Document:

Filed by sedaredgar.com - Royal Mines And Minerals Corp. - Exhibit 4.1

ROYAL MINES AND MINERALS CORP. 

2009 STOCK INCENTIVE PLAN 

Established January 12, 2009 

ARTICLE 1. 
THE PLAN 

1.1          Title

This plan is entitled the "2009 Stock Incentive Plan" (the
"Plan") of Royal Mines And Minerals Corp., a Nevada corporation (the "Company").

1.2          Purpose

The purpose of the Plan is to enhance the long-term stockholder
value of the Company by offering opportunities to directors, officers, employees
and eligible consultants of the Company and any Related Company, as defined
below, to acquire and maintain stock ownership in the Company in order to give
these persons the opportunity to participate in the Company's growth and
success, and to encourage them to remain in the service of the Company or a
Related Company.

ARTICLE 2. 
DEFINITIONS

2.1          Definitions

The following terms will have the following meanings in the
Plan:

"Award" means any Option granted under this Plan.

"Board" means the Board of Directors of the Company.

"Cause," unless otherwise defined in the
instrument evidencing the award or in an employment or services agreement
between the Company or a Related Company and a Participant, means a material
breach of the employment or services agreement, dishonesty, fraud, misconduct,
unauthorized use or disclosure of confidential information or trade secrets, or
conviction or confession of a crime punishable by law (except minor violations),
in each case as determined by the Plan Administrator, and its determination
shall be conclusive and binding.

"Code" means the Internal Revenue Code of 1986, as
amended from time to time.

"Common Stock" means the shares of common stock, par
value $0.001 per share, of the Company.

“Consultant” means any consultant, agent, advisor or
independent contractor who provides services to the Company or a Related
Company, but does not include an officer or director of the Company. 

"Consultant Participant" means a Participant who is
defined as a Consultant Participant in Article 5.

"Corporate Transaction," unless otherwise defined in the
instrument evidencing the Award or in a written employment or services agreement
between the Company or a Related Company and a Participant, means consummation
of either:

	(a) 	
      a merger or consolidation of the Company with or into any
      other corporation, entity or person or

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	(b) 	
      a sale, lease, exchange or other transfer in one
      transaction or a series of related transactions of all or substantially
      all the Company's outstanding securities or all or substantially all the
      Company's assets; provided, however, that a Corporate Transaction shall
      not include a Related Party Transaction.

"Disability," unless otherwise defined by the
Plan Administrator, means a mental or physical impairment of the Participant
that is expected to result in death or that has lasted or is expected to last
for a continuous period of twelve (12) months or more and that causes the
Participant to be unable, in the opinion of the Company, to perform his or her
duties for the Company or a Related Company and to be engaged in any substantial
gainful activity.

"Employment Termination Date" means, with respect to a
Participant, the first day upon which the Participant no longer has an
employment or service relationship with the Company or any Related Company.

"Exchange Act" means the Securities Exchange Act of
1934, as amended.

"Fair Market Value" means the per share value of the
Common Stock determined as follows:

	(a) 	
      if the Common Stock is listed on an established stock
      exchange or exchanges or the NASDAQ National Market, the lesser of (i) the
      closing price per share on the date immediately preceding the date of the
      granting of the options; or (ii) the average closing price per share
      during the ten (10) trading days immediately preceding such date on the
      principal exchange on which it is traded or as reported by
  NASDAQ;

	 	 
	(b) 	
      if the Common Stock is not then listed on an exchange or
      the NASDAQ National Market, but is quoted on the NASDAQ Capital Market,
      the OTC Bulletin Board service or the Pink Sheets electronic quotation
      service, the lesser of (i) the closing price per share on the date
      immediately preceding the date of the granting of the options; or (ii) the
      average of the closing bid and ask prices per share for the Common Stock
      as quoted by NASD, the OTC Bulletin Board or the Pink Sheets, as the case
      may be, during the ten (10) trading days immediately preceding such date;
      or

	 	 
	(c) 	
      if there is no such reported market for the Common Stock
      for the date in question, then an amount determined in good faith by the
      Plan Administrator.

"Grant Date" means the date on which the Plan
Administrator completes the corporate action relating to the grant of an Award
or such later date specified by the Plan Administrator, and on which all
conditions precedent to the grant have been satisfied, provided that conditions
to the exercisability or vesting of Awards shall not defer the Grant Date.

"Incentive Stock Option" means an Option granted with
the intention, as reflected in the instrument evidencing the Option, that it
qualify as an "incentive stock option" as that term is defined in Section 422 of
the Code.

"Non-Qualified Stock Option" means an Option other than
an Incentive Stock Option. 

"Option" means the right to purchase Common
  Stock granted under Article 7. 

"Option Expiration Date" has the meaning
  set forth in Article 7.6.

"Option Term" has the meaning set forth in Article
7.3.

"Participant" means the person to whom an Award is
granted and who meets the eligibility requirements imposed by Article 5,
including Consultant Participants, as defined in Article 5.

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"Plan Administrator" has the meaning set forth in
Article 3.1.

"Related Company" means any entity that, directly or
indirectly, is in control of or is controlled by the Company.

"Related Party Transaction" means: (a) a merger or
consolidation of the Company in which the holders of shares of Common Stock
immediately prior to the merger hold at least a majority of the shares of Common
Stock in the Successor Corporation immediately after the merger; (b) a sale,
lease, exchange or other transaction in one transaction or a series of related
transactions of all or substantially all the Company's assets to a wholly-owned
subsidiary corporation; (c) a mere reincorporation of the Company; or (d) a
transaction undertaken for the sole purpose of creating a holding company that
will be owned in substantially the same proportion by the persons who held the
Company's securities immediately before such transaction.

"Securities Act" means the Securities Act of 1933, as
amended.

"Successor Corporation" has the meaning set forth in
Article 11.3(a) .

"Vesting Commencement Date" means the Grant Date or such
other date selected by the Plan Administrator as the date from which the Option
begins to vest for purposes of Article 7.4.

ARTICLE 3. 
ADMINISTRATION

3.1         
Plan Administrator 

The Plan shall be administered by the Board or a committee
appointed by, and consisting of two or more members of, the Board (the "Plan
Administrator"). If and so long as the Common Stock is registered under Section
12(b) or 12(g) of the Exchange Act, the Board shall consider in selecting the
members of any committee acting as Plan Administrator, with respect to any
persons subject or likely to become subject to Section 16 of the Exchange Act,
the provisions regarding (a) "outside directors" as contemplated by Section
162(m) of the Code and (b) "non-employee directors" as contemplated by Rule
16b-3 under the Exchange Act. Committee members shall serve for such term as the
Board may determine, subject to removal by the Board at any time. At any time
when no committee has been appointed to administer the Plan, then the Board will
be the Plan Administrator. 

