single remedy will not constitute a waiver of such party’s
      right to assert all other legal remedies available to it under the
      circumstances.
    

    
                          (h)       You shall be
      entitled to indemnification by the Trust as provided in the Trust’s
      Declaration of Trust and Bylaws with respect to claims based on your
      actions or failures to act in your capacity as Executive Vice President
      and/or Chief Financial Officer of the Trust.
    

    
                          (i)       “Termination
      of employment” and similar terms used in this Agreement mean a
      “separation from service” as defined under Section 409A of the Internal
      Revenue Code of 1986, as amended (“Section 409A”).  This Agreement is
      intended to comply with, and shall be administered in compliance with,
      the requirements of Code Section 409A.
    

    
                If this Agreement correctly
      expresses our mutual understanding, please sign and date the enclosed
      copy and return it to us.
    

    

    

    	
           
        	

        	
          Very truly yours,
        
	
           
        	

        
	

        	

        	
          RAMCO-GERSHENSON PROPERTIES TRUST.
        
	

        	
           
        
	

        	

        	
          
            By:
          

        	
          
             
          

        	

        
	

        	

        	

        	
          Dennis Gershenson
        
	

        	

        	

        	
          Its: President
        
	

        	
           
        
	

        	
           
        
	

        	
           
        
	
          The terms of this Agreement
        	

        	

        	

        
	
          are accepted and agreed to
        	

        	

        	

        
	
          on February __, 2010:
        	

        	

        	

        
	

        	
           
        
	
           
        	

        	

        	

        	

        
	
          Gregory Andrews
        	

        	

        	

        

    

    
      7Exhibit 10.1

         

        CAPITAL CITY BANK GROUP, INC.

        2011 ASSOCIATE STOCK PURCHASE PLAN

        1.         Purpose. The purpose of the Plan is to provide Associates of the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock of the Company through accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an "Employee
        Stock Purchase Plan" under Section 423 of the Internal Revenue Code of 1986, as amended. The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements of that section of the Code.

        2.         Definitions.

        (a)        "Associate" shall mean any individual who is an employee of the Company or a Designated Subsidiary for purposes of tax withholding under the Code and who is not an owner of five percent (5%) or more of all outstanding Common Stock on a fully diluted basis (i.e.,
        after taking into account outstanding stock options and other Common Stock equivalents). 

        (b)        "Board" shall mean the Board of Directors of the Company.

        (c)        "Code" shall mean the Internal Revenue Code of 1986, as amended.

        (d)        "Committee" shall mean a committee appointed by the Board which shall be the administrative committee for the Plan (the “Committee”); provided, that to the extent required by Rule 16b-3 of the Securities and Exchange Commission under the Exchange Act,
        such Committee shall be comprised solely of two or more Non-Employee Directors, as defined in Rule 16b-3(b)(3) under the Exchange Act. All references in this Plan to the “Committee” shall mean the Board if no Committee has been appointed.

        (e)        "Common Stock" shall mean the Common Stock of the Company, $0.01 par value per share.

        (f)        "Company" shall mean Capital City Bank Group, Inc., a Florida corporation.

        (g)        "Compensation" shall mean all base gross earnings and cash-based profit participation, including payments for overtime and commissions.

        (h)        "Designated Subsidiaries" shall mean the Subsidiaries which have been designated by the Board from time to time in its sole discretion as eligible to participate in the Plan.

        (i)         "Enrollment Date" shall mean the first day of each Offering Period.

        (j)         "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended.

        (k)        "Exercise Date" shall mean the last day of each Offering Period.

        (l)         "Fair Market Value" shall mean (1) the closing price of the Common Stock on the principal national securities exchange on which the Common Stock is traded, if the Common Stock is then traded on a national securities exchange; or (2) the closing price of the Common
        Stock on the Nasdaq National Market, if the Common Stock is not then traded on a national securities exchange; or (3) the closing bid price last quoted by an established quotation service for over-the-counter securities, if the Common Stock is not reported on the Nasdaq National Market. However, if the Common Stock is not publicly-traded, "Fair Market Value" shall be deemed to be the fair value of the Common Stock as determined by the Committee after taking into consideration all
        factors which it deems appropriate, including, without limitation, recent sale and offer prices of the Common Stock in private transactions negotiated at arm’s length.

