Document:

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                                                                    EXHIBIT 10.3

                COMMUNITY TRUST FINANCIAL SERVICES CORPORATION

                       1993 DIRECTORS STOCK OPTION PLAN

                                Amended 6/15/99
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                COMMUNITY TRUST FINANCIAL SERVICES CORPORATION
                       1993 DIRECTORS STOCK OPTION PLAN

     1.   Purpose.
          -------

          The purpose of the Community Trust Financial Services Corporation 1993
Directors Stock Option Plan (the "Plan") is to further the growth and
development of Community Trust Financial Services Corporation (the "Company")
and its subsidiaries (collectively the Company and its subsidiaries shall be
referred to as the "Controlled Group"), by encouraