Document:

FULL SERVICE BROKER AGREEMENT

FULL SERVICE BROKER AGREEMENT

This Full Service Broker Agreement (“Agreement”) is made and entered into as of the 7th day of November, 2006, by and between Tootie Pie Company, Inc., 129 Industrial Drive, Boerne, TX  78006 (“TPC”) and Hanks Brokerage, located at 1808 Monetary Lane, Suite 100, Carrollton, TX  75006 (“Broker”).

Whereas, TPC and Broker mutually desire that Broker act as a foodservice broker for TPC, subject to the terms, conditions and limitations herein.

Now, for and in consideration of the premises hereto, and the terms and conditions herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

1.

Broker:  Broker shall act as TPC’s broker with respect to the sales of only those products identified in the Product and Commission Schedule attached hereto as Exhibit A and made a part hereof, and for shipment only in the areas specified on Exhibit B (the “Permitted Accounts”).

2.

Orders and Billing:  All orders obtained by Broker shall be made subject to acceptance by TPC and such acceptance may be withheld for any reason deemed sufficient by TPC in its sole discretion.  Buyers shall be billed directly from TPC and its then current prices and on its then current terms.  Buyers shall submit all orders on forms acceptable to TPC.  Buyer may not execute any order on behalf of TPC.

3.

Commissions:  With respect to every sale made by TPC pursuant to an order solicited by Broker in accordance with this Agreement, TPC shall pay to Broker the commissions described in Exhibit A; provided, however, that no commission shall be payable to Broker with respect to any sales made by Broker to itself, to any affiliate of Broker, or to any person employed by Broker.  Such Commission shall be paid to Broker at its office on or before the fifteenth (15th) day following the month in which the applicable sale was made.  A sale shall be deemed to have been made when the products are shipped or delivered to the buyer, and TPC has received payment in full.

4.

Relationship with Buyer:  Broker agrees that no portion of any such commission shall, directly or indirectly, be paid, given or credited to a buyer or used in any way that would result in giving any buyer a lower price that which such buyer would receive if Broker’s services had not been utilized.  Broker shall not act on behalf of or be subject to the control of any person from whom an order is secured but shall act solely on behalf of TPC with respect to all matters covered by this Agreement.

5.

Functions:  With the exception of any TPC sales representative, Broker shall act as TPC’s sole selling agent with respect to the Permitted Accounts (see Exhibit B) and shall perform the following functions:

a)

Broker shall service the Permitted Accounts by soliciting orders, introducing new products at TPC’s request and maintaining contact with the Permitted Accounts to receive and answer any suggestions, comments and complaints.

b)

Broker shall keep informed of competitive activity within the territory specified in Exhibit B and shall transmit all information to TPC relating to competitive pricing, promotion and advertising bearing on TPC’s products.

c)

Broker shall perform the customary account management functions for the Permitted Accounts.  Specific foodservice objectives (which shall include, but not be limited to, objectives regarding food distribution, school and commodity channels), to be used in connection with account management functions, shall be set by TPC and compiled with by Broker.  TPC shall have the right to unilaterally change the objectives when it deems that it is in its best interest to do so.

d)

In support of direct buying accounts and/or end-user business, Broker shall make sales calls on the foodservice trade to increase and develop end-user business, subject to the terms contained herein.

e)

Broker shall, on TPC’s behalf, at Brokers expense, attend trade shows relating to the food trade within the territory specified in Exhibit B.

6.

Reports:  Broker shall prepare and submit in a timely manner all reports and correspondence requested by TPC.  Notwithstanding the foregoing, Broker shall submit monthly reports, within (15) days from the conclusion of the respective month being reported, in form and substance acceptable to TPC to inform TPC of the status of all sales and marketing efforts.  Reports should include a detailed client/prospect report including, but not limited to:  Account name, location and primary contact information, order status or interest level and detailed notes on all correspondence between Broker and the respective account.  Furthermore, in connection with the termination or expiration of this Agreement, Broker shall promptly (and in no event later than the fifteenth (15th) day after the effective date of the termination or expiration of the Agreement) submit a final report containing all information required by TPC.

