Document:

Exhibit 10.9 Supplemental Executive Retirement Agreement
with Phillip S. Buddenbohm

 

ATLANTIC COAST BANK

AMENDED AND RESTATED

SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN

 

This Amended and Restated
Atlantic Coast Bank Supplemental Executive Retirement Plan (the “Plan”) was originally established on November 1, 2002,
and was amended and restated effective October 1, 2004, and most recently is amended and restated by this document, effective January
1, 2005, in order to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the
2007 final regulations issued thereunder.

 

The purpose of the
Plan is to provide supplemental retirement benefits to those members of senior management who have contributed significantly to
the success and growth of Atlantic Coast Bank (the “Bank”) and its holding company, Atlantic Coast Federal Corporation
(the “Company”) (and any successors thereto), and the Bank’s predecessor, Atlantic Coast Federal Credit Union,
whose services are vital to its continued growth and success in the future and who are to be encouraged to remain a valuable part
of our future success.

 

ARTICLE I

ELIGIBILITY AND VESTING

 

1.1Eligibility.
Each individual who is selected by the Plan Administrator shall be eligible to participate in the Plan. Such individuals are “Participants.”
The Plan is intended to only be available to a select group of management or highly compensated employees, and as such, is intended
to be a “top hat” plan that for purposes of the Employee Retirement Income Security Act of 1974, as amended.

 

1.2Vesting.
Participants shall be 100% vested in their benefits under this Plan upon completion of one hundred and twenty (120) full months
of service as a full-time employee of the Bank on or after November 1, 2002, whether continuous or otherwise. Except as provided
in Section 2.4(b) or unless the Plan Administrator accelerates vesting, which is entirely in the sole discretion of the Plan Administrator,
until completing such service requirement, Participants are 0% vested in benefits under the Plan. Notwithstanding the preceding
provisions, any Participant who resigns at the request of, or is removed from service by, the Office of Thrift Supervision, Federal
Deposit Insurance Corporation or any other regulatory authority for the Bank, shall be ineligible to participate and shall forfeit
any benefits under this Plan.

 

ARTICLE II

BENEFITS

 

2.1Normal
Retirement.

 

(a)Upon Separation
from Service (as defined below) at or after age sixty-five (65) (“Normal Retirement Age”), the Bank shall pay the Participant
a “Normal Retirement Benefit” of twenty thousand dollars ($20,000) per year, payable annually, commencing on January
1st of the year following Separation from Service and on each anniversary thereafter for a period of twenty (20) years
(the “Benefit Period”). Notwithstanding the preceding sentence, to the extent a Participant is a “Specified Employee”
(as defined below), solely to the extent necessary to avoid penalties under Code Section 409A, payment shall be delayed until the
first day of the seventh month following the Participant’s Separation from Service.

 

(b)“Separation
from Service” means the Participant’s retirement or termination of employment with the Bank. No Separation from Service
shall be deemed to occur due to military leave, sick leave or other bona fide leave of absence if the period of such leave does
not exceed six (6) months or, if longer, so long as the Participant’s right to reemployment is provided by law or contract.
If the leave exceeds six (6) months and the Participant’s right to reemployment is not provided by law or by contract, then
the Participant shall have a Separation from Service on the first date immediately following such six-month period. Whether a termination
of employment has occurred is determined based on whether the facts and circumstances indicate that the Bank and the Participant
reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services
the employee would perform after such date (whether as an employee or as an independent contractor) would permanently decrease
to no more than 20% of the average level of bona fide services performed over the immediately preceding 36 months (or such lesser
period of time in which the Participant has provided services for the Bank). The determination of whether a Participant has a Separation
from Service shall be made by applying the presumptions set forth in the Treasury Regulations under Code Section 409A.

 

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(c)“Specified
Employee” means an employee of the Bank or Company who is also a “key employee” as such term is defined in Code
Section 416(i), without regard to Paragraph 5 thereof, but only if the Bank or the Company (or any successors) is a publicly traded
company.

 

2.2Early
Retirement. 