3.2         
Administration and Interpretation by Plan Administrator 

Except for the terms and conditions explicitly set forth in the
Plan, the Plan Administrator shall have exclusive authority, in its discretion,
to determine all matters relating to Awards under the Plan, including the
selection of individuals to be granted Awards, the type of Awards, the number of
shares of Common Stock subject to an Award, all terms, conditions, restrictions
and limitations, if any, of an Award and the terms of any instrument that
evidences the Award. The Plan Administrator shall also have exclusive authority
to interpret the Plan and the terms of any instrument evidencing the Award and
may from time to time adopt and change rules and regulations of general
application for the Plan's administration. The Plan Administrator's
interpretation of the Plan and its rules and regulations, and all actions taken
and determinations made by the Plan Administrator pursuant to the Plan, shall be
conclusive and binding on all parties involved or affected. The Plan
Administrator may delegate administrative duties to such of the Company's
officers as it so determines.

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ARTICLE 4.
STOCK SUBJECT TO THE PLAN 

4.1          Authorized
Number of Shares 

Subject to adjustment from time to time as provided in this
Article 4.1 and in Article 11.1, the maximum aggregate number of shares of
Common Stock available for issuance under the Plan shall be Five Million
(5,000,000) shares. The maximum aggregate number of shares of the Company’s
Common Stock that may be optioned and sold under the Plan will be increased
effective the first day of each of the Company’s fiscal quarters, beginning with
the fiscal quarter commencing February 1, 2009, by an amount equal to the lesser
of: 

	 	(1) 	
      10% of the total increase in the number of shares of
      Common Stock outstanding during the previous fiscal quarter; or

	 	 	 
	 	(2) 	
      a lesser number of shares of Common Stock as may be
      determined by the Board.

4.2         
Reuse of Shares 

Any shares of Common Stock that have been made subject to an
Award that cease to be subject to the Award (other than by reason of exercise or
settlement of the Award to the extent it is exercised for or settled in shares)
shall again be available for issuance in connection with future grants of Awards
under the Plan. In the event shares issued under the Plan are reacquired by the
Company pursuant to any forfeiture provision or right of repurchase, such shares
shall again be available for the purposes of the Plan; provided, however, that
the maximum number of shares that may be issued upon the exercise of Awards
shall equal the share number stated in Article 4.1, subject to adjustment from
time to time as provided in Articles 11.1 through 11.6. 

ARTICLE 5. 
ELIGIBILITY 

5.1         
Plan Eligibility 

An Award may be granted to any officer, director or employee of
the Company or a Related Company that the Plan Administrator from time to time
selects. An Award may also be granted to any consultant, agent, advisor or
independent contractor who provides services to the Company or any Related
Company (a “Consultant Participant”), so long as such Consultant Participant:
(a) is a natural person; (b) renders bona fide services that are not in
connection with the offer and sale of the Company's securities in a
capital-raising transaction; and (c) does not directly or indirectly promote or
maintain a market for the Company's securities.

ARTICLE 6. 
AWARDS 

6.1          Form
and Grant of Awards 

The Plan Administrator shall have the authority, in its sole
discretion, to determine the type or types of Awards to be granted under the
Plan. Awards may be granted singly or in combination.

6.2          Settlement
of Awards 

The Company may settle Awards through the delivery of shares of
Common Stock, the granting of replacement Awards or any combination thereof as
the Plan Administrator shall determine. Any Award 

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settlement, including payment deferrals, may be subject to such
conditions, restrictions and contingencies as the Plan Administrator shall
determine. The Plan Administrator may permit or require the deferral of any
Award payment, subject to such rules and procedures as it may establish, which
may include provisions for the payment or crediting of interest, or dividend
equivalents, including converting such credits into deferred stock
equivalents.

ARTICLE 7. 
AWARDS OF OPTIONS 

7.1          Grant
of Options 

The Plan Administrator shall have the authority, in its sole
discretion, to grant Options to Participants as Incentive Stock Options or as
Non-Qualified Stock Options, which shall be appropriately designated. 

7.2          Option
Exercise Price 

The exercise price for shares purchased under an Option shall
be as determined by the Plan Administrator, provided that: 

	(a) 	
      the exercise price for Options granted to Participants
      other than Consultant Participants shall not be less than the minimum
      exercise price required by Article 8.3 with respect to Incentive Stock
      Options and shall not be less than 75% of the Fair Market Value of the
      Common Stock on the Grant Date with respect to Non-Qualified Stock
      Options;

	 	 
	(b) 	
      the exercise price for Options granted to Consultant
      Participants shall not be less than 75% of the Fair Market Value of the
      Common Stock on the Grant Date.

7.3          Term
of Options 

Subject to earlier termination in accordance with the terms of
the Plan and the instrument evidencing the Option, the maximum term of an Option
(the "Option Term") shall be as established for that Option by the Plan
Administrator or, if not so established, shall be ten (10) years from the Grant
Date.

7.4          Exercise
of Options 

The Plan Administrator shall establish and set forth in each
instrument that evidences an Option the time at which, or the installments in
which, the Option shall vest and become exercisable, any of which provisions may
be waived or modified by the Plan Administrator at any time.

The Plan Administrator, in its sole discretion, may adjust the
vesting schedule of an Option held by a Participant who works less than
"full-time" as that term is defined by the Plan Administrator or who takes a
Company-approved leave of absence.

To the extent an Option has vested and become exercisable, the
Option may be exercised in whole or from time to time in part by delivery to the
Company of a written stock option exercise agreement or notice, in a form and in
accordance with procedures established by the Plan Administrator, setting forth
the number of shares with respect to which the Option is being exercised, the
restrictions imposed on the shares purchased under such exercise agreement, if
any, and such representations and agreements as may be required by the Plan
Administrator, accompanied by payment in full as described in Article 7.5. An
Option may be exercised only for whole shares and may not be exercised for less
than a reasonable number of shares at any one time, as determined by the Plan
Administrator.

7.5          Payment
of Exercise Price 

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The exercise price for shares purchased under an Option shall
be paid in full to the Company by the delivery of consideration equal to the
product of the Option exercise price and the number of shares purchased. Such
consideration must be paid before the Company will issue the shares being
purchased and must be delivered in the form of a check or bank draft or other
method of payment or some combination thereof as may be acceptable to the Plan
Administrator for that purchase.

7.6         
Post-Termination Exercises 

The Plan Administrator shall establish and set forth, in each
instrument that evidences an Option, whether the Option shall continue to be
exercisable, and the terms and conditions of such exercise, if the Participant
ceases to be employed by, or to provide services to, the Company or a Related
Company, which provisions may be waived or modified by the Plan Administrator at
any time. If not so established in the instrument evidencing the Option, the
Option shall be exercisable according to the following terms and conditions,
which may be waived or modified by the Plan Administrator at any time:

	(a) 	
      Except as otherwise set forth in this Article 7.6, any
      portion of an Option that is not vested and exercisable on the Employment
      Termination Date shall expire on such date.