7.

Indemnification and Insurance:  TO THE FULLEST EXTENT PERMITTED BY LAW, BROKER SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS TPC, ITS AFFILIATED COMPANIES, PARTNERS, SUCCESSORS, ASSIGNS, OFFICERS, DIRECTORS, SHAREHOLDERS, EMPLOYEES, AND LICENSEES AND ALL OTHER PARTIES CLAIMING BY OR THROUGH ANY OF THE FOREGOING (COLLECTIVELY, “INDEMNITEES”) FOR, FROM AND AGAINST ANY AND ALL CLAIMS AND LIABILITIES (INCLUDING, WITHOUT LIMITATION, CLAIMS AND LIABILITIES RELATING TO BODILY INJURY OR PROPERTY DAMAGE), DIRECTLY OR INDIRECTLY ARISING OUT OF, RESULTING FROM OR RELATED TO THIS AGREEMENT OR THE SERVICES THAT BROKER IS OBLIGATED TO PERFORM HEREUNDER, INCLUDING, WITHOUT LIMITATION, ANY FAILURE BY BROKER TO PROPERLY PERFORM SAID SERVICES, OR NEGLIGENCE OR MISCONDUCT OF BROKER OR BROKER’S OFFICERS, AGENTS, EMPLOYEES, OR SUBCONTRACTORS, EVEN IF SUCH CLAIMS OR LIABILITIES ARE CAUSED IN PART BY THE NEGLIGENCE OF ANY INDEMNITEE.

Broker shall maintain, at its sole cost and expense, the detailed insurance requirements listed in the attached Exhibit C “Minimum Insurance 

Requirements”. Each of the named policies in Exhibit C shall be on a form satisfactory to TPC, with exclusions and deductibles acceptable to TPC.  All insurance coverage’s shall include a Waiver of Subrogation in favor of the Indemnities.  In addition, the Indemnities shall be named as additional insured’s on the Business Auto Policy, Commercial General Liability Policy, and the Commercial Umbrella Policy.  Certificates of Insurance evidencing all insurance coverage shall be furnished to TPC upon request.

See Exhibit C “Minimum Insurance Requirements” for detailed insurance requirements.

8.

Termination:  The term of this Agreement shall be for a period of one year beginning on the date first written above, unless sooner terminated as provided herein.  This Agreement shall be automatically renewed for successive one year terms unless sooner terminated as provided herein.  If Broker does not fully comply with the terms and conditions of this Agreement, then TPC may, without prejudice to any other right or remedy and after giving Broker seven (7) days written notice, terminate this Agreement.  Also, this Agreement may be terminated by either party by giving the other party written notice of such intention to terminate at least thirty (30) days prior to the specified termination date; provided, however, beginning on the fifth anniversary date of this Agreement, the minimum time period for either party terminating this Agreement shall be extended to ninety (90) days.  Any such termination shall not affect the Broker’s rights to any commissions earned prior to the termination date, but no commissions shall become due after said termination.

9.

Notices:  All notices required by this Agreement shall be in writing and shall be deemed to have been sufficiently given when delivered and receipt acknowledged, whether in person, by U.S. certified or registered mail, by courier or by facsimile transmission addressed as follows:

If to TPC:

Tootie Pie Company, Inc.

129 Industrial Drive

Boerne, TX  78006

Attention:  Jeff Bailey

Phone:  210-237-4751

Fax:  210-237-4750

If to Broker:

Hanks Brokerage

1808 Monetary Lane, Suite 100

Carrollton, TX  75006

Attention:  Rory Hanks

Phone:  972-242-1832

Fax:  972-242-6920

Or to such other address as either party hereto shall designate in writing to the other party at its last designated address.

10.

Assignment:  Broker shall not assign or delegate any of its rights or duties under this Agreement without the prior written consent of TPC.  TPC may assign this Agreement without Broker’s consent.

11.