 

(a)Upon Separation
from Service on or after age fifty-five (55) (“Early Retirement Age”), but before Normal Retirement Age, each Participant
shall receive an “Early Retirement Benefit” instead of a Normal Retirement Benefit. In order to determine the amount
of the Early Retirement Benefit, for each year that the Participant’s Early Retirement Age is less than the Normal Retirement
Age, the Normal Retirement Benefit shall be reduced by one thousand dollars ($1,000) per year. For purposes of calculating the
Early Retirement Benefit, the Participant’s age shall be determined at the end of the calendar year preceding the year in
which Early Retirement Benefits will begin. For example, a Participant who Separates from Service at age sixty (60) would receive
fifteen thousand dollars ($15,000) per year for twenty (20) years commencing January 1st in the year following the calendar
year in which the Participant’s Separation from Service occurred.

 

(b)Early Retirement
Benefits shall be payable annually, commencing on January 1st of the year following the Participant’s Separation
from Service and on each anniversary thereafter for a period of twenty (20) years (the “Benefit Period”). Notwithstanding
the preceding sentence, to the extent a Participant is a Specified Employee, solely to the extent necessary to avoid penalties
under Code Section 409A, payment shall be delayed until the first day of the seventh month following the Participant’s Separation
from Service.

 

2.3Death
During Benefit Period. If the Participant dies within the Normal Retirement or Early Retirement Benefit Period, the
remaining annual payments due the Participant shall continue be paid to the Participant’s “Beneficiary” (as defined
below) in the same time and form as payments were being made to the Participant.

 

“Beneficiary”
means the person(s) designated by the Participant on the form set forth at Appendix A to receive any death benefits hereunder.
If the Participant has not designated a Beneficiary, the Participant’s spouse shall be the Beneficiary. In the absence of
any surviving Beneficiary or spouse, the benefits shall be paid to the Participant’s estate.

 

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2.4Death
Before Separation from Service

 

(a)Death After
Vesting. In the event the Participant is fully vested in his or her benefits hereunder and dies prior to Separation
from Service but before beginning to receive an Early Retirement Benefit or Normal Retirement Benefit, the Bank agrees to pay to
the Participant’s Beneficiary the Normal Retirement Benefit that the Participant would have otherwise received as if he or
she had attained Normal Retirement Age at his or her death, with such payments commencing on the January 1st of the first year
after the Participant’s death.

 

(b)Death Before Vesting.
In the event a Participant dies prior to Separation from Service and such Participant has attained at least sixty (60) full months
of service (whether continuous or otherwise), then the amount of the annual benefits payable to the Participant’s Beneficiary
shall be equal to the product of twenty thousand dollars ($20,000) multiplied by a fraction, the denominator of which is one-hundred
and twenty (120) and the numerator of which is the number of full months of service performed by the Participant. Such benefits
shall be paid in equal annual installments for twenty (20) years, on January 1st of each year, beginning with the January
1 following the Participant’s date of death.

 

2.5Unforeseeable Emergency.

 

(a)Upon an “Unforeseeable
Emergency” (as defined below), (i) a Participant who is vested in his or her benefit hereunder but has not yet begun to receive
payments; (ii) a Participant who is receiving either Early or Normal Retirement Benefits; or (iii) a Beneficiary who is receiving
death benefits hereunder, may request a lump sum payment in an amount necessary (but not exceeding the present value of the remaining
benefits) to meet the Unforeseeable Emergency, including an amount necessary to pay any taxes due as a result of such lump sum
payment from the Plan. The present value shall be equal to the amount accrued by the Bank in accordance with generally accepted
accounting principles.

 

(b)“Unforeseeable
Emergency” means a severe financial hardship to the Participant or Beneficiary resulting from (i) an illness or accident
of the Participant or Beneficiary, his or her spouse, or dependent (as defined in Code Section 152(a)); (ii) loss of the Participant’s
or Beneficiary’s property due to casualty; or (iii) other similar extraordinary and unforeseeable circumstances arising as
a result of events beyond the control of the Participant or Beneficiary. The term “Unforeseeable Emergency” shall be
construed consistent with Code Section 409A and the final regulations and other guidance issued thereunder.

 

2.6Tax Withholding.
All benefits paid under this Plan shall be subject to withholding in accordance with federal and state law.

 

ARTICLE III

ADMINISTRATION; CLAIMS PROCEDURES

 

3.1Plan
Administrator. The Board of Directors of the Bank (the “Board”) is hereby designated the Plan Administrator.

 

3.2Powers
of Plan Administrator. As Plan Administrator, the Board shall be responsible for the management, control, interpretation
and administration of this Plan and may allocate to others certain aspects of the management and operational responsibilities of
the Plan including the employment of advisors and the delegation of any ministerial duties to qualified individuals. All decisions
of the Plan Administrator shall be final and binding on all persons.

 

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3.3Claims
Procedures. Claims for benefits hereunder shall be submitted to the President of the Bank, as agent for the Plan Administrator.
In the event a claim for benefits is wholly or partially denied under this Plan, the Participant or any other person claiming benefits
under this Plan (a “Claimant”), shall be given notice of the denial in writing within thirty (30) calendar days after
the Plan Administrator’s receipt of the claim. The Plan Administrator may extend this period for an additional thirty (30)
calendar days. Any denial must specifically set forth the reasons for the denial and any additional information necessary to perfect
the claim for benefits. The Claimant shall have the right to seek a review of the denial by filing a written request with the Plan
Administrator within sixty (60) calendar days after receipt of the initial denial. Such request may be supported by such documentation
and evidence deemed relevant by the Claimant. Following receipt of this information, the Plan Administrator shall make a final
determination and notify the Claimant within sixty (60) calendar days of the Plan Administrator’s receipt of the request
for review together with the specific reasons for the decision.

 

ARTICLE
IV

AMENDMENT AND TERMINATION

 

4.1Amendments.
The Board may amend this Plan any time, but no such amendment shall affect the rights of, or reduce the benefits to, any Participant
without their written consent.

 

4.2Termination.
The Board may completely terminate the Plan. Subject to the requirements of Code Section 409A, in the event of complete termination
with respect to such benefits, the Plan shall cease to operate and the Bank shall pay out to each Participant his or her account
as if that Participant had terminated service as of the effective date of the complete termination. Such complete termination of
the Plan shall occur only under the following circumstances and conditions:

 

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

 

(b)The Board may
terminate the Plan within the 30 days preceding a “Change in Control” (as defined in Code Section 409A and the regulations
thereunder), but not following a Change in Control, provided that the Plan shall only be treated as terminated if all substantially
similar arrangements sponsored by the Bank are terminated so that the Participants and all participants under substantially similar
arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of
the date of the termination of the arrangements.

 

(c)The Board may
terminate the Plan provided that (i) the termination and liquidation does not occur proximate to a downturn in the financial health
of the Bank or Company, (ii) all arrangements sponsored by the Bank that would be aggregated with this Plan under Final Regulations
Section 1.409A-1(c) if the Participant covered by this Plan was also covered by any of those other arrangements are also terminated;
(iii) no payments other than payments that would be payable under the terms of the arrangement if the termination had not occurred
are made within 12 months of the termination of the arrangement; (iv) all payments are made within 24 months of the termination
of the arrangements; and (v) the Bank does not adopt a new arrangement that would be aggregated with any terminated arrangement
under Final Regulations Section 1.409A-1(c) if the Participant participated in both arrangements, at any time within three years
following the date of termination of the arrangement.

 

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

 

ARTICLE V

UNFUNDED ARRANGEMENT

 

5.1Unsecured
General Creditors. The Participant and Beneficiaries are general unsecured creditors of the Bank for the payment of
benefits under this Plan. The benefits represent the mere promise by the Bank to pay such benefits. The benefits payable under
this Plan are payable from the general assets of the Bank and no special fund or arrangement is intended to be established hereby
nor shall the Bank be required to earmark, place in trust or otherwise segregate assets with respect to this Plan or any benefits
hereunder.

