Document:

Exhibit 4.5

COMMON SECURITIES SUBSCRIPTION AGREEMENT

COMMON SECURITIES SUBSCRIPTION AGREEMENT, dated as of September 27, 2006 (this “Agreement”), between United Bancorp Capital Trust II, a statutory trust created under the laws of the State of Delaware (the “Trust”), and United Bancorporation of Alabama, Inc., a Delaware corporation (the “Buyer”), relating to the Trust’s common securities (liquidation amount of $1,000 per security) representing undivided beneficial interests in the assets of the Trust (the “Common Securities”). Capitalized terms used herein and not otherwise defined herein have the respective meanings ascribed thereto in the Purchase Agreement (as defined below).

WHEREAS, the Buyer, the Trust and the Purchaser named therein have entered into a Purchase Agreement, dated September 27, 2006 (the “Purchase Agreement”), in connection with the issuance and sale of Preferred Securities (liquidation amount of $1,000 per security) by the Trust; and

WHEREAS, the Buyer, as depositor of the Trust, desires to purchase from the Trust, and the Trust desires to sell to the Buyer, all of the Common Securities.

NOW, THEREFORE, in consideration of the foregoing premises and the conditions and agreements hereinafter set forth, the parties hereto agree as follows:

1.

The Buyer hereby subscribes for and offers to purchase from the Trust, and the Trust hereby accepts such offer and agrees to issue and sell to the Buyer, contemporaneous with the Closing Date, 310 Common Securities with an aggregate liquidation amount with respect to the assets of the Trust of THREE HUNDRED TEN THOUSAND AND 00/100 DOLLARS ($310,000) in consideration of the payment on or before the date hereof of THREE HUNDRED TEN THOUSAND AND 00/100 DOLLARS ($310,000) in immediately available funds.

2.

The Trust represents and warrants that, upon execution and delivery of the Common Securities to the Buyer, the Common Securities will be duly authorized, validly issued, fully paid and nonassessable and entitled to the benefits and subject to the terms of the Amended and Restated Trust Agreement, dated as of September 27, 2006, among the Buyer, as depositor, Wilmington Trust Company, as Property Trustee, Wilmington Trust Company, as Delaware Trustee, and Robert R. Jones, III and Allen O. Jones, Jr., as Administrative Trustees, and the holders from time to time of undivided beneficial interests in the Trust.

3.

This Agreement and the rights and obligations of each of the parties hereto shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5-1401 of the General Obligations Law).

4.

ANY LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT TO OR ARISING OUT OF THIS AGREEMENT MAY BE BROUGHT IN OR REMOVED TO THE COURTS OF THE STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK (IN EACH CASE SITTING IN THE BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF THIS 

AGREEMENT, EACH PARTY ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS (AND COURTS OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

5.

This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

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2

IN WITNESS WHEREOF, the parties hereto have caused this Common Securities Subscription Agreement to be duly executed as of the date first written above.

		
	UNITED BANCORPORATION OF ALABAMA, INC.

	By:

	/s/ Robert R. Jones, III

	 
	Robert R. Jones, III

	 
	Chief Executive Officer

	UNITED BANCORP CAPITAL TRUST II

	By:

	/s/ Robert R. Jones, III

	 
	Robert R. Jones, III

	 
	Administrative Trustee

	By:

	/s/ Allen O. Jones, Jr

	 
	Allen O. Jones, Jr.

	 
	Administrative TrusteeExhibit 4.6

JUNIOR SUBORDINATED NOTE SUBSCRIPTION AGREEMENT

THIS JUNIOR SUBORDINATED NOTE SUBSCRIPTION AGREEMENT, dated as of September 27, 2006 (this “Agreement”), between United Bancorporation of Alabama, Inc., a Delaware corporation (the “Company”), and United Bancorp Capital Trust II, a statutory trust created under the laws of the State of Delaware (the “Trust”), relating to the Junior Subordinated Notes due 2036 (the “Notes”), issuable pursuant to an Indenture, dated the date hereof, between the Company and Wilmington Trust Company, as Trustee (the “Indenture”).  