Severability:  If any provision of this Agreement shall be held invalid, unenforceable, or in conflict with any law governing this Agreement, the offending provision shall be deleted and the remaining provisions of this Agreement shall not be affected thereby.

12.

Independent Contractor:  It is understood that the relationship of Broker to TPC shall be that of an independent contractor.  Nothing contained herein or inferable here from shall be deemed or construed (i) to make Broker the agent, servant, or employee of TPC or (ii) to create any partnership, joint venture, or other association between TPC and Broker.

13.

Miscellaneous:  Broker shall provide the services described herein in accordance with the highest generally accepted national standards of care, skill, diligence and professional competence applicable to professionals engaged in providing similar services.  This Agreement and the exhibits hereto constitute the entire agreement between TPC and Broker pertaining to the subject matter hereof, and incorporates all prior and contemporaneous oral or written agreements or representations between the parties.  This Agreement is binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.  This Agreement may be amended or modified only by a written amendment signed by duly authorized representatives of TPC and Broker.  All questions relating to the validity, interpretation or performance of this Agreement shall be determined in accordance with the laws of the State of Texas relating to contracts made and to be performed in the State.  The parties hereto herby agree that the venue of any action under this Agreement shall be exclusively in Kendall County, Texas, it being understood that this Agreement is accepted and entered into and performable in Kendall County.

In Witness Whereof, the parties hereto have executed this Agreement intending to be bound thereby, as of the date first written above.

TPC:

Broker:

Tootie Pie Company, Inc.

Hanks Brokerage 

              

By:  /s/ Jeff Bailey

By:  /s/ Rory Hanks

Jeff P. Bailey

Rory Hanks

Vice President of Corporate Development

Director of Food Service

Exhibit A

Tootie Pie Company, Inc. Brokerage Rate Schedule

			
	Product Category

	Wholesale Distribution

	National Account Chain *

	All Pies

	4%

	**4%

	   

	 
	 

*National Account Chain is defined as any account that has more than 10 units (locations) and is in more than one (1) state.  

**TPC reserves the right to reduce the National Account Chain rate based on the following:

·

Original contact and/or sale to the respective account

·

Account management and service responsibilities by Broker and/or TPC

·

Pricing structures

·

Distributor programs

·

Rebate programs

Exhibit B

Permitted Accounts

			
	   

	 
	 

	   

	 
	 

This listing isn’t exclusive of all customers located in the geography of the ___________ marketplaces.  Any customer(s) outside the _____________________ area will be exempt from Broker responsibility, unless written approval from TPC is granted stating approval for Broker to service a non-permitted area customer.

Exhibit C

Minimum Insurance Requirements

		
	Kind of Insurance

	Limits of Liability

	 

	 

	Workers Compensation

	Statutory

	 

	 

	Employers Liability (Including All States, US 

	Bodily Injury By Accident

	Longshoremen & Harbor Workers' Act and other

	     $500,000 per employee

	endorsements if applicable to the project).

	Bodily Injury By Disease

	 

	     $500,000 policy limit

	 

	Bodily Injury By Disease

	 

	     $500,000 per employee

	 

	 

	Commercial General Liability including but not

	$1,000,000 per occurrence

	limited to Premises Operations, Products & 

	     Bodily Injury & Property Damage

	Completed Operations, Broad Form Property 

	$1,000,000 aggregate

	Damage, Contractual Liability, and where the 

	     Products & Completed Operations

	exposure exists, coverage for elevator, watercraft,

	$2,000,000 general aggregate

	blasting and explosions, blowout, cratering and 

	 

	underground damage

	 

	 

	 

	Comprehensive Automobile Liability (Including 

	$1,000,000 combined single limit

	hired and non-owned coverages)

	     Bodily Injury & Property Damage

	 

	 

	Commercial Umbrella Liability

	$1,000,000 each occurrence

	 

	$1,000,000 aggregate limit

	 

	     Bodily Injury & Property Damage

	 

	     Combined Single Limit

	 

	 

	All Insurance Coverages Shall Provide:

	1.  30 Day Written Notice of Cancellation

	 

	2.  Waiver of Rights of Subrogation in Favor of 

	 

	Tootie Pie Company, Inc.

