Document:

Document

Exhibit 10.2
This Agreement has been executed in English and Arabic; Arabic version has been omitted for purposes of this filing.

									
	
	Lucid Limited Company
	Date: 27/07/1443H

	Corresponding to: 28/02/2022G

	Dear Sirs,
	Credit Facility of SAR1,000,000,000/-
	
	We refer to the various discussions between Gulf International Bank Saudi Arabia, a Saudi closed joint-stock company with a capital of SAR7,500,000,000; commercial registration No. 2052001920 and unified No. 7001399042 ; P.O. Box 93413; zip code 11673; telephone: +966138664000; website www.gib.com; license number 2007 and operating under the Saudi Central Bank control and supervision (the "Bank") and Lucid Limited Company, Foreign Limited Liability company  organized and existing and doing business under the laws of the Kingdom of Saudi Arabia with Commercial Registration No. 1010716475 and unified No. 7023376614, dated 24/09/1442H, issued in Riyadh with its Head Office at  Riyadh ,Kingdom of Saudi Arabia (the "Borrower"),  in relation to the provision of certain banking facilities.  The Bank is pleased to offer to the Borrower the banking facilities outlined below (the "Facilities"), upon and subject to the terms and conditions contained in this facilities letter (the "Facilities Letter") and the applicable terms and conditions contained in the Master Terms and Conditions for the Facilities which is attached hereto as the First Schedule (the "Master Terms") and any annex (the "Annex") relating to a particular facility. The Master Terms and the relevant Annex are incorporated herein by reference, and save as amended hereby, form an integral part of this Facilities Letter (the Facilities Letter, the relevant Annex (in relation to a particular facility) and the Master Terms as amended or restated from time to time shall collectively hereinafter be referred to as the "Agreement").

	
	Unless the context requires otherwise, terms and expressions defined in the Master Terms and used in this Facilities Letter shall bear the meaning ascribed to them in the Master Terms. In the event of any conflict between this Facilities Letter and the Master Terms, the Facilities Letter shall prevail.
	
	1.    FACILITIES

	
	Committed Revolving, Facility. The Facilities are provided on a committed basis and Clause 22 (Termination) of the Master Terms shall not apply. The facilities can only be terminated pursuant to Clause 21 (Events of Default) of the Master Terms. 

	
	1.1    General
	
	Total Facilities Limit:
	SAR1,000,000,000/- (sub-limits specified for each facility in this Facilities Letter, shall be a sub-limit of the Total Facilities Limit for such facility)
	
	Termination Date:
	Three years from agreement date
	
	Obligors:
	The Borrower.

	
	Order Notes:
	Shall be required with respect to the amount of the Total Facilities Limit, and renewable annually 

	
	Conditions: 

	
	•upon requesting the issuance Letter of Credit below      SAR500,000.00 (Saudi Riyals Five Hundred Thousand), the Bank will charge processing fee of SAR1,000/- (Saudi Riyals One Thousand).

									
	
	•For any Loan of amount of less than SAR500,000/- (Saudi Riyals Five Hundred Thousand), the Bank will charge processing fee of SAR2,000/- (Saudi Riyals two Thousand) 

	
	Administration Fees:

	The Customer shall pay to the Bank administrative fee at the rate of (0.1%) of the Facility amount payable in advance.

	
	
	1.2    Bridge Loan
	
	Total Facility:
	A maximum aggregate amount of SAR 650,000,000/-

	
	Purpose:
	To grant CAPEX bridge financing to the company.
	
	Note:
	Incoming funds disbursed by MISA & SIDF will be utilized, in full towards, settlement of all outstanding amount under this limit.

	
	Commitment Fees:
	(0.15%) flat, payable quarterly in arrears, on the unutilized amount of the Facility.

	
	(A)    Short Term Advance Facility
	

	Sub-Limit:

	A maximum aggregate amount of SAR650,000,000/-.

	

	Drawdown Procedures:

	The Borrower must deliver to the Bank a Notice of Drawdown.
	

	Margin:

	(1.25%) per annum over (3) Months SAIBOR.

	

	Tenor:

	The maximum tenor of a Short Term Advance shall be (12) Months.

	

	Commission and Commission Periods:

	The Borrower shall pay commission on each Advance, in accordance with the Master Terms. The Commission Periods shall be (3) months.

	

	Repayment:

	The Borrower shall repay each Advance in accordance with the Master Terms.
			
	

			

			
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	(B)    LC Facility

	

	Sub-Limit:

	A maximum aggregate amount of SAR650,000,000/-.

	

	Letter of Credit:

	Sight, Usance, or Acceptance 

	

	Term:

	Documents must be submitted under an LC within (12) Months of the date of opening of the relevant LC.
	

	Drafts which are drawn under or pursuant to a usance LC must become payable by no later than the date falling (12) Months after acceptance for LC door to door and acceptance not to exceed (12) months

	
	Fee:

	Issuing/Opening Fee: (0.25%) per annum payable in advance, subject to a minimum charge of SAR1,000/-. 

	

	Acceptance Fee for usance LC: (0.25%)  per annum payable in advance for the period commencing on the date of acceptance of a Draft and ending on its Maturity Date. subject to a minimum charge of SAR1,000/-.

	

	Amendment Fee: In accordance with the Bank’s standard tariff.

	

	Application Procedures:

	The Borrower must deliver an Application for the issuance of LC
	

	Local Charges:

	The Bank may, instead of issuing an LC itself, procure that such LC is issued by a local issuing bank, in which case the obligations of the Borrower under this Facilities Letter or any Application in respect of such LC shall extend to such LC and to any counter indemnity issued by the Bank in favour of the local issuing bank in connection therewith.
	

	1.3    Working Capital Facilities:

	

	Total Facility:

	A maximum aggregate amount of SAR 350,000,000/-

	

	Purpose:

	For general corporate purposes
	

	Commitment Fees:

	(0.15%) flat, payable quarterly in arrears, on the unutilized amount of the Facility.

	
			
			
			
			

			
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	(A)    Short Term Advance Facility

	

	Sub-Limit:

	A maximum aggregate amount of SAR350,000,000/-.

	

	Drawdown Procedures:

	The Borrower must deliver to the Bank a Notice of Drawdown.
	

	Margin:

	(1.70%) per annum over (3) Months SAIBOR.

	

	Tenor:

	The maximum tenor of a Short Term Advance shall be (12) Months.

	

	Commission and Commission Periods:

	The Borrower shall pay commission on each Advance, in accordance with the Master Terms. The Commission Periods shall be (3) months.

	

	Repayment:

	The Borrower shall repay each Advance in accordance with the Master Terms.
	

	(B)    LC Facility

	

	Sub-Limit:

	A maximum aggregate amount of SAR350,000,000/-.

	

	Letter of Credit:

	Sight, Usance, or Acceptance 

	

	Term:

	Documents must be submitted under an LC within (12) Months of the date of opening of the relevant LC.
	

	Drafts which are drawn under or pursuant to a usance LC must become payable by no later than the date falling (12) Months after acceptance for LC door to door and acceptance not to exceed (12) months

	

Fee:

	Issuing/Opening Fee: (0.25%) per annum payable in advance, subject to a minimum charge of SAR1,000/-. 

	

	Acceptance Fee for usance LC: (0.25%) per annum payable in advance for the period commencing on the date of acceptance of a Draft and ending on its Maturity Date. subject to a minimum charge of SAR1,000/-.

	

	Amendment Fee: In accordance with the Bank’s standard tariff.

	

	Application Procedures:

	The Borrower must deliver an application for the issuance of LC
	

			
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	Local Charges:

	The Bank may, instead of issuing an LC itself, procure that such LC is issued by a local issuing bank, in which case the obligations of the Borrower under this Facilities Letter or any Application in respect of such LC shall extend to such LC and to any counter indemnity issued by the Bank in favour of the local issuing bank in connection therewith.
	

	2.    FINANCIAL INFORMATION

	

	The following financial information will be applicable for the purposes of Clause 18 (Financial Information) of the Master Terms:

	

	2.1Annual Audited Statements - The Borrower shall, as soon as the same become available, but in any event within 120 days after the end of each of its financial years, deliver to the Bank its financial statements, for such financial year.

	

	2.2Quarter Annual Statements - The Borrower shall, as soon as the same become available, but in any event within 60 days after the end of each quarter of its financial years, deliver to the Bank its financial statements, for such period.

	

	3.    OTHER CONDITIONS
	(a)    Covenants:

	

	The Borrower undertakes to the Bank in this paragraph (a) (Covenants) throughout the term of the Facilities, and as long as any sum is or may become payable under any Facility Document as follows:

	

	(i)No Change in Ownership - There shall  be no change in the shareholding of the Borrower without the prior written consent of the Bank.

	

	(ii)Borrower, to remain majority directly or indirectly owned by Lucid Group Inc throughout availability of the facilities.

	

	(iii)             Conditions related to 1.2 Bridge Loan:

	

	•Aggregate value of undisbursed amounts under the SIDF & MISA agreements to provide, at a minimum, 100% coverage of the limit and/or outstanding exposure. Facility limit will start adjusting downward, as the aggregate amount of undisbursed SIDF / MISA facilities reduces below SAR 650 million, such that a 100% coverage is always maintained.

	

	•Quarterly updates on project status and progression to be provided, in a form to be agreed between the parties

	

	(iv)The Bank shall have a right to match if the Borrower decides to enter into any hedging arrangements as it may deem fit to protect its commission rate exposure under the facilities and the SIDF facility.

	4.    Amendments to the Master Terms

	

	The provisions set out in the Addendum hereto shall be deemed to replace the equivalently numbered provisions set out in the Master Terms for the Facilities for the purposes of the Facilities Letter.
	

	5.    CONDITIONS PRECEDENT

			
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	Save as the Bank may otherwise agree, the Borrower may not deliver any Notice of Drawdown or Application hereunder less the Bank has received the following documents and each is in form and substance, satisfactory to the Bank:
	

	(a)    In relation to each of the Obligors:

	

	(i)    certified true up to date copies of its constitutive documents including its commercial registration certificate and articles of association, and any amendments thereto; and

	

	(ii)    Evidence in form and substance satisfactory to the Bank that the person or persons signing this Agreement and any other documents to be delivered pursuant to this Agreement have the authority to do so, along with their specimen signatures.

	

	(b)    An Order Note in an amount equal to the Total Facilities Limit.

	

	(c)    A copy, certified a true copy by a duly authorised officer of the Borrower, of the Original Financial Statements of the Borrower.

	

	(d)    This Facilities Letter, each Annex, the Master Terms and any other Facility Document duly signed by the appropriate Obligor.

	

	(e)    Any other documents required by the Bank and which are necessary for the Bank to comply with any "know your customer" requirements.

	

	(f)         Conditions related to 1.2 Bridge Loan:

	

	1.A copy of the final signed agreement between the Borrower and SIDF.

	

	2.A copy of the final signed agreement between the Borrower and MISA.

	
	3.Acknowledgement from SIDF of proceeds.

	

	4.Acknowledgement from MISA of proceeds.

	

			
			
			
			
			
			
			
			
			
			
			

			
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	Please indicate your agreement to the foregoing terms and conditions and the Master Terms, and all Facility Documents by signing the enclosed copy of this Facilities Letter and returning the same to the Bank [marked for attention of  Mr. Tristan Kermadec by no later than One month, failing which the offer of facilities set out in this Facilities Letter shall lapse without any further notice.
	
	Yours faithfully,
	
	For and on behalf of
	Gulf International Bank Saudi Arabia
			
			
	By:	/s/ Tristan Kermadec	
	Name:	Tristan Kermadec	
	Title:	Relationship Manager	
	Department:	Wholesale Banking	
			
			
	By:	/s/ Ahmed Al Attas	
	Name:	Ahmed Al Attas	
	Title:	Regional Head	
	Department:	Wholesale Banking	
			
	Encl.: Master Terms, Order Note and other Facility Documents
	

			
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	WE, THE BORROWER, ACCEPT AND AGREE TO THE TERMS SET OUT IN THIS AGREEMENT AND ACKNOWLEDGE THAT WE HAVE FULLY READ AND UNDERSTOOD THE FACILITIES LETTER AND THE TERMS AND CONDITIONS SET OUT IN THE MASTER TERMS AND THE RELEVANT ANNEXES AND AGREE TO BE BOUND BY THEM.
	
	Lucid Limited Company
			
	Authorised Officer Signature:	
/s/ Faisal Sultan	
	Signature Date	29th April 2022
	
	Name:	Faisal Sultan	
	Address:	3074 Prince Muhammad Ibn Abdulaziz Rd	
		Al Olaya, Riyadh, KSA
	
	
	
	** I, the undersigned, employee of Gulf International Bank Saudi Arabia hereby confirm that the above signatory (ies) as authorised signatory (ies) of the Borrower signed this Agreement in my presence.
		