	 	 	 
	(b) 	
      Any portion of an Option that is vested and exercisable
      on the Employment Termination Date shall expire on the earliest to occur
      of:

	 	 	 
		(i) 	
      if the Participant's Employment Termination Date occurs
      by reason of retirement, resignation or for any other reasons other than
      for Cause, Disability or death, the day which is thirty (30) days after
      such Employment Termination Date;

	 	 	 
		(ii) 	
      if the Participant's Employment Termination Date occurs
      by reason of Disability or death, the day which is six (6) months after
      such Employment Termination Date; and

	 	 	 
		(iii) 	
      the last day of the Option Term (the "Option Expiration
      Date").

	 	 	 
		
      Notwithstanding the foregoing, if the Participant dies
        after his or her Employment Termination Date, but while an Option is
        otherwise exercisable, the portion of the Option that is vested and
        exercisable on such Employment Termination Date shall expire upon the
        earlier to occur of: (A) the Option Expiration Date, and (B) the day which
        is six (6) months after the date of death, unless the Plan Administrator
    determines otherwise.

	 	 	 
		
      Also notwithstanding the foregoing, in case of
        termination of the Participant's employment or service relationship for
        Cause, all Options granted to that Participant shall automatically expire
        upon first notification to the Participant of such termination, unless the
        Plan Administrator determines otherwise. If a Participant's employment or
        service relationship with the Company is suspended pending an
        investigation of whether the Participant shall be terminated for Cause,
        all the Participant's rights under any Option shall likewise be suspended
        during the period of investigation. If any facts that would constitute
        termination for Cause are discovered after the Participant's relationship
        with the Company or a Related Company has ended, any Option then held by
        the Participant may be immediately terminated by the Plan Administrator,
    in its sole discretion.

	 	 	 
	(c) 	
      Unless the Plan Administrator determines otherwise, upon
      a termination of the Participant’s status as an employee, officer,
      director or Consultant of the Company or any Related Company (the
      “Original Position”), other than a termination for Cause, death or
      Disability, the Participant shall not be deemed to have ceased to be
      employed by or to have ceased providing services to the Company or any
      Related Company, provided that the Participant acts as an employee,
      officer, director or Consultant of the Company or a Related Company
      eligible to receive an Award under the provisions of Article 5, in another
      capacity, immediately upon the termination of the Original
  Position.

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	(d) 	
      The effect of a Company-approved leave of absence on the
      application of this Article 7 shall be determined by the Plan
      Administrator, in its sole discretion.

	 	 
	(e) 	
      If a Participant's employment or service relationship
      with the Company or a Related Company terminates by reason of Disability
      or death, the Option shall become fully vested and exercisable for all the
      shares subject to the Option. Such Option shall remain exercisable for the
      time period set forth in this Article 7.6.

ARTICLE 8.
INCENTIVE STOCK OPTION LIMITATIONS

Notwithstanding any other provisions of the Plan, and to the
extent required by Section 422 of the Code, Incentive Stock Options shall be
subject to the following additional terms and conditions:

8.1          Dollar
Limitation 

To the extent the aggregate Fair Market Value (determined as of
the Grant Date) of Common Stock with respect to which Incentive Stock Options
are exercisable for the first time during any calendar year (under the Plan and
all other stock option plans of the Company) exceeds $100,000, such portion in
excess of $100,000 shall be treated as a Non-Qualified Stock Option. In the
event the Participant holds two or more such Options that become exercisable for
the first time in the same calendar year, such limitation shall be applied on
the basis of the order in which such Options are granted.

8.2          Eligible
Employees 

Individuals who are not employees of the Company or one of its
parent corporations or subsidiary corporations may not be granted Incentive
Stock Options.

8.3         
Exercise Price 

The exercise price of an Incentive Stock Option shall be at
least 100% of the Fair Market Value of the Common Stock on the Grant Date, and
in the case of an Incentive Stock Option granted to a Participant who owns more
than 10% of the total combined voting power of all classes of the stock of the
Company or of its parent or subsidiary corporations (a "Ten Percent
Stockholder"), shall not be less than 110% of the Fair Market Value of the
Common Stock on the Grant Date. The determination of more than 10% ownership
shall be made in accordance with Section 422 of the Code.

8.4         
Exercisability 

An Option designated as an Incentive Stock Option shall cease
to qualify for favorable tax treatment as an Incentive Stock Option to the
extent it is exercised (if permitted by the terms of the Option) (a) more than
three (3) months after the Employment Termination Date if termination was for
reasons other than death or disability, (b) more than one (1) year after the
Employment Termination Date if termination was by reason of disability, or (c)
after the Participant has been on leave of absence for more than ninety (90)
days, unless the Participant's reemployment rights are guaranteed by statute or
contract.

8.5         
Taxation of Incentive Stock Options 

In order to obtain certain tax benefits afforded to Incentive
Stock Options under Section 422 of the Code, the Participant must hold the
shares acquired upon the exercise of an Incentive Stock Option for two (2) years
after the Grant Date and one (1) year after the date of exercise. A Participant
may be subject to the alternative minimum tax at the time of exercise of an
Incentive Stock Option. The Participant shall give the Company prompt notice of
any disposition of shares acquired on the exercise of an Incentive Stock Option
prior to the expiration of such holding periods.

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8.6          Code
Definitions 

For the purposes of this Article 8, "parent corporation,"
"subsidiary corporation" and "disability" shall have the meanings attributed to
those terms for purposes of Section 422 of the Code.

ARTICLE 9. 
WITHHOLDING 

9.1          General

The Company may require the Participant to pay to the Company
the amount of any taxes that the Company is required by applicable federal,
state, local or foreign law to withhold with respect to the grant, vesting or
exercise of an Award. The Company shall not be required to issue any shares
Common Stock under the Plan until such obligations are satisfied.

9.2        
 Payment of Withholding Obligations in Cash or Shares 

The Plan Administrator may permit or require a Participant to
satisfy all or part of his or her tax withholding obligations by: (a) paying
cash to the Company, (b) having the Company withhold from any cash amounts
otherwise due or to become due from the Company to the Participant, (c) having
the Company withhold a portion of any shares of Common Stock that would
otherwise be issued to the Participant having a value equal to the tax
withholding obligations (up to the employer's minimum required tax withholding
rate), or (d) surrendering any shares of Common Stock that the Participant
previously acquired having a value equal to the tax withholding obligations (up
to the employer's minimum required tax withholding rate to the extent the
Participant has held the surrendered shares for less than six months).