         

        

        

        

        (m)       "Offering Period" shall mean, subject to the second sentence of Section 4 hereof, a period of six months, commencing on January 1 and July 1 of each year and terminating on June 30 and December 31 of each year, respectively.

        (n)        "Parent" shall mean a corporation which is a "parent corporation" of the Company within the meaning of Section 424(e) of the Code.

        (o)        "Plan" shall mean this Capital City Bank Group, Inc. 2011 Associate Stock Purchase Plan.

        (p)        "Purchase Price" shall mean an amount equal to ninety percent (90%) of the Fair Market Value of a share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower, as determined in the sole discretion of the Committee. Subject to the
        limitations imposed under Section 423 of the Code, the Committee may adjust the Purchase Price to such other percentage of Fair Market Value as determined by the Committee.

        (q)        "Reserves" shall mean the number of shares of Common Stock covered by each option under the Plan which have not yet been exercised and the number of shares of Common Stock which have been authorized for issuance under the Plan but not yet placed under
        option.

        (r)        "Subsidiary" shall mean a corporation which is a "subsidiary corporation" of the Company within the meaning of Section 424(f) of the Code.

        3.        Eligibility.

        (a)        Each person who is an Associate on a given Enrollment Date shall be eligible to participate in the Plan for the Offering Period containing such Enrollment Date.

        (b)        Any provisions of the Plan to the contrary notwithstanding, no Associate shall be granted an option under the Plan (i) if, immediately after the grant, such Associate would own stock (together with stock owned by any other person or entity that would be attributed to such Associate pursuant to Section 424(d) of the
        Code) of the Company (including, for this purpose, all shares of stock subject to any outstanding options to purchase such stock, whether or not currently exercisable and irrespective of whether such options are subject to the favorable tax treatment of Section 421(a) of the Code) possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of any Parent or Subsidiary, or (ii) which permits his or her rights to purchase stock
        under all employee stock purchase plans (within the meaning of Section 423 of the Code) of the Company and its Parents and Subsidiaries to accrue at a rate which exceeds twenty-five thousand dollars ($25,000) worth of stock (determined at the Fair Market Value of the stock at the time such option is granted) for each calendar year in which such option is outstanding at any time. The limitation described in clause (ii) of the preceding sentence shall be applied in a manner consistent
        with Section 423(b)(8) of the Code.

        4.         Offering Periods. The Plan shall be implemented by consecutive Offering Periods continuing from the first Offering Period until terminated in accordance with Section 19 hereof. The Committee shall have the power to change the duration of Offering Periods (including the
        commencement dates thereof) with respect to future offerings without shareowner approval if such change is announced at least fifteen (15) days prior to the scheduled beginning of the first Offering Period to be affected thereafter.

        5.        Participation.

        (a)        An Associate may become a participant in the Plan for an Offering Period by completing a subscription agreement authorizing payroll deductions in the form of Exhibit A to this Plan (or in such other form as the Committee shall approve and which shall contain substantially the same terms as Exhibit A) and filing it
        with the human resources office of the Company or applicable Designated Subsidiary at least fifteen (15) business days prior to the applicable Enrollment Date, unless a later time for filing the subscription agreement is set by the Committee for all Associates with respect to a given Offering Period.

        2

        

        

        

        (b)        Payroll deductions for a participant shall commence on the first payroll date following the Enrollment Date and shall end on the last payroll date in the Offering Period to which such authorization is applicable, unless sooner terminated by the participant as provided in Section 10 hereof.

        6.        Payroll Deductions.

        (a)        At the time a participant files his or her subscription agreement, he or she shall elect to have payroll deductions made on each pay day during the Offering Period in an amount (expressed as a whole number percentage or a fixed dollar amount) of the Compensation he or she receives on each pay day during the Offering
        Period.

        (b)        All payroll deductions made for a participant shall be credited to his or her account under the Plan. Subject to the limitations set forth in Section 7, the Committee may, in its sole discretion, determine whether or not to permit participants to make any additional payments into such account and, if so, upon such
        terms as the Committee may determine. However, in all events, all employees shall have the same rights and privileges with respect to their right to make such additional payments. 