	Signature:	/s/ Salah AlMhqani	
	Name:	Salah AlMhqani	
	Date:	29th April 2022
	

			
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Addendum to Facilities Letter dated 27/07/1443H Corresponding to 28/02/2022G (the “Facility Letter”) between Lucid Limited Company and Gulf International Bank – Saudi Arabia

The provisions set out below shall be deemed to replace the equivalently numbered provisions set out in the Master Terms and Conditions for the Facilities for the purposes of the Facility Letter 

2. THE FACILITIES 
Grant and Application of the Facilities. The Bank grants to the Borrower through the Facility Office, upon the terms and subject to the conditions hereof,  working facilities provided in accordance with the terms of the Facilities Letter. The Bank shall not be obliged to concern itself with the  application of proceeds of the Facilities.

3. SECURITY FOR FACILITIES 
Security. As security for the performance of the Borrower's obligations under the Facility Documents, the Borrower shall execute, and shall procure that any other relevant Obligor executes, the Security Documents applicable to it. The Bank may at its discretion acting reasonably require the Borrower (or another Obligor) to: execute such further deeds and documents for the purpose of more fully securing and/ or perfecting the security created or to be created in favour of the Bank. The Bank may enforce and exercise the rights over the property the subject of any Security Document pursuant to this Agreement directly following the Bank’s application for, and receipt of, a certificate of direct enforcement issued by the Unified Register pursuant to the Rights on Movable Assets Security Law.
Registration. The Bank acknowledges that it is responsible for filing a registration of the security interests contemplated or created under the Security Documents with the Unified Register. Following any such filing by the Bank, the Borrower shall promptly (and at the request of the Bank) take all necessary steps within its control to effect the registration of such security interest and the Borrower shall not object to any such filing by the Bank unless there is any error in respect of the filing and such error is promptly notified to the Bank by the Borrower. The Borrower shall reimburse the Bank within 15 Business Days of written demand for all costs and expenses reasonably incurred by the Bank in registering the security interests contemplated or created by the Security Documents with the Unified Register.

4. ADVANCE FACILITIES 
4.1 Utilisation. An Advance may1 be made by the Bank to the Borrower provided the Borrower delivers to the Bank a duly completed Notice of Drawdown therefor, which shall comply with the terms mentioned in the Facilities Letter, not more than ten (10) nor less than three (3) business days before the proposed date for the making of such Advance:
(a) in the case of a Suppliers Invoice Advance, a copy, certified a true copy by a duly authorised officer of the Borrower, of the Supplier Invoice against which such Supplier Invoice Advance is requested to be made is provided; and
(b) in the case of a Refinancing Advance, the proposed amount of such Refinancing Advance is an amount equal to the Required Amount which is to be refinanced by such Refinancing Advance;
Receipt by the Bank of the Notice of Drawdown shall oblige the Borrower to borrow the amount therein requested on the date therein stated upon the terms and subject to the conditions contained herein.

6. [NOT USED] 7. [NOT USED] 8. [NOT USED]9. [NOT USED]

10. UTILISATION OF THE BANK UNDERTAKING FACILITY 
10.1 Delivery and Contents of Application. The Bank may issue a Bank Undertaking, provided the Borrower delivers to the Bank a duly completed Application therefor, which shall comply with the terms mentioned in the Facilities Letter, terms mentioned in the Facilities Letter, not more than ten (10) nor less than three (3) business days before the proposed Issue Date for such Bank Undertaking. Each Application delivered to the Bank pursuant to this Clause shall be irrevocable and shall specify, among other things, the details as may be required by the Bank to enable it to issue the Bank Undertaking and the proposed form of the Bank Undertaking the proposed form of the Bank Undertaking requested, which shall be acceptable to the Bank in its sole discretion.
10.2 Amendments and Waivers. Notwithstanding the foregoing and for the avoidance of doubt, the Bank may, at any time in its sole discretion and without giving notice to the Borrower, waive or amend any of the conditions set forth in this Clause.

13. TAX 
13.1 Gross-up. All payments (including without limitation, in relation to fees) to be made by in relation to fees) to be made by an Obligor to the Bank hereunder and under each transaction shall be made free and clear of and without deduction for or on account of tax or VAT. If any Tax Deduction is required by  law, that Obligor shall increase the payment to the Bank to ensure that, after the making of the required deduction or withholding, the Bank receives and retains a net sum  equal to the sum which it would have received and so retained had no such  deduction or withholding been made or required to be deduction or withholding been made or required to be made. The relevant Obligor shall provide evidence shall provide evidence satisfactory to the Bank acting reasonably of the payment of such taxes to the relevant tax authorities.

1 Committed not uncommitted.
			
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13.2 Obligation to notify the Bank. The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Bank accordingly.
13.3 Tax Payments. For the avoidance of doubt, any applicable tax or VAT shall be charged to, and payable by, the relevant Obligor in addition to any fees or other amounts payable under the Facility Documents, subject (in the case of VAT) to the provision of a valid VAT invoice by the Bank. If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.
13.4 Indemnity. Without prejudice prejudice to the foregoing, if the Bank is required to make any payment on account of tax or VAT (not being a tax or VAT imposed on and calculated by reference to its income or zakat) or otherwise on or in relation to any sum received or receivable by it hereunder or any liability in respect of any such payment is asserted, imposed, levied or assessed against the Bank, the relevant Obligor shall, upon shall, upon demand of the Bank, promptly indemnify the Bank against such payment or liability, together with any against such payment or liability, together with any commission, penalties, costs and expenses payable or incurred in connection therewith, save to the extent resulting from the gross negligence, fraud or willful misconduct of the Bank.
13.5 VAT. Where an Obligor is required to reimburse or indemnify the Bank for any cost or expense, that Obligor shall reimburse or indemnify (as the case may be) the Bank for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that the Bank reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.
13.6 VAT Registration. In relation to any supply made by the Bank to any Obligor under a Finance Document, if reasonably requested by the Bank, that Obligor must promptly provide the Bank with details of that Obligor’s VAT registration and such other information as is reasonably requested in connection with the Bank 's VAT reporting requirements in relation to such supply.
13.7 Stamp Taxes. The Borrower shall pay all stamp, registration and other taxes to which any of the Facility Documents and the Security Documents or any judgment given in connection therewith is or at any time may be subject and shall, from time to time on demand of the Bank, indemnify the Bank against any liabilities, costs, claims and expenses resulting from any failure to pay or any delay in paying any such tax.

14. INCREASED COSTS 
14.1 The Borrower shall, within 15 Business Days of a demand by the Bank, pay the Bank the amount of any Increased Costs incurred by the Bank or any of its affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the date of this Agreement.
14.2 Paragraph 14.1 above does not apply to the extent any Increased Cost is:
(a) attributable to a Tax Deduction required by law to be made by an Obligor; 
(b) compensated for by Clause 13.4 (Indemnity) (or would have been compensated for under Clause 13.4 (Indemnity); or
(c) relates to the implementation of Basel II.

15. [NOT USED] 

16. REPRESENTATIONS 
The Borrower makes the following representations and warranties on its and each Obligor’s behalf and acknowledges that the Bank has entered into the Facility Documents in reliance on those representations and warranties. Each of the following Representations shall be made on the date of these Master Terms and, shall be deemed to be repeated by the Borrower, on each day any amounts (actual or contingent) are owing by the Obligors (whether as principal or as surety) to the Bank:
16.1 Status and Due Authorisation. Each Obligor is a legal entity duly organised under the laws of its establishment with power to enter into each of the Facility Documents and to exercise its rights and perform its obligations under the Facility Documents; subject to generally applicable principles of applicable law, the obligations expressed to be assumed by it in each of the Facility Documents are legal and valid obligations binding on it in accordance with the terms thereof; and all corporate and other action required to authorise its execution of each Facility Document and its performance of its obligations thereunder has been duly taken.
16.2 Claims Pari Passu. Under the laws of each Obligor’s jurisdiction of establishment and business in force at the date hereof, the claims of the Bank against it under each of the Facility Documents will rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are preferred solely by any bankruptcy, insolvency, liquidation or other similar laws of general application.
16.3 Admissibility in Evidence. All acts, conditions and things required to be done, fulfilled and performed in order to make each of the Facility Documents admissible in evidence in its jurisdiction of incorporation or business (other than translation thereof into Arabic (if required)) have been done, fulfilled and performed.
16.4 No Winding-up. No member of the Group has taken any corporate action nor have any other steps been taken or legal proceedings been started or (to the best of its knowledge and belief) threatened against any member of the Group for its winding-up, dissolution or administration or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer of it or of any or all of its assets or revenues.
16.5 No Material Adverse Change. Since publication of the Original Financial Statements of the Obligors, there has been no material adverse change in its business or financial condition which materially adversely affects or is 
			
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likely to materially adversely affect its ability to meet any obligations under the Facility Document , nor any action or administrative proceeding of or before any court or agency which might have such  a material adverse effect , has been started or threatened which has not been notified to the Bank.
16.6 Full Disclosure. All of the written information supplied by any member of the Group to the Bank in connection herewith is true, complete and accurate in all material respects and it is not aware of any material facts or circumstances that have not been disclosed to the Bank and which might, if disclosed, adversely affect the decision of a person considering whether or not to provide finance to the Borrower or to provide such finance against the security of a guarantee issued by the Guarantor (if any).
16.7 Encumbrances. Other than the permitted encumbrance, no encumbrance exists over all or any of the present or future revenues or assets of any member of the Group other than security granted in favour of the Saudi Industrial Development Fund or otherwise where the principal amount secured by such encumbrance does not exceed SAR50,000,000.
16.11 Governing Law and Judgments. Subject to any generally applicable principles of Saudi Arabian law, in any proceedings taken in its jurisdiction of incorporation or business in relation to the Facility Documents, the choice of the governing law and any judgment obtained in the jurisdiction referred to in Clause 26 (Law and Jurisdiction) will be recognised and enforced.
16.13 Execution of the Documents. Its execution of each of the Facility Documents, the Security Documents and its exercise of its rights and performance of its obligations thereunder do not and will not: (a) conflict with any agreement, mortgage, bond or other instrument or treaty or which is binding upon it or any of its assets; (b) conflict with its constitutive documents and rules and regulations; or (c) conflict with (subject to any generally applicable rules of Saudi Arabian law) any applicable law, regulation or official or judicial order, each in any material respect.

17. UNDERTAKINGS 
17.1 The Borrower shall promptly notify the Bank should it be reasonably likely that an Obligor will either be required to enter into, or will apply to the relevant authorities to enter into, a composition with its creditors or any similar regulatory arrangement.
16.8 Issues of Shares. The Borrower shall ensure that, without the prior written consent of the Bank, issue any further shares or alter any rights attaching to its issued shares in existence at the date hereof.
16.9 Loans and Guarantees. The Borrower guarantee to ensure that shall not, without the prior written consent of the Bank, make any loans, grant any credit (save in the ordinary course of business) or give any guarantee or indemnity (except as required hereby) to or for the benefit of any person or otherwise voluntarily assume any liability, whether actual or contingent, in respect of any obligation of any other person.
16.10 Insurances. Sufficient insurances on and in relation to its business and assets are maintained by the Group, with reputable underwriters or insurance companies against such risks and to such extent as is usual for companies carrying on a business such as that carried on by such member of the Group.
16.11 Further Acts The Obligor undertakes to sign all assignments, subrogations and any other documents that the Bank reasonably requires and to execute such instruments in order to establish and secure its rights arising under the Facility Documents. The Obligor authorises the Bank to sign on its behalf all documents needed to be signed in order to give effect to its obligations under the Facility Documents.
17.2 To the maximum extent permitted by law the Borrower shall, in circumstances where it is in a process under the Insolvency Law, comply with the instructions of the Bank in relation to   the extension of the term of any financing granted by the Bank to the Borrower, including for the extension of any Bank Undertaking (except that any such extension or renewal of such financing or Bank Undertaking shall not be considered a new Facility or a new utilisation under an existing Facility or the issuance of a new Bank Undertaking and shall be a continuation of an existing Facility that has been utilised).