ARTICLE 10. 
ASSIGNABILITY

10.1        Assignment

Neither an Award nor any interest therein may be assigned,
pledged or transferred by the Participant or made subject to attachment or
similar proceedings other than by will or by the applicable laws of descent and
distribution, and, during the Participant's lifetime, such Awards may be
exercised only by the Participant. Notwithstanding the foregoing, and to the
extent permitted by Section 422 of the Code, the Plan Administrator, in its sole
discretion, may permit a Participant to assign or transfer an Award or may
permit a Participant to designate a beneficiary who may exercise the Award or
receive payment under the Award after the Participant's death; provided,
however, that any Award so assigned or transferred shall be subject to all the
terms and conditions of the Plan and those contained in the instrument
evidencing the Award.

ARTICLE 11. 
ADJUSTMENTS

11.1        Adjustment of
Shares 

In the event, at any time or from time to time, a stock
dividend, stock split, spin-off, combination or exchange of shares,
recapitalization, merger, consolidation, distribution to stockholders other than
a normal cash dividend, or other change in the Company's corporate or capital
structure, including, without limitation, a Related Party Transaction, results
in: (a) the outstanding shares of Common Stock, or any securities exchanged
therefor or received in their place, being exchanged for a different number or
kind of securities of the Company or of any other corporation, or (b) new,
different or additional 

8

securities of the Company or of any other corporation being
received by the holders of shares of Common Stock of the Company, then the Plan
Administrator shall make proportional adjustments in: (i) the maximum number and
kind of securities subject to the Plan and issuable as Incentive Stock Options
as set forth in Article 4 and the maximum number and kind of securities that may
be made subject to Awards to any individual as set forth in Article 4.3, and
(ii) the number and kind of securities that are subject to any outstanding Award
and the per share price of such securities, without any change in the aggregate
price to be paid therefor. The determination by the Plan Administrator as to the
terms of any of the foregoing adjustments shall be conclusive and binding.
Notwithstanding the foregoing, a dissolution or liquidation of the Company or a
Corporate Transaction shall not be governed by this Article 11.1 but shall be
governed by Articles 11.2 and 11.3, respectively.

11.2        Dissolution
or Liquidation 

To the extent not previously exercised or settled, and unless
otherwise determined by the Plan Administrator in its sole discretion, Options
denominated in units shall terminate immediately prior to the dissolution or
liquidation of the Company. To the extent a forfeiture provision or repurchase
right applicable to an Award has not been waived by the Plan Administrator, the
Award shall be forfeited immediately prior to the consummation of the
dissolution or liquidation.

11.3        Corporate
Transaction 

Options 

	(a) 	
      In the event of a Corporate Transaction, except as
      otherwise provided in the instrument evidencing an Option (or in a written
      employment or services agreement between a Participant and the Company or
      Related Company) and except as provided in subsection (b) below, each
      outstanding Option shall be assumed or an equivalent option or right
      substituted by the surviving corporation, the successor corporation or its
      parent corporation, as applicable (the "Successor Corporation").

	 	 
	(b) 	
      If, in connection with a Corporate Transaction, the
      Successor Corporation refuses to assume or substitute for an Option, then
      each such outstanding Option shall become fully vested and exercisable
      with respect to 100% of the unvested portion of the Option. In such case,
      the Plan Administrator shall notify the Participant in writing or
      electronically that the unvested portion of the Option specified above
      shall be fully vested and exercisable for a specified time period. At the
      expiration of the time period, the Option shall terminate, provided that
      the Corporate Transaction has occurred.

	 	 
	(c) 	
      For the purposes of this Article 11.3, the Option shall
      be considered assumed or substituted for if following the Corporate
      Transaction the option or right confers the right to purchase or receive,
      for each share of Common Stock subject to the Option immediately prior to
      the Corporate Transaction, the consideration (whether stock, cash, or
      other securities or property) received in the Corporate Transaction by
      holders of Common Stock for each share held on the effective date of the
      transaction (and if holders were offered a choice of consideration, the
      type of consideration chosen by the holders of a majority of the
      outstanding shares); provided, however, that if such consideration
      received in the Corporate Transaction is not solely common stock of the
      Successor Corporation, the Plan Administrator may, with the consent of the
      Successor Corporation, provide for the consideration to be received upon
      the exercise of the Option, for each share of Common Stock subject
      thereto, to be solely common stock of the Successor Corporation
      substantially equal in fair market value to the per share consideration
      received by holders of Common Stock in the Corporate Transaction. The
      determination of such substantial equality of value of consideration shall
      be made by the Plan Administrator and its determination shall be
      conclusive and binding.

	 	 
	(d) 	
      All Options shall terminate and cease to remain
      outstanding immediately following the Corporate Transaction, except to the
      extent assumed by the Successor Corporation.

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11.4        Further
Adjustment of Awards 

Subject to Articles 11.2 and 11.3, the Plan Administrator shall
have the discretion, exercisable at any time before a sale, merger,
consolidation, reorganization, liquidation or change of control of the Company,
as defined by the Plan Administrator, to take such further action as it
determines to be necessary or advisable, and fair and equitable to the
Participants, with respect to Awards. Such authorized action may include (but
shall not be limited to) establishing, amending or waiving the type, terms,
conditions or duration of, or restrictions on, Awards so as to provide for
earlier, later, extended or additional time for exercise, lifting restrictions
and other modifications, and the Plan Administrator may take such actions with
respect to all Participants, to certain categories of Participants or only to
individual Participants. The Plan Administrator may take such action before or
after granting Awards to which the action relates and before or after any public
announcement with respect to such sale, merger, consolidation, reorganization,
liquidation or change of control that is the reason for such action.

11.5        Limitations

The grant of Awards shall in no way affect the Company's right
to adjust, reclassify, reorganize or otherwise change its capital or business
structure or to merge, consolidate, dissolve, liquidate or sell or transfer all
or any part of its business or assets.

11.6        Fractional
Shares 

In the event of any adjustment in the number of shares covered
by any Award, each such Award shall cover only the number of full shares
resulting from such adjustment.

ARTICLE 12. 
AMENDMENT AND TERMINATION 

12.1        Amendment or
Termination of Plan 

The Board may suspend, amend or terminate the Plan or any
portion of the Plan at any time and in such respects as it shall deem advisable;
provided, however, that to the extent required for compliance with Section 422
of the Code or any applicable law or regulation, stockholder approval shall be
required for any amendment that would: (a) increase the total number of shares
available for issuance under the Plan, (b) modify the class of employees
eligible to receive Options, or (c) otherwise require stockholder approval under
any applicable law or regulation. Any amendment made to the Plan that would
constitute a "modification" to Incentive Stock Options outstanding on the date
of such amendment shall not, without the consent of the Participant, be
applicable to such outstanding Incentive Stock Options but shall have
prospective effect only.

12.2        Term of Plan

Unless sooner terminated as provided herein, the Plan shall
terminate ten (10) years after the earlier of the Plan's adoption by the Board
and approval by the stockholders.