WHEREAS, the Company, the Trust and the Purchaser named therein have entered into a Purchase Agreement, dated September 27, 2006 (the “Purchase Agreement”), in connection with the issuance and sale of preferred securities (liquidation amount of $1,000 per security) (the “Preferred Securities”) by the Trust; and

WHEREAS, the Company and the Trust have entered into a Common Securities Subscription Agreement, dated the date hereof (the “Common Securities Subscription Agreement”), in connection with the issuance and sale of common securities (liquidation amount of $1,000 per security) (the “Common Securities”) by the Trust; and 

WHEREAS, in connection with the Purchase Agreement and the Common Securities Subscription Agreement and the issuance and sale of the Preferred Securities and the Common Securities, respectively, pursuant thereto, the Trust desires to purchase from the Company, and the Company desires to sell to the Trust, all of the Notes.

NOW, THEREFORE, in consideration of the foregoing premises and the conditions and agreements hereinafter set forth, the parties hereto agree as follows:

1.

The Trust hereby offers to purchase from the Company, and the Company hereby accepts such offer and agrees to issue and sell to the Trust, on the date hereof, TEN MILLION THREE HUNDRED TEN THOUSAND AND 00/100 DOLLARS ($10,310,000) aggregate principal amount of Notes, in consideration of the payment on or before the date hereof of TEN MILLION THREE HUNDRED TEN THOUSAND AND 00/100 DOLLARS ($10,310,000) in immediately available funds.

2.

The Company represents and warrants that the Notes have been duly authorized and executed by the Company, and, when duly authenticated and delivered to the Trust in accordance with the terms hereof and of the Indenture, will constitute the valid and binding obligations of the Company entitled to the benefits of the Indenture, enforceable against the Company in accordance with their terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally or by general principles of equity (regardless of whether considered in a proceeding in equity or at law).

Exhibit 4.6

3.

This Agreement and the rights and obligations of each of the parties hereto shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Section 5-1401 of the General Obligations Law).

4.

ANY LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT TO OR ARISING OUT OF THIS AGREEMENT MAY BE BROUGHT IN OR REMOVED TO THE COURTS OF THE STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK (IN EACH CASE SITTING IN THE BOROUGH OF MANHATTAN). BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS (AND COURTS OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

5.

This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

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Exhibit 4.6

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first written above.

		
	UNITED BANCORPORATION OF ALABAMA, INC.

	By:

	/s/ Robert R. Jones, III

	 
	Robert R. Jones, III

	 
	Chief Executive Officer

	UNITED BANCORP CAPITAL TRUST II

	By:

	/s/ Robert R. Jones, III

	 
	Robert R. Jones, III

	 
	Administrative Trustee

	By:

	/s/ Allen O. Jones, Jr

	 
	Allen O. Jones, Jr.

	 
	Administrative TrusteeExhibit 10.2

    
      Exhibit
        10.2

      

      Sunnylife
        Global, Inc. Agreement

      

      Exclusive
        License and Manufacturing Agreement

      

      THIS
        EXCLUSIVE LICENSE AND MANUFACTURING AGREEMENT (the “Agreement”) is entered by
        Sunnylife Global, Inc. (referred to as “Licensor” and/or “Manufacturer”), a
        corporation organized and existing under the laws of California, with its
        principal place of business at 1000 Lakes Drive, #230, West Covina, California
        91790, and AOB Biotech, Inc. (referred to as “Licensee”), a corporation
        organized and existing under the laws of California, with its principal place
        of
        business at 150 N. Santa Anita Avenue, #300, Arcadia, California 91007.
        Licensor/Manufacturer and Licensee shall be sometimes separately or collectively
        referred to as the “Party” or “Parties” in the agreement.