        (c)        A participant may discontinue his or her participation in the Plan, as provided in Section 10 hereof, at any time during the Offering Period prior to the Exercise Date. Once an Offering Period has commenced, a participant may not increase or decrease the rate or amount of his or her payroll deductions for that
        Offering Period, but may, during that Offering Period, increase or decrease the rate or amount of his or her payroll deductions for the next succeeding Offering Period, by completing or filing with the Company or applicable Designated Subsidiary a new subscription agreement, at least fifteen (15) business days prior to the end of that Offering Period, authorizing a change in payroll deduction rate or amount. A participant’s subscription agreement shall remain in effect for
        successive Offering Periods unless terminated as provided in Section 10 hereof.

        (d)        Notwithstanding the foregoing, a participant’s payroll deductions may be decreased to 0% at any time, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b) hereof. Subject to the preceding sentence, payroll deductions shall recommence at the rate or amount provided in such
        participant’s subscription agreement at the beginning of the next succeeding Offering Period, unless terminated by the participant as provided in Section 10 hereof.

        (e)        At the time the option is exercised, in whole or in part, or at the time some or all of the Common Stock issued under the Plan is disposed of, the participant must make adequate provisions for the federal, state, or other tax withholding obligations of the Company or applicable Designated Subsidiary, if any, which
        arise upon the exercise of the option or the disposition of the Common Stock. At any time, the Company or applicable Designated Subsidiary may, but will not be obligated to, withhold from the participant’s compensation the amount necessary for the Company or applicable Designated Subsidiary to meet applicable withholding obligations, including any withholding required to make available to the Company or applicable Designated Subsidiary any tax deductions or benefits attributable
        to sale or early disposition of Common Stock by the Associate.

        7.         Grant of Option. On the Enrollment Date of each Offering Period, each Associate participating in such Offering Period shall be granted an option to purchase on the Exercise Date of such Offering Period (at the applicable Purchase Price) up to a number of shares of the
        Company’s Common Stock determined by dividing such Associate’s payroll deductions accumulated prior to such Exercise Date and retained in the participant’s account as of the Exercise Date by the applicable Purchase Price; provided, however, that in no event shall an Associate be permitted to purchase during any calendar year more than $25,000 in Fair Market Value of Common Stock (with Fair Market Value to be determined on each Enrollment Date) within such calendar year
        and, provided further, that such purchase shall be subject to the limitations set forth in Sections 3(b) and 12 hereof. Exercise of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn pursuant to Section 10 hereof, and shall expire on the last day of the Offering Period.

        3

        

        

        

        8.         Exercise of Option. Unless a participant withdraws from the Plan as provided in Section 10 hereof, his or her option for the purchase of shares will be exercised automatically on the Exercise Date and, subject to the limitations set forth in Sections 3(b) and 12 hereof, the
        maximum number of full shares subject to option shall be purchased for such participant at the applicable Purchase Price with the accumulated payroll deductions in his or her account. No fractional shares will be purchased; any payroll deductions accumulated in a participant’s account which are not sufficient to purchase a full share shall be retained in the participant’s account for the subsequent Offering Period, subject to earlier withdrawal by the participant as provided
        in Section 10 hereof. During a participant’s lifetime, a participant’s option to purchase shares hereunder is exercisable only by the participant.

        9.         Delivery. As promptly as practicable after each Exercise Date on which a purchase of shares occurs, the Company shall arrange the delivery to or for the account of each participant, as appropriate, a certificate representing the shares purchased upon exercise of his or her
        option; provided, however, that the Committee may instead determine to hold such shares in an account for each such participant until the participant either ceases participation in the Plan or requests delivery of such shares.

        10.       Withdrawal; Termination of Employment.

        (a)        A participant may withdraw all but not less than all the payroll deductions credited to his or her account and not yet used to exercise his or her option under the Plan at any time prior to the last business day of an Offering Period (or such earlier date established by the Committee in its discretion) by giving
        written notice to the Company or applicable Designated Subsidiary in the form of Exhibit B to this Plan. All of the participant’s payroll deductions credited to his or her account will be paid to such participant promptly after receipt of notice of withdrawal and such participant’s option for the Offering Period will be automatically terminated, and no further payroll deductions for the purchase of shares will be made during the Offering Period. If a participant withdraws
        from the Plan during an Offering Period, he or she may not resume participation until the next Offering Period. He or she may resume participation for any other Offering Period by delivering to the Company or applicable Designated Subsidiary a new subscription agreement at least fifteen (15) days prior to the Enrollment Date for such Offering Period.

        (b)        Upon a participant’s ceasing to be an Associate for any reason, he or she will be deemed to have elected to withdraw from the Plan and the payroll deductions credited to such participant’s account during the Offering Period but not yet used to exercise the option will be returned to such participant or,
        in the case of his or her death, to the person or persons entitled thereto under Section 14 hereof, and such participant’s option will be automatically terminated.

        (c)        A participant’s withdrawal from an Offering Period will not have any effect upon his or her eligibility to participant in any similar plan which may hereafter be adopted by the Company.

        11.       Interest. No interest shall accrue or be payable with respect to any of the payroll deductions of a participant in the Plan.

        12.        Stock.

        (a)        The maximum number of shares of Common Stock which shall be made available for sale under the Plan shall be 593,750 shares, subject to adjustment upon changes in capitalization of the Company as provided in Section 18 hereof. If on a given Exercise Date the number of shares with respect to which options are to be
        exercised exceeds the number of shares then available under the Plan, the Company shall make a pro rata allocation of the shares remaining available for purchase in as uniform a manner as shall be practicable and as it shall determine to be equitable.

        (b)        No participant will have an interest or voting right in shares covered by his or her option until such option has been exercised.

        (c)        Shares to be issued to a participant under the Plan will be registered in the record or beneficial name of the participant or in the record or beneficial name of the participant and his or her spouse.

        4

        

        

        

        13.       Administration. The Plan shall be administered by the Committee. The Committee shall have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claims filed under the Plan. Every finding,
        decision and determination made by the Committee shall, to the full extent permitted by law, be final and binding upon all parties. Members of the Board who are Associates are permitted to participate in the Plan, provided that members of the Board who are eligible to participate in the Plan may not vote on any matter affecting the administration of the Plan or the grant of any option pursuant to the Plan.

        14.       Payments Upon Death of Participant. In the event of a participant’s death subsequent to an Exercise Date on which the option is exercised but prior to delivery to such participant of such shares (or cash, if applicable), the Company shall deliver such shares or cash to the
        participant’s estate. In addition, in the event of a participant’s death prior to the exercise of an option, the Company shall remit any cash from the participant’s account under the Plan to his estate. 

        15.       Transferability. Neither payroll deductions credited to a participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of
        descent and distribution or as provided in Section 14 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10 hereof.

        16.       Use of Funds. All payroll deductions received or held by the Company or applicable Designated Subsidiary under the Plan may be used by the Company or such Subsidiary for any corporate purpose, and the Company or applicable Designated Subsidiary shall not be obligated to segregate such
        payroll deductions.

        17.       Reports. Individual accounts will be maintained for each participant in the Plan. Statements of account will be given to participating Associates at least annually, within such time as the Committee may reasonably determine, which statements will set forth the amounts of payroll deductions,
        the Purchase Price, the number of shares purchased and the remaining cash balance, if any.

        18.        Adjustments Upon Changes in Capitalization.

        (a)        Changes in Capitalization. Unless the Committee specifically determines otherwise, the Reserves as well as the price per share of Common Stock covered by each option under the Plan which has not yet been exercised shall be proportionately adjusted for any increase
        or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been "effected without receipt of consideration." Such adjustment shall
        be made by the Committee, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to an option. Any adjustment accomplished as a result of a change in capitalization shall be subject to any required action by the shareowners of the
        Company.

        (b)        Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Period will terminate immediately prior to the consummation of such proposed action, unless otherwise provided by the Committee.

        5

        

        

        

        (c)        Merger or Asset Sale. In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another corporation, each option under the Plan shall be assumed or an equivalent option shall be substituted by
        such successor corporation or a parent or subsidiary of such successor corporation, unless the Committee determines, in the exercise of its sole discretion and in lieu of such assumption or substitution, to shorten the Offering Period then in progress by setting a new Exercise Date (the "New Exercise Date"). If the Committee shortens the Offering Period then in progress in lieu of assumption or substitution in the event of a merger or sale of assets, the Committee shall notify each
        participant in writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for his or her option has been changed to the New Exercise Date and that his or her option will be exercised automatically on the New Exercise Date, unless prior to such date he or she has withdrawn from the Offering Period as provided in Section 10 hereof. For purposes of this paragraph, an option granted under the Plan shall be deemed to be assumed if, following the sale of
        assets or merger, the option confers the right to purchase, for each share of option stock subject to the option immediately prior to the sale of assets or merger, the consideration (whether stock, cash or other securities or property) received in the sale of assets or merger by holders of Common Stock for each share of Common Stock held on the effective date of the transaction (and if such holders were offered a choice of consideration, the type of consideration chosen by the holders
        of a majority of the outstanding shares of Common Stock); provided, however, that if such consideration received in the sale of assets or merger was not solely common stock of the successor corporation or its parent (as defined in Section 424(e) of the Code), the Committee may, with the consent of the successor corporation and the participant, provide for the consideration to be received upon exercise of the option to be solely common stock of the successor corporation or its parent
        equal in fair market value to the per share consideration received by holders of Common Stock in the sale of assets or merger.