	 

	3.  "Additional Insured" Endorsement on Business 

	 

	Auto Policy, Commercial General Liability Policy, &

	 

	Commercial Umbrella Policy. 

	 

	4.  Primary and Non-Contributory wording on 

	 

	Commercial General Liability Policy.<PAGE>

                                                                    EXHIBIT 10.1

                               ATLANTIC COAST BANK
                              AMENDED AND RESTATED
                      SPLIT DOLLAR LIFE INSURANCE AGREEMENT

        This Split Dollar Agreement ("Agreement") amends and restates and
supercedes in its entirety the split dollar agreement executed by Atlantic Coast
Bank ("Bank") and Robert J. Larison, Jr. ("Insured") on September 1, 2006 with
respect to certain life insurance policies (the "Policy" or "Policies") issued
by a duly licensed life insurance company (the "Insurer").

        This Agreement is entered into effective October 1, 2006 ("Effective
Date") by and between the Bank, as the owner of the life insurance Policy or
Policies set forth on Schedule A hereto and the Insured, who is the Chief
Executive Officer of the Bank. The respective rights and duties of the Bank and
Insured in the Policy are set forth herein and on Schedule A attached hereto.
This Agreement is intended to be a non-equity, endorsement split dollar
agreement, such that it is not treated as a impermissible personal loan from the
Bank to the Insured under Section 402 of the Sarbanes-Oxley Act of 2002.

        1.      POLICY TITLE AND OWNERSHIP; ENDORSEMENT.

        (a)     Policy title and ownership shall reside in the Bank for its use
and for the use of the Insured, all in accordance with this Agreement. The Bank
has purchased each Policy on a single premium basis. Such Policy shall be
treated as "bank owned life insurance" ("BOLI") and is held subject to the
provisions and limitations set forth in the Interagency Statement on the
Purchase and Risk Management of Life Insurance (OCC 2004-56). The Bank may, to
the extent of its interest, exercise the right to borrow or withdraw on the
Policy cash values. Where the Bank and the Insured (or assignee, with the
consent of the Insured) mutually agree to exercise the right to increase the
coverage under the Policy, then, in such event, the rights, duties and benefits
of the parties to such increased coverage shall continue to be subject to the
terms of this Agreement.

        (b)     An endorsement on the form provided by the Insurer must be
completed and filed with the Insurer for each Policy identified on Schedule A in
order to implement the rights and obligations set forth in this Agreement. The
parties agree that the Policy shall be subject to the terms and conditions of
this Agreement and of the endorsement filed with the Insurer.

        (c)     The Bank agrees that, except as otherwise provided herein, it
shall not sell, assign, transfer, surrender or cancel the policy, or change the
beneficiary designation without the express written consent of the Employee.

        2.      BENEFICIARY DESIGNATION RIGHTS. The Insured (or assignee) shall
have the right and power to designate a beneficiary or beneficiaries to receive
the Insured's share of the Policy proceeds payable upon the death of the
Insured, subject to any right or interest the Bank may have in such proceeds, as
provided in this Agreement. The Bank shall not terminate, alter or amend the

<PAGE>

Insured's beneficiary designations without the written consent of the Insured.
The Bank shall be the beneficiary of any proceeds remaining under the Policy
after the payment required under this Agreement has been made to the Insured's
designated beneficiary.

        3.      PREMIUM PAYMENT. The Bank shall pay an amount equal to the
planned premiums and any other premium payments that might become necessary to
keep the Policy in force. Notwithstanding the foregoing, the Bank shall have the
absolute and sole right to terminate and surrender any or all of the Policies
that are subject to this Agreement.

        4.      TAXABLE BENEFIT. Annually, the Insured will recognize a taxable
benefit equal to the assumed cost of insurance required by the Internal Revenue
Service ("IRS"), as determined from time to time. The Bank (or its
administrator) will timely report to the Insured the amount of such imputed
income each year on IRS Form W-2 or its equivalent. The Bank and the Insured
intend that this Agreement will be subject to taxation under the "economic
benefit regime" set forth in Treasury Regulations section 1.61-22(d), such that
the Insured shall have taxable income equal to the annual cost of the current
life insurance coverage provided under the Policy.