      

      WHEREAS,
        Licensor/Manufacturer is the owner of certain proprietary rights and interests
        to the intellectual property referred to in Paragraph 1 of this agreement
        and
        intellectual property has been further specified as “Licensor’s Intellectual
        Property Rights” in the attached Exhibit A.

      

      WHERAS,
        Licensee desired to be licensed for certain exclusive marketing and distribution
        rights in the licensed products using Licensor’s Intellectual Property
        Rights.

      

      NOW,
        THEREFORE in consideration of the promises and the representations, warranties
        and covenants contained herein, the Parties of this agreement agree as
        follows:

      

      1.
        Licensor’s Intellectual Property Rights

      

       “Licensor’s
        Intellectual Property Rights”

      

      The
        “
        Licensor’s Intellectual Property Rights” refers to all formulas, inventions and
        all other proprietary rights, including but not limited to know-how, research
        data, copyrights, trade secrets, formulas, and specifications related to
        the
        inventions, technologies, and/or any intellectual properties commonly known
        and
        described as follows:

      

      Exhibit
        “A” Cardio Essential

      Exhibit
        “B” Joint Essential

      Exhibit
        “C” Glucose Modulator

      Exhibit
        “D” Ultra Spirit

      Exhibit
        “E” Optimal Care

      Exhibit
        “F” Menoease

      Exhibit
        “G” Age Defender

      Exhibit
        “H” Ultra-antioxidant

      

      More
        complete descriptions are provided for on Exhibits A through H as attached
        to
        this agreement.

      

      1.
        Intellectual Property Rights

      

      The
        “Licensor’s
        Intellectual Property Rights” in connection with Cardio Essential refers to the
        inventions described in the U.S. Patent Application No. __________, as described
        in Exhibit A as attached to this agreement. All patent application expenses
        and
        fees will be paid for by the “Licensee.”

      
        
          
          

        

        
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            1
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      “Licensed
        Products”

      

      “Licensed
        Products are defined as the products using or incorporating the Licensor’s
        Intellectual Property Rights as specifically described in Exhibits A through
        H
        as attached to this agreement.”

      

      2.
        Grant of Rights

      

      Licensor
        grants to Licensee the exclusive right of marketing and distribution of Licensed
        Products embodying or manufactured in accordance with the Licensor’s
        Intellectual Property Rights described above in the preceding paragraph 1
        of
        this document.

      

      3.
        Exclusive Manufacturer

      

      Both
        parties expressly agree that Licensor shall be the exclusive and only
        manufacturer of the licensed products to be marketed and distributed by licensee
        in the specified territory described and defined in Exhibit 1 as attached
        to
        this document.

      

      4.
        Sublicense

      

      Licensee
        may sublicense the rights granted pursuant to this agreement provided the
        licensee must obtain Licensor’s prior written consent to such
        sublicense.

      

      5.
        Territory

      

      The
        rights granted to Licensee are limited to the geographical territory as defined
        and specified in Exhibit 1 attached to this agreement.

      

      6.
        Term

      

      This
        agreement shall commence upon the latest signature date of Licensor and Licensee
        (the “effective Date”) and upon receipt by Licensor of any initial payment as
        agreed to by both parties (the “initial Payment” of Licensee). This agreement
        shall extend for a period of 15 years (the initial Term”). Following the Initial
        Term, this agreement can be renewed by both Parties under the same terms
        and
        conditions for an unlimited ______________agrees to the other party’s written
        notice of its intention to renew this agreement at least ninety (90) days
        before
        the expiration of the current term.

      

      7.
        Manufacturing price (with Royalties Fee)

      

      “Manufacturing
        Price” is defined as Licensee’s acquired cost to produce and/or manufacture the
        Licensed Products including direct materials, direct manufacturing labor,
        manufacturing overhead, packaging costs and royalties fee.