 

5.2Rabbi
Trust. The Bank shall be responsible for the payment of all benefits provided under the Plan. At its discretion, the
Bank may establish one or more trusts, with such trustees as the Board may approve, for the purpose of providing for the payment
of such benefits. Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Bank’s
creditors. To the extent any benefits provided under the Plan are actually paid from any such trust, the Bank shall have no further
obligation with respect thereto, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid
by, the Bank. Under no circumstances shall a Participant serve as trustee or co-trustee of any trust established by the Bank pursuant
to this Plan.

 

ARTICLE VI

MISCELLANEOUS

 

6.1No
Employment Contract. This Plan does not constitute a contract of employment for any Participant, nor shall any provision
of this Plan be construed as giving the Participant the right to continued service as an employee of the Bank.

 

6.2Binding Effect.
This Plan shall be binding upon the Bank, the Company and their successors and assigns, and upon the Participants and the Beneficiaries
and legal representatives of the Participant.

 

6.3No
Assignment. Neither the Participant nor any Beneficiary or personal representative of the Participant can assign any
of the rights to benefits under this Plan. Any attempt to anticipate, sell, transfer, assign, pledge, encumber or change the Participant’s
right to receive benefits shall be void. The rights to benefits are not subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors.

 

6.4Choice
of Law. This Plan shall be construed under and governed by the laws of the State of Georgia, except to the extent preempted
by the laws of the United States of America.

 

6.5Payment
to Guardians. If a Participant’s benefit is payable to a minor or a person declared incompetent or to a person
incapable of handling the disposition of his property, the Plan Administrator may direct payment of such Plan benefit to the guardian,
legal representative or person having the care and custody of such minor, incompetent or person. The Plan Administrator may require
proof of incompetency, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the Plan benefit.
Such distribution shall completely discharge the Plan Administrator and the Bank from all liability with respect to such benefit.

 

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IN WITNESS WHEREOF,
and the Bank has caused this amended and restated Plan to be executed by its duly authorized officer.

 

	 	 	ATLANTIC COAST BANK
	 	 	 	 	 
	 	 	 	 	 
	October 30, 2008	 	By: 	/s/ Robert J. Larison, Jr.	 
	Date	 	 	Robert J. Larison, Jr. President and 
	 	 	 	Chief Executive Officer

 

 

    	6Exhibit 10.12 Non-compete and Non-solicitation Agreement
with Phillip S. Buddenbohm

 

NON-COMPETE AND NON-SOLICITATION
AGREEMENT

 

This NON-COMPETE AND
NON-SOLICITATION AGREEMENT (the “Agreement”) is dated as of June 28, 2010, by and between Phillip S. Buddenbohm
(“Executive”) and Atlantic Coast Bank (the “Bank”), a wholly-owned subsidiary of Atlantic Coast Federal
Corporation (the “Company”).

 

WHEREAS, Executive
is Senior Vice President – Chief Risk Officer of the Bank and the Company; and

 

WHEREAS, the
Executive, the Bank and the Company are parties to an employment agreement dated January 1, 2010 (the “Employment
Agreement”); and

 

WHEREAS, separate
from the Employment Agreement, in order to protect the business, trade secrets and other confidential and proprietary information
of the Bank and Company known to Executive following Executive’s termination of employment for any reason (other than “Cause,”
as defined and determined in the Employment Agreement), including, but not limited to, (i) voluntary resignation; (ii) Retirement
(as defined in the Employment Agreement); (iii) involuntary termination of employment without Cause; and (iv) voluntary termination
for “Good Reason” (as defined in the Employment Agreement) (all of which shall constitute a “Termination of Employment”
under this Agreement), Executive has agreed to restrict his activities in accordance with the terms and conditions of this Agreement;
and

 

NOW, THEREFORE,
in consideration of the premises, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereby agree as follows:

 

1.Covenants.

