Document:

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                                                                    EXHIBIT 10.4

                            PRIVATE AND CONFIDENTIAL
                     SEVERANCE AND NON-DISCLOSURE AGREEMENT

         THIS AGREEMENT, effective the 7th day of May 2004, by and between King
Pharmaceuticals, Inc., a Tennessee corporation, having its offices at 501 Fifth
Street, Bristol, Tennessee ("Company") and Kyle P. Macione (hereinafter referred
to as "Mr. Macione").

                                   WITNESSETH:

         WHEREAS, Mr. Macione was employed by the Company as President and
serves as a director and/or officer of each of the Company's subsidiaries; and

         WHEREAS, Mr. Jefferson J. Gregory, Chairman and Chief Executive Officer
of King, has notified Mr. Macione of the Company's intent to combine the
functions and responsibilities of Mr. Macione's positions with the Company and
its subsidiaries with and among other executive officer positions; and

         WHEREAS, pursuant to the Company's decision to combine the functions
and responsibilities of Mr. Macione's positions with the Company and its
subsidiaries with and among other executive officer positions, Mr. Macione
resigned from his employment with the Company and each of the Company's
subsidiaries effective May 7th 2004; and

         WHEREAS, the Company is willing to provide monetary remuneration to Mr.
Macione in return for certain covenants, agreements, releases and waivers all as
hereinafter set forth.

         NOW, THEREFORE, in consideration of the mutual agreements and covenants
hereinafter set forth, the parties agree as follows:

         1. Effective Date of Separation. The effective date of Mr. Macione's
resignation from the Company and each of the Company's subsidiaries is May 7,
2004 (the "Effective Date"). Mr. Macione and the Company are executing this
agreement on May 28, 2004. The Company is accepting Mr. Macione's resignation
effective May 7, 2004 and agrees that Mr. Macione shall continue to be covered
by the Company's health insurance until May 6, 2006. Mr. Macione shall have such
rights as he may have under applicable law to continue health coverage at his
own expense for such additional periods of time as is available under applicable
law or to terminate such coverage or to procure his own separate coverage as he
may elect after his company health coverage expires as of midnight on May 6,
2006.

         2. Consideration. Upon the full execution of this Agreement, the
Company shall pay to Mr. Macione a lump sum which represents two (2) years of
his current annual salary and Target Bonus (60% of annual salary), as defined in
the Company's 2004 Management Incentive Plan (the "Separation Payment"). The
total

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gross amount due Mr. Macione is One Million Five Hundred Twenty-Six Thousand
Four Hundred Dollars ($1,526,400.00). If required, applicable withholding taxes
shall be deducted from such gross amount. The Company shall hold Mr. Macione
harmless for any excise tax that may be assessed by the Internal Revenue Service
against the Separation Payment, including without limitation any reasonable
expenses incurred by Mr. Macione in defending against the assessment thereof

         3. Payment. The Separation Payment shall be fully due and payable to
Mr. Macione upon the expiration of the seven (7) day revocation period set forth
in Paragraph 9 of this Agreement. Such payment in full shall be delivered by the
Company in the form of a check made payable to Mr. Macione which shall be hand
delivered to Mr. Macione, or by wire transfer to an account designated by Mr.
Macione, at the expiration of said revocation period.

         4. Company Property. Also, in consideration of the payment of the
amount specified in Paragraph 2 above, Mr. Macione agrees that all ideas,
inventions, trade secrets, know how, documents and data ("Creative Property")
developed either during, in connection with, or pursuant to his employment with
the Company or in connection with or pursuant to the terms and conditions of
this Agreement with the Company always have been and shall remain the exclusive
property of the Company. Mr. Macione agrees to provide all reasonable assistance
to the Company in perfecting and maintaining its rights to Creative Property.
Mr. Macione further agrees that the Company shall have the right to use the
Creative Property for any purpose without additional compensation to Mr.
Macione.

         Further, Mr. Macione agrees to return and surrender possession of all
property of the Company, of any nature whatsoever, including but not limited to
keys, other methods of entry or access to the Company's physical premises,
identification badges, memoranda, notes, records, reports, computer hardware or
software, cellular phones and other communication devices, and any other Company
information, material, or equipment (or copies thereof) in Mr. Macione's control
or possession as of the date of his resignation as set forth in Paragraph 1
above.

         5. Confidential Information. Mr. Macione agrees that he will not use or
disclose any confidential information, trade secret, or proprietary information,
whatever their form, obtained from or by virtue of his association with the
Company including but not limited to information about costs, profits, budgets,
finances, markets, sales, customers, potential customers, products,
formulations, pricing policies, operational methods or technical processes. Mr.
Macione agrees not to communicate to any other person or entity about the
nature, quality or quantity of work. Mr. Macione agrees not to display for any
purpose any document or portion thereof or any copy or reproduction thereof,
belonging to, or pertaining to the Company without due written authorization
from the Company. To the extent not inconsistent with this Paragraph 5, nothing
herein shall in any way prevent Mr. Macione from utilizing his general business,
management and financial skills, techniques and abilities.

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         6. Agreement Not to Compete. Mr. Macione agrees that for a period of
six (6) months after the Effective Date he will not accept any employment,
whether as an owner, partner, director, officer, employee, agent, independent
contractor, consultant, or in any other capacity (collectively referred to as
"Employment" for purposes of this paragraph) with any entity the business of
which directly competes with the Company's business. Should Mr. Macione wish to
accept Employment which potentially would be in violation of this provision, he
must request permission to do so from the Company by seeking and obtaining
written permission from the Chief Executive Officer of the Company and its Board
of Directors to accept such Employment. The Chief Executive Officer of the
Company and its Board of Directors may not unreasonably withhold such
permission.

         7. Solicitation of the Company's Employees. Mr. Macione agrees that for
a period of twenty-four (24) months from the effective date of this Agreement,
he will not participate in recruiting or soliciting any Company employee, with
the exception of Mr. Macione's executive assistant, Kathy Hale. Should Mr.
Macione wish to discuss possible employment with any then-current Company
employee during the twenty-four (24) month period set forth above, he may
request permission to do so by seeking and obtaining a written exception to this
provision from the Chief Executive Officer of the Company and its Board of
Directors; provided, however, Mr. Macione agrees that he will not discuss any
employment possibility with such employees prior to securing the Company's
permission. Should the Company decline to grant such permission, Mr. Macione
agrees that he will not at any time, either during or after the non-solicitation
period set forth above, advise the employee concerned that he/she was the
subject of a request under this paragraph or that the Company refused to grant
Mr. Macione the right to discuss an employment possibility with him/her.

         8. Covenant to Protect the Company. Mr. Macione agrees: (i) not to make
any public statement or statements to the press concerning Company business
objectives, status of its securities, its management practices, or other
sensitive information without first receiving the Company's written approval;
(ii) that he will not divulge or disclose any proprietary or confidential
information to any third party, except his personal legal advisor, without the
prior written consent of the Company (any disclosure of such information by any
of Mr. Macione's advisors shall be considered a disclosure by Mr. Macione) (iii)
that he will not make to any third party, including without limitation the news
media, any written or oral statement which he knows or reasonably should know
will cause harm to the Company, its employees or agents.