        The Committee may, if it so determines in the exercise of its sole discretion, also make provision for adjusting the Reserves, as well as the price per share of Common Stock covered by each outstanding option, in the event the Company effects one or more reorganizations, recapitalizations, rights offerings or other increases or reductions of shares of its outstanding Common Stock, and
        in the event of the Company being consolidated with or merged into any other corporation.

        19.       Amendment or Termination.

        (a)        The Committee may, without further action by the shareowners and without receiving further consideration from the participants, amend this Plan or condition or modify awards under this Plan in response to changes in securities or other laws or rules, regulations or regulatory interpretations thereof applicable to
        this Plan or to comply with applicable self-regulatory organization rules or requirements.

        (b)        The Committee may at any time and from time to time terminate or modify or amend the Plan in any respect, except that, without shareowner approval, the Committee may not materially amend the Plan, including, but not limited to, the following:

        (i)         increasing the number of shares of Common Stock to be issued under the Plan (other than pursuant to Section 18); and

        (ii)        changing the corporations whose employees may be offered purchase rights under the plan. 

        In addition to the foregoing, the Committee shall seek shareowner approval for amendments that require shareowner approval under Section 423 of the Code (or any successor provision or any other applicable law or regulation).

        (c)        Except as provided in Sections 18 and 19(a) hereof, no termination may, without the consent of an affected participant, adversely affect options previously granted; provided, that an Offering Period may be terminated by the Committee on any Exercise Date if the Committee determines that the termination of the Plan
        is in the best interests of the Company and its shareowners. Except as provided in Sections 18 and 19(a) hereof, no amendment may adversely affect the rights of any options previously granted. The Committee shall determine in its sole discretion for purposes of this Section 19 whether or not a participant’s rights have been "adversely affected." 

        20.       Notices. All notices or other communications by a participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt
        thereof.

        6

        

        

        

        21.       Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation,
        the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder and the requirements of any stock exchange upon which the shares may then be listed.

        22.       Term of Plan. The Plan shall be effective as of April 26, 2011 upon its adoption by the Board. It shall continue in effect for a term of ten (10) years thereafter unless sooner terminated under Section 19 hereof.

        23.       Additional Restrictions of Section 16 of the Exchange Act. The terms and conditions of options granted hereunder to, and the purchase of shares by, persons subject to Section 16 of the Exchange Act shall comply with the applicable provisions of the rules and regulations promulgated under
        such Section 16. This Plan shall be deemed to contain, and such options shall contain, and the shares issued upon exercise thereof shall be subject to, such additional conditions and restrictions as may be required by such rules and regulations to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions.

        * * *

        As adopted by the Board of Directors of

        Capital City Bank Group, Inc.

        effective as of April 26, 2011

         

        7

        

        

        

        EXHIBIT A

        CAPITAL CITY BANK GROUP, INC.

        2011 ASSOCIATE STOCK PURCHASE PLAN

        SUBSCRIPTION AGREEMENT

        
            	
                        ___

                    	
                        Original Application

                    	
                        Enrollment Date:_________________

                    

        

        
            	
                        ___

                    	
                        Change in Payroll Deduction Rate

                    

        

        
            	
                        ___

                    	
                        Change of Beneficiary(ies)

                    

        

        1.         _____________________________________ hereby elects to participate in the Capital City Bank Group, Inc. 2011 Associate Stock Purchase Plan (the "Associate Stock Purchase Plan") and subscribes to purchase shares of the Company’s Common Stock in accordance with this Subscription Agreement and the Associate Stock Purchase
        Plan.