        5.      DIVISION OF DEATH PROCEEDS. Upon the death of the Insured, the
Bank shall cooperate with the Insured's designated beneficiary to take whatever
action is necessary to collect the death benefit provided under the Policy.
Subject to Sections 6 and 9 below, the division of the death proceeds of the
Policy shall be as follows:

        (a)     If the Insured is employed by the Bank at the time of his death
or the Insured has retired from employment with the Bank after completion of not
less than ten (10) years of service with the Bank measured from the Effective
Date, then the Insured's beneficiary(ies) designated in accordance with Section
2 shall be entitled to payment from the Policy proceeds directly from the
Insurerof an amount equal to three hundred percent (300%) of:

                (i)     if the Insured is employed by the Bank at the time of
death, the Insured's highest base annual salary (not including bonus, equity
compensation, or any other forms of compensation) in effect at the Bank at any
time during the last ten calendar years prior to the date of death of the
Insured; or

                (ii)    if the Insured's death follows the Insured's retirement
from the Bank after completion of not less than ten (10) years of service with
the Bank measured from the Effective Date, the Insured's highest base annual
salary (not including bonus, equity compensation or any other forms of
compensation) paid by the Bank to the Insured during the last ten calendar years
prior to the Insured's retirement date.

Notwithstanding the foregoing, the maximum payment due to the Insured's
beneficiary(ies) from the Insurer under this Agreement and the Policies shall
not exceed the amount set forth on Schedule A. To the extent possible, an equal
amount of each Policy's proceeds shall be payable to the Insured's
beneficiary(ies) not to exceed such Policy proceeds. Any amount payable in

                                        2
<PAGE>

accordance with this subsection (a) in excess of a Policy's proceeds shall
thereafter be paid by any remaining Policy proceeds pro rata.

        (b)     Coverage under this Agreement for the Insured who terminates
employment with the Bank (for reasons other than death) prior to completion of
less than ten (10) years of service with the Bank measured from the Effective
Date (and prior to the occurrence of a Change in Control, as defined below) will
cease on his last day of employment with the Bank.

        (c)     The Bank shall be entitled to the remainder of such Policy
proceeds.

        6.      OWNERSHIP OF THE CASH SURRENDER VALUE OF THE POLICIES.

        (a)     The Bank shall at all times be entitled to one hundred percent
(100%) of the Policy's cash value, as that term is defined in the Policy
contract, less any policy loans and unpaid interest or cash withdrawals
previously incurred by the Bank. Such cash value shall be determined as of the
date of surrender or death, as the case may be.

        (b)     The Bank may pledge or assign the Policy, subject to the terms
and conditions of this Agreement, for the sole purposes of securing a loan from
the Insurer. The amount of such loan, including accumulated interest thereon,
shall not exceed the lesser or (i) the amount of the premiums on the Policy paid
by the Bank, or (ii) the cash surrender value of the Policy (as defined in the
Policy). Interest charges on such loan shall be paid by the Bank.

        7.      CHANGE IN CONTROL OF BANK.

        (a)     If a Change in Control of the Bank shall occur prior to the
Insured's termination of employment or retirement, then the death benefit
coverage set forth in Section 5 shall remain in effect until the Insured's
death, unless this Agreement is otherwise terminated pursuant to its terms prior
to such time.