         The Company agrees that the Company's director's and officers who are
subject to the reporting requirements of Section 16 of the Securities Exchange
act of 1934 ("Section 16 Officers") will not make to any third party or any
employee of the Company, including without limitation the news media, any
written or oral statements critical of Mr. Macione's character, integrity, or
job performance, or request any other person to do so.

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         9. Release. Except for obligations of the Company arising under or
continuing pursuant to this Agreement, including specifically but not limited to
the provisions of Paragraph 11, Indemnification, Mr. Macione hereby forever
waives for himself, his attorneys, heirs, executors, administrators, successors
and assigns fully and forever any claims against the Company, its partners, any
related or affiliated company (including, without limitation King
Pharmaceuticals, Inc., Monarch Pharmaceuticals, Inc., Jones Pharma Incorporated,
Parkedale Pharmaceuticals, Inc., King Pharmaceuticals Research and Development,
Inc., Meridian Medical Technologies, Inc., their predecessors, successors,
assigns, partners, officers, directors, agents, representatives, attorneys or
employees), for any action or inaction, loss, expense or any damages of whatever
nature arising from any occurrence or occurrences, known or unknown, from the
beginning of time until the effective date of this Agreement. Without
limitation, Mr. Macione specifically waives any claim arising under the FAIR
LABOR STANDARDS ACT ("FLSA"), the AMERICANS WITH DISABILITIES ACT ("ADA"), the
AGE DISCRIMINATION IN EMPLOYMENT ACT ("ADEA"), and the REHABILITATION ACT (as
codified in 29 U.S.C. Sections 701 et seq.), or their state counterparts; claims
under TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, as amended, TITLE VII OF THE
CIVIL RIGHTS ACT OF 1991, as amended, the FAMILY MEDICAL LEAVE ACT ("FMLA"), the
NATIONAL LABOR RELATIONS ACT ("NLRA"), or any state counterpart; or any other
claims or causes of action emanating from common law, breach of contract,
statute or code, ordinance, rule or regulation. Further, Mr. Macione represents
and warrants, with the understanding that such representation and warranty is
material to this transaction, that he has no current intention to, and will not
in the future, assert, in any manner or by any means, any such claim before any
federal, state or local judicial or administrative agency or body.

         Mr. Macione, by his signature, represents and acknowledges that the
Company has advised him to consult with an attorney; that he has twenty-one (21)
days from the date this Agreement is presented to him within which to consider
this Agreement; and that he has seven (7) days following the execution of this
Agreement within which to revoke this Agreement. Further, Mr. Macione
acknowledges by his signature that he intends for this Agreement to become
effective upon its execution and that the Separation Payment identified herein
will be paid in accordance with Paragraph 3 of this Agreement.

         10. Covenant Not to Sue. Except as required to enforce obligations of
Mr. Macione arising under this Agreement, the Company, on behalf of itself and
its past and present officers, directors, agents, attorneys, affiliates,
subsidiaries, divisions, predecessors, successors, insurers and assigns, hereby
agrees not to sue or file any action or claim against Mr. Macione after the
Effective Date, unless based upon the Company's good faith belief that Mr.
Macione has violated any legal obligation or duty arising out of existing common
law, statute or regulation, or imposed by the Company's Corporate Code of
Conduct and Ethics as it exists on the Effective Date. As of the Effective Date,
the Company is unaware of any such violation.

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         11. Indemnification. (a) (i) The Company shall indemnify, defend and
hold harmless Mr. Macione (the "Indemnified Party") who has been a director or
officer of the Company or any of its Subsidiaries against all losses, claims,
damages, costs and expenses (including reasonable attorneys' fees), liabilities,
judgments and, subject to the proviso of this sentence, settlement amounts that
are paid or incurred in connection with any claim, action, suit, proceeding or
investigation (whether civil, criminal, administrative or investigative and
whether asserted or claimed prior to, at or after the Effective Date) that is
(i) based on, or arises out of, the fact that such Indemnified Party is or was a
director or officer of the Company or any of its Subsidiaries, or (ii) based on,
or arising out of, or pertaining to this Agreement or the transactions
contemplated hereby, in each case to the fullest extent a corporation is
permitted under applicable law to indemnify its own directors or officers, as
the case may be ("Indemnified Liabilities"); provided, however, that the Company
shall not be liable for any settlement of any claim effected without its written
consent (which consent shall not be unreasonably withheld). Without limiting the
foregoing, in the event that any such claim, action, suit, proceeding or
investigation is brought against the Indemnified Party (whether arising prior to
or after the Effective Date), (w) the Company following the Effective Date will
pay all expenses of the disposition of any such claim, action, suit, proceeding
or investigation to the Indemnified Party to the full extent permitted by
applicable law promptly after statements therefor are received and otherwise
advance to such Indemnified Party upon request reimbursement of documented
expenses reasonably incurred, in either case to the extent not prohibited by the
Tennessee Business Corporation Act (TBCA); provided, however, that the person to
whom expenses are advanced provides any undertaking required by applicable law
to repay such advance if it is ultimately determined that such person is not
entitled to indemnification; (x) the Indemnified Party shall retain counsel
reasonably satisfactory to the Company; (y) the Company following the Effective
Date shall pay all reasonable fees and expenses of such counsel for the
Indemnified Party (subject to the penultimate sentence of this paragraph) and
all costs and expenses of the Indemnified Party in connection with seeking and
obtaining indemnification from the Company, in each case promptly as statements
therefore are received; and (z) the Company following the Effective Date shall
use all commercially reasonable efforts to assist in the defense of any such
matter. In the event of any dispute as to whether the Indemnified Party's
conduct complies with the standards set forth under the TBCA and the Company
Charter or Company By-laws, a determination shall be made by independent counsel
mutually acceptable to the Company and the Indemnified Party (the "Independent
Counsel"); provided, however, that the Company following the Effective Date
shall not be liable for any settlement effected without its written consent
(which consent shall not be unreasonably withheld). Without limiting the
foregoing, to the extent that the Indemnified Party is, by reason of the fact
that such Indemnified Party is or was a director or officer of the Company or
any of its Subsidiaries, a witness in any claim, action, suit, proceeding or
investigation to which the Indemnified Party is not a party, such Indemnified
Party shall be indemnified and held harmless against all costs and expenses in
connection therewith.

             (ii) The Company shall not enter into any settlement of any
claim in which the Company is jointly liable with the Indemnified Party (or
would be if joined in

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such claim) unless such settlement provides for a full and final release of all
claims asserted against the Indemnified Party.

     (b) Except to the extent required by law, the Company following the
Effective Date shall not take any action so as to amend, modify, limit or repeal
the provisions for indemnification of the Indemnified Party contained in the
certificates or articles of incorporation or by-laws (or other comparable
charter documents) of the Company and its Subsidiaries following the Effective
Date in such a manner as would adversely affect the rights of the Indemnified
Party to be indemnified by such corporations in respect of his serving in such
capacities prior to the Effective Date. The Company following the Effective Date
shall honor all of its indemnification obligations to the Indemnified Party
existing as of the Effective Date and shall maintain in effect adequate
directors' and officer's liability insurance with respect to such
indemnification obligations.

     (c) The provisions of this Section are intended to be for the benefit
of, and shall be enforceable by, the Indemnified Party and his heirs and legal
representatives, and shall be in addition to, and shall not impair, any other
rights an indemnified party may have under the Company Charter, other
organizational documents of the Company or any of its Subsidiaries, the TBCA or
otherwise.