12.3        Consent of
Participant 

The suspension, amendment or termination of the Plan or a
portion thereof or the amendment of an outstanding Award shall not, without the
Participant's consent, materially adversely affect any rights under any Award
theretofore granted to the Participant under the Plan. Any change or adjustment
to an outstanding Incentive Stock Option shall not, without the consent of the
Participant, be made in a manner so as to constitute a "modification" that would
cause such Incentive Stock Option to fail to continue to qualify as an Incentive
Stock Option. Notwithstanding the foregoing, any adjustments made pursuant to
Article 11 shall not be subject to these restrictions.

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ARTICLE 13. 
GENERAL 

13.1        Evidence of
Awards 

Awards granted under the Plan shall be evidenced by a written
instrument that shall contain such terms, conditions, limitations and
restrictions as the Plan Administrator shall deem advisable and that are not
inconsistent with the Plan.

13.2        No Individual
Rights 

Nothing in the Plan or any Award granted under the Plan shall
be deemed to constitute an employment contract or confer or be deemed to confer
on any Participant any right to continue in the employ of, or to continue any
other relationship with, the Company or any Related Company or limit in any way
the right of the Company or any Related Company to terminate a Participant's
employment or other relationship at any time, with or without Cause.

13.3        Issuance of
Shares 

Notwithstanding any other provision of the Plan, the Company
shall have no obligation to issue or deliver any shares of Common Stock under
the Plan or make any other distribution of benefits under the Plan unless, in
the opinion of the Company's counsel, such issuance, delivery or distribution
would comply with all applicable laws (including, without limitation, the
requirements of the Securities Act), and the applicable requirements of any
securities exchange or similar entity.

The Company shall be under no obligation to any Participant to
register for offering or resale or to qualify for exemption under the Securities
Act, or to register or qualify under state securities laws, any shares of Common
Stock, security or interest in a security paid or issued under, or created by,
the Plan, or to continue in effect any such registrations or qualifications if
made. The Company may issue certificates for shares with such legends and
subject to such restrictions on transfer and stop-transfer instructions as
counsel for the Company deems necessary or desirable for compliance by the
Company with federal and state securities laws.

To the extent the Plan or any instrument evidencing an Award
provides for issuance of stock certificates to reflect the issuance of shares of
Common Stock, the issuance may be effected on a noncertificated basis, to the
extent not prohibited by applicable law or the applicable rules of any stock
exchange.

13.4        No Rights as
a Stockholder 

No Option denominated in units shall entitle the Participant to
any cash dividend, voting or other right of a stockholder unless and until the
date of issuance under the Plan of the shares that are the subject of such
Award.

13.5        Compliance
With Laws and Regulations 

Notwithstanding anything in the Plan to the contrary, the Plan
Administrator, in its sole discretion, may bifurcate the Plan so as to restrict,
limit or condition the use of any provision of the Plan to Participants who are
officers or directors subject to Section 16 of the Exchange Act without so
restricting, limiting or conditioning the Plan with respect to other
Participants. Additionally, in interpreting and applying the provisions of the
Plan, any Option granted as an Incentive Stock Option pursuant to the Plan
shall, to the extent permitted by law, be construed as an "incentive stock
option" within the meaning of Section 422 of the Code.

11

13.6        Participants
in Other Countries 

The Plan Administrator shall have the authority to adopt such
modifications, procedures and subplans as may be necessary or desirable to
comply with provisions of the laws of other countries in which the Company or
any Related Company may operate to assure the viability of the benefits from
Awards granted to Participants employed in such countries and to meet the
objectives of the Plan.

13.7        No Trust or
Fund 

The Plan is intended to constitute an "unfunded" plan. Nothing
contained herein shall require the Company to segregate any monies or other
property, or shares of Common Stock, or to create any trusts, or to make any
special deposits for any immediate or deferred amounts payable to any
Participant, and no Participant shall have any rights that are greater than
those of a general unsecured creditor of the Company.

13.8        Severability

If any provision of the Plan or any Award is determined to be
invalid, illegal or unenforceable in any jurisdiction, or as to any person, or
would disqualify the Plan or any Award under any law deemed applicable by the
Plan Administrator, such provision shall be construed or deemed amended to
conform to applicable laws, or, if it cannot be so construed or deemed amended
without, in the Plan Administrator's determination, materially altering the
intent of the Plan or the Award, such provision shall be stricken as to such
jurisdiction, person or Award, and the remainder of the Plan and any such Award
shall remain in full force and effect.

13.9        Choice of Law

The Plan and all determinations made and actions taken pursuant
hereto, to the extent not otherwise governed by the laws of the United States,
shall be governed by the laws of the State of Nevada without giving effect to
principles of conflicts of law.

ARTICLE 14. 
EFFECTIVE DATE 

14.1        Effective
Date of Plan 

The effective date is the date on which the Plan is adopted by
the Board. If the stockholders of the Company do not approve the Plan within
twelve (12) months after the Board's adoption of the Plan, any Incentive Stock
Options granted under the Plan will be treated as Non-Qualified Stock
Options.

12shareholderagreement040609.htm

    
      

      

    

    
      EXHIBIT
10.1

      SHAREHOLDER
AGREEMENT

      

      This Agreement ("Agreement") dated the
3rd
day of April 2009, is made by and among Riggs Qualified Partners, LLC, Philip J.
Timyan, FJ Capital Long/Short Equity Fund LLC and Martin S. Friedman
(collectively the "Shareholders" and individually each a "Shareholder"), and GS
Financial Corp. (the "Company") and Guaranty Savings Bank (the
"Bank").

      

      RECITALS

      

      WHEREAS, the Company, the Bank
and the Shareholders have agreed that it is in their mutual interests to enter
into this Agreement as hereinafter described.

      

      NOW, THEREFORE, in
consideration of the premises and the representations, warranties, covenants and
agreements contained herein, and other good and valuable consideration, the
parties hereto mutually agree as follows:

      

      1.           Representations and Warranties of the
Shareholders.  The Shareholders hereby represent and warrant to
the Company and the Bank as follows:

      

      
        	
                 
      

              	
                (a)

              	
                The
      Shareholders have beneficial ownership of an aggregate amount of 198,223
      shares of the Company's common stock ("Common Stock"), except with respect
      to 17,850 shares held by RAM T., LP to which Mr. Timyan claims dispositive
      power, but not the power to vote, and have full and complete authority to
      enter into this Agreement and to bind the entire number of shares of the
      capital stock of the Company in which they have a beneficial ownership
      interest to the terms of this Agreement, and this Agreement constitutes a
      valid and binding agreement of the
Shareholders;

              

      

      

      
        	
                 
      

              	
                (b)

              	
                The
      Shareholders have full power and authority to enter into and perform their
      obligations under this Agreement, and the execution and delivery of this
      Agreement by the Shareholders have been duly authorized by the principals
      of the Shareholders.  This Agreement constitutes a valid and
      binding obligation of each of the Shareholders, and the performance of its
      terms shall not constitute a violation of any limited partnership
      agreement, operating agreement, bylaws, or any agreement or instrument to
      which the Shareholders or any Shareholder is a
  party;

              

      

      

      
        	
                 
      

              	
                (c)

              	
                There
      are no other persons who, by reason of their personal, business,
      professional or other arrangement with the Shareholders or any
      Shareholder, have agreed, in writing or orally, explicitly or implicitly,
      to take any action on behalf of or in lieu of the Shareholders or any
      Shareholder that would be prohibited by this Agreement;
  and

              

      

      

      
        	
                 
      

              	
                (d)

              	
                There
      are no arrangements, agreements or understandings between the Shareholders
      or any Shareholder and the Company and the Bank other than as set forth in
      this Agreement.