        (b)     "Change in Control" shall mean: (i) a merger, consolidation,
reorganization, liquidation or similar extraordinary transaction involving the
Bank whereby the Bank is not the surviving entity or an on-going entity; (ii)
the ownership, holding or power to vote more than 25% of the Bank's (or its
holding company's) outstanding voting stock by any person other than those
persons who are stockholders on the effective date of this Agreement; (iii) the
control of the election of a majority of the Bank's (or its holding company's)
directors or trustees, if, during any three-year period, the composition of the
Board of the Bank (or its holding company) shall change, such that the members
of the Board at the beginning of such period shall no longer constitute a
majority of such Board at the end of such three-year period (provided that any
member of the Board appointed or nominated for election as a member of the Board
by a vote of at least a majority of the members then in office shall be
considered to have been members as of the beginning of such three-year period);
(iv) the exercise of a controlling influence over the management or policies of
the Bank by any person or persons acting as a group within the meaning of
Section 13(d) of the Securities Exchanges Act of 1934; or (v) a plan of
reorganization, merger, consolidation, sale of all or substantially all the

                                       3
<PAGE>

assets of the Bank (or its holding company) or similar transaction in which the
Bank (or its holding company) is not the surviving institution occurs, excluding
any transaction in which Atlantic Coast Federal, MHC, the majority stockholder
of the Bank's holding company, undergoes a full stock conversion. The term
"person" means an individual other than the Insured and shall also include a
corporation, partnership, trust, association, joint venture, pool, syndicate,
sole proprietorship, unincorporated organization or any other form of entity not
specifically listed herein.

        8.      RIGHTS OF INSURED OR ASSIGNEES. The Insured may not, without the
written consent of the Bank, assign to any individual, trust or other
organization, any right, title or interest in the subject Policy nor any rights,
options, privileges or duties created under this Agreement.

        9.      TERMINATION OF AGREEMENT.

        (a)     This Agreement shall terminate upon the occurrence of any one of
the following:

                (1)     The Insured shall be discharged from employment with the
Bank for cause, as defined in his employment agreement, or, if there is no
employment agreement or the employment agreement does not have a definition,
"cause" shall mean any of the following that results in an adverse effect on the
Bank: the Insured's personal dishonesty, incompetence, willful misconduct,
breach of fiduciary duty involving personal profit, intentional failure to
perform stated duties, willful violation of any law, rule or regulation (other
than traffic violations or similar offenses) or final cease-and-desist order; or

                (2)     Surrender, lapse or other termination of the Policy by
the Bank. The Policy (and all rights of the Insured and his beneficiary(ies))
will also terminate if any regulatory agency requires the Bank to sever its
relationship with the Insured, if the Bank is subjected to banking regulatory
restrictions limiting its ability to pay such compensation to the Insured, upon
the occurrence of the bankruptcy, insolvency, receivership or dissolution of the
Bank, or as may otherwise be determined by the Bank in good faith.

        (b)     Upon such termination, the Insured (or assignee) shall have a
sixty (60) day option to receive from the Bank an absolute assignment of the
Policy in consideration of a cash payment to the Bank, whereupon this Agreement
shall terminate. Such cash payment shall equal the cash value of the Policy on
the date of such assignment. The Insured expressly agrees that this Agreement
shall constitute sufficient written notice to the Insured of the Insured's
option to receive an absolute assignment of the policy as set forth herein.

        (c)     Except as noted in subsections (a) and (b) above, this Agreement
shall terminate upon distribution of the death benefit proceeds in accordance
with Section 5.

                                       4
<PAGE>

        10.     AMENDMENT AND REVOCATION. The Insured and the Bank agree that,
during the Insured's lifetime, this Agreement may be amended or revoked at any
time or times, in whole or in part, by the mutual written consent of the Insured
and the Bank.

        11.     ERISA PROVISIONS.

        To the extent this Agreement is treated as a "welfare benefit plan"
within the meaning of Section 3(1) of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), the following provisions shall apply.

        (a)     The Bank shall be the named fiduciary for purposes of ERISA
under this Agreement. Accordingly, the Bank shall have authority to control and
manage the operation and administration of this Agreement, including the right
to interpret any provision of this Agreement, and such interpretation shall be
binding on all parties.

        (b)     All premiums paid with respect to the Policy shall be remitted
to the Insurer when due in accordance with the Agreement.

        (c)     Benefits under this Agreement shall be paid directly by the
Insurer, with those benefits in turn being based on the payment of premiums as
provided in this Agreement.