         12. Remedy. By their signatures, the parties recognize and agree that
monetary damages alone for breach of this Agreement may not adequately
compensate the other party for any breach of this Agreement, and in the event of
any breach or threatened breach thereof, such party shall be entitled to
injunctive relief, both temporary and permanent, as well as, and in addition to,
all other available remedies, including such damages as may be permitted by law,
all of which shall be cumulative and not exclusive. Each party hereto hereby
waives any requirements for the posting of a bond by the other party in
connection with any injunctive relief as it may seek as set forth herein.

         13. Cooperation. Mr. Macione agrees that he will fully cooperate with
the Company, its attorneys, agents, representatives, and employees with respect
to legal and business matters that have arisen or may arise whether potential or
actual. Cooperation includes but is not limited to release of documents, review
of documents, and attending depositions, hearings, and trials on reasonable
notice. The Company will reimburse Mr. Macione for all necessary and reasonable
expenses incurred by Mr. Macione pursuant to the provisions of this paragraph.

         14. Governing Law. This Agreement and its Exhibits shall be governed by
the laws of the State of Tennessee, and they constitute the entire and exclusive
agreement between the parties hereto with respect to Mr. Macione's resignation
of employment and any rights and duties owed by the Company to Mr. Macione and
they shall supersede all previous or contemporaneous negotiations, commitments,
statements and writings. Jurisdiction and venue for any claims arising from the
breach of this Agreement shall lie solely in the Law Court for Sullivan County,
Tennessee, Bristol Division.

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         15. Effect of Asserting a Claim Against the Company. In the event Mr.
Macione, or any person or entity authorized by Mr. Macione to do so, asserts any
claim against the Company (other than a claim for breach of this Agreement), Mr.
Macione, on behalf of himself, his representatives and assigns, acknowledges
that such action constitutes a breach of this Agreement. Mr. Macione further
acknowledges that the Full and Final General Release (attached hereto as Exhibit
A) which he has signed contemporaneously herewith shall act as a total and
complete bar to his re-employment or to recovery of any sum or amount whatsoever
from the Company, whether labeled "award, liability, damages, judgment, backpay,
wages, commissions or fine" or otherwise resulting directly or indirectly from
any lawsuit, remedy, charge, or complaint whether brought privately by him or
anyone else, including any federal, state, or local agency, whether or not on
his behalf or at his request.

         16. Public Statement. The Company acknowledges and agrees that for
purposes of public disclosure and all other communications contemplated by this
Paragraph 15, Mr. Macione and the Company shall at all times describe and refer
to Mr. Macione's separation from the Company exclusively as Mr. Macione's
resignation from his position as President and his other positions with the
Company and its subsidiaries. The Company may make further disclosures as
required by law or the rules of the New York Stock Exchange or any other
securities exchange or trading system on which King securities are listed. Mr.
Macione shall be allowed by the Company to notify verbally and in writing (via
letter, e-mail or other means) employees and third parties of his resignation
from his positions with the Company and its subsidiaries.

         17. Severability. This Agreement shall be considered severable such
that if any provision or part of it is ever held invalid under any law or ruling
by a court of competent jurisdiction, that provision or part shall remain in
full force and effect to the extent allowed by law, and all remaining provisions
or parts of this Agreement shall remain in full force and effect.

         18. Modification. No modification of this Agreement shall be effective
unless made in writing and signed by each of the parties hereto.

         19. Reasonableness of Restrictions. Mr. Macione acknowledges that he
has carefully read and considered the provisions and restrictions contained in
the above paragraphs and, having done so, agrees that the restrictions set forth
in such paragraphs are fair and reasonable and are reasonably required for the
protection of the interests of the Company, its officers, directors, and other
employees.

         20. Waivers. The failure of either party hereto to enforce at any time
any of the provisions of this Agreement shall in no way be construed to be a
waiver of any such provision or of any other provision, or of the right of such
party thereafter to enforce each and every such provision or other provision in
the event of a subsequent breach. Any waiver of any provision of this Agreement
shall be in writing signed by the waiving party.

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         21. Acknowledgment of Compliance. Because this Agreement includes a
release and waiver of claims under the Age Discrimination in Employment Act, and
other federal legislation, by signing this Agreement, Mr. Macione acknowledges
that his release and waiver of claims under the Age Discrimination in Employment
Act complies with the Older Worker Benefit Protection Act and further
acknowledges that he confirms, understands and agrees to the terms and
conditions of this Agreement; that these terms are written in layperson's terms
and that he has been fully advised of his right to seek the advice and
assistance of consultants, including an attorney, as well as tax advisors to
review this Agreement.

         22. Communication. Unless otherwise set forth herein, all notices,
requests, consents and other communications required or permitted hereunder
shall be in writing and shall be hand delivered or mailed by registered or
certified mail, return receipt requested, addressed as follows, or to such other
address as may be provided in writing by the respective parties to this
Agreement:

          If to the Company:                      If to Mr. Macione:

          Executive Vice President                Kyle P. Macione
          Human Resources                         142 East Main Street
          King Pharmaceuticals, Inc.              Abingdon, VA 24210
          501 Fifth Street
          Bristol, TN 37620

         23. Duplicate Original. This Agreement shall be executed in duplicate
originals, with one original to be maintained by the Company and one original to
be maintained by Mr. Macione.

         24. MR. MACIONE FURTHER STATES THAT HE HAS CAREFULLY READ THE WITHIN
AND FOREGOING "PRIVATE AND CONFIDENTIAL SEVERANCE AND NON-DISCLOSURE AGREEMENT"
AND THE "FULL AND FINAL GENERAL RELEASE" EXECUTED SIMULTANEOUSLY HEREWITH, THAT
HE KNOWS AND UNDERSTANDS THE CONTENTS THEREOF AND THAT HE EXECUTES THE SAME AS
HIS OWN FREE ACT AND DEED. MR. MACIONE FURTHER REPRESENTS AND AGREES THAT HE HAS
BEEN ADVISED BY THE COMPANY TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS
AGREEMENT AND THAT HE FULLY UNDERSTANDS THE TERMS, CONDITIONS, AND FINAL AND
BINDING EFFECT OF THIS AGREEMENT AND THE RELEASE ATTACHED HERETO TO BE A FULL
AND FINAL RELEASE OF ALL CLAIMS WITH FINAL AND BINDING EFFECT. IN THE EVENT THIS
AGREEMENT IS REVOKED BY MR. MACIONE IN ACCORDANCE WITH THE PROVISIONS OF THIS
AGREEMENT, MR. MACIONE AGREES TO RETURN TO THE COMPANY ALL CONSIDERATION AND
BENEFITS PROVIDED BY THE COMPANY TO WHICH MR. MACIONE WOULD NOT BE ENTITLED
ABSENT THIS AGREEMENT.

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                  IN WITNESS WHEREOF, the undersigned have hereto set their hand
on the date set forth beneath their signatures.

                                       AGREED:

                                       King Pharmaceuticals, Inc.