18. FINANCIAL INFORMATION 
18.1 Financial Information The Borrower shall and shall procure that each of the Obligors shall furnish the financial information as required pursuant to the Facilities Letter and shall from time to time about the business and financial condition of the Group as the Bank may reasonably require.
18.2 Requirements as to Financial Statements The Borrower shall and shall procure that each of the Obligors shall ensure that each set of financial statements delivered by it pursuant to this Clause: (a) is prepared on the same basis as was used in the is prepared on the same basis as was used in the preparation of its Original Financial Statements and in accordance with accounting principles generally  accepted in the country of its incorporation and business and consistently applied; (b) is certified by a duly authorised officer (including the managing director or equivalent person) of such Obligor as giving a true and fair view of its financial condition (or, in the case of financial statements of the  Guarantor, the financial condition of the Group) as at the end of the period to which those financial statements relate and of the results of its (or, as the case may be, the Group's) operations during such case may be, the Group's) operations during such period and confirming that there are no liabilities confirming that there are no liabilities (contingent or otherwise) which were not disclosed thereby (or by the notes thereto) reserved against therein nor were there at that date any unrealised or anticipated losses arising from commitments entered into by it which were not so disclosed or reserved against; (c) to the extent that the Facilities Agreement sets out financial condition ratios to be complied with, a Compliance Certificate setting out (in reasonable detail) computations as to compliance with reasonable detail) computations as to compliance with Clause 19 (Financial Condition) of the Master Terms and paragraph  as at the date as at which those financial statements were drawn up; each Compliance Certificate (to the extent one is required to be delivered) shall be 
			
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signed by a duly authorised officer Certificate shall be signed by a duly authorised officer (including the Chief Financial Officer or equivalent person) of the relevant Obligors and, if required to be to be delivered with the financial statements delivered pursuant to Clause 2.1 (Annual Statements) of the Facilities Letter, shall be reported on by the relevant Facilities Letter, shall be reported on by the relevant Obligor's auditors; and (d) each set of financial statements delivered by it pursuant to Clause 2.1 (Annual Statements) of the Facilities Letter has been audited by an internationally recognised firm of audited by an internationally recognised firm of independent auditors licensed to practise in the relevant jurisdiction.

19. FINANCIAL CONDITION 
19.1 Financial Condition. At all times, the consolidated financial condition, as evidenced by financial statements prepared on the same basis as was used in the preparation of its Original Financial Statements, shall be as prescribed in the Facilities Letter (but only to the extent that the Facilities Letter sets out specific requirements in relation  to financial condition).

21. EVENTS OF DEFAULT 
Events of Default provisions detailed in Schedule 2 (Events of Default) attached to these Master Terms, shall apply the Facilities granted hereunder.

22. [NOT USED]

23. JOINT AND SEVERAL LIABILITY
23.1 Joint and Several Liability. The obligations of the Borrowers hereunder (in case there are multiple Borrowers hereunder (in case there are multiple Borrowers) are joint and several and the term "the Borrowers) are joint and several and the term "the Borrower" when used  herein means each of the Borrowers jointly and severally.
23.2 No Impairment. The rights of the Bank against a Borrower shall not be revoked or impaired by (a) any contingency affecting the other Borrowers, (b) time or any indulgence being granted or agreed to be granted to the other Borrowers in respect of their obligations hereunder, (c) any invalidity, voidability, ineffectiveness or unenforceability of this agreement as against the other Borrowers for any reason as against the other Borrowers for any reason whatsoever, whether or not known to the or any other person or (d) the revocation or release of any or release of any liabilities hereunder of the other Borrowers.
23.3 No Right of Contribution. None of the Borrowers shall, without the prior written consent of the Bank, exercise any right to claim any contribution  from the other Borrowers in respect of its obligations hereunder until none of the Borrowers are under any further  actual or contingent liability of any nature hereunder, and to the extent that any of the Borrowers do  exercise such rights, it will hold the proceeds of every such claim in trust for the Bank to be applied in such claim in trust for the Bank to be applied in satisfaction of the obligations of the Borrowers hereunder.

24. MISCELLANEOUS 
24.1 Default Commission Periods. If any sum due and payable by any of the Obligors hereunder is not paid on the due date therefor in accordance with the provisions of this Agreement or under any judgment of any court in connection herewith is not paid on the date of such judgment (such unpaid amount being herein referred to as an "unpaid sum"), such unpaid sum shall bear commission at the rate of three (3%) per annum over the rate which would have been applicable (based on SAIBOR and margin under the Facility Agreement) had the overdue sum been an Advance over the period for which it was overdue  . Any commission in respect of an unpaid sum shall be due and payable by the Obligor owing such unpaid sum on the dates specified by the Bank.
24.2 Broken Periods. If the Bank receives or recovers all or any part of an Advance otherwise than on the last day of the Term relating to that Advance, the Borrower shall pay to the Bank within 15 business days demand by the Bank, an amount equal to the amount (if any) by which (a) the additional commission which would have been payable on the amount so received or recovered had it been received or recovered on the last day of that Term exceeds (b) the amount of commission which in the opinion of the Bank would have been payable to the Bank on the last day of that Term in respect of a riyal deposit equal to the amount so received or recovered placed by it with a prime bank in London for a period starting on the business day following the date of such receipt or recovery and ending on the last day of that Term. The Bank shall promptly account to the Borrower for any break gain resulting from such early recovery.
24.3 Borrower's Indemnity. The Borrower undertakes to indemnify the Bank within 15 business days of demand by the Bank against: (a) any cost, claim, loss, expense (including reasonably and properly incurred legal fees) or liability together with any tax or VAT thereon, which it may sustain or incur as a result of any Default by any of the Obligors in the performance of any of the obligations under any Facility Document; and (b) any loss it may suffer or incur as a result of its funding or making arrangements to fund an Advance requested by the Borrower hereunder but not made by reason of the operation of any one or more of the provisions hereof, save to the extent (in the case of either (a) or (b)) caused by the gross negligence, fraud or willful default of the Bank and subject to the Bank providing reasonably supporting evidence in relation to the sums claimed, taking reasonable steps to mitigate any loss and (for the avoidance of doubt) excluding Bank management time .
24.4 Currency of Payment. (a) each payment in respect of costs and expenses shall be made in the currency in which the same were incurred; (b) each payment of commission shall be made in the currency in which the sum in respect of which such commission is payable is denominated; (c) each payment in respect of a Discounting Instrument or Bank Undertaking shall be made in the currency in which the Bank is required to make payment 
			
	Page 12 of 16

under such Discounting Instrument or Bank Undertaking; and (d) each payment pursuant to Clause 13 (Tax) shall be made in SAR.
24.5 Currency Indemnity. In case any sums due by an Obligor hereunder, whether before or after judgment, has to be converted from one currency to another, for any purpose whatsoever, the Bank shall be entitled to convert such currency at rate or rates of exchange at which the Bank may in the ordinary course of business purchase such currency. The Borrower shall indemnify and hold harmless the Bank from and against any loss suffered or incurred as a result of any discrepancy between (i) the rate of exchange used for such purpose to convert the sum in question from one currency into another and (ii) the rate or rates of exchange at which the Bank may in the ordinary course of business purchase such currency with the other currency upon receipt of a sum paid to it in satisfaction of amounts due to the Bank, save to the extent resulting from the gross negligence, fraud or willful default of the Bank.
24.6 Payments to the Bank. On each date on which any of the Facility Documents requires an amount to be paid by any of the Obligors, such Obligor shall make the same available to the Bank for account of the Facility Office by payment in same day funds to such account as the Bank may have specified for this purpose.
24.7 Payments to the Borrower. On each date on which any of the Facility Documents requires an amount to be paid by the Bank to the Borrower hereunder, the Bank shall make the same available by application: (a) first, in or towards payment the same day of any first, in or towards payment the same day of any amount then due from the Borrower to the Bank; and amount then due from the Borrower to the Bank; and (b) secondly, in payment to the Borrower to such bank (b) secondly, in payment to the Borrower to such bank and account as the Borrower may have specified for nt as the Borrower may have specified for this purpose.
24.8 Alternative Payment Arrangements. If, at any time, it shall become impracticable (by reason of any action of any governmental authority or any change in law, exchange control regulations or any similar event) for any of the Obligors to make any payments hereunder in the manner specified in Clause 24.6 (Payments to the Bank), then such Obligor may agree with the Bank alternative arrangements for such payments to be made, provided that, in the absence of any such agreement, such Obligor shall be obliged to make all payments due to the Bank in the manner specified herein.
24.9 No Set-off. All payments required to be made by any of the Obligors shall be calculated and be made without (and free of and clear of any deduction for) any set-off or counterclaim.
24.10 Contractual Set-off. Each of the Obligors authorises the Bank to apply any credit balance to which such Obligor is entitled on any account of such Obligor with the Bank or any of its branches or subsidiaries in any jurisdiction, in satisfaction of any sum due and payable from such Obligor to the Bank, regardless of the place of payment, booking branch or currency of either obligation; for this purpose, the Bank is authorised to purchase with the moneys standing to the credit of any such account such other currencies as may be necessary to effect such application. Furthermore, without prior notice, the Bank shall sell any securities or property of the Obligors held by the Bank and retain from the proceeds the total amount remaining unpaid, including all expenses arising from such sale, and the Obligors shall be responsible to the Bank for any deficiency and will pay on demand to the Bank the amount of such deficiency. The Bank’s rights under this section are in addition to any other rights the Bank may have. The Bank shall not be obliged to exercise any right given to it in this Clause.
24.11 Transaction Expenses. The Borrower shall, from time to time on demand of the Bank, reimburse the Bank for all reasonably costs and expenses (including reasonably and properly incurred legal fees) together with any tax or VAT thereon incurred by it in connection with the negotiation, preparation  and execution of each of the Facility Documents and the Security Documents and the completion of the transactions therein contemplated (it being acknowledged that no such transaction expenses are required to be reimbursed as at the date of the Facility Letter). 
24.12 Preservation and Enforcement of Rights. The Borrower shall, from time to time on demand of the Bank, reimburse the Bank the amount of all reasonably and properly incurred costs and expenses (including reasonably and properly incurred legal fees) together with any tax or VAT thereon incurred in or in connection with the preservation and/or enforcement of any of its rights under any of the Facility Documents and the Security Documents.
24.13 Bank's Costs. The Borrower shall, from time to time within 15 business days of demand by the Bank (and without prejudice to the provisions of Clause 24.12 (Preservation and Enforcement of Rights) compensate the Bank for out of pocket costs  (excluding management time)  and reasonably and properly incurred legal fees incurred by the Bank in connection with its taking such action as it may reasonably deem appropriate or in complying with any request by the Obligors or any of them in connection with: (a) the granting or proposed granting of any waiver or consent requested under any of the Facility Documents or the Security Documents by the Obligors or any of them; (b) any ted breach by the Obligors or any of them of its obligations under any of the Facility Documents or the Security Documents; or (c) any amendment or proposed amendment to any of the Facility Documents or the Security Documents requested by the Obligors or any of them.
24.14 Binding Agreement. These Master Terms shall be binding upon and ensure to the benefit of each party hereto or identified in the Facilities Letter to whom the terms of the Master Term apply and its or any subsequent successors and assigns.
24.15 Assignments and Transfers. None of the Obligors shall be entitled to assign or transfer all or any of its rights, benefits and obligations hereunder. The Bank may at any time assign any or all of its rights or transfer any or all of its rights and obligations hereunder or any other Facility Documents to any third party which is a licensed bank  . 
24.16  [Not Used]. 
			
	Page 13 of 16

24.17 Disclosure of Information. Each of the Obligors hereby irrevocably and unconditionally authorises the Bank to disclose to any member of the Bank Group and their officers, directors, employees, agents, representatives, professional advisors and auditors and any other person: 
(a) to (or through) whom the Bank assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under any other Facility Documents, subject to such person having first entered into a confidentiality agreement on reasonably market standard terms ; 
(b) with (or through) whom the Bank enters into (or may potentially enter into) any sub--participation in relation to, or any other transaction under which payments are to be made by reference to, or any payments are to be made by reference to, or any other Facility Documents or the Borrower, subject to such person having entered into a confidentiality agreement on reasonably market standard terms; 
(c) (i) where requested or required by any court of competent jurisdiction or any competent judicial, governmental, supervisory or regulatory body, (ii) where required by the rules of any stock exchange on which the shares or other securities of any on which the shares or other securities of any member of the Bank Group are listed or (iii) where required by the laws or regulations of any country jurisdiction over the affairs of any member of the Bank Group;
(d) in connection with any legal, arbitral or other similar proceedings relating to any other Facility similar proceedings relating to any other Facility Documents and the Security Documents;  or
(e) who may reasonably require information for the purpose of performing their services in relation to any Facility Documents and the Security Documents or to provide advice to the Bank in advice to the Bank in relation to any of the Facility Documents and relation to any of the Facility Documents and Security Documents subject to any such person being under an obligation of confidentiality ,
(f) with the prior written consent of the consent of the relevant Obligors, or
(g) to any rating agency (to any rating agency (including its professional its professional advisers), any information about such Obligor, any member of the Group, the Facility Documents and the Security Documents or any other document relating to these Master Terms as the Bank shall consider appropriate. For the purposes of this Clause, "Bank Group" means the Bank and any of its branches, subsidiaries or affiliates in any jurisdiction.
24.18 Additional Borrower Provided that it is expressly permitted in the Facilities Letter and subject to compliance with Clause 20.3 (KYC on Additional Borrower), the Borrower may request that any of its subsidiaries becomes an Additional Borrower. That subsidiary shall (provided that the Bank agrees) become an Additional Borrower if: (a) the Borrower and subsidiary deliver to the Bank a duly completed and executed Accession Letter; and (b) the Bank has received all of the documents and other evidence as listed in Clause 6 of the Facilities Letter (Conditions Precedent) in relation to that Additional Borrower, each in form and substance satisfactory to the Bank.
24.19 Basis of Accrual. Any commission or fee shall accrue from day to day and shall be calculated on the basis of a year of 360 days (or, in any case where market practice differs, in accordance with market practice) and the actual number of days elapsed.
24.20 Evidence of Debt. The Bank shall maintain in accordance with its usual practice accounts evidencing the amounts from time to time lent by and owing to it hereunder; in any legal action or proceeding arising out of or in connection with these Master Terms, the entries made in such accounts shall be prima facie evidence of the existence and amounts of the obligations of the Obligors therein recorded.
24.21 Order Notes. If an Order Note delivered pursuant to the Facility Documents (an "Expiring Note") remains in issue on the date which falls eleven (11) months after the date on which it was issued (or such other period as the Bank may determine) the Borrower shall deliver to the Bank by such date a substitute Order Note in the same amount as the Expiring Note.
24.22 Remedies and Waivers. Neither failure by the Bank to exercise, nor any delay by the Bank in exercising, any right or remedy hereunder shall operate as a waiver thereof or constitute an election to affirm this document, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. No election to affirm this document on the part of the Bank shall be effective unless it is in writing. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.
24.23 Partial Invalidity. If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired.
24.24 Complaints. If the Borrower has any complaint with regard to the services provided by the Bank, the
Borrower may refer to the Bank’s complaint handling procedures available at www.gib.com.