        2.         I hereby authorize payroll deductions from each paycheck in the amount of (please complete one or the other) (i) _______% (a whole number) of my Compensation, or (ii) $_______, on each payday during the Offering Period in accordance with the Associate Stock Purchase Plan. (Please note that no fractional percentages are
        permitted.)

        3.         I understand that said payroll deductions will be accumulated for the purchase of shares of Common Stock at applicable Purchase Price determined in accordance with the Associate Stock Purchase Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically
        exercise my option on the Exercise Date.

        4.         I have received a copy of the complete "Capital City Bank Group, Inc. 2011 Associate Stock Purchase Plan." I understand that my participation in the Associate Stock Purchase Plan is in all respects subject to the terms of the Associate Stock Purchase Plan.

        5.         Shares purchased for me under the Associate Stock Purchase Plan should be issued in the name(s) of (Associate or Associate and Spouse Only):______________________

        ____________________________________________________________________________.

        6.         I understand that, under current federal income tax law, if I dispose of any shares received by me pursuant to the Plan within the later of (i) two (2) years after the first day of the Offering Period during which I purchased such shares, or (ii) one (1) year after the date I purchased any Common Stock under the Associate Stock
        Purchase Plan, I will be treated for federal income tax purposes as having made a "disqualifying disposition" and as having received ordinary income at the time of such disposition in an amount equal to the excess of fair market value of the shares at the time such shares were delivered to me over the price which I paid for the shares. The remainder of the gain, if any, recognized on such disqualifying disposition will be taxed as capital gain. I hereby agree to notify the Company in
        writing within thirty (30) days after the date of any disqualifying disposition of my shares and I will make adequate provision for federal, state or other tax withholding obligations, if any, which arise upon such disqualifying disposition. The Company or applicable Designated Subsidiary may, but will not be obligated to, withhold from my compensation the amount necessary to meet any applicable withholding obligation including any withholding necessary to make available to the Company
        or such Subsidiary any tax deductions or benefits attributable to sale or disqualifying disposition of Common Stock by me. If I dispose of such shares at any time after the expiration of the two-year holding period, I understand that I will be treated for federal income tax purposes as having received income only at the time of such disposition, and that such income will be taxed as ordinary income only to the extent of an amount equal to the lesser of (a) the excess of the fair market
        value of the shares at the time of such disposition over the purchase price which I paid for the shares, or (b) the excess of the fair market value of the shares over the Purchase Price on the first day of the Offering Period in which the shares were purchased. The remainder of the gain, if any, recognized on such disposition will be taxed as capital gain.

         

        

        

        

        7.         I hereby agree to be bound by the terms of the Associate Stock Purchase Plan. The effectiveness of this Subscription Agreement is dependent upon my eligibility to participate in the Associate Stock Purchase Plan.

        
            	
                        Associate’s Social Security Number:

                    	
                        _________________________________________

                    
	 	 
	 	 
	Associate’s Address:	
                        _________________________________________

                    
	 	 
	 	
                        _________________________________________

                    
	 	 
	 	
                        _________________________________________

                    

        

         

        I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME.

         

        
            	
                        Dated:________________

                    	
                        __________________________________________

                    
	 	Signature of Associate

        

         

        

        

        

        EXHIBIT B

         

        CAPITAL CITY BANK GROUP, INC.

        2011 ASSOCIATE STOCK PURCHASE PLAN

        NOTICE OF WITHDRAWAL

        The undersigned participant in the Offering Period of the Capital City Bank Group, Inc. 2011 Associate Stock Purchase Plan (the "Plan") which began on ______________, 20__ (the "Enrollment Date") hereby notifies the Company that he or she hereby withdraws from the Offering Period. The undersigned hereby directs the Company or applicable Designated Subsidiary to pay to the undersigned
        as promptly as practicable all the payroll deductions credited to his or her account with respect to such Offering Period. The undersigned understands and agrees that his or her option for such Offering Period will be automatically terminated. The undersigned understands further that no further payroll deductions will be made for the purchase of shares in the current Offering Period and the undersigned shall thereafter be eligible to participate in succeeding Offering Periods only by
        delivering to the Company or applicable Designated Subsidiary a new Subscription Agreement within the time period set forth in Section 5 of the Plan.

        Name and Address of Participant

        ____________________________________

        ____________________________________

        ____________________________________

        Signature

        ____________________________________

        Date:________________________________

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