                                       BY:   /s/ Ted G. Wood
                                             -------------------------------
                                             Chairman of the Board

                                       DATE: May 28, 2004
                                             -------------------------------

                                       BY:   /s/ C. Diane Holbrook
                                             -------------------------------
                                             Executive Vice-President
                                             Human Resources

                                       DATE: May 28, 2004
                                             -------------------------------

/s/ Kyle P. Macione
---------------------------
Kyle P. Macione

May 28, 2004
---------------------------
Date

/s/ Mark M. Lawson
---------------------------
Witness

Mark M. Lawson
---------------------------
Printed Name of Witness

May 28, 2004
---------------------------
Date

                                       9

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                                    EXHIBIT A

                               STATE OF TENNESSEE

                               COUNTY OF SULLIVAN

                         FULL AND FINAL GENERAL RELEASE

             FOR AND IN CONSIDERATION of the consideration identified in the
Private and Confidential Severance and Non-Disclosure Agreement to which this
Full and Final General Release is attached, the receipt and sufficiency of which
is hereby acknowledged, Kyle P. Macione (hereinafter "Mr. Macione") for himself,
his attorneys, his heirs, executors, administrators, successors and assigns,
does hereby fully, finally and forever release and discharge King
Pharmaceuticals, Inc., and its related companies and affiliates, predecessors,
successors, assigns, partners, officers, directors, agents, representatives,
attorneys and employees (hereinafter collectively referred to as "the Company"),
of and from all claims, demands, actions, causes of action, suits, damages,
losses, expenses and controversies of any and every nature whatsoever arising
from the beginning of time until the date of this Release including, but not
limited to, those claims arising from or relating in any way to Mr. Macione's
employment and his separation from employment with the Company and any claims
arising under the AMERICANS WITH DISABILITIES ACT, the FAIR LABOR STANDARDS ACT,
the AGE DISCRIMINATION IN EMPLOYMENT ACT, and the REHABILITATION ACT (as
codified in 29 U.S.C. Sections 701 et seq.); or their state counterparts; claims
arising or brought pursuant to TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, as
amended, TITLE VII OF THE CIVIL RIGHTS ACT OF 1991, as amended, the FAMILY
MEDICAL LEAVE ACT, the NATIONAL LABOR RELATIONS ACT, or any state counterpart;
or any other claims or causes of action emanating from common law, breach of
contract, or federal or state statute, local or city statute, code (including
but not limited to the City Code of Bristol), ordinance, rule, or regulation,
arising out of or accruing during the course of or in any way related to Mr.
Macione's employment with the Company; or claims related in any way to his
separation from employment with the Company, or any claims of whatsoever origin
or nature. Further, Mr. Macione acknowledges that, in exchange for executing
this Full and Final General Release, he is receiving consideration beyond
anything of value to which he was already entitled.

         Mr. Macione, by his signature, represents and acknowledges that the
Company has advised him to consult with an attorney; that he has twenty-one (21)
days from the date this Release is presented to him within which to consider
this Release; and that he has seven (7) days following the execution of this
Agreement within which to revoke this Agreement. Further, Mr. Macione
acknowledges by his signature that he intends for this Release and the Private
and Confidential Severance and Non-Disclosure Agreement to which it is attached
to become effective upon their execution and that the consideration

                                       10
<PAGE>

identified in the Private and Confidential Severance and Non-Disclosure
Agreement will be paid in accordance with Paragraph 3 of the Private and
Confidential Severance and Non-Disclosure Agreement.

         This Full and Final Release shall not release either Mr. Macione or the
Company from their respective obligations to each other under the Private and
Confidential Severance and Non-Disclosure Agreement effective May 7, 2004.

         IN WITNESS WHEREOF, the undersigned has hereunto set his hand on the
date set forth beneath his signature.

                                       /s/ Kyle P. Macione
                                       -----------------------------------
                                       Kyle P. Macione

                                       May 28, 2004
                                       -----------------------------------
                                       Date

/s/ Mark M. Lawson
-----------------------------
Witness

Mark M. Lawson
-----------------------------
Printed Name of Witness

/s/ May 28, 2004
-----------------------------
Date

                                       11<PAGE>
                                                                    Exhibit 10.1

                               LICENSE AGREEMENT

         This LICENSE AGREEMENT FOR TEMPORARY SPACE (the "Agreement") is made as
of the 17th day of March, 2005 ("EFFECTIVE DATE") by and between the parties
identified in Section 1 as "Licensor" and "Licensee" upon the terms and
conditions hereinafter set forth. Licensor's Rules and Regulations, if any, and
all Exhibits annexed hereto are hereby made a part hereof.

1.       FUNDAMENTAL PROVISIONS.

         A.       CENTER OR MALL: SNELLVILLE OAKS, 2135 East Main Street,
         Snellville, Georgia 30078 ("Center").

         B.       LICENSOR: KR SNELLVILLE LLC, a Delaware limited liability
         company, with an address at Plymouth Plaza, 580 West Germantown Pike,
         Suite 200, Plymouth Meeting, Pennsylvania 19462 ("Licensor").

         C.       LICENSEE: GWINNETT COMMUNITY BANK, INC., a Georgia
         corporation, trading as "GWINNETT COMMUNITY BANK", with an address at
         2775 Buford Highway, Duluth, Georgia 30096 ("Licensee").

         D.       SPACE OR PREMISES: STORE NO. 3, consisting of One Thousand
         Four Hundred (1,400) Square Feet, as shown on Exhibit "A" attached
         hereto and made a part hereof (the "Space"). Licensor hereby licenses
         to Licensee and Licensee hereby accepts a non-transferable right and
         revocable license to occupy the Space identified above, subject however
         to the terms and conditions of this Agreement and to rules and
         regulations for the use of the Space as prescribed in attached Rules
         and Regulations and as amended from time to time by Licensor.

         E.       TERM: Length of Term: ONE (1) YEAR (the "Term"). Commencement
         Date: MARCH 21, 2005. Rent Commencement Date: MAY 1, 2005. Expiration
         Date: APRIL 30, 2006. Possession Date: MARCH 21, 2005. Licensee will
         continuously operate in the Space throughout the Term of this Agreement
         during all Center hours, pursuant to the Rules and Regulations as
         promulgated from time to time by Licensor.

         F.       USE: Licensee shall use the Space solely for the purpose of a
         full service banking facility offering financial services, which
         include checking accounts, savings accounts and loans and for no other
         purpose. Any changes to this use must first be approved in writing by
         Licensor. The authorization of the use of the premises for the business
         purpose set forth in this Section 1(F) herein shall not constitute a
         representation by Licensor that any particular use of this premises is
         now or will continue to be permitted under applicable laws or
         regulations.

         G.       CHARGES:

                  1.       MINIMUM FEE: Licensee shall pay to Licensor, a
                  Minimum Fee of $1,458.33 per month, without any set-off,
                  deduction and/or counterclaim, payable by check, certified
                  check, or money order to Licensor, due on the first day of
                  each month during the term commencing with the Rent
                  Commencement Date.

                  2.       PERCENTAGE FEES: Deleted.

                  3.       COMMON AREA CHARGE: Licensee shall pay to Licensor,
                  as an additional charge, in the same manner as it pays the
                  Minimum Fee to Licensor, the sum of $315.00 per month as a
                  common area charge.

                  4.       MARKETING ASSESSMENT: Licensee shall pay to
                  Licensor, as an additional charge, in the same manner as it
                  pays the Minimum Fee to Licensor, the sum of $150.00 per month
                  as a marketing assessment.