        (d)     For purposes of handling claims with respect to this Agreement,
the "Claims Reviewer" shall be the Bank, unless another person or organizational
unit is designated by the Bank as Claims Reviewer.

        (e)     An initial claim for benefits under this Agreement must be made
by the Insured or his beneficiary in accordance with the terms of the Agreement
or policy through which the benefits are provided. Not later than 90 days after
receipt of such claim, the Claims Reviewer shall provide its written decision on
the claim to the claimant, unless special circumstances require the extension of
such 90-day period. If such extension is necessary, the Claims Reviewer shall
provide the Insured or the Insured's beneficiary with written notification of
such extension before the expiration of the initial 90-day period.

        (f)     In the event the Claims Reviewer denies the claim of an Insured
or the Insured's beneficiary in whole or in part, the Claims Reviewer's written
notification shall specify, in a manner calculated to be understood by the
claimant, the reason for the denial; a description of any additional material or
information necessary for the claimant to perfect the claim; an explanation as
to why such information or material is necessary; and an explanation of the
applicable claims procedure.

        (g)     Should the claimant be dissatisfied with the Claims Reviewer's
disposition of the claim, the claimant may have a full and fair review of the
denied claim by the Bank upon written request therefore submitted by the
claimant or the claimant's duly authorized representative and received by the
Bank within 60 days after the claimant receives written notification that the

                                       5
<PAGE>

claim has been denied. In connection with such appeal, the claimant or the
claimant's duly authorized representative shall be entitled to review pertinent
documents and submit the claimant's views as to the issues in writing. The Bank
shall act to deny or accept the appealed claim within 60 days after receipt of
the claimant's written request for review unless special circumstances require
the extension of such 60-day period. If such extension is necessary, the Bank
shall provide the claimant with written notification of such extension before
the expiration of such initial 60-day period. In all events, the Bank shall act
to deny or accept the claim within 120 days of the receipt of the claimant's
written request for review. The action of the Bank shall be in the form of a
written notice to the claimant and its contents shall include all of the
requirements for action on the original claim.

        (h)     In no event may a claimant commence legal action for benefits
the claimant believes are due to the claimant until the claimant has exhausted
all of the remedies and procedures set forth in this Section and under ERISA.

        12.     MISCELLANEOUS.

        (a)     BINDING AGREEMENT. The Insured and the Bank agree that this
Agreement shall be binding on their heirs, successors, personal representatives
and assigns.

        (b)     INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT. The Insurer
shall not be deemed a party to this Agreement, but will respect the rights of
the Bank and the Insured hereunder by receiving an executed copy of this
Agreement. Payment or other performance in accordance with the Policy provisions
shall fully discharge the Insurer from any and all liability.

        (c)     SEVERABILITY. If a provision of this Agreement is held to be
invalid or unenforceable, the remaining provisions shall nonetheless be
enforceable according to their terms.

        (d)     GOVERNING LAW. This Agreement shall be governed by the laws of
the State of Georgia, to the extent not pre-empted by federal law, without
regard to conflict of law provisions.

        (e)     NOTICES. Any notice, consent or demand required or permitted to
be given hereunder shall be in writing and shall be signed by the party giving
such notice, consent or demand. If such notice, consent or demand is mailed to a
party hereto, it shall be sent by United States certified mail, FedEx (or other
reputable overnight delivery service) to such party's last known address as
shown on the Bank's records. The date of the mailing shall be deemed to be the
date of the notice.

[Signatures on next page]

                                       6
<PAGE>

        IN WITNESS WHEREOF, the Bank and the Insured have executed this
Agreement as of the date first set forth above.

                                        ATLANTIC COAST BANK

  11/08/06                              By: /s/ Forrest W. Sweat, Jr.
---------------------                       -----------------------------
Date                                        Forrest W. Sweat, Jr.
                                            Vice-Chairman/BOD
Date

                                        INSURED

  11/08/06                              /s/ Robert J. Larison, Jr.
---------------------                   ---------------------------------
Date                                    Robert J. Larison, Jr.

                                        7

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