 

(a)Executive hereby covenants and
agrees that for a period of two (2) years following his Termination of Employment he shall not, without the written consent of
the Bank, either directly or indirectly:

 

(1)solicit, offer employment to,
or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of
causing any officer or employee of the Bank or the Company, or any of their respective subsidiaries or affiliates, to terminate
his or her employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever
to, any business whatsoever that competes with the business of the Bank or the Company, or any of their direct or indirect subsidiaries
or affiliates or has headquarters or offices within 50 miles of the locations in which the Bank or the Company has business operations
or has filed an application for regulatory approval to establish an office;

 

(2)become an officer, employee,
consultant, director, independent contractor, agent, sole proprietor, joint venturer, greater than 5% equity owner or stockholder,
partner or trustee of any savings bank, savings and loan association, savings and loan holding company, credit union, bank or bank
holding company, insurance company or agency, any mortgage or loan broker or any other entity competing with the Bank or its affiliates
in the same geographic locations where the Bank or its affiliates has material business interests; or

 

(3)solicit, provide any information,
advice or recommendation or take any other action intended (or that a reasonable person acting in like circumstances would expect)
to have the effect of causing any customer of the Bank to terminate an existing business or commercial relationship with the Bank.

 

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(b)Executive shall,
upon reasonable notice, furnish such information and assistance to the Bank and/or the Company as may reasonably be required by
the Bank and/or the Company, in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may
become, a party; provided, however, that Executive shall not be required to provide information or assistance with respect to any
litigation between the Executive and the Bank and/or the Company and/or any of its subsidiaries or affiliates.

 

(c)All payments to Executive under
this Agreement shall be subject to Executive’s compliance with this Section 1. The parties hereto, recognizing that irreparable
injury will result to the Bank and/or the Company, its business and property in the event of Executive’s breach of this Section
1, agree that, in the event of any such breach by Executive, the Bank and/or the Company will be entitled, in addition to any other
remedies and damages available, to an injunction to restrain the violation hereof by Executive and all persons acting for or with
Executive. Executive represents and admits that Executive’s experience and capabilities are such that Executive can obtain
employment in a business engaged in other lines and/or of a different nature than the Bank, and that the enforcement of a remedy
by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting the
Bank or the Company from pursuing any other remedies available to them for such breach or threatened breach, including the recovery
of damages from Executive.

 

(d)The terms and
provisions of the covenants contained in this Section 1 are intended to be separate and divisible provisions and if, for any reason,
any one or more of them is held to be invalid or unenforceable, the validity or the enforceability of any other provision of this
Agreement shall not thereby be affected. If, in any judicial proceeding, a court shall refuse to enforce any of the separate covenants
(or any part thereof) contained in the preceding paragraphs of this Section 1, then such unenforceable covenants (or any such part)
shall be deemed eliminated from this Agreement for the purpose of those proceedings to the extent necessary to permit the remaining
separate covenants (or portions thereof) to be enforced.

 

(e)Each party hereto
acknowledges that the potential restrictions on Executive’s future activities imposed by the covenants in this Section 1
are reasonable in both duration and geographic scope and in all other respects. In the event that the provisions of this Section
1 should ever be deemed to exceed the duration or geographic limitations or scope permitted by applicable law, then such provisions
shall be reformed to the maximum time or geographic limitations or scope, as the case may be, permitted by applicable law, and
each party agrees that the restrictions and prohibitions contained herein shall be effective to the fullest extent allowed under
applicable law in such jurisdiction. If the two-year duration is deemed unenforceable, and a court will not permit reformation
as provided for in this subparagraph, then the two-year duration provided for above, shall be deemed to be one year.

 

2.Payment.

 

(a)No
later than thirty (30) days after the Executive’s Termination of Employment, the Bank or the Company agree to pay Executive
a cash lump sum equal to two times (i) the highest annual rate of “Base Salary” (as defined in the Employment
Agreement) paid to Executive at any time under the Employment Agreement and (ii) the highest annual bonus and non-equity incentive
compensation (as defined in the Employment Agreement) paid to the Executive over the most recent two calendar years prior to the
Termination of Employment; provided, however, that any payment owed to Executive under this Agreement shall be reduced by an amount
equal to the amount of any severance pay that the Executive receives under the Employment Agreement upon an “Event of Termination”
(as defined in the Employment Agreement).