                  5.       ADVERTISING/VISUAL MERCHANDISING CHARGE: Deleted.

                  6.       SECURITY DEPOSIT: $2,916.6600

                  7.       REAL ESTATE TAXES AND OTHER FEES AND CHARGES:
                  Licensee shall pay to Licensor, as an additional charge, in
                  the same manner as it pays the Minimum Fee to Licensor, the
                  sum of $0.00 for signage; $122.50 per month for real estate
                  taxes; utility charges of $0.00 per month; and $0.00 per for
                  N/A.

         H.       TOTAL PAYABLE ON LICENSE EXECUTION: Licensee shall pay
         Licensor, concurrent with the execution of this Agreement by Licensee,
         the total amount of: $2,916.66 representing payment of the Security
         Deposit.

         I.       LATE CHARGES: If Licensee shall fail to make any payment of
         the Minimum Fee, Percentage Fees, Common Area Charge, Marketing
         Assessment, Advertising/Visual Merchandising Charge, Real Estate Taxes,
         Utility Charges or any other charge or fee to Licensor when due,
         Licensee shall be in default of this Agreement. Licensee shall
         immediately pay a late charge equal to One Hundred Dollars ($100.00)
         plus Ten Dollars ($10.00) per day thereafter for so long as said
         default continues.

         J.       OPERATION OF BUSINESS: Licensee shall operate its business so
         as not to interfere with pedestrian traffic in the common area of the
         Center and so as not to create any hazard or nuisance or in any other
         way interfere with the operation of the common area or other businesses
         operating in the Center. Licensee shall keep the Space clean and free
         of litter and shall pay the cost to Licensor for clean-up or removal of
         items inside or outside the Space from Licensee's use thereof.

         K.       EQUIPMENT; ELECTRICITY: Licensor shall have no obligation to
         improve the Space or install any equipment and Licensee shall, at its
         sole cost and expense, install display fixtures (the "display")
         conforming to all applicable governmental requirements and to
         Licensor's specifications. License must receive written approval of its
         display design from Licensor prior to commencing any installation of
         the display fixtures. Licensee shall provide an electric service to the
         Space from Licensor's existing receptacle where possible. The location
         of and the connection to the receptacle shall be

PREPARED BY: JENNIFER A. HAWK
AGENT:       LOUISE JENNINGS
DATE:        MARCH 15, 2006

                                  Page 1 of 6
<PAGE>
      coordinated with and subject to the approval of the Center manager.
      Licensee must make all necessary or reasonable provisions to safeguard the
      public from any and all power cords, fixtures, or apparatus, including,
      without limitation, all provisions specified by Licensor's Center manager.
      Extension cords are prohibited. In the case of an in-line location,
      Licensee shall arrange for and pay for all charges for all utilities to be
      used by Licensee at the Space.

      L.    TERMINATION: Licensee agrees to terms outlined in Section 9 of this
      Agreement.

      M.    RELOCATION:  Licensor, in its sole discretion, may relocate Licensee
      to another location within the Center at any time. Licensee shall relocate
      its Space (at Licensee's cost and expense), to an alternate site within
      the Center selected by Licensor.

      N.    RULES AND REGULATIONS:  Licensee shall, at its sole cost and
      expense, at all times, observe and comply with all laws, ordinances,
      rules, regulations and code requirements, including those of Licensor, as
      well as secure all applicable or necessary permits and licenses. Licensee
      shall also, at all times, conduct its activities in a lawful and tasteful
      manner in accordance with Licensor's specifications and in a manner that
      will compliment the aesthetics of the Space and the Center.

      O.    REPORTING OF SALES AND RECORDS:  Deleted.

2.    PROHIBITION AGAINST ASSIGNMENT.  Licensee shall not, without the prior
      written consent of Licensor, assign or hypothecate this Agreement, or any
      interest herein, or allow any one other than Licensee to use or occupy the
      Space or any part thereof. Any of the foregoing acts without such consent
      shall be void and shall, at the option of Licensor, terminate this
      Agreement. This Agreement and any interest herein shall not be assignable
      as to the interest of Licensee by operation of law without the prior
      written consent of Licensor.

3.    RULES AND REGULATIONS.  Licensee shall observe all municipal ordinances,
      laws, regulations, and rules of any governing body having jurisdiction
      over Licensee or the Space and all such rules and regulations of Licensor
      as attached hereto. Licensee covenants that Licensee shall observe and
      abide by any regulation or requirement concerning its activity as
      promulgated by Licensor. If Licensor determines that Licensee's conduct or
      other activity is detrimental to the Center or another licensee or tenant
      or other occupant in the Center, such conduct or activity shall cease
      immediately upon Licensor's request. If Licensee shall fail to cease such
      conduct or activity, Licensor may, at Licensor's option, immediately
      terminate this Agreement.

4.    GROSS SALES.  Deleted.

5.    USE OF SPACE/WAIVER OF RESPONSIBILITY.
      (a) Licensee acknowledges that the use and occupancy of the Space and
      adjacent areas is at its own risk, cost and expense and on an "as-is" and
      "where is" basis. Licensee agrees to assume sole and exclusive
      responsibility for any loss (including personal and bodily injury or
      property damage) which may be sustained by Licensee, its employees,
      agents, representatives, invitees, or property regardless of the cause of
      such loss. Licensee assumes full responsibility for obtaining insurance
      against any and all losses including, without limitation, fire, theft, or
      other casualty. Licensor and Licensor's principals, agents and employees
      shall not be liable for, and Licensee waives, all claims for loss or
      damage to Licensee's business or damage or injury to person or property
      sustained by Licensee or any person claiming by, through or under
      Licensee, resulting from any accident or occurrence in, on or about the
      Space or any other property of the Center, including, without limitation,
      claims for loss, theft or damage resulting from: (i) any equipment or
      appurtenances becoming out of repair; (ii) injury done or occasioned by
      wind or weather; (iii) any defect in or failure to operate, for whatever
      reason, any sprinkler, heating or air-conditioning equipment, electric
      wiring or the installation thereof, gas, water or steam pipes, railings or
      walkways; (iv) broken glass; (v) the backing up of any sewer pipe or
      downspout; (vi) the bursting, leaking or running of any tank, tub
      washstand, water closet, water pipe, drain, or other pipe, (vii) the
      escape of steam or water, (viii) water, snow or ice being upon or coming
      through the roof, sky light, trap door, stairs, doorways, windows, walks
      or any other place upon or near the Center, (ix) the falling of any
      fixture, plaster, tile, stucco or other material; (x) any act, omission or
      negligence of other licensees or any other persons or occupants of the
      Center or of adjoining or contiguous buildings of owners of adjacent or
      contiguous property or the public, or by operations in the construction of
      any private, public or quasi-public work or; (xi) any other cause of any
      nature. To the maximum extent permitted by law, Licensee agrees to use and
      occupy the Space in accordance with Section 1(F) above, and to use such
      other portions of the Center as Licensee is herein given the right to use,
      at Licensee's own risk. By taking possession of the Space, Licensee shall
      be deemed to have: 1) inspected the Space; 2) accepted the Space "as is"
      with no representation or warranty by Licensor as to the Space, its
      suitability for Licensee's proposed operation or the improvements therein;
      3) agreed that Licensor has no obligation to improve or repair the Space
      unless said obligation is specifically set forth in this Agreement; and 4)
      accepted the responsibility for obtaining, maintaining and payment of the
      utilities, plumbing and equipment associated with an in-line premises.
      Under no circumstances may Licensee use any electrical appliances (e.g.,
      microwave, toaster, hotplate, etc.) or place any couches or bedding in
      Space.

      (b) Licensee shall, at all times during the Term, maintain, at its sole
      cost and expense, the Space. The Licensee's obligation to repair and
      maintain the Space shall include, without limitation, repairing,
      maintaining, and making replacements to such items as: HVAC units, floor
      coverings, ceilings (other than structural ceilings), utility meters,
      pipes and conduits, all fixtures which are installed by Licensee and/or
      which exclusively serve the Space, the storefront, all of Licensee's
      signs, security grilles, windows, glass and doorframes. In addition to all
      other remedies of Licensor under this Agreement, if: 1) Licensee does not
      complete its obligations to repair and maintain the Space as set forth
      herein; or 2) Licensor, in the exercise of its sole discretion, determines
      that emergency repairs are necessary; or 3) repairs or replacement of any
      portion of the Space or the Center are made necessary by an act, omission
      or negligence of Licensee or its agents, employees, assignees, then in any
      such event, Licensor may make such repairs without liability to Licensee
      for any loss or damage that may accrue to Licensee, its merchandise,
      fixtures, or other property or to Licensee's business by reason of such
      repair. Further, upon completion of any such repair, Licensee shall pay
      upon demand, as an additional charge, Licensor's costs for making such
      repairs together with Licensor's administrative costs related thereto,
      which amount shall equal 20% of the total cost of such repair. Licensee
      shall return the Space to Licensor in broom clean condition and restored
      to at least as good a condition as it was before Licensee took possession
      thereof. No work shall be performed in or to the Space without Licensor's
      prior written approval. All

                                  Page 2 of 6
<PAGE>
     improvements to the Space are at Licensee's expense, and become the
     possession of Licensor upon surrender of the Space (e.g., slat wall,
     carpeting, lighting, etc.).

6.   INDEMNITY. To the fullest extent provided by law, Licensee agrees to
     defend, indemnify and hold harmless Licensor, and any of Licensor's
     affiliated entities, and their respective agents, employees,
     representatives, invitees and licensees, of and from any and all claims,
     demands, suits, damages, expenses, penalties, fees, fines, proceedings and
     liabilities (including, without limitation, costs of defense,
     investigation and adjustment) arising out of or in connection with the
     use, occupancy, operation or maintenance of the Space or the Center by,
     through or under Licensee.

7.   INSURANCE. Licensee agrees that Licensee shall, at Licensee's sole cost
     and expense, obtain, maintain and continue in force: 1) Plate glass
     insurance covering the plate glass in the Space, if applicable, (2)
     Worker's Compensation (statutory limits) and Employer's Liability
     Insurance (minimum limits for $500,000.00) and 3) Commercial General
     Liability and Property Damage Insurance, each policy of insurance in form
     acceptable to Licensor, insuring Licensee and also insuring (as additional
     named insureds) (a) Licensor, (b) Licensor's general partner or manager,
     as the case may be, (c) Licensor's agent, (d) Licensor's mortgage lender,
     (e) Kramont Realty Trust and (f) Kramont Operating Partnership, L.P.
     (hereinafter collectively, the "Licensor Parties") against all claims,
     suits and actions for or on account of any damage or injury to property or
     persons arising out of this Agreement including, without limitation,
     activities occurring in, upon or about the Space, Center and/or parking
     areas, or any parts thereof, and including without limitation, all damage
     from facilities, fixtures or the like now or hereafter at or upon the
     Space or any part thereof at all times during the occupancy of the Space
     by Licensee in the amount of at least $1,000,000.00 combined single limit
     for carts, kiosks and special events, and in the amount of at least
     $2,000,000.00 combined single limit for in-line spaces, for injury to
     persons or death and damage to property. The policy of Commercial General
     Liability insurance shall be written on an "occurrence" basis and not a
     "claims made" basis and shall provide that it is primary with respect to
     any policies carried by Licensor and that any coverage carried by Licensor
     shall be excess insurance. All policies shall be written by an insurer
     authorized to engage in the business of insuring risks required hereunder
     to be insured in the state where the Space is located. With respect to
     each and every policy of such insurance and each renewal thereof,
     Licensee, at the beginning of the term hereof and thereafter not less than
     twenty (20) days prior to the expiration of each such policy, shall
     furnish Licensor with a certificate of insurance executed by the insurer
     which shall contain, in addition to matters customarily set forth in such
     certificate under standard industry practices, an undertaking by the
     insurer to give Licensor twenty (20) days prior written notice of any
     cancellation, non-renewal or change in scope or amount of coverage of such
     policy. Licensee agrees that all insurance Licensee is required to
     maintain under this Agreement shall be with insurance companies of good
     credit, satisfactory to Licensor and that the original policies or true
     copies or abstracts evidencing all of the aforementioned insurance
     coverage shall be delivered to Licensor prior to the date Licensor
     delivers possession of the Space to Licensee. If Licensee shall not comply
     with its covenants made in this Section, Licensor may, at its option,
     consider Licensee's failure to comply a default under this entire
     Agreement and/or may cause such insurance as aforesaid to be issued and,
     in such event, Licensee agrees to pay the premium for such insurance
     promptly upon Licensor's demand as an additional charge.

8.   DEFAULT. Any failure to perform or other breach of any provision of this
     Agreement by Licensee shall constitute a default under this Agreement and
     all other agreements or Licenses between Licensor and Licensee, if any.
     Any breach or default under any other agreement or License between
     Licensor and Licensee shall constitute a default under this Agreement.
     Licensor may, upon a default, pursue any and all remedies available to it
     under this Agreement and at law or in equity. Such remedies shall include,
     but not be limited to, the right of Licensor to terminate this Agreement,
     the right of Licensor to terminate Licensee's right to possession under
     this Agreement but not to terminate this Agreement, and the right of
     Licensor to recover against Licensee damages for loss of bargain, and not
     as a penalty, the then present worth of all fees and charges for the
     balance of the Term.