              

      

      

      2.           Representations and Warranties of the
Company and the Bank.  The Company and the Bank hereby
represent and warrant to the Shareholders as follows:

      

      
        	
                 
      

              	
                (a)

              	
                The
      Company and the Bank have full power and authority to enter into and
      perform their obligations under this Agreement, and the execution and
      delivery of this Agreement by the Company and the Bank have been duly
      authorized by the Boards of Directors of the Company and the Bank and
      requires no other Board of Directors or shareholder
      action.  This Agreement constitutes a valid and binding
      obligation of the Company and the Bank, and the performance of its terms
      does not constitute a violation of the Articles of Incorporation or Bylaws
      of the Company and the Charter and Bylaws of the Bank;
  and

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                 
      

              	
                (b)

              	
                There
      are no arrangements, agreements or understandings between the Company, the
      Bank and the Shareholders or any Shareholder, other than as set forth in
      this Agreement.

              

      

      

      3.           Covenants.

      

      
        	
                 
      

              	
                (a)

              	
                During
      the term of this Agreement, the Company and the Bank covenant and agree as
      follows:

              

      

      

      (i)           Company
Directorship.  In connection with the approval of this
Agreement, no later than the date the Company's proxy materials for the 2009
Annual Meeting of Shareholders are first mailed, the Company shall take all
required action to appoint Martin S. Friedman to the class of directors of the
Company for a two-year term expiring in 2011;

      

      (ii)           Bank
Directorship.  The Company as the sole shareholder of the Bank
shall elect Mr. Friedman at the Bank's 2009 Annual Meeting of Shareholders to
the Board of Directors for a two-year term expiring at the Bank's annual meeting
in 2011;

      

      (iii)           Committees.  For so
long as Mr. Friedman is a member of the Boards of Directors of the Company and
the Bank, the Boards of Directors will appoint Mr. Friedman to the Audit
Committee and the Compensation Committee; and

      

      (iv)           Compensation and
Benefits.  Mr. Friedman shall be entitled to receive the
compensation and benefits available to directors of the Company and the
Bank.

      

      
        	
                 
      

              	
                (b)

              	
                During
      the term of this Agreement, the Shareholders and each Shareholder
      individually covenant and agree as
follows:

              

      

      

      (i)           Withdrawal of Notice of Intent to
Nominate Three Directors and Schedule 13D Amendment.  Promptly
upon the execution and delivery of this Agreement and the nomination of Mr.
Friedman to serve as a member of the Boards of Directors of the Company and the
Bank, the Shareholders shall take all necessary action to withdraw their letters
of intent to nominate three directors dated February 19, 2009 and March 10,
2009, including the execution and delivery of the form of letter agreement
attached hereto as Appendix A by and
among the Shareholders and Mr. Donald C. Scott (the "Letter Agreement"); and
shall amend the Schedule 13D on file with the Securities and Exchange Commission
to reflect their withdrawal of the nominations and the execution of the Letter
Agreement, which Schedule 13D amendment shall be subject to the prior review and
comment of the Company;

      

      (ii)           Nominations or Shareholder
Proposals.  Neither the Shareholders nor any Shareholder
individually will initiate, propose or submit any shareholder proposal to the
Company, nor encourage or otherwise solicit or induce or attempt to induce any
other person to initiate, propose or submit any shareholder proposal to the
Company, unless such action is supported by a majority of the Company's Board of
Directors.  Neither the Shareholders nor any Shareholder individually
will seek election to, or seek to place a representative or other affiliate or
nominee on, or induce or attempt to induce or encourage any other person to
nominate one or more persons to the Company's Board of Directors (other than
with respect to the nomination of Mr. Friedman) or seek removal of any member of
the Company's Board of Directors unless such action is supported by a majority
of the Company's Board of Directors.  Neither the Shareholders nor any
Shareholder individually will:

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      
        	
                 
      

              	
                a.

              	
                (A)
      join with or assist any person or entity, directly or indirectly, in
      opposing, or make any statement in opposition to, any proposal or director
      nomination submitted by the Company's Board of Directors to a vote of the
      Company's shareholders, or (B) join with or assist any person or entity,
      directly or indirectly, in supporting or endorsing (including supporting,
      requesting or joining in any request for a meeting of shareholders in
      connection with), or make any statement in favor of, any proposal
      submitted to a vote of the Company's shareholders that is opposed by the
      Company's Board of Directors; or

              

      

      

      
        	
                 
      

              	
                b.

              	
                vote
      for any nominee or nominees for election to the Board of Directors of the
      Company other than those nominated or supported by the Company's Board of
      Directors or consent to become a nominee for election as a director of the
      Company unless nominated or supported by a majority of the Company's Board
      of Directors;

              

      

      

      (iii)           Board Nominees and
Proposals.  The Shareholders and each Shareholder individually
hereby agree to vote all of the shares of Common Stock which they directly or
indirectly beneficially own and have voting power over in favor of (i) nominees
to the Board of Directors of the Company recommended by the board and (ii)
proposals submitted to the Company’s shareholders which have been approved by a
majority of the Company’s Board of Directors, with the exception of any new
stock compensation plans or amendments to any existing stock compensation plans,
other than tax-qualified plans.