      

      8.
        Payment Term

      

      Licensee
        agrees that the manufacturing Price with Royalties Fee shall be paid
        C.O.D.

      

      9.
        Sublicensing Revenues

      

      In
        the
        event of any sublicense to the rights granted pursuant to this agreement,
        licensee shall pay Licensor 2% of sublicensing revenues collected by
        Licensee.

      

      
        
          
          

        

        
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            2
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      10.
        Indemnification

      

      Either
        Licensor or Licensee shall indemnify, defend or hold the other Party harmless
        from any claims actions, damages and liabilities (including reasonable
        attorney’s fees and costs), arising out of or in connection with its own
        conducts and activities.

      

      11.
        Compliance with Intellectual Property Laws

      

      Both
        Parties shall comply with the provisions of the intellectual property laws
        of
        the United States and/or any foreign jurisdiction in the Territory. All items
        of
        the Licensed Product as well as all promotional material shall bear appropriate
        proprietary notices.

      

      12.
        Infringement against Third Parties

      

      In
        the
        event that either Party learns of infringements of the intellectual Property
        Rights or Licensed Products, that Party shall notify the other of the
        infringement activities without any delay. In case Licensor does not commence
        legal actions against an alleged infringer within one hundred twenty (120)
        days
        of notification by Licensee, Licensee may commence legal actions against
        the
        third party. Before filing any lawsuit, however, Licensee shall obtain the
        written consent of Licensor to do so and such consent shall not be unreasonably
        withheld. Licensor shall cooperate fully and in good faith with Licensee
        for the
        purpose of securing and preserving the rights to the Intellectual Property
        Rights. Any recovery (including, but not limited to, any recovery from a
        judgment, award, settlement or licensing agreement) shall be divided equally
        between the Parties after deduction on and payment of attorneys’ fees and other
        costs and expenses to the Party bring the legal action.

      

      13.
        Confidentiality

      

      The
        Parties acknowledge that each may be furnished or have access to confidential
        information that relates to each other’s business (the “Confidential
        Information”). In the event that any Confidential Information is in written
        form, the disclosing Party shall label or stamp the materials with the word
        ”Confidential” or some similar warning. In the event the Confidential
        Information is transmitted orally, the disclosing Party shall promptly provide
        a
        writing indication that that such oral communication constituted Confidential
        Information. The Parties agree to maintain the Confidential Information
        strictest confidence for the sole and exclusive benefits of the other Party
        and
        to restrict access to such Confidential Information to persons bound by this
        agreement and only on a need-to-know basis. Neither party, without prior
        written
        consent of the other, shall use or otherwise disclose to others, or permit
        the
        use by others of the Confidential Information.

      

      14.
        Termination

      

      	a)  	
              This
                agreement may be terminated by mutual agreement of both
                Parties

            

      	b)  	
              This
                agreement terminates at the end of each Term unless renewed by both
                Parties as provided for in this agreement

            

      	c)  	
              This
                agreement may be terminated upon Licensor’s ninety (90) days written
                notice at its sole discretion.

            

      

      15.
        Effect of Termination

      

      Licensee
        may dispose of the Licensed Products covered by this agreement for a period
        of
        Thirty (30) days after termination or expiration of this agreement.

      

      
        
          
          

        

        
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            3
            -

          
            

          

        

        
          
          

        

      

      16.
        Governing Law

      

      This
        agreement shall be governed in accordance with the laws of the State of
        California, excluding any conflicts of law principles and rules.

      

      17.
        Dispute Resolution

      

      Any
        dispute arising out of or in connection with this agreement shall be resolved
        by
        a binding arbitration proceeding to be held in Los Angeles County, State
        of
        California. The arbitration shall be conducted on a confidential basis pursuant
        to the Commercial Arbitration Rules of the American Arbitration Association.
        Any
        decision or award as a result of any such arbitration proceeding shall be
        in
        writing and shall provide an explanation for all conclusions of law and fact
        and
        shall include the assessment of costs, expenses and reasonable attorneys’ fees.
        Any such arbitration shall be conducted by a neutral and impartial arbitrator
        experienced in licensing law and shall prepare a written record of the
        arbitration hearing. An award of arbitration may be confirmed and entered
        in any
        court of competent jurisdiction.