9.   TERMINATION. Licensee's right to use and occupy the Space may be
     terminated upon ten (10) days' written notice by Licensor: (1) for any
     reason whatsoever with or without cause or (2) in the event Licensee
     breaches any term of this Agreement or the rules, regulations or
     directions issued by Licensor. In the event of termination by Licensor,
     any deposits or charges paid by Licensee will not be refunded or
     pro-rated, except as otherwise set forth herein. If Licensee cancels the
     executed License Agreement or fails to complete the agreed upon term,
     Licensee will be fully responsible for all charges for the term agreed
     upon in this License Agreement, and payment may be demanded in full at any
     time by Licensor. Licensee agrees, upon termination notification to
     Licensee by Licensor, to immediately cease use and occupancy and
     immediately to remove any and all personnel, facilities, fixtures, goods
     and other property of Licensee from the Space, Center and parking area, or
     any parts thereof. Licensee acknowledges that the Space is being made
     available to Licensee as a license (and not a lease) for a limited period
     of time and for limited purposes, and that the area where the Space is
     located shall be used otherwise by Licensor for the general use and
     convenience of patrons of the Center or for construction and occupancy by
     a tenant, licensee or other occupant in the Center. Accordingly, Licensee
     affirmatively acknowledges the remedies herein contained in Sections 9 and
     10 hereof. If any legal action is brought by Licensor or against Licensee,
     Licensor shall be entitled to recover from Licensee, Licensor's attorneys
     fees, costs and other necessary expenses incurred by Licensor in the
     enforcement by Licensor of the provisions of this Agreement, and Licensee
     shall pay the same to Licensor upon Licensor's demand therefor. If
     Licensee does not vacate the Space as herein before provided by the date
     and hour specified by Licensor or otherwise breaches this Agreement by
     taking occupancy prior to the Commencement Date or remaining in occupancy
     after the Expiration Date (including the failure to remove Licensee's
     goods and effects), Licensee shall pay to Licensor, a sum equal to twice
     the per diem Minimum Fee specified in 1(G) for each day Licensee holds
     over. Such sum shall not be considered a penalty but a liquidation fee
     given the inability of Licensor to calculate damages for such breach and
     below the market rate of the Minimum Fee for the Space.

10.  OTHER REMEDIES. Licensee further hereby expressly authorizes and empowers
     (which power is coupled with an interest) Licensor, upon the occurrence of
     a breach, to exercise the remedy of self-help and to enter upon the Space,
     distrain upon and remove therefrom all inventory, equipment, machinery,
     trade fixtures and personal property of whatsoever kind or nature, whether
     owned by Licensee or by others, and to proceed without judicial decree,
     writ of execution or assistance or involvement of constables or officers,
     to conduct a private sale, by auction or sealed bid without restriction or
     to dispose thereof otherwise. Licensee hereby waives the benefit of all
     laws whether now in force or hereafter enacted, exempting any

                                  Page 3 of 6
<PAGE>
     personal property at the Space from sale or levy, whether execution thereon
     is had by order of any court or assistance or involvement of constables or
     officers, or through self-help, private sale or other disposition
     hereinabove authorized.

11.  RESPONSIBILITY. If two (2) or more persons shall execute this Agreement as
     Licensee, the liability of each person shall be joint and several. This
     Agreement, the Rules, and Regulations of Licensor and all Exhibits to which
     this Agreement refers constitute the entire Agreement of Licensor and
     Licensee hereto with respect to the subject matter hereof and no provisions
     shall be waived or modified except in writing signed by Licensor and
     Licensee. The benefits and obligations of this Agreement shall inure to the
     benefit of and be binding upon the parties hereto and their respective
     successors and legal representatives. If any provisions or portion hereof
     or any application thereof to any person or circumstance shall to any
     extent be invalid or unenforceable, the remainder of this Agreement shall
     be valid and enforceable to the fullest extent permitted by law.

12.  EFFECT OF FAILURE TO VACATE; ADDITIONAL PAYMENT. If Licensee or any
     person(s) claiming under Licensee remains in possession of the Space or any
     part thereof after the earlier of the termination of this Agreement or the
     Expiration Date, no Licensee, tenancy or interest in the Space shall result
     therefrom; rather, such failure to vacate shall be unlawful trespass and
     all such persons shall be subject to immediate removal, and Licensee shall
     pay, as liquidated damages, a sum equal to $500.00 per day for such period.

13.  HOLDING OVER. If Licensee fails to vacate the Space prior to the Expiration
     Date or earlier termination of this Agreement, and provided that a new
     agreement is not executed by both Licensor and Licensee prior to the
     Expiration Date, Licensor shall have the benefit of all provisions of law
     respecting the recovery of the Space to the same extent as if statutory
     notice had been given. In addition to, and not in limitation of the
     foregoing, if Licensee fails to surrender the Space to Licensor and
     provided that a new agreement is not executed by both Licensor and Licensee
     prior to the Expiration Date, occupancy subsequent to the Expiration Date
     shall be deemed to be at will and in no event from month to month or from
     year to year, but shall be subject to all the terms, covenants, and
     conditions of this License, except that for each day Licensee holds over,
     the Minimum Fee shall be two times the highest annual Minimum Fee, payable
     hereunder divided by three hundred sixty-five (365). No extension or
     renewal of this Agreement shall be implied by holding over.

14.  SECURITY DEPOSIT. Licensor, at its discretion, requires a Security Deposit.
     License shall, upon Licensee's execution of this Agreement, deposit with
     Licensor, a Security Deposit for full performance of all Licensee's
     obligations under this Agreement, in the amount designated in Section I(G).
     Licensor may deposit the Security Deposit prior to Licensor's execution of
     this Agreement, but such deposit does not constitute an approval of this
     Agreement. Under no circumstances whatsoever shall the Security Deposit be
     deemed to constitute final payment of the Minimum Fee and Licensee may not
     designate that the Security Deposit be utilized to reduce any other fee or
     charges due to the Licensor. If, upon the termination of this Agreement,
     Licensee is in default hereunder, Licensor may, in addition to any other
     rights that it may have, retain the Security Deposit or apply such portion
     thereof, as is necessary to cure such default.

15.  SIGNAGE. Licensee is responsible for all signage, including interior and
     exterior signs. All signage must be pre-approved by Licensor in writing and
     handwritten signs are not permitted. Additionally, no banner signs are
     permitted. No "Clearance", "Everything Must Go," "Closing Store", "Going
     Out of Business", or similar type of signs are permitted. Licensee will
     promptly remove any signage deemed inappropriate by Licensor. Licensee is
     responsible for construction, installation, and maintenance of all store
     signage.

16.  VISUAL MERCHANDISING. Licensee shall comply with the visual merchandising
     standards of Licensor and is required to submit a visual merchandising plan
     to Licensor for approval prior to commencement. Licensee understands and
     agrees to implement the approved visual merchandising recommendations of
     Licensor and change its visual merchandising presentation as requested by
     Licensor.

17.  GUARANTEE PROGRAM. Licensee further agrees that it shall, at its sole cost
     and expense, participate, post and promote the "Marketplace Guarantee"
     program. As part of the Marketplace Guarantee program, Licensee shall be
     required to exchange all merchandise sold for cash upon request by the
     customer of Center management within thirty (30) days from the purchase
     date. Licensee shall not limit the return of merchandise to exchanges or
     merchant credits, and "Exchanges Only" or similar signs are not permitted.
     In the event Licensee violates any provisions of the Marketplace Guarantee
     program, Licensor shall be entitled to utilize Licensee's security deposit,
     without notice to Licensee, to remedy any such violations.

18.  UTILITY CHARGE. Licensee shall pay, as and when the same become due and
     payable, all fees, rates, deposits and charges of water, sewer,
     electricity, gas, heat, steam, hot and/or chilled water, air-conditioning,
     ventilating, lighting systems, telephone service and other utilities,
     however supplied (the "Utility Charges"). If any such utilities are not
     separately metered or assessed, then in addition to Licensee's payments of
     separately metered charges, Licensee shall pay to Licensor the reasonable
     charges for such utilities, based upon Licensor's reasonable allocation of
     the use thereof by Licensee plus Licensor's reasonable administrative
     costs.