      

      (iv)           Solicitations.  Neither
the Shareholders nor any Shareholder individually will solicit proxies or
written consents or assist or participate in any other way, directly or
indirectly, in any solicitation of proxies or written consents, or otherwise
become a “participant” in a “solicitation,” or assist any “participant” in a
“solicitation” (as such terms are defined in Instruction 3 of Item 4 of Schedule
14A and Rule 14a-1 of Regulation 14A, respectively, under the Securities
Exchange Act of 1934) in opposition to any recommendation or proposal of the
Company's Board of Directors, or recommend or request or induce or attempt to
induce any other person to take any such actions, or seek to advise, encourage
or influence any other person with respect to the voting of (or the execution of
a written consent in respect of) the Company's Common Stock, or execute any
written consent in lieu of a meeting of the holders of the Company's Common
Stock or grant a proxy with respect to the voting of the capital stock of the
Company to any person or entity other than the Board of Directors of the
Company;

      

      (v)           No Company Transaction
Proposals.  Neither the Shareholders nor any Shareholder
individually will (A) propose or seek to effect a merger, consolidation,
recapitalization, reorganization, sale, lease, exchange or other disposition of
substantially all the assets of, or other business combination involving, or a
tender or exchange offer for securities of, the Company or the Bank or any
material portion of the Company's or the Bank's business or assets or any other
type of transaction that would result in a change in control of the Company (any
such action described in this clause (A) is a “Company Transaction Proposal”),
(B) seek to exercise any control or influence over the management of the Company
or the Boards of Directors of the Company or the Bank or any of the businesses,
operations or policies of the Company or the Bank; provided, however, that Mr.
Friedman, in his capacity as a director of the Company and the Bank, shall not
be restricted or limited in his ability to take action to fulfill his fiduciary
duties as a director, (C) other than a presentation to the Company's Board of
Directors, present to the Company, its shareholders or any third party any
proposal constituting or that could reasonably be expected to result in a
Company Transaction Proposal, or (D) seek to effect a change in control of the
Company.  None of the foregoing restrictions shall prevent the
Shareholders from engaging in the foregoing restricted actions if any such
action is supported by a majority of the Company's Board of
Directors.  In addition, the Shareholders and each Shareholder
individually will not:

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      
        	
                 
      

              	
                a.

              	
                publicly
      suggest or announce their willingness or desire to engage in a transaction
      or group of transactions or have another person engage in a transaction or
      group of transactions that would constitute or could reasonably be
      expected to result in a Company Transaction Proposal or take any action
      that might require the Company to make a public announcement regarding any
      such Company Transaction Proposal unless such action is supported by a
      majority of the Company's Board of Directors;
or

              

      

      

      
        	
                 
      

              	
                b.

              	
                initiate,
      request, induce, encourage or attempt to induce or give encouragement to
      any other person (other than to members of the Company's Board of
      Directors) to initiate any proposal constituting or that can reasonably be
      expected to result in a Company Transaction Proposal, or otherwise provide
      assistance to any person who has made or is contemplating making, or enter
      into discussions or negotiations with respect to, any proposal
      constituting or that can reasonably be expected to result in a Company
      Transaction Proposal; and

              

      

      

      (vi)           Sale of 1% or More of Company Common
Stock; Sale to a 5% Shareholder.  In the event that at any time
from the date of this Agreement and through the Term of this Agreement, the
Shareholders intend to sell 1% or more of the Company's outstanding Common
Stock, based on the Company's most recent public filing, in a block trade, in a
private sale or in the open market, or the Shareholders intend to sell shares of
Company Common Stock to any person the Shareholders believe, after reasonable
inquiry, would beneficially own immediately after any such sale or transfer more
than 5% of the outstanding shares of the Company Common Stock, the Shareholders
will provide written notice to the Company of such intent, which notice shall
include the proposed sale price, and the Company shall then have the right to
purchase the Common Stock from the Shareholders at the proposed sale price
(“Right of First Refusal”).  Within two (2) business days following
receipt of written notice from the Shareholders, the Company will provide
written notice to the Shareholders as to whether or not the Company will
exercise its Right of First Refusal.  The Company can exercise its
Right of First Refusal in full or in part in its sole discretion.  If
the Company chooses to exercise the Right of First Refusal in full or in part,
settlement of the purchase of the shares being sold by the Shareholders pursuant
to the Right of First Refusal will be within three (3) business days of such
exercise, with payment by wire transfer to an account identified by the
Shareholders.  If the Company does not choose to exercise the Right of
First Refusal, or does not respond to the notice within two (2) business days,
then the selling Shareholder shall be free to sell the shares to the third
party.

      

      4.           Public Statements;
Litigation.  During the term of this Agreement, no party to
this Agreement shall cause, discuss, cooperate or otherwise aid in the
preparation of any press release or other publicity other than filings required
by securities laws, concerning any other party to this Agreement or its
operations without prior approval of such other party unless required by law, in
which case notice of such requirement shall be given to the other party; and
provided there has been no material breach of this Agreement by the Company or
the Bank, none of the Shareholders shall, directly or indirectly:

      

      
        	
                 
      

              	
                (a)

              	
                make
      any statement, public or otherwise, in opposition to, or that would
      reflect negatively against, the Company, the Bank, the Board of Directors
      of the Company or the Bank, or any of the directors or officers of the
      Company or the Bank;

              

      

      

      
        	
                 
      

              	
                (b)

              	
                directly
      or indirectly participate or act in concert with any affiliate, group or
      other person to participate, by encouragement or otherwise, in any
      litigation against or derivatively on behalf of the Company or the Bank,
      or any of their respective officers or directors;
  or

              

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      
        	
                 
      

              	
                (c)

              	
                provide,
      or act in concert with any person to provide, any funds, services or
      facilities to any person in support of any activity by such person that
      would be a violation of their covenants under the provisions of this
      Section 4 if undertaken by any of them. In addition, during the term of
      this Agreement, provided there has been no material breach of this
      Agreement by the Shareholders or any Shareholder, neither the Company nor
      any officer or director of the Company shall make any statement, public or
      otherwise, in opposition to, or that would reflect negatively against the
      Shareholders or any Shareholder, nor directly or indirectly participate or
      act in concert with any affiliate, group or other person to participate,
      by encouragement or otherwise, in any litigation against or derivatively
      on behalf of Shareholders or any Shareholder
  individually.

              

      

      

      5.           Remedies.  The
Company, the Bank and the Shareholders acknowledge and agree that a breach or
threatened breach by any party may give rise to irreparable injury inadequately
compensable in damages, and accordingly each party shall be entitled to
injunctive relief to prevent a breach of the provisions hereof and to enforce
specifically the terms and provisions hereof in any state or federal court
having jurisdiction, in addition to any other remedy to which such aggrieved
party may be entitled to at law or in equity. Notwithstanding any other
provision contained herein, a specific remedy that will be available to the
Company and the Bank is that in the event any Shareholder does not vote in favor
of management's nominees during the term of this Agreement, at the request of
the Company's and the Bank’s Board of Directors, Mr. Friedman shall resign from
the Boards of Directors of the Company and the Bank immediately following the
related Annual Meeting of Shareholders of the Company.  In the event
either party institutes any legal action to enforce such party's rights under,
or recover damages for breach of, this Agreement, the prevailing party or
parties in such action shall be entitled to recover from the other party or
parties all reasonable costs and expenses, including but not limited to actual
attorneys' fees, court costs, witness fees, disbursements and any other expenses
of litigation or negotiation incurred by such prevailing party or
parties.