 

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(b)No payment shall
be made under this Agreement unless the Termination of Employment qualifies as a “Separation from Service” (as defined
in the Internal Revenue Code (the “Code”) Section 409A and the regulations thereunder).

 

(c)Notwithstanding
the foregoing, in the event Executive is a “Specified Employee” (as defined in the Code Section 409A and the regulations
thereunder) to the extent required under Code Section 409A, no payment shall be made to Executive prior to the first day of the
seventh month following the Termination of Employment.

 

3.Source
of Payment. The payment provided in this Agreement shall be timely paid in cash or check from the general funds
of the Bank. The Company, however, guarantees payment of the amount due hereunder to Executive, and if such amount due from the
Bank is not timely paid or provided by the Bank, such amount shall be paid by the Company.

 

4.No Attachment; Binding on
Successors.

 

(a)Except as required
by law, no right to receive a payment under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment,
encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation
of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect.

 

(b)This Agreement
shall be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns.

 

5.Modification and Waiver.

 

(a)This Agreement
may not be modified or amended except by an instrument in writing signed by the parties hereto.

 

(b)No term or condition
of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision
of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall
be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term
or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically
waived.

 

6.Required Provisions.

 

(a)The Bank may
terminate Executive’s employment at any time, but any termination by the Board other than termination for Cause shall not
prejudice Executive’s right to compensation under this Agreement. Executive shall have no right to receive compensation for
any period after termination for Cause.

 

(b)If Executive
is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice
served under Section 8(e)(3) [12 U.S.C. §1818(e)(3)] or 8(g)(1) [12 U.S.C. §1818(g)(1)] of the Federal Deposit Insurance
Act, the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate
proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation
withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were
suspended.

 

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(c)If Executive
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) [12 U.S.C. §1818(e)(4)] or 8(g)(1) [12 U.S.C. §1818(g)(1)] of the Federal Deposit Insurance Act, all
obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting
parties shall not be affected.

 

(d)If the Bank
is in default as defined in Section 3(x)(1) [12 U.S.C. §1813(x)(1)] of the Federal Deposit Insurance Act, all obligations
of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights
of the contracting parties.

 

(e)All obligations
under this Agreement shall be terminated, except to the extent determined that continuation of the contract is necessary for the
continued operation of the Bank, (i) by the Director of the Office of Thrift Supervision (“OTS”) 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) [12 U.S.C. §1823(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 is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already
vested, however, shall not be affected by such action.

 

(f)Notwithstanding
anything herein contained to the contrary, any payments to Executive by the Bank or the Company, whether pursuant to this Agreement
or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C.
§ 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

 

6.Severability.
If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect
any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part
thereof shall to the full extent consistent with law continue in full force and effect.

 

7.Headings
for Reference Only. The headings of sections and paragraphs herein are included solely for convenience of reference
and shall not control the meaning or interpretation of any of the provisions of this Agreement.

 

8.Governing
Law. This Agreement shall be governed by the laws of the State of Georgia but only to the extent not superseded by
federal law.

 

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IN WITNESS WHEREOF,
the Bank and the Company have caused this Agreement to be executed by its duly authorized representatives, and Executive has signed
this Agreement, on the date first above written.

 

	 	 	ATLANTIC COAST BANK
	 	 	 	 	 
	 	 	 	 	 
	June 28, 2010	 	By:	/s/ Robert J. Larison, Jr.	 
	Date	 	 	 	 
	 	 	Title:	President and Chief Executive Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	ATLANTIC COAST FEDERAL CORPORATION
	 	 	 	 	 
	 	 	 	 	 
	June 28, 2010	 	By:	/s/ Charles E. Martin, Jr.	 
	Date	 	 	 	 
	 	 	Title:	Board Chairman	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	EXECUTIVE:
	 	 	 	 	 
	 	 	 	 	 
	June 28, 2010	 	 	/s/ Phillip S. Buddenbohm	 
	Date	 	 	Phillip S. Buddenbohm	 

 

    	5

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