25. NOTICES 
25.4 Arabic Language. Each communication and document made or delivered by one party to another pursuant to these Master Terms shall be in the English language or accompanied by a translation thereof into English certified (by an officer of the person making or delivering the same) as being a true and accurate translation thereof.

SCHEDULE 1

1. Definitions and Interpretation 
"Compliance Certificate" means a certificate in form and substance satisfactory to the Bank acting reasonably.
"Finance Document" means these Master Terms and Conditions and the Facility Letter.
			
	Page 14 of 16

2. Interpretation.  Any reference in these Master Terms to:
an Event of Default is "continuing" if it has not been remedied or waived.

SCHEDULE 2

Events of Default

1. Events of Default. Each of the following events and circumstances shall be an Event of Default:
(a) Any Obligor fails to pay any sum payable by it to the Bank in in respect of any the Borrower’s liabilities within five (5) business days of its due date where the delay is due to payments system failure or administrative error, or otherwise on its due date ;
(b) Any Obligor or any Security Provider fails  duly perform or comply with any of its/his respective obligations under any Facility Document, these Master Terms or any Security Document, these Master Terms or any Security Document (other than those which are the subject of Clause 1 (Events of Default) and, in respect only of a failure which is capable of remedy, does not remedy such failure within 21  days (or such longer period as the Bank may approve) from the first to occur of (i) the Borrower becoming aware of the relevant  failure and (ii) receipt of written notice from the Bank requiring it to do so;
(c) Any  representation or warranty made or deemed to be made by any Obligor or any Security Provider  in or in connection with any Facility Document, these Master Terms or any Security  Document proves to have been incorrect or misleading in any respect which is material and which is not remedied  within 30 days (or such longer period as the Bank may approve) from the first to occur of (i) the Borrower becoming aware of the relevant  misrepresentation and (ii) receipt of written notice from the Bank requiring it to do so;
(d) Any indebtedness of any Obligor in an aggregate amount exceeding SAR 150,000,000 becomes payable or capable of being declared payable before its or capable of being declared payable before its stated maturity or is not paid when due;
(e) The occurrence of a Liability Event.
(f) Any execution, attachment or other legal process or other legal process is  made or enforced against all or any part the business or assets of an Obligor and is not complied with or discharged within 60  days;
(g) Including pursuant to the Insolvency Regulations, a petition is presented or a proceeding is commenced or an order is made or an effective resolution is passed or a notice is issued convening any meeting for the purpose of passing any resolution or any other step is taken for the winding--up, insolvency, bankruptcy, up, insolvency, bankruptcy, reorganisation or reconstruction of an Obligor , or for the appointment of a liquidator, for the appointment of a liquidator, receiver, trustee or similar officer of an Obligor or of all or any part of its business or assets save where there is a petition which is being contested in good faith which is dismissed within 60 days;
(h) An Obligor stops or suspends payments to its creditors or any class of its creditors, or is unable or under applicable law is deemed to be unable or to be unable or admits its inability to pay its debts as they fall due, or seeks to enter into any composition or other arrangement with its creditors or any class of its creditors or commences any process for the relief of debtors, or is or is declared or becomes insolvent or bankrupt;
(i)  An Obligor ceases to carry on all or any substantial part of its business (save that the Borrower changing the number or types of electric vehicle models it manufactures, or switching between semi knock-down and complete build up operations, or changes to its research and development activities, shall not constitute ceasing to carry on a substantial part of the business);
(j)  Any of the authorisations required in connection with the entry into, performance, validity and  enforceability of any Facility Document, the enforceability of any Facility Document, the Master Terms, the Order Notes and Master Terms, the Order Notes and the  Security Documents and the transactions contemplated hereby and thereby ceases to be in full force and effect in a respect which is material and is not remedied with 30 days from the first to occur of (i) the Borrower becoming aware of the relevant  issue and (ii) receipt of written notice from the Bank requiring it to do so,;
(k) Any change in any law or regulation, does or purports to vary (in a respect which is adverse to the Bank), suspend, terminate or excuse performance by the Borrower or any other Obligor of any of its respective obligations under as under any Facility Document in a respect which is material, these Master Terms, any Order Note or any Security Document, or any material provision hereof or thereof ceases for any reason to be in full force effect or becomes unenforceable, , it becomes unlawful or impossible, in a respect which is material, for the Borrower or any other Obligor to perform any of its respective obligations under any Facility Document, these Master Terms, any Order Note or Document, these Master Terms, any Order Note or any Security Document or for the Bank to exercise all or any of its rights, powers and all or any of its rights, powers and remedies hereunder or thereunder which, in the case of any of the foregoing, is not remedied within 30 days from the first to occur of (i) the Borrower becoming aware of the relevant  issue and (ii) receipt of written notice from the Bank requiring it to do so,  or the Borrower or any other Obligor disputes the validity or other Obligor disputes the validity or enforceability of or purports to terminate or repudiates any Facility Document, these Master Terms, any Order Note or any Security Document, or  the Borrower or any other Obligor disputes the validity repudiates any Facility Document, these Master Terms, any Order Note or any Security Document in any material respect as constituting its legal, valid and binding obligations (excluding interpretative disputes about the meaning of provisions or their application to a particular set of facts);  
(l) An event occurs which materially adversely affects the ability of an Obligor or Security Provider  to perform its obligations under any Facility Document or any Security Document or the enforceability or priority of the security 
			
	Page 15 of 16

under  any Facility Document or ay Security Document  has been or will be materially and adversely affected; and/or
(n) By or under the authority of the  government of Saudi Arabia,  equity, board or management control is taken over any Obligor  the whole or any part (the book value of which is 60 per cent or more of the book value of the whole) of its revenues or assets are seized, nationalised, expropriated or compulsorily acquired.

2. Acceleration and Cancellation. At any time when an Event of Default has occurred and is continuing  the Bank shall be entitled, notwithstanding any provision, express or implied, in any  Facility Document, by notice to the Obligor: (a) require the Obligors immediately to pay all amounts payable by the Borrower under any relevant Facility Document, where upon they shall become immediately due and payable; and/or (b) require an Obligor to place and maintain on deposit in an account designated for this purpose by the Bank such amount by way of cash cover as the Bank considers in its absolute discretion will be sufficient to meet the Borrower liabilities to the Bank; and/or (c) exercise its right against an Obligor or under a guarantee or a Security Document.

			
	Page 16 of 16EXHIBIT 10.1

  

  

    

    

    

    EMPLOYMENT AGREEMENT

    

    

    THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of May 24, 2021 (the “Effective Date”), by and among Affinity Bancshares, Inc., a federally-charted corporation organized under
        the laws of the United States of America (the “Company”), Affinity Bank, a federally-chartered savings association organized under the laws of the United States of America (the “Bank” and together with the Company, the “Employer”), and Brandi Pajot, a resident of the State of Georgia (the “Executive”).

    

    

    RECITALS:

    

    

    WHEREAS, the Employer desires to employ the Executive on the terms and conditions set forth herein;

    

    

    WHEREAS, the Executive desires to be employed by the Employer and is willing to enter into this Agreement in consideration of the agreements set forth below;

    

    

    NOW THEREFORE, in consideration of the foregoing and for
        good and valuable consideration, the receipt, adequacy, and sufficiency of which are hereby acknowledged, the Employer and the Executive hereby agree as follows:

    

    

    
      	
              1.

            	
              Definitions.

            

    

    

    

    Whenever used in this Agreement, the following terms and their variant forms shall have the meaning set forth below:

    

    

    1.1 “Affiliate” shall mean any business entity which controls the Employer or is controlled by or is under common control with the Employer.

    

    

    1.2 “Agreement” shall mean this Agreement and any exhibits incorporated herein together with any amendments hereto made in the manner described in this Agreement.

    

    

    1.3 “Area” shall mean any county in which the Bank
        maintains an office or has pending an application for regulatory approval to open an office.

    

    

    1.4 “Average Monthly Compensation” shall mean the quotient determined by dividing the sum of the Executive’s then current Base Salary
        (as defined in Section 4.1 hereof) and the greater of the most recently paid Non-Equity
        Incentive Compensation (as defined in Section 4.2 hereof) or the average of
          Non-Equity Incentive Compensation paid over the three most recent years by twelve.

    

    

    1.5 “Board of Directors” shall mean either or each Employer’s Board of Directors, as applicable and as the context requires.

    
      
        

    

    
    

    

    1.6 “Business of the Employer” shall mean the business conducted by the Employer and its Affiliates, which is the business of banking, including the solicitation of time and demand deposits and the making of residential, consumer, commercial and corporate loans.

    

    

    1.7 “Cause” shall mean termination of employment because of, in the good faith determination of
        the Employer, the Executive’s:

    

    

    (i) material act of dishonesty or fraud in performing the Executive’s duties on behalf of the Bank or the Company;

     

      

    (ii) willful misconduct that in the judgment of the Board of Directors will likely cause economic damage to the Employer or injury to the business reputation of the Employer;

     

      

    (iii) incompetence (in determining incompetence, the acts or omissions shall be measured against standards generally prevailing in the banking industry);

     

      

    (iv) breach of fiduciary duty involving personal profit;

     

      

    (v) intentional failure to perform stated duties under this Agreement after written notice thereof from the Board of Directors;

     

      

    (vi) willful violation of any law, rule or regulation (other than traffic violations or similar offenses which results only in a fine or other non-custodial penalty) that reflects
        adversely on the reputation of the Employer, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist order; or any violation of the policies and procedures of the Employer as outlined in
        the Employer’s employee handbook, which would result in termination of employees, as from time to time amended and incorporated herein by reference; or

     

      

    (vii) material breach by the Executive of any provision of this Agreement.

     

      

    Notwithstanding the foregoing, Cause shall not be deemed to exist unless there shall have been delivered to the Executive a copy of a
      resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board of Directors at a meeting of the Board of Directors called and held for the purpose (after reasonable notice to the Executive and an
      opportunity for the Executive to be heard before the Board of Directors), finding that in the good faith opinion of the Board of Directors the Executive was guilty of conduct described above and specifying the particulars thereof.  Prior to holding a
      meeting at which the Board of Directors is to make a final determination whether Cause exists, if the Board of Directors determines in good faith at a meeting of the Board of Directors, by not less than a majority of its entire membership, that there
      is probable cause for it to find that the Executive was guilty of conduct constituting Cause as described above, the Board of Directors may suspend the Executive from the Executive’s duties hereunder for a reasonable period of time not to exceed
      fourteen (14) days pending a further meeting  at which the Executive shall be given the opportunity to be heard before the Board of Directors.  Upon a finding of Cause, the Board of Directors shall deliver to the Executive a notice of termination, as
      provided for in Section 11 hereof.

    
      2

      
        

    

    1.8 “Change in Control” means any one of the following events occurring after the Effective Date:

    

    

    (1) Any one person or more than one person acting as a group acquires ownership of the stock of the Company that, together with stock held by such person or group, constitutes more
        than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company;

    

    

    (2) A change in the effective control of the Bank or the Company occurs on either of the following dates: The date any one person or more than one person acting as a group acquires,
        either in a single transaction or series of transactions occurring within a twelve (12) month period, ownership of the stock possessing thirty percent (30%) of the total voting power of the stock of the Company or the date a majority of the members
        of the Board of Directors (of either the Bank or the Company) is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board of Directors before the date of
        appointment or election; or

    

    

    (3) A change in the ownership of a substantial portion of the Bank’s or the Company’s assets occurs on the date that any one person, or more than one person acting as a group,
        acquires assets of the Bank or the Company that has a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all assets of the Bank or the Company immediately before such acquisition or
        acquisitions over a twelve (12) month period.

