Document:

Employee Stock Purchase Plan

 Exhibit 4.1 
 THE COLONIAL BANCGROUP, INC. 
 COMMON STOCK 
 EMPLOYEE STOCK PURCHASE PLAN 
 April 20, 1994 
 Amended and Restated as of January 21, 2009 
 1. PARTICIPATION 
 All employees of
The Colonial BancGroup, Inc., and its subsidiaries (the “Company”) shall have the right to purchase shares of the Company’s Common Stock through the Employee Stock Purchase Plan (the “Plan”). Employee means any person ,
including an officer, who is treated as an employee of the company for payroll tax purposes and who is customarily employed for at least twenty (20) hours per week. Such eligible employees who purchase shares in the Plan are hereinafter
referred to as Participants. Participation in the plan is completely voluntary and must be the free election of the eligible employee. 
 Under the Plan, Participants may purchase the Company’s Common Stock from the Company at the Market Price, as defined in section 4. Shares shall be purchased either from the Company’s authorized but unissued shares of Common Stock
or from shares acquired by the Company on the open market. 
 2. PURPOSE 
 The purpose of the Plan is to provide the employees of the Company with a convenient way to become shareholders in the Company. It is believed that
employee participation in the ownership of the Company will help to promote employee incentives essential to the continued growth of the Company and the mutual benefit of its employees and shareholders. It is intended that this Plan provide for
“broad-based participation” within the meaning of regulations promulgated under section 16(b) of the Securities Exchange Act of 1934. 
 3. STOCK PURCHASES 
 Participants may purchase Common Stock under the Plan at any time by completing, signing and delivering
to the Stock Plan Manager of the Company a Subscription Form authorizing the Company to deduct from their regular bi-weekly salary a specified amount to be applied to the purchase of Common Stock under the Plan. Payroll deductions may not be less
than $25 per deduction and not more than 15 percent of salary for the pay period in question. Any provisions of the plan to the contrary notwithstanding, no employee shall be permitted to purchase stock under the plan in an amount which exceeds
twenty-five thousand dollars ($25,000) of the fair market value of such stock for each calendar year. Participants may deliver the Subscription Form in person or mail the Subscription Form to the Stock Plan Manager at the Company’s principal
executive offices in Montgomery Alabama. Payroll deductions must be in whole dollar amounts only. Upon written request to the Stock Plan Manager of the Company by the employee, the amount of payroll deductions may be changed. 
 In addition to authorizing regular payroll deductions, Participants may send an amount once a
month to the Stock Plan Manager to be applied to the purchase of Common Stock under the Plan. This payment must be in whole dollar amounts of not less than $100 and not in excess of $1,000 and must be received by the Stock Plan Manager of the
Company no later than the 15th calendar day of any month if shares are to be purchased for that month; if the 15th falls on a non-business day, the immediately following business day. In such cases, the employee’s letter of instructions to the Company should clearly state that the funds are
to be applied to the purchase of the Company’s Common Stock in accordance with the terms of the Plan. 

 The maximum number of shares that may be issued under the Plan from the authorized but unissued shares of
the Company’s Common Stock shall be 3,500,000. An additional 2,500,000 shares may be purchased off the open market. Shares sold under the Plan may also be acquired by the Company from open market purchases. Only whole shares will be issued. No
fractional shares may be purchased under the plan. 
 On the Price Determination Day, as defined in section 4, the Company will credit to the
account of each Participant such number of whole shares of Common Stock as shall equal the amount remitted by the Participant under the Plan for the month in which the Price Determination Day occurs divided by the Market Price. Any funds remaining
after such purchase will be added to succeeding remittances, which are to be applied to purchases on the next succeeding Price Determination Day. 
 4. MARKET PRICE 
 Participants shall purchase stock under the Plan at the Market Price which shall be 100 percent of the
average daily closing prices of the Common Stock reported by the New York Stock Exchange (“NYSE”) for all trading days within the month that deductions were made, ending on the trading day immediately preceding the Price Determination Day.
The Price Determination Day shall be the last business day of each month. 
 If there is no trading in the Common Stock on the NYSE (or if
trading is halted or suspended) for a substantial amount of time during any trading day during the five day period or if publication of the sales prices of the Common Stock on any such trading day does not take place or contains a reporting error,
the purchase price of shares purchased shall be determined by BancGroup on the basis of such market quotations or information as it shall deem appropriate. 
 5. PARTICIPANT’S ACCOUNT 
 The Company shall maintain for each Participant an account to which
will be credited in the name of the Participant the number of shares purchased under the Plan. Certificates representing shares will not be issued to the Participant except as specified below. On an annual basis and whenever reasonably requested in
writing, Participants will receive a statement of their accounts showing the purchase prices, shares purchased and other information for the year to date. 
 6. COSTS 
 Participants will incur no brokerage commissions or service charges for purchases made
under the Plan. All costs of administration of the Plan will be paid by the Company. 
 7. CERTIFICATES 
 Certificates for shares of Common Stock purchased under the Plan will not be issued except as stated herein. However, certificates representing whole
shares will be issued on written request if the Participant has accumulated 50 shares or more on account in the Plan. Further, certificates representing whole shares will be issued to Participants upon written request if such participant has left
the Company’s employ, has terminated his participation in the Plan, or desires to sell his stock. Any remaining whole shares will continue to be credited to the to the Participant’s account. Certificates for fractions of a share will not
be issued, and the Participant will be paid in cash at the Market Price for the month in which the Participant ceases to participate in the Plan for any fraction of a share left in the Participant’s account. 

 8. VOTING OF SHARES: DIVIDENDS 
 A Participant may vote at shareholders’ meetings any shares credited to such Participant’s account by which voting in person at any meeting or
by submitting a duly executed proxy. A Participant will receive any dividend paid in cash on the shares credited to the Participant’s account in the Plan. 
 9. STOCK DIVIDENDS, STOCK SPLITS, AND PREEMPTIVE RIGHTS 
 Any stock dividends or stock splits
distributed by the Company on shares credited to the account of a Participant under the Plan will be credited to the Participant’s account. Stock dividends or split shares distributed on shares for which certificates representing such shares
have been issued to the Participant under the Plan will be mailed directly to the Participant in the same manner as to shareholders who are not participating in the Plan. 
 In the event that the Company makes available to its shareholders preemptive rights to purchase additional shares of Common Stock, the Participant will be entitled to receive any such rights on any shares of Common
Stock credited to his account under the Plan. 
 10. TRANSFER OF SHARES 
 Shares credited to the account of a Participant under the Plan may not be sold, pledged, or assigned without the Participant first obtaining a
certificate for such shares. 
 11. TERMINATION OF ACCOUNT 
 A Participant may terminate his account at any time by notifying the Company of such desire in writing. Promptly after termination, a certificate for the
stock purchased and credited to the Participant’s account under the Plan will be issued and delivered to the Participant for all whole shares. Except as may be provided in section 16 hereof, a Participant who terminates his account may not
resume participation in the Plan until six pay periods have passed. 
 12. AMENDMENT AND TERMINATION OF THE PLAN 
 Notwithstanding any other provision of the Plan, the Board of Directors of the Company or any designated committee thereof reserves the right to amend,
suspend, modify, or terminate the Plan at any time, provided that the provisions of sections 1, 3 and 4 hereof shall not be amended more frequently than once every six months, other than to comply with changes in the Internal Revenue Code of 1986,
as amended, the Employee Retirement Income Security Act, or the regulations thereunder, and provided further that the stockholders of the Company shall approve any amendments that would (a) materially increase the benefits accruing to
Participants under the Plan, (b) materially increase the number of securities which may be issued under the Plan, or (c) materially modify the requirements as to eligibility for participation in the Plan. All Participants will receive
notice of any such amendments, suspension or modifications. Upon a termination of the Plan, certificates for whole shares credited to a Participant’s account under the Plan will be issued to the Participant. 
 13. DUTIES AND RESPONSIBILITIES 
 The
Company shall not have any responsibility beyond the exercise of ordinary care for any action taken or omitted pursuant to this Plan, nor shall the Company have any duties, responsibilities or liabilities except such as are expressly set forth
herein. The Company shall not be liable hereunder for any act done in 

 good faith, or any good faith omission to act, including, without limitation, any claims of liability for any fluctuation
in the market value after purchase of shares. 
 14. SUSPENSION OF PURCHASES 
 The Board of Directors of the Company may suspend or disallow any purchases under the Plan if such purchases would violate any federal or state
securities laws or other applicable laws and regulations. 
 15. GOVERNING LAW 
 This Plan is governed by the laws of the State of Delaware. 
 16. CERTAIN PROVISIONS REGARDING EXECUTIVE OFFICERS 
 To the extent that certain Participants in the
Plan may be covered by section 16(b) of the Securities Exchange Act of 1934, the participation by such persons in the Plan shall, in addition to the foregoing, be governed by the following provisions. 
 A. Any derivative security which may be created under this Plan shall not be transferable by the Participant other than by will or the laws of descent
and distribution or pursuant to a qualified domestic relations order as defined by the Internal Revenue Code of 1986, as amended, or Title I of the Employee Retirement Income Security Act, or the rules thereunder. Nothing in this Plan or this
section, however, shall be deemed to create a derivative security. 
 B. Participants covered by section 16(b) who cease to participate in
the Plan shall not be entitled to participate in the Plan again for six months.Opinion of Balch & Bingham LLP

 Exhibit 4.2 
 May 27, 2009 
 The Colonial BancGroup, Inc. 
 100 Colonial Bank Blvd, 3rd floor 
 Montgomery, Alabama 36116 
  

	 	Re:	Registration Statement on Form S-8 relating to the issuance of shares of Common Stock under 

	 	    	The Colonial BancGroup, Inc. Employee Stock Purchase Plan (the “Plan”) 

 Gentlemen: 
 We are familiar with the proceedings taken and proposed to be taken by The Colonial BancGroup, Inc., a Delaware
corporation (the “Company”), in connection with the proposed issuance by the Company of shares of its Common Stock, par value of $2.50 per share, in connection with the Plan. We have also acted as counsel for the Company in connection with
the preparation and filing with the Securities and Exchange Commission, under the Securities Act of 1933, of the Registration Statement on Form S-8 referred to in the caption above. In this connection we have reviewed such documents and matters of
law as we have deemed relevant and necessary as a basis for the opinions expressed herein. 
 Upon the basis of the foregoing, we are of the
opinion that: 
 (i) The Company is a corporation duly organized and existing under the laws of the State of Delaware; 
 (ii) The shares of Common Stock of the Company referred to above, to the extent actually issued by the Company, when so issued upon receipt of the
consideration approved by the Board of Directors of the Company (not less than the par value of the Common Stock), will be duly and validly authorized and issued and will be fully paid and nonassessable shares of Common Stock of the Company; and

 (iii) Under the laws of the State of Delaware, no personal liability attaches to the ownership of the shares of Common Stock of the
Company. 
 The opinions herein are limited to the corporate laws of the State of Delaware. To the extent that any of the documents or
instruments referred to herein are governed by the corporate laws of any jurisdiction other than the State of Delaware, we have assumed that the laws of such jurisdiction are the same as the laws of the State of Delaware. This opinion concerns only
the effect of the laws of the State of Delaware (exclusive of securities or “blue sky” laws and the principles of conflicts of laws) as currently in effect. This opinion is limited to the matters set forth herein, and no other opinions
should be inferred beyond the matters expressly stated. 
 This opinion is rendered as of the date hereof. We assume no obligation to update
such opinion to reflect any facts or circumstances which may hereafter come to our attention or changes in the law which may hereafter occur. We hereby consent to the use of our name in the Prospectus and to the filing of a copy of this opinion as
an exhibit to the Registration Statement. In giving our consent, we do not admit that we are “experts” within the meaning of Section 11 of the Act or within the category of persons whose consent is required by Section 7 of the
Act. 
  

	
	 Sincerely,

	
	 /s/ Balch & Bingham LLP

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