19.  LICENSEE PLANS. If applicable, Licensee shall submit to Licensor, for
     Licensor's written approval, complete plans and specifications describing
     any structural or decorative modifications or alterations which Licensee
     desires to make to the Space which will affect the storefront, structure,
     sprinkler, mechanical and/or electrical systems of the Space (hereinafter
     "Licensee's Work"). Licensee must receive Licensor's written approval of
     said plans and specifications prior to the commencement of Licensee's Work.
     Licensee shall be solely responsible for any and all permits, licenses, or
     approvals required by all applicable governmental and underwriting
     authorities. Licensee shall assume sole responsibility for acquiring all
     required and adequate liability, comprehensive and worker's compensation
     insurance to cover fully its interest as well as the interest of Licensor
     hereunder, said insurance coverage to be effective at all times during the
     period between the commencement of construction of Licensee's Work and the
     opening for business of the Space. At all times, Licensor and the Licensor
     parties shall be indemnified and held harmless by Licensee from any claims
     whatsoever arising as a result of Licensee's Work. Furthermore, Licensee,
     at Licensee's sole cost and expense, shall dispose of all trash and debris
     generated at the Space. Licensee may engage a trash hauler to pick up
     Licensee's trash on a daily basis. In no event shall any trash be

                                  Page 4 of 6

<PAGE>
     stored or discarded behind the Center. License shall comply with all
     ordinances and regarding the sorting or recycling of trash.

20.  WAIVER OF SUBROGATION. Licensor and Licensee agree that in the event the
     Space, or the building or Shopping Center of which the Space is a part, or
     the contents of the Space, are damaged or destroyed by fire or other
     insured casualty, the rights, claims, and causes of action, if any, of
     either party against the other with respect to recovery for such damage or
     destruction are hereby waived to the extent that such damage or destruction
     is covered by such insurance, and Licensor and Licensee agree that all
     policies of fire and extended coverage insurance carried by Licensor and
     Licensee covering the Space or the building or the Center of which the
     Space is a part, or the contents of the Space, shall to the extent possible
     without additional cost contain a clause or endorsement in the usual form
     evidencing such waiver of subrogation.

21.  CONFIDENTIALITY. Licensee understands and agrees that any and all terms,
     charges, and other information contained herein, as well as sales and
     conversations with Licensor or its representatives are confidential. Any
     breach of this will be grounds for immediate termination of the Agreement.

22.  EXCULPATION. Notwithstanding anything contained herein to the contrary,
     Licensee agrees that Licensor and all of those entities of which Licensor
     is a direct or indirect subsidiary, including without limitation, Kramont
     Realty Trust (the "Trust") which has been formed as a Maryland Real Estate
     Investment Trust pursuant to a Declaration of Trust of Kramont Realty Trust
     dated November 12, 1999 and the officers and managers of Licensor and of
     any of the entities of which Licensor is a direct or indirect subsidiary
     and the trustees, officers, and shareholders of the Trust shall have no
     personal liability with respect to any of the provisions of this License
     Agreement and Licensee shall look solely to the estate and property of
     Licensor in the land and buildings comprising the Center of which the Space
     forms a part for the satisfaction of Licensee's remedies, including without
     limitation, the collection of any judgment or the enforcement of any other
     judicial process requiring the payment or expenditure of money by Licensor
     in the event of any default or breach by Licensor with respect to any of
     the terms and provisions of this License Agreement to be observed and/or
     performed by Licensor, subject however, to the prior rights of any holder
     of any mortgage covering all or part of the Center, and no other assets of
     Licensor or of those entities of which Licensor is a direct or indirect
     subsidiary, including without limitation, the Trust and the officers and
     managers of Licensor and of any of the entities of which Licensor is a
     direct or indirect subsidiary and the trustees, officers, and shareholders
     of the Trust shall be subject to levy, execution or her judicial process
     for the satisfaction of Licensee's claim and in the event Licensee obtains
     a judgment against Licensor, the judgment docket shall be so noted. This
     Section shall inure to the benefit of Licensor's successors and assigns and
     their respective principals, officers, directors and shareholders.

23.  NOTICES. All notices pursuant to this Agreement shall be made in writing,
     addressed to each party at the above addresses, sent by reputable overnight
     courier service, or mailed by certified mail, return receipt requested, and
     shall be deemed to be delivered on day of receipt by courier service, or
     three days after mailing by certified mail. Notices by Licensor may be
     given on its behalf by an agent of Licensor, or by any attorney for
     Licensor or such agent.

24.  WAIVER OF JURY TRIAL. It is mutually agreed by and between Licensor and
     Licensee that they each hereby waive trial by jury in any action,
     proceeding or counter-claim brought by either of the parties hereto against
     the other on any matter whatsoever arising out of or in any way connected
     with this Agreement, the relationship of Licensor and Licensee, Licensee's
     use or occupancy of the Space or claim of injury or damage.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
                         (SIGNATURES ON FOLLOWING PAGE)

                                  Page 5 of 6
<PAGE>

BY EXECUTING THIS AGREEMENT, LICENSEE ACKNOWLEDGES HAVING READ AND UNDERSTOOD
THIS AGREEMENT AND AGREES THAT ALL TERMS AND CONDITIONS CONTAINED HEREIN ARE
PART OF THIS AGREEMENT. LICENSEE ACKNOWLEDGES THERE IS NO IMPLIED LONGER TERM
AGREEMENT OR FIRST RIGHT OF REFUSAL TO ANY LOCATION. THE INDIVIDUAL(S)
EXECUTING THIS AGREEMENT AS LICENSEE HEREBY REPRESENTS AND WARRANTS THAT
HE/SHE/THEY ARE EMPOWERED AND DULY AUTHORIZED TO SO EXECUTE THIS AGREEMENT ON
BEHALF OF LICENSEE. LICENSEE ALSO ACKNOWLEDGES RECEIPT OF THE RULES AND
REGULATIONS (IF ANY), RIDER (IF ANY), AND EXHIBIT "A" THAT ACCOMPANY THIS
AGREEMENT.

         IN WITNESS WHEREOF, the parties intending legally to be bound hereby
and for and in consideration of the mutual promises of each party contained
herein, have entered into this License Agreement as of the day and year first
above written.

<Table>
<S>                                         <C>
LICENSEE:                                   LICENSOR:
GWINNETT COMMUNITY BANK, a                  KR SNELLVILLE LLC, a  Delaware
Georgia corporation, trading as             limited liability company
"Gwinnett Community Bank"

                                            By:  KR Snellville Manager LLC,
                                                 a Delaware limited liability
                                                 company, its Managing Member

BY: (Signature) /s/ Thomas J. Martin        BY: (Signature): /s/ Louis P. Meshon, Sr.
                --------------------                        -------------------
NAME:  Thomas J. Martin                     NAME:  Louis P. Meshon, Sr.
      ------------------------------              -----------------------------
TITLE: Pres. & CEO                          TITLE: President
      ------------------------------              -----------------------------
            AUTHORIZED SIGNATORY                        AUTHORIZED PERSON

ATTEST: /s/ Ann K. Marshall
       --------------------------
(Corporate Seal)
</Table>

                                [END OF DOCUMENT]
<PAGE>
GWINNETT COMMUNITY BANK
     STORE #3
     1,400 SF

                                     [MAP]

                                SNELLVILLE OAKS
                                  EXHIBIT "A"

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