    

    

    1.9 “Confidential Information” means data and information relating to the Business of the Employer and its Affiliates (which does not rise to the status of a Trade Secret) which is or has been disclosed to
          the Executive or of which the Executive became aware as a consequence of
          or through the Executive’s relationship to the Employer and which has value
          to the Employer and is not generally known to its competitors. Without limiting the foregoing, Confidential Information shall include:

    

    

    (a) Trade Secrets;

    

    

    (b) the names, addresses and banking requirements of the customers of the Employer and its Affiliates and the nature and amount of business done with such customers;

    

    

    (c) the names and addresses of employees and other business contacts of the Employer and its Affiliates;

    

    

    (d) the particular names, methods and procedures utilized by the Employer and its Affiliates in the conduct and advertising of its business;

    

    

    (e) application, operating system, communication and other computer software and derivatives thereof,
          including, without limitation, sources and object codes, flow charts, coding sheets, routines, sub-routing and related documentation and manuals of the Employer and
          its Affiliates; and

    
      3

      
        

    

    (f) marketing techniques, purchasing information, pricing policies, loan policies, quoting procedures,
          financial information, customer data and other materials or information relating to the Employer’s and its Affiliates’ manner of doing business.

    

    

    Confidential Information shall not include any data or
        information that has been voluntarily disclosed to the public by the Employer (except where such public disclosure has been made by the Executive without authorization) or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means.

    

    

    
      	
              1.10

            	
              “Employer Information” means Confidential Information and Trade
                Secrets.

            

    

    

    

    
      	
              1.11

            	
              “Good Reason” shall mean:

            

    

    

    

    (a) a material diminution in the powers, responsibilities, duties or Base Salary of the Executive
        by the Employer, which condition remains uncured after the expiration of thirty (30)
          days following the delivery of written notice of the condition to the Employer by the Executive;

    

    

    (b) the failure of the Board of Directors to maintain the Executive’s appointment to the office of Chief Treasury and Risk Officer of the Employer; or

    

    

    (c) a relocation of the Executive’s principal office of employment by more than fifty (50) miles; or

    

    

    (d) a material breach of the terms of this Agreement by the Employer, which breach remains uncured after the expiration of thirty (30) days following the delivery of written notice
          of such breach to the Employer by the Executive.

    

    

    The Executive must provide written notice to the Employer of the existence of a condition described in subsections (a), (b), (c) or (d) within 90 days of the initial existence of the condition and the Employer shall have 30 days to remedy the condition before the Employer is required to pay severance under Section 3 or Section 4, as applicable.

    

    

    1.12 “Permanent Disability” shall mean a condition for which benefits would be payable under any long-term
        disability coverage (without regard to the application of any elimination period requirement) then provided to the Executive by the Employer or, if no such coverage is then being provided, the inability of the Executive to perform the material aspects of the Executive’s duties under this Agreement for a period of at least one hundred eighty (180) consecutive days as certified by a physician chosen by the Executive and reasonably acceptable to the Employer. Notwithstanding the provisions in this Section 1.12, Permanent Disability for purposes of this Agreement must also be a disability within the meaning of Code Section 409A(a)(2)(A)(ii) and 409A(a)(2)(C) and Treas. Reg. Section
        1.409A-3(a)(2).

    

    

    1.13 “Term” shall mean that period of time set forth in Section 3.1.

    

    

    1.14 “Trade Secrets” means information, without regard to form, including, but not limited to, technical
          or nontechnical data, formulas, patterns, compilations, programs, devices,

    
      4

      
        

    

    

    

    methods, techniques, drawings, processes, financial data, financial plans, product plans or lists of actual or potential customers or suppliers which (a)
      derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (b) is the subject of efforts that are
      reasonable under the circumstances to maintain its secrecy.

    

    

    
      	
              2.

            	
              Duties.

            

    

    

    

    2.1 The Executive is
          employed as Chief Treasury and Risk Officer of the Employer, subject to the direction of the Board of Directors or its designee(s). The Executive shall perform and discharge well and faithfully the authority, duties and
          responsibilities which may be assigned to the Executive from time to time by the Board of Directors in connection with the conduct of the Business of the Employer; provided, however, that in making its assignments, the Board of Directors shall assign only such authority, duties and responsibilities assigned to the Executive from time to time as are, in the
          aggregate, consistent with the duties and responsibilities as would be customarily assigned to a person occupying the position(s) held by the Executive pursuant
          to the terms of this Agreement.

    

    

    2.2 In addition to the duties and responsibilities specifically assigned to the Executive pursuant to Section 2.1 hereof, the Executive shall:

    

    

    (a) devote substantially all of the Executive’s time, energy and skill during regular business hours to the performance of the duties of the Executive’s employment (reasonable
          vacations and reasonable absences due to illness excepted) and faithfully and industriously perform such duties;

    

    

    (b) diligently follow and implement all reasonable and lawful management policies and decisions
          communicated by the Board of Directors, which is consistent with this Agreement; and

    

    

    (c) timely prepare and forward to the Board of Directors all reports and accounting as may be requested of the Executive.

    

    

    2.3 The Executive shall
          devote the Executive’s entire business time, attention and energies to the business of the Employer and shall not during the Term be engaged (whether
          or not during normal business hours) in any other business or professional activity, whether or not such activity is pursued for gain, profit or other pecuniary advantage; but this shall not be construed as preventing the Executive from:

    

    

    (a) managing the Executive’s personal assets and investing the Executive’s personal assets in businesses, which (subject to clause (b) below) are not in competition with the Business of the Employer and which will not require any services on the
          part of the Executive in their operation or affairs and in which the Executive’s participation is solely that of an investor;

    

    

    (b) purchasing securities or other interests in any entity provided that such purchase shall not result
          in the Executive’s collectively owning beneficially at any time five percent (5%) or more of the equity securities of any business in competition with the
          Business of the Employer;

    
      5

      
        

    

    

    

    

    

    (c) serving on the board of directors of other organizations (including those organizations with which the Executive serves as of the Effective Date) so long as such service
          does not materially interfere with the performance of the Executive’s duties under this Agreement and are not in competition with the Business of the Employer or result in the violation of any listing standard of any securities exchange on which the securities of the Company are traded or listed for trading; and

    

    

    (d) participating in civic and professional affairs and organizations and conferences, preparing or
          publishing papers or books or teaching or serving on the board of directors of an entity; provided that the Chairman of the Board of Directors or its designee
          approves in writing of the Executive joining such entity as a member of its board of directors prior to the Executive joining such board of directors.

    

    

    
      	
              3.

            	
              Term and Termination.

            

    

    

    

    3.1.1 Term and Annual Renewal.  The initial term of this Agreement shall begin as of the Effective Date
          and shall continue for twelve (12) months.  Commencing on the first September 1 following the Effective Date (the “Renewal Date”) and continuing on each Renewal Date thereafter, the term of this Agreement shall renew for an additional year so
          that the remaining term of this Agreement is twelve (12) months; provided, however, that the disinterested members of the Boards of Directors must take the following actions within the time frames set forth below prior to each Renewal Date: (1)
          at least 30 days prior to each Renewal Date, conduct or review a comprehensive performance evaluation of the Executive for purposes of determining whether to extend this Agreement; and (2) affirmatively approve the renewal or non-renewal of this
          Agreement, which decision shall be included in the minutes of the meeting of the Board of Directors.  If the decision of the disinterested members of the Board of Directors is not to renew this Agreement, then the Board of Directors shall provide
          the Executive with a written notice of non-renewal (the “Non-Renewal Notice”) prior to any Renewal Date, and the term of this Agreement shall terminate at the end of the then remaining term.  Reference herein to the term of this Agreement shall refer to both the initial term and any extended terms.

    

    

    3.1.2 Change in Control.  Notwithstanding the foregoing, in the event the Bank or the Company has entered into an agreement to effect a transaction that would be considered a Change
        in Control, the term of this Agreement shall be extended automatically so that it is scheduled to expire no less than one (1) years beyond the effective date of the Change in Control, subject to extensions as set forth above.

    

    

    3.1.3 Continued Employment Following Expiration of Term.  Nothing in this Agreement shall mandate or prohibit a continuation of the Executive’s employment following the expiration of
        the term of this Agreement.

    

    

    3.2 Termination. During the Term, the employment of the Executive under this Agreement
        may be terminated only as follows:

    
      6

      
        

    

    

    

    3.2.1 By the Employer:

    

    

    (a) For Cause,
          following approval of such action by the Board of Directors and upon written notice to the Executive subject to compliance with Section 1.7 hereof, if applicable, in which event the Employer shall have no further obligation to the Executive except for the payment of any amounts earned and unpaid and any
          vested benefits as of the effective date of termination; or

    

    

    (b) Without Cause at
          any time, following approval of such action by the Board of Directors, in which event the Employer shall be required to meet its obligations to the Executive under Section 3.3.1 below.

    

    

    3.2.2 By the Executive:

    

    

    (a) For Good Reason,
          in which event the Employer shall be required to meet its obligations to the Executive under Section 3.3.1 below; or

    

    

    (b) Without Good Reason, provided that the Executive shall give the Employer sixty (60)
          days’ prior written notice of the Executive’s intent to terminate, in which event the Employer shall have no further obligation to the Executive except for payment of any amounts earned and unpaid and any vested benefits as of the effective
        date of the termination.

    

    

    3.2.3 At any time upon mutual, written agreement of the parties, in which event the Employer shall have no further obligation to the Executive except for the payment of any amounts earned and unpaid and any vested benefits as of the effective date of
          the termination.

    

    

    3.2.4 Notwithstanding anything in this Agreement to the contrary, the Term shall expire automatically upon the Executive’s death or Permanent Disability, and if the reason for termination is the Executive’s death, the Employer shall have no further obligation to the Executive except for the payment of any amounts earned and unpaid and any vested benefits as of the effective date of
          termination and, if the reason for termination is the Executive’s Permanent Disability, the Employer shall pay to the Executive an amount equal
          to the Average Monthly Compensation for each full month following such termination until the earlier of the month prior to the month for which the Executive’s long-term disability benefits become payable (and including such month) or six (6) full
          months commencing with the month following the month in which the date of termination occurs.

    

    

    3.3 Termination Payments.

    

    

    3.3.1 In the event the Executive’s employment is terminated under this Agreement prior to the expiration of the Term pursuant to Section 3.2.1(b) or Section 3.2.2(a),
          then subject to the requirements of Section 3.3.2, the Employer shall pay
          to the Executive, as severance pay and liquidated damages, the equivalent of the greater of (i) the current Base Salary, or (ii) the Average Monthly Compensation, that would have been paid to the Executive for the remaining term of this Agreement.  The payment will be made in cash in a lump sum within five (5) days of the Executive’s termination. In addition, from the effective date of
          the termination pursuant to Section

    
      7

      
        

    

    

    

    3.2.1(b) or Section 3.2.2(a), the Employer shall pay monthly, by the fifth of each month, an amount, subject to applicable tax withholding,
        equal to what would be the Executive’s cost of COBRA health continuation coverage for the Executive and eligible dependents for the greater of twelve (12) months or the period during which the Executive and those eligible dependents are
        entitled to COBRA health continuation coverage from the Employer.  The Executive shall also be entitled to any amount earned and unpaid and any vested benefits as
        of the effective date of termination.

    

    

    3.3.2 Payments under this Section 3.3 above are conditioned upon the Executive entering into a Release and Separation Agreement in the form attached hereto as Exhibit A and shall be paid as a lump sum or commence (for non-lump sum payments) on
          the next payroll date following the sixtieth (60th) day after the date of the Executive’s date of termination of employment with any accrued but unpaid severance
          being paid on the date of the first payment; provided that the Executive’s Release and Separation Agreement is effective at such time (signed, returned and the
          revocation period has expired).

    

    

    3.4 Effect on Status as a Director.  In the event of Executive’s termination of employment
        under this Agreement for any reason, such termination shall also constitute Executive’s resignation as a director of the Bank or the Company, or any subsidiary or affiliate thereof, to the extent Executive is acting as a director of any of the
        aforementioned entities.

    

    

    4. Compensation. 

    

    

    The Executive shall receive the following salary and benefits during the Term:

    

    

    4.1 Base Salary. The Executive shall be compensated at a base rate of $182,299.92 per year, which may be increased from time to time
          in accordance with the immediately succeeding sentence (“Base Salary”). The Executive’s salary shall be reviewed annually, and the Executive shall be entitled to receive annually an increase in such amount, if any, as may be determined by the Employer based upon the
          performance of the Executive and the Employer and its compliance with
          regulatory standards.  Any increase in Base Salary shall become the new Base Salary under this Agreement.  Base Salary may not be decreased other than a
        decrease that is applicable to all senior officers of the Employer and in a percentage not in excess of the percentage decrease for other senior officers.  Such salary
          shall be payable in accordance with the Employer’s normal payroll practices.