      

      18.
        Attorneys’ Fees

      

      The
        prevailing Party in any dispute under this agreement shall have the right
        to
        collect from the other Party its reasonable attorneys’ fees, expenses and costs
        incurred in enforcing this agreement.

      

      19.
        Entire Agreement

      

      This
        agreement expresses the complete understanding of the Parties and supersedes
        all
        prior representations, negotiations, agreements, and understandings, whether
        written or oral. This agreement may not be altered or changed except by a
        written document executed by both Parties.

      

      20.
        Waiver

      

      No
        waiver
        of any term, provision or condition of this agreement, whether by conduct
        or
        otherwise, in any one or more instances, shall be deemed to be or be construed
        as a further or continuing waiver of any such term, provision or condition,
        or
        as a waiver of any other term, provision or condition of this
        agreement.

      

      21.
        Captions

      

      The
        caption of each paragraph is for convenience only and shall not be considered
        or
        referred to in resolving questions or interpretation.

      

      22.
        Assignment

      

      This
        agreement shall not be assignable by any Party without the prior written
        consent
        of the other Party. Notwithstanding the forgoing, a Party may assign this
        agreement in whole or in part, to any subsidiary, affiliate or parent company
        of
        that Party or any successor of that Party by merger, consolidation or
        acquisition.

      

      23.
        Severability

      

      If
        any
        term or provision of this agreement, of the application thereof to any person
        or
        circumstance, shall to any extent be found to be invalid, void or unenforceable,
        the remaining provisions and any application thereof shall, nevertheless,
        continue in full force and effect without being impaired or invalidated in
        any
        way.

      
        
          
          

        

        
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      24.
        Further Actions

      

      Each
        of
        the Parties hereto agrees to take any and all actions or provide any and
        all
        information and documents reasonably necessary in order to carry out the
        provisions of this agreement.

      

      25.
        Successors and Assigns

      

      Except
        as
        otherwise provided herein, the provisions hereof shall be binding upon and
        shall
        inure to the benefit of the Parties hereto, their representatives, heirs,
        executors, administrators, and/or any successors or assigns as permitted
        by
        paragraph 24 of this agreement.

      

      26.
        Gender and Number

      

      As
        used
        in this agreement, the masculine gender includes the feminine and neuter,
        the
        feminine gender includes the masculine and neuter, the singular number includes
        the plural, the plural number includes the singular, and the term “person”
includes both a corporation and a natural person.

      

      27.
        Counterparts

      

      This
        agreement may be executed in more than one counterpart and all the counterparts
        signed in the aggregate by both Parties shall constitute a single original
        instrument.

      

      28.
        Attachments and Exhibits

      

      The
        Parties agree and acknowledge that all attachments, exhibits and/or schedules
        referred to in this agreement are hereby incorporated into this agreement
        by
        this reference.

      

      

      IN
        WITNESS THEREOF, the parties hereto have executed this agreement as of the
        dates
        specified below.

      

      

      
        	
                LICENSOR

              	
                 

              	
                LICENSEE

              
	
                Sunnylife
                  Global, Inc.

              	
                 

              	
                AOB
                  Biotech, Inc.

              
	 	
                 

              	 
	
                By:
                  /s/ Richard Lo

              	
                 

              	
                By:
                  /s/ Nelson Liao

              
	
                Richard
                  Lo

              	
                 

              	
                Nelson
                  Liao

              
	
                Date:
                  9-30-2004

              	
                 

              	
                Date:
                  9-30-2004

              

      

      

        
          
            
            

          

          
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