      

      6.           Term.  This
Agreement shall terminate as of June 30, 2011, or if earlier, the date on which
any of the following occurs: (i) the Company ceases to exist by reason of
merger, sale of assets, liquidation, exchange of shares, or otherwise, or (ii)
Mr. Friedman ceases to be a member of the Company’s or the Bank’s Board of
Directors other than by reason of his personal resignation (including any
resignation pursuant to Section 5 above), provided that this Agreement shall
remain in effect if the Company's and the Bank’s Boards of Directors agree to
appoint Mr. Timyan, or a representative of Mr. Timyan acceptable to the Company,
to fill Mr. Friedman's vacancy on the Board of Directors for the remainder of
Mr. Friedman’s term.  If Mr. Friedman voluntarily resigns as a
director of the Company and/or the Bank (including any resignation pursuant to
Section 5 above) or voluntarily takes any other action resulting in him no
longer being a director of the Company and/or the Bank, then this Agreement
shall continue to remain in effect for its remaining term.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      7.           Notices.  All notice
requirements and other communications shall be deemed given when delivered or on
the third succeeding business day after being mailed by registered or certified
mail, return receipt requested, addressed to the Shareholders and the Company
and the Bank below:

      

      
        	
                Shareholders:

              	
                Martin
      S. Friedman

                FJ
      Capital Long/Short Equity Fund LLC

                2107
      Wilson Blvd.

                Arlington,
      Virginia 22201

                 

              
	 
      	
                Philip
      J. Timyan

                Riggs
      Qualified Partners, LLC

                4324
      Central Avenue

                Western
      Springs, Illinois 60558

                 

              
	
                With
      a copy to:

              	
                J.
      Brennan Ryan, Esq.

                Nelson
      Mullins Riley & Scarborough LLP

                Atlantic
      Station

                201
      17th Street, NW, Suite 1700

                Atlanta,
      Georgia  30363

                Facsimile:
      404-322-6050

                 

              
	
                The
      Company and the Bank:

              	
                Bruce
      A. Scott, Esq.

                Executive
      Vice President

                Guaranty
      Savings Bank

                3798
      Veterans Blvd.

                Metairie,
      Louisiana 70002

                Facsimile:
      504-883-5544

                 

              
	
                With
      a copy to:

              	
                Raymond
      A. Tiernan, Esq.

                Eric
      M. Marion, Esq.

                Elias,
      Matz, Tiernan & Herrick L.L.P.

                734
      15th Street, N.W., 11th Floor

                Washington,
      D.C. 20005

                Facsimile:
      202-347-2172

              

      

      

      8.           Reimbursement of
Expenses.  The Company shall, within five (5) business days of
submission by the Shareholders of reasonable documentation, reimburse the
Shareholders for all legal fees and expenses, up to $15,000 in the aggregate,
incurred in connection with their activities with respect to the Company since
January 1, 2009.  Such invoices need not include any detail that may
be deemed to waive the attorney-client privilege between any Shareholder and its
counsel.

      

      9.           Entire
Agreement.  This Agreement constitutes the entire agreement
between the parties hereto pertaining to the subject matter hereof and
supersedes all prior and contemporaneous agreements, understandings,
negotiations and discussions of the parties in connection therewith not referred
to herein.

      

      10.           Counterparts;
Facsimile.  This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, and signature
pages may be delivered by facsimile, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one
and the same agreement.

      

      11.           Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      12.           Governing Law.  This
Agreement shall be governed by and construed and enforced in accordance with the
laws of the State of Louisiana, without giving effect to its principles of
conflicts of laws.

      

      13.           Severability.  If
any term, provision, covenant or restriction of this Agreement is held by any
governmental authority or a court of competent jurisdiction to be invalid, void
or unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall
in no way be affected, impaired or invalidated.

      

      14.           Successors and
Assigns.  This Agreement shall be binding upon and shall inure
to the benefit of and be enforceable by the successors and assigns, and
transferees by operation of law, of the parties.

      

      15.           Survival of Representations,
Warranties and Agreements.  All representations, warranties,
covenants and agreements made herein shall survive the execution and delivery of
this Agreement.

      

      16.           Amendments.  This
Agreement may not be modified, amended, altered or supplemented except upon the
execution and delivery of a written agreement executed by all of the parties
hereto.

      

      17.           Further
Action.  Each party agrees to execute any and all documents,
and to do and perform any and all acts and things necessary or proper to
effectuate or further evidence the terms and provisions of this
Agreement.

      

      [Remainder of this page
intentionally left blank.]

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first written
above.

      

      
        
          	 
      	
                  GS
      FINANCIAL CORP.

                
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  By:

                	/s/
      Albert J. Zahn, Jr.
	 
      	 
      	
                  Albert
      J. Zahn, Jr.

                
	 
      	 
      	
                  Chairman
      of the Board

                

        

      

       

      
        	 
      	
                GUARANTY
      SAVINGS BANK

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	/s/
      Albert J. Zahn, Jr.
	 
      	 
      	
                Albert
      J. Zahn, Jr.

              
	 
      	 
      	
                Chairman
      of the Board

              

      

    

    
       

      
        	
              	
                RIGGS
      QUALIFIED PARTNERS, LLC

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	/s/
      Philip J. Timyan
	 
      	 
      	
                Philip
      J. Timyan

              
	 
      	 
      	
                Managing
      Member

              

      

      

      
        
          
            
              
                	
                      	
                        PHILIP
      J. TIMYAN

                      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                        By:

                      	/s/
      Philip J. Timyan

              

            

          

        

        	
              	
                FJ
      CAPITAL LONG/SHORT EQUITY FUND LLC

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	/s/
      Martin S. Friedman
	 
      	 
      	
                Martin
      S. Friedman

              
	 
      	 
      	
                Managing
      Member

              

      

      

      
        	
              	
                MARTIN
      S. FRIEDMAN

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	/s/
      Martin S. Friedman
	 
      	 
      	
                Martin
      S. Friedman

              
	 
      	 
      	
                 

              

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      Appendix
A

      April
3, 2009

      

      

      

      

      Board of
Directors

      GS
Financial Corp.

      3798
Veterans Memorial Boulevard

      Metairie,
Louisiana 70002

      

      Dear
Members of the Board of Directors:

      

      By this letter, I am
hereby withdrawing my name from consideration as a nominee to the Board of
Directors of GS Financial Corp. and withdrawing the letters dated February 19,
2009 and March 10, 2009 addressed to the members of the Board and Mr. Zahn,
Chairman of the Board, respectively.

      

      
        
          
            
              	 
      	 
      	
                      Sincerely,

                    
	 
      	 
      	 
      
	 
      	 
      	/s/
      Donald C. Scott
	 
      	 
      	
                       

                    
	 	 	Donald
      C.
Scott

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