    

    

    4.2 Incentive Compensation. During the Term and in addition to the aforesaid Base Salary, the Executive shall be entitled to such additional non-equity incentive
          compensation as may be awarded from time to time, in its discretion, by the Board of Directors (“Non-Equity Incentive
          Compensation”). It is understood that any Non-Equity Incentive Compensation to be awarded to the Executive may be based on the attainment by the Employer of certain performance goals established by the Board of Directors in
          consultation with the Executive relating to factors, including but not limited to, asset quality, profitability and growth. Notwithstanding anything contained
          in this Agreement to the contrary, any increase to the Executive’s Base
        Salary and any Non-Equity Incentive Compensation paid to the Executive shall be (i)
        in compliance with regulations, pronouncements, directives, or order issued or promulgated by any governing regulatory agency and with any agreement by and between the Employer and such regulatory

    
      8

      
        

    

    

    

    agencies, (ii) consistent with the safe and sound operation of the Employer, (iii) closely monitored by the Board of Directors, and (iv) comparable
        to such compensation paid to persons of similar responsibilities and duties in other insured institutions of similar size, in similar locations, and under similar circumstances including financial condition and profitability.

    

    

    4.3 Equity Compensation. The Executive may participate in any Employer equity
          incentive program and be eligible for the grant of stock options, restricted stock, and other awards thereunder or under any similar plan adopted by the Employer.
          Any options or similar awards shall be reflected by a separate written award and issued to the Executive.

    

    

    4.4 Benefits.
          In addition to the benefits specifically described in this Agreement, the Executive shall be entitled to such benefits as may be available from time to time for senior executives of the Employer similarly situated to the Executive. All such benefits shall be awarded and administered in accordance with the Employer’s
          standard policies and practices. Such benefits may include, by way of example only, profit sharing plans, retirement or investment funds, dental, health and life insurance benefits and such other benefits as the Employer deems appropriate.

    

    

    4.5 Reimbursement of Expenses; Provision of Business Development Expenses.  The Employer shall pay or reimburse the Executive for all reasonable travel and other expenses incurred by the Executive in the performance of his
          obligations and duties under this Agreement, as provided in the applicable policies of the Employer, as currently adopted or as may be adopted in the future by the Board of Directors. In addition to the foregoing, the Employer believes that its best interests will be more fully served if the Executive maintains active membership in or joins appropriate business or social clubs and other professional
          associations. Accordingly, upon prior approval of the Board of Directors, the Employer shall also reimburse the Executive for the dues and business-related expenditures associated with the Executive’s membership(s) in such appropriate business or social clubs and such other professional organizations which, in the sole discretion of the Employer, are commensurate with the Executive’s position. The Employer shall also reimburse reasonable expenditures associated with the Executive’s continuing professional education, as well as for
          the reasonable expenditures of the Executive’s spouse or partner to attend as appropriate, with expenditures for any calendar year in excess of $5,000 approved by the Board of Directors, with such $5,000 annual dollar limit to be reviewed not
          less frequently than annually by the Board of Directors.

    

    

    4.6 Vacation.
          On a non-cumulative basis, the Executive shall be entitled to a number of vacation hours per calendar year as may be available from time to time for senior
          executives of the Employer similarly situated to the Executive, during
          which the Executive’s compensation shall be paid in full. Such paid time off shall be subject to the Employer’s policies related thereto as may be adopted from time to time.

    

    

    4.7 Withholding. The Employer may deduct from each payment of compensation hereunder all amounts required to be deducted and withheld in accordance with applicable federal and state income tax, FICA and other withholding requirements.

    

    

    4.8 Change in Control. In the event of the Executive’s termination of employment without Cause or with Good Reason during the Term upon or following a Change in
        Control, the

    
      9

      
        

    

    

    

    Employer (or its successor) shall pay to the Executive an amount equal to the product of one (1) multiplied by the Executive’s average annual Base Salary,
      bonus and profit sharing paid by the Employer to the Executive, (the “Benefit”) as measured over the preceding three full
      fiscal years prior to the Change in Control (or the average annualized Base Salary and bonus paid to the Executive for such shorter period as the Executive has been employed by the Employer), but not less than his current Base Salary annualized plus
      bonus and profit sharing paid to the Executive in the prior calendar year immediately preceding such Change in Control. The Benefit shall be paid in cash in a lump sum within five (5) days following the effective date of the Executive’s termination
      of employment. The Employer shall be entitled to withhold appropriate employment and income taxes, if required by applicable law, should the Benefit become payable.

    

    

    The Executive shall be entitled to and the Employer shall pay to the Executive the Benefit set forth above if, during the Term, there is
      a Proposed Transaction and the Executive’s employment is thereafter terminated by the Employer or its subsidiary other than for Cause or terminates for Good Reason, and the Proposed Transaction is consummated within one (1) year after the date of
      termination of the Executive’s employment, then a Change in Control shall be deemed to have occurred during the Term and the termination of the Executive’s employment shall be deemed to have occurred following a Change in Control. For the purposes of
      this Section 4.8, a “Proposed Transaction” shall mean a public announcement of a proposal for a transaction that, if consummated, would constitute a Change in Control.

    

    

    	5.	
            Employer Information.

          

    

    

    5.1 Ownership of Information. All Employer Information received or developed by the Executive while employed by the Employer will remain the sole and exclusive property of the Employer.

    

    

    5.2 Obligations of the Executive. The Executive agrees (a) to hold Employer Information in strictest confidence, and (b) not to use, duplicate, reproduce, distribute, disclose or otherwise disseminate Employer Information or any physical embodiments thereof and may in no event take any action causing or fail to take any action necessary in order to prevent any Employer Information from losing its character or ceasing to qualify as Confidential Information or a Trade Secret. In the event that the Executive is required by law to disclose any Employer Information, the Executive will not make such disclosure unless (and then only to the extent that)
          the Executive has been advised by independent legal counsel that such disclosure is required by law and then only after prior written notice is given to the Employer
        when the Executive becomes aware that such disclosure has been requested and is
          required by law. This Section 5 shall survive for a period of twelve (12) months following termination of this Agreement with respect to Confidential Information, and shall survive termination of this Agreement for so long as is permitted by the then-current Georgia Trade Secrets Act of 1990, O.C.G.A. §§
          10-1-760 to -767, with respect to Trade Secrets. Anything herein to the contrary notwithstanding, the Executive shall not be restricted from reporting
          possible violations of federal, state, or local law or regulation to any governmental agency or entity, or from making other disclosures that are protected under the whistleblower provisions of federal, state, or local law or regulation, and the
        Executive shall not need the prior authorization of the Employer to make any
          such reports or disclosures and shall not be required to notify the Employer that he has made such reports or disclosures.

    
      10

      
        

    

    

    

    

    

    5.3 Delivery upon Request or Termination. Upon request by the Employer, and in any event upon termination of the Executive’s employment with the Employer, the Executive will promptly deliver to the Employer all property belonging to the Employer, including without limitation all Employer Information then in the Executive’s possession or control.

    

    

    	6.	
            Non-Competition.

          

    

    

    The Executive agrees that during his employment by the Employer hereunder and, in the event of his termination other than by the
      Employer with or without Cause pursuant to Sections 3.2.1(a) or 3.2.1(b), or by the Executive for Good Reason pursuant to Section 3.2.2(a), for a period of twelve (12) months thereafter, the Executive will not (except on behalf of or with the prior
      written consent of the Employer), within the Area, either directly or indirectly, on his own behalf or in the service or on behalf of others, as an executive employee or in any other capacity which involves duties and responsibilities similar to
      those undertaken for the Employer, engage in any business which is the same as or essentially the same as the Business of the Employer. Notwithstanding the foregoing, the Employer agrees that the Executive may own up to 5% of the voting shares of any
      financial institution engaged in the Business of the Employer in the Area.  Notwithstanding the foregoing, this provision shall not apply following a Change in Control.  Nor shall this provision apply if the Board of Directors provides the Executive
      with a Non-Renewal Notice pursuant to Section 3.1.1 and the Executive subsequently terminates his employment with the Employer following the expiration of the tern of this Agreement.

    

    

    7. Non-Solicitation of Customers.

    

    

    The Executive agrees that during the Executive’s employment by the Employer hereunder and, in the event of the Executive’s termination
      other than by the Employer with or without Cause pursuant to Sections 3.2.1(a) or 3.2.1(b), or by the Executive for Good Reason pursuant to Section 3.2.2(a), for a period of twelve (12) months thereafter, the Executive will not (except on behalf of
      or with the prior written consent of the Employer), on the Executive’s own behalf or in the service or on behalf of others, solicit, divert or appropriate or attempt to solicit, divert or appropriate, directly or by assisting others, any business
      from any of the Employer’s or its Affiliate’s customers, including actively sought prospective customers, with whom the Executive has or had material contact during the last twelve (12) months of the Executive’s employment, for purposes of providing
      products or services that are competitive with those provided by the Employer or its Affiliates.  Notwithstanding the foregoing, this provision shall not apply following a Change in Control.

    

    

    8. Non-Solicitation of Employees.

    

    

    The Executive agrees that during the Executive’s employment by the Employer hereunder and, in the event of the Executive’s termination other than by the Employer with or without Cause pursuant to Sections 3.2.1(a) or 3.2.1(b), or by the Executive for Good Reason pursuant to Section 3.2.2(a), for a period of twelve (12) months thereafter, the Executive will not on the Executive’s own behalf or in the service or on behalf of others, solicit, recruit or hire away or attempt to solicit, recruit or hire away, directly or by assisting others, any employee of the

    
      11

      
        

    

    

    

    Employer or its Affiliates, whether or not such employee is a full-time employee or a temporary employee of the Employer or its Affiliates and whether or not such employment is pursuant to written agreement and whether or not such
        employment is for a determined period or is at will. Notwithstanding the foregoing, this provision shall not apply following a Change in Control.

    

    

    9. Remedies.

    

    

    The Executive agrees that the covenants contained in Sections 5 through 8 hereof are of the essence of this Agreement; that each of the covenants is reasonable and necessary to protect the
        business, interests and properties of the Employer; and that irreparable loss and damage will be suffered by the Employer should he breach any of the covenants. Therefore, the Executive agrees and consents that, in addition to all the
        remedies provided by law or in equity, the Employer shall be entitled to a temporary restraining order and temporary and permanent injunctions to prevent a breach
        or contemplated breach of any of the covenants. The Employer and the Executive agree that all remedies available to the Employer or the Executive,
        as applicable, shall be cumulative. In addition, in the event the Executive fails to comply with any of the covenants contained in Section 5 hereof and such failure shall not be cured to the reasonable satisfaction of the Employer within
        thirty (30) days after receipt of written notice thereof from the Employer, the Employer shall thereupon be relieved of liability for all obligations then remaining under Section 3.3 hereof.

    

    

    10. Severability.

    

    

    The parties agree that each of the provisions included in
        this Agreement is separate, distinct and severable from the other provisions of this Agreement and that the invalidity or unenforceability of any Agreement provision shall not affect the validity or enforceability of any other
        provision of this Agreement. Further, if any provision of this Agreement is
        ruled invalid or unenforceable by a court of competent jurisdiction because of a conflict between the provision and any applicable law or public policy, the provision shall be redrawn to make the provision consistent with and valid and enforceable
        under the law or public policy.

    

    

    11. Notice.

    

    

    All notices and other communications required or permitted
        under this Agreement shall be in writing and, if mailed by prepaid first-class mail or certified mail, return receipt requested, shall be deemed to have been
        received on the earlier of the date shown on the receipt or three (3) business days after the postmarked date thereof. In addition, notices hereunder may be
        delivered by hand, facsimile transmission or overnight courier, in which event the notice shall be deemed effective when delivered or transmitted. All notices and other communications under this Agreement shall be given to the parties hereto at the following addresses:

    

    

    
      	
              (a)

            	
              If to the Employer, to the Employer at:

            

    

    

    

    Affinity Bank

    Attn: Chairman of the Board

    3175 Highway 278

    Covington, GA 30014

    
      12

      
        

    

    

    

    (b) If to the Executive, addressed to the most recent address of the Executive set forth in the personnel records of the Employer.

    

    

    12. Assignment.

    

    

    The rights and obligations of the Employer under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Employer, as applicable, including without
        limitation, a purchaser of all or substantially all the assets of the Employer.  If the Agreement is assigned pursuant to the foregoing sentence, the assignment shall be by novation and the Employer shall have no further liability hereunder, and the successor or assign, as applicable, shall become the “Employer” hereunder. No party hereto may assign or delegate this Agreement or any of its rights and
        obligations hereunder without the written consent of the other parties hereto.

    

    

    13. Waiver.

    

    

    A waiver by the Employer of any breach of this Agreement by the Executive shall not be effective unless in writing, and no waiver shall operate or be construed as a waiver of the same or another breach on a subsequent occasion.

    

    

    14. Arbitration.

    

    

    Except for any claim for injunctive relief, any controversy
        or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by binding arbitration in accordance with the Commercial
      Arbitration Rules of the American Arbitration Association, which shall be conducted by a three-person arbitration panel, one of whom shall be selected by each party and the
        third of whom shall be selected jointly upon mutual agreement of both parties. The place of arbitration shall be Fulton County, Georgia and the Employer and the Executive agree that they will seek to enforce any arbitration award in the
        Superior Court of Fulton County. The decision of the arbitration panel shall be final and binding upon the parties and judgment upon the award rendered by the arbitration panel may be entered by any court having jurisdiction. The Employer agrees to pay the fees and expenses associated with the arbitration proceedings.

    

    

    15. Attorneys’ Fees.

    

    

    With respect to arbitration of disputes and if litigation
        ensues between the parties concerning the enforcement of an arbitration award, each party shall pay its own fees, costs and expenses; provided, however, the Employer shall advance to the Executive reasonable fees, costs and expenses incurred by the Executive in preparing for and in initiating or defending against any proceeding or suit brought to enforce rights or obligations set forth in this Agreement. Such advances shall be made within thirty (30) days after receiving copies of invoices presented by the Executive for such fees, costs and
        expenses. The Executive shall have the obligation to reimburse the Employer within
        sixty (60) days following the final disposition of the matter (including appeals) to the full extent of the aggregate advances unless the panel of arbitrators or court, as the case may be, has ruled in favor of the Executive on the merits of the substantive issues in dispute.

    
      13

      
        

    

    

    

    16. Applicable Law.

    

    

    This Agreement shall be construed and enforced under and in accordance with the laws of the State of Georgia, except to the extent
        governed by the laws of the United States of America in which case federal laws shall govern. The parties agree that the Superior Court of Fulton County, Georgia,
        shall have jurisdiction of any case or controversy arising under or in connection with this Agreement and shall be a proper forum in which to adjudicate such case
        or controversy. The parties consent to the jurisdiction of such courts.

    

    

    17. Interpretation.

    

    

    Words importing any gender include all genders. Words
        importing the singular form shall include the plural, and vice versa. The terms “herein,” “hereunder,” “hereby,” “hereto,” “hereof” and any similar terms
        refer to this Agreement. Any captions, titles or headings preceding the text of any article, section or subsection herein are solely for convenience of reference and shall not constitute part of this Agreement or affect its meaning,
        construction or effect.

    

    

    18. Entire Agreement.

    

    

    This Agreement embodies the entire and final agreement of the parties on the subject matter stated in the Agreement. No amendment or modification of this Agreement shall be valid or binding upon the Employer
      or the Executive unless made in writing and signed by all parties. All prior
        understandings and agreements relating to the subject matter of this Agreement are hereby expressly terminated.

    

    

    19. Rights of Third Parties.

    

    

    Nothing herein expressed is intended to or shall be construed to confer upon or give to any person, firm or other entity, other than the parties hereto and their permitted assigns, any rights or remedies under or by
        reason of this Agreement.

    

    

    20. Survival.

    

    

    The obligations of the Employer pursuant to Sections 3.2.4 and 3.3 and the obligations of the Executive pursuant to
        Sections 5, 6, 7 and 8 shall survive the termination of the employment of the Executive hereunder for the period designated under each of those respective sections.

    

    

    21. Compliance with Regulatory Restrictions.

    

    

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

    (b) If the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served
        under Section 8(e)(3) [12 USC §1818(e)(3)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act (the “FDI

    
      14

      
        

    

    

    

    Act”), the Bank’s obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate
      proceedings.  If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its
      obligations which were suspended.

    (c) If the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section
        8(e)(4) [12 USC §1818(e)(4)] or 8(g)(1) [12 USC §1818(g)(1)] of the FDI Act, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

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

    (e) All obligations under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is necessary for the
        continued operation of the Bank, (i) by the Director of the OCC or his or her designee, at the time the Federal Deposit Insurance Corporation (“FDIC”) enters into an agreement to provide assistance to or on behalf of the Bank under the authority
        contained in Section 13(c) [12 USC §1823(c)] of the FDI Act; or (ii) by the Director or his or her designee at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when
        the Bank is determined by the Director to be in an unsafe or unsound condition.  Any rights of the parties that have already vested, however, shall not be affected by such action.

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

    22. Section 409A of the Code.

    

    

    For purposes of compliance with Code Section 409A:

    

    

    (a) It is intended that this Agreement shall comply with the provisions of Code Section 409A and the Treasury regulations relating thereto, or an exemption to Code Section
          409A. Any payments that qualify for the “short-term deferral” exception shall be considered as paid first, then any payments that qualify for the separation pay
          plan exception shall be considered as paid next, then payments that qualify for any other exception under Section Code 409A shall be paid under the applicable
          exception. For purposes of the limitations on nonqualified deferred compensation under Code Section 409A, each payment of compensation under this Agreement
        shall be treated as a separate payment of compensation for purposes of applying the deferral election rules and the exclusion for certain short-term deferral amounts under Code Section 409A. All payments to be made upon a termination of employment under this Agreement that constitute non-qualified deferred compensation may only be made upon a “separation from service” under Section Code
        409A. In no event may the Executive, directly or indirectly, designate the calendar
          year of any

    
      15

      
        

    

    

    

    payment under this Agreement. To the extent permitted under Code Section 409A or any Internal Revenue Service (“IRS”) or Treasury rules or other guidance issued thereunder, the Employer may, in consultation with the Executive, modify the Agreement in order to cause the provisions of the Agreement to comply with the requirements of Code Section 409A, so as to avoid the imposition of taxes and penalties on the Executive pursuant to Code Section 409A.

    

    

    (b) Notwithstanding anything to the contrary in this Agreement, all reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance
          with the requirements of Code Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the
          amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in- kind benefits to be provided, in any other calendar year, (iii) the reimbursement
          of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
        benefit.

    

    

    (c) Notwithstanding any other provision of this Agreement to the contrary and if applicable, if the Executive is considered a “specified  employee” for purposes of Code Section 409A (as determined in accordance with the methodology
          established by the Employer as in effect on the date of separation from service), (i) any payment or other benefit that constitutes nonqualified deferred compensation within the meaning of Code Section 409A that is otherwise due to the Executive under this Agreement during the six-month period following his separation from service (as determined in
          accordance with Code Section 409A) on account of his separation from service shall be accumulated and paid to the Executive on the first business day of the seventh month following his separation from service (the “Delayed Payment Date”). If the Executive dies during the postponement period, the amounts and entitlements
          delayed on account of Code Section 409A shall be paid to the personal representative of his estate on the first to occur of the Delayed Payment Date or 30 days after the date of the Executive’s death.

    

    

    

    

    [SIGNATURES ON FOLLOWING PAGE]

    

    

    
      16

      
        

    

    

    

    

    

    IN WITNESS WHEREOF, the parties hereto have hereunto executed
        this Agreement in accordance with the provisions hereof.

    

    

     

    Executed this 24th day of May, 2021.

    

    

    /s/ Brandi Pajot 

    BRANDI PAJOT

    

    

    

    

    Executed this 24th day of May, 2021.

    

    

    /s/ Edward J. Cooney 

    AFFINITY BANCSHARES, INC.

    

    

    By: Edward J. Cooney

    Title: Chief Executive Officer

    

    

    

    

    Executed this 24th day of May, 2021.

    

    

    /s/ Edward J. Cooney 

    AFFINITY BANK

    

    

    By: Edward J. Cooney

    Title: Chief Executive Officer

    

    

    
      17

      
        

    

    
    EXHIBIT A

    

    

    RELEASE AND SEPARATION AGREEMENT

    

    

    PLEASE READ CAREFULLY

    This Release and Separation Agreement (this “Agreement”) is made and entered into by and between [INSERT NAME] (“Executive”), Affinity Bancshares, Inc. (the “Company”), and Affinity Bank (the “Bank”), as well as any affiliated or related entities, subsidiaries, or divisions, and the
        shareholders, directors, officers, Executives, and agents thereof (collectively referred to as the “Employer”).

     

      

    THE PARTIES acknowledge the following:

     

    

    WHEREAS, Executive's employment was terminated by the Employer effective as of [INSERT DATE] (the “Termination Date”); and

     

      

    WHEREAS, Executive desires to receive severance benefits provided pursuant to this Agreement, and the Employer is willing to provide these benefits to Executive on the condition that Executive enters into this Agreement.

     

      

    THEREFORE, in consideration of the mutual agreements and
        promises set forth within this Agreement, the receipt and sufficiency of which are hereby acknowledged, Executive and Employer agree as follows:

     

      

    1. Severance Benefits. In consideration for the Executive’s promises as set forth herein, the Employer shall pay Executive the following severance benefits:

     

        

    a. An amount equal to $[INSERT AMOUNT], less applicable
          deductions and withholdings, which shall be paid in equal monthly for a period of twelve (12) months. This severance payment will be made on the next payroll
          date following the sixtieth (60th) day after the date of Executive’s date of termination of employment, provided Executive has executed and not revoked this Agreement.

     

        

    b. [INSERT OTHER SEVERANCE AMOUNTS AS APPLICABLE]

     

      

    2. Prior Wages, Salary, and Expenses. Executive acknowledges that on or about [INSERT DATE] he or she received his or her final salary payment of $[INSERT AMOUNT] plus any unused accrued vacation, less applicable deductions and withholdings.

     

        

    3. Release. Executive
        hereby releases, acquits, and forever discharges the Employer, its parent companies, subsidiaries, divisions, affiliates and controlling persons (if any), their officers,
          directors, board members, Executives, representatives, attorneys, personal representatives, affiliated or unaffiliated benefit plans, third-party administrators,
          any and all of their successors and assigns, and all persons acting by, through, under, or in concert with any of them (collectively the “Employer”) from any and all actions, causes of action, claims, demands, losses, claims for attorneys’ fees, claims for severance of any kind
          or origin and all other forms of civil damages, occurrences, and liabilities of any kind whatsoever, both known or unknown, arising out of any matter, happening, or thing, from the beginning of time to the date of this Agreement is

    
      A-1

      
        

    

    

    

    signed by Executive, specifically including, but not limited to, any and all liability arising from, including amendments to and anti-retaliation provisions deriving from, the following:

     

      

    
      	
              •

            	
              Local, state, or federal common law, statute, regulation, or ordinance;

            

    

    
      	
              •

            	
              Title VII of the Civil Rights Act of 1964;

            

    

    
      	
              •

            	
              Section 1981 of the Civil Rights Act of 1866;

            

    

    
      	
              •

            	
              the Age Discrimination in Employment Act of 1967;

            

    

    
      	
              •

            	
              the Americans with Disabilities Act of 1990;

            

    

    
      	
              •

            	
              the Family and Medical Leave Act;

            

    

    
      	
              •

            	
              the Employee Retirement Income Security Act of 1974;

            

    

    
      	
              •

            	
              the Health Insurance Portability and Accountability Act;

            

    

    
      	
              •

            	
              the Occupational and Safety Health Act;

            

    

    
      	
              •

            	
              the Equal Pay Act;

            

    

    
      	
              •

            	
              the Uniformed Services Employment and Re-employment Act of
                1994;

            

    

    
      	
              •

            	
              Executive Orders 11246 and 11141;

            

    

    
      	
              •

            	
              the Worker Adjustment and Retraining Notification Act;

            

    

    
      	
              •

            	
              the Rehabilitation Act of 1973;

            

    

    
      	
              •

            	
              the Medicare, Medicaid and SCHIP Extension Act of 2007;

            

    

    
      	
              •

            	
              state workers’ compensation laws;

            

    

    
      	
              •

            	
              state non-discrimination and/or human affairs laws;

            

    

    
      	
              •

            	
              state payment of wages laws, acts or regulations;

            

    

    
      	
              •

            	
              Executive’s employment relationship and/or affiliation with the Employer.

            

    

    

    

    This release also includes a release of any claims for wrongful termination, breach of express or implied contract, intentional or negligent infliction of
      emotional distress, libel slander, as well as any other claims, whether in tort, contract or equity, under federal or state statutory or common law.

     

    

    Without waiving any prospective or retrospective rights
        under the Fair Labor Standards Act (“FLSA”), Executive admits that he or she
        has received from the Employer all rights and benefits, if any, potentially due to him or her pursuant to the FLSA. Executive states that he or she is aware of no facts (including any injuries or illnesses) which might lead to
        his or her filing of a workers’ compensation claim against the Employer. It is the parties’ intent to release all claims which can legally be released but no more
        than that.

     

      

    4. Covenant Not to Sue. Executive represents that he or she has no claims pending or filed with any local, state or federal agency (including the U.S. Equal Employment
          Opportunity Commission, the U.S. Department of Labor, and any comparable state or local administrative agency) or court against the Employer as of the date this
        Agreement was signed by Executive. Executive further agrees that he or she will not file or participate in any lawsuit against the Employer arising out
          of or in connection with the employment relationship previously existing between them or the termination of that relationship other than one based upon the Employer’s alleged violation of this Agreement. The foregoing shall be construed as a covenant not to sue. This Agreement may be introduced as evidence at any legal proceeding as a complete defense to any claims existing as of the date of this Agreement ever asserted by Executive against the Employer.

     

        

    5. Discrimination Charges; ADEA Challenges to this Agreement. Nothing in this Agreement shall be interpreted or applied in a manner that affects or limits Executive’s otherwise lawful ability to bring an
          administrative charge with, to participate in an investigation conducted

    
      A-2

      
        

    

     

    

    by, or to participate in a proceeding involving the U.S. Equal Employment
        Opportunity Commission or other comparable state or local administrative agency. However, Executive specifically agrees that the consideration provided to him or her in this Agreement represents full and complete satisfaction of any monetary relief or award that could be sought or awarded to Executive in any
        administrative action (including any proceedings before the U.S. Equal Employment Opportunity Commission or any comparable state or local agency) arising from events related to his or her employment with the Employer or the termination thereof. Additionally, nothing in this Agreement shall be interpreted or
        applied in a manner that affects or limits Executive’s ability to challenge this Agreement’s compliance with notice and other requirements of the Age Discrimination in Employment Act (“ADEA”).

    

    

    6. No Prior Assignment. Executive further warrants and covenants, recognizing that the truth of this warranty and covenant is material to the above consideration having
          passed, that he or she has not assigned, transferred or conveyed at any time to any individual or entity any alleged rights, claims or causes of action against the Employer.

     

        

    7. Medicare Benefits. Executive affirms, covenants, and warrants he or she is not a Medicare beneficiary and is not currently receiving, has not received in the past, will not have received at the time of payment pursuant to this Agreement, is not entitled to, is not eligible for, and has not applied for or sought Social Security or Medicare benefits. In the event any statement in the preceding sentence is
          incorrect (for example, but not limited to, if Executive is a Medicare beneficiary, etc.), the following sentences (i.e., the remaining sentences of this
          paragraph) apply: Executive affirms, covenants, and warrants he or she has made no claim against, nor is he or she aware of any facts supporting any claim
          against, the Employer under which it could be liable for medical expenses incurred by the Executive before or after the execution of this Agreement. Furthermore, Executive is aware of no medical expenses which Medicare has paid and
          for which the Employer is or could be liable. Executive agrees and affirms
          that, to the best of his or her knowledge, no liens of any governmental entities, including those for Medicare conditional payments, exist. Executive will
          indemnify, defend, and hold the Employer harmless from Medicare claims, liens, damages, conditional payments, and rights to payment, if any, including
          attorneys’ fees, and Executive further agrees to waive any and all future private causes of action for damages pursuant to 42 U.S.C. § 1395y(b)(3)(A) et seq.

     

        

    8. Performance. The Employer’s obligation to perform under this Agreement is
          conditioned upon Executive’s agreements and promises to the Employer as set
          forth herein. In the event Executive breaches any such agreements or
          promises or causes any such agreements or promises to be breached, the Employer’s obligations to perform under this Agreement shall automatically terminate and the Employer shall have no further obligation to Executive. Further, the Employer shall be entitled to seek, at its option, the return of all but
          $100.00 of the severance benefits paid to Executive pursuant to this Agreement.

     

        

    9. Employer Information, Non-Solicitation of Customers and Non-Solicitation of Employees. Executive agrees that he or she will comply with the obligations provided in Sections 5 through 7 of the Employment Agreement by and among Executive,
          Affinity Bancshares, Inc., and Affinity Bank dated [] (the “Employment Agreement”), related to confidential information of the Employer, non-solicitation of customers and non-solicitation of Executives, for the terms stated in the Employment Agreement.

     

        

    10. Disparagement. Executive agrees and covenants that he or she will not in any way do or say anything at any time which disparages or derogates the Employer, its business interests or reputation, or any of its individual directors, officers, Executives, or agents.

    
      A-3

      
        

    

     

    

    11. No Admission of Liability. Nothing in this Agreement (or the Agreement itself)
          shall operate or be interpreted as an admission of liability as to any of the claims, charges, actions and lawsuits released hereby. The Employer, and each of its individual directors, officers, Executives, agents and insurers, and
          their successors, individually and collectively, expressly denies any such liability.

     

        

    12. Arbitration. Any party claiming any violation of this Agreement or seeking any remedy or relief in any way relating to or affecting this Agreement, or any payments or benefits granted by it, must serve a written notice upon the other party describing the alleged violation, identifying all relevant provisions of this Agreement, and demanding arbitration. The notice and request must be served within thirty (30) calendar days of the incident (or the first date on which the party with reasonable
          diligence should have become aware of it) giving rise to the alleged violation. Failure to observe these time limits and procedures will be deemed a waiver of all right to any relief or remedy.

     

        

    Any dispute arising out of or relating to this Agreement
      shall be resolved by final and binding arbitration in accordance with the Employment Arbitration Rules of the American Arbitration Association and will be submitted to a National Academy arbitrator selected in accordance with such rules. In consideration of this agreement to submit such disputes to final and binding arbitration, the parties expressly waive the right to submit any dispute arising under this Agreement to any court or government agency, provided, however, that this shall not prevent Executive and the Employer from seeking injunctive relief in appropriate circumstances without first invoking and/or exhausting these procedures. The prevailing party (to be determined by the arbitrator) will be entitled to
        reimbursement of its reasonable costs and attorneys’ fees from the other party in any such arbitration proceeding, and the losing party shall also be responsible for the arbitrator’s and any separate arbitration and reporting fees.

     

      

    Notwithstanding the above, Executive acknowledges and agrees that any violation of Section 9 of this Agreement will cause the Employer
      irreparable harm as to which there may be no adequate legal remedy and therefore the Employer shall be entitled to injunctive or other equitable relief in addition to any monetary damages deemed appropriate by the court, and that such action by the Employer shall not be subject to arbitration.

     

      

    Executive further acknowledges and agrees that in the
        event of any violation of Section 9, the Employer shall cease to be obligated
        to provide any then-continuing benefit or payment to him or her under this Agreement and Executive further stipulates that the consideration as of then provided shall represent full and complete consideration for his or her obligations hereunder, including without limitation his or her full release of claims.

     

      

    13. Final and Binding/Entire Agreement. This Agreement and the Employment Agreement sets
          forth the entire agreement between the parties and is intended to be final and binding upon them. It fully supersedes any and all prior agreements or
          understandings on the subjects addressed herein. This Agreement may only be
          amended by a written document signed by the parties or their duly authorized representatives which specifically states that it was intended as an amendment.

          

        

    14. Notice.
          Any notice required or permitted to be given under this Agreement must be in writing and must be given in person or be sent by registered or certified mail to:

     

        

    
      	
              a)

            	
               Executive at the address he or she has designated
                  for his or her personnel files or any subsequent address identified by Executive in writing; and

            

    

    
      A-4

      
        

    

    
      	

            	

            

    

    
      	
              b)

            	
               Employer at:  Attn:  Chairman of the Board, 8460
                  Dr. ML King Ave., Covington, GA 30014

            

    

     

      

    15. Controlling Law. This Agreement will be interpreted and enforced according to the laws of the State of Georgia, except to the extent governed by the laws of the
        United States of America in which case federal laws shall govern.

          

        

    16. Severability. If any term, provision, covenant, or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable,
          the remainder of the Agreement shall remain in full force and effect and shall be in no way affected, impaired or invalidated.

     

        

    17. Acknowledgements. Executive acknowledges that it is the mutual intent of the parties hereto that the full release contained in this Agreement fully complies with the Age Discrimination in Employment Act (“ADEA”) and the Older Workers Benefit Protection Act (“OWBPA”). Accordingly, this Agreement requires, and Executive acknowledges and agrees that: 1) the consideration provided to Executive
        under this Agreement exceeds the nature and scope of any consideration to which Executive
        would otherwise have been legally entitled to receive absent execution of this Agreement; 2) execution of this Agreement and the full release herein, which
          specifically includes a waiver of any claims under the ADEA, is Executive’s
          knowing and voluntary act; 3) Executive is hereby advised to consult with
          an attorney prior to executing this Agreement; 4) Executive has had at
          least twenty-one (21) calendar days within which to consider this Agreement and his/her signature on this Agreement prior to the expiration of this twenty-one (21) day period (should Executive choose not to take the full period
          offered) constitutes an irrevocable waiver of said period or its remainder; 5) in the event Executive signs this Agreement, Executive has another seven (7) calendar days to revoke it by delivering a written notice of revocation to the
          addressee identified in the Notice provision above (Section 14), and this Agreement
        does not become effective until the expiration of this seven (7) day period; 6) Executive has read and fully understands the terms of this Agreement; and 7) nothing contained in this Agreement purports to release any of Executive’s rights or claims under the ADEA that may arise from acts occurring after the date of the execution of this Agreement. The parties agree that
          changes, whether material or immaterial, do not restart the running of the 21-day period. To the extent that any provision of this Agreement is determined to be
          in violation of the OWBPA or ADEA, it should be severed or modified to
          comply with the OBWPA or ADEA, without affecting the validity or enforceability of any of the other terms or provisions of this Agreement.

     

        

    18. Compliance with Code Section 409A. To the extent applicable, it is intended that the payment of benefits described in this Agreement comply with Section 409A of the Internal Revenue of 1986, as amended (the “Code”), and all guidance or regulations
          thereunder (“Section 409A”), including compliance with all applicable exemptions from Section 409A (e.g., the short-term deferral exception and the “two times” pay exemption applicable to severance payments). This Agreement will at all
          times be construed in a manner to comply with Section 409A and should any provision be found not in compliance with Section 409A, the Executive hereby agrees to any changes to the terms of this Agreement deemed necessary and required by
          legal counsel to bring the Agreement into compliance with Section 409A,
          including any applicable exemptions. The Executive irrevocably waives any objections he or she may have to any further changes that may be required by Section
          409A. In no event will any payment that becomes payable pursuant to this Agreement that is considered “deferred compensation” within the meaning of Section 409A, if any, and does not satisfy any of the applicable exemptions under Section
        409A, be accelerated or delayed in violation of Section 409A. For purposes of this Agreement, the benefits described in

    
      A-5

      
        

    

    Section 1 of this Agreement shall not be paid or commence until the Executive incurs a “separation from service” as defined in Section 409A.

    

    

    	
            PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. YOU AGREE THAT
              YOU RECEIVED VALUABLE CONSIDERATION IN EXCHANGE FOR ENTERING INTO THIS AGREEMENT AND THAT THE EMPLOYER ADVISED YOU IN WRITING TO CONSULT AN ATTORNEY PRIOR TO SIGNING THIS AGREEMENT. YOU PROMISE THAT NO REPRESENTATIONS OR INDUCEMENTS HAVE BEEN
              MADE TO YOU EXCEPT AS SET FORTH HEREIN, AND THAT YOU HAVE SIGNED THE SAME KNOWINGLY AND VOLUNTARILY.

          
	
            YOU HAVE BEEN PROVIDED AT LEAST TWENTY-ONE (21) DAYS WITHIN WHICH TO

          
	
            CONSIDER THIS AGREEMENT AND WAIVE AND RELEASE ALL CLAIMS AND RIGHTS

          
	
            INCLUDING BUT NOT LIMITED TO THOSE ARISING UNDER THE AGE DISCRIMINATION

          
	
            IN EMPLOYMENT ACT. YOU SHALL
                HAVE SEVEN (7) DAYS WITHIN WHICH TO REVOKE

          
	
            THIS AGREEMENT AND THIS AGREEMENT SHALL NOT BECOME EFFECTIVE OR

          
	
            ENFORCEABLE UNTIL THAT REVOCATION PERIOD HAS EXPIRED. ANY SUCH

          
	
            REVOCATION MUST BE IN WRITING AND RECEIVED BY THE EMPLOYER,

          
	
            IN ACCORDANCE WITH THE NOTICE PROVISIONS SET FORTH IN SECTION 14,

          
	
            PRIOR TO THE END OF THE REVOCATION PERIOD.

          

    

    

    IN WITNESS WHEREOF,
        the parties have executed this Agreement:

     

    Executed this __________ day of _________________, 20___.

    

    

    ______________________________________

    [NAME OF EMPLOYEE]

    

    

    

    

    Executed this __________ day of _________________, 20___.

    

    

    ______________________________________

    AFFINITY BANCSHARES, INC.

    

    

    By: ___________________________________

    Title: __________________________________

    

    

    
      A-6

      
        

    

    

    

    Executed this __________ day of _________________, 20__.

    

    

    ______________________________________

    AFFINITY BANK

    

    

    By: ___________________________________

    Title: __________________________________

     

    

  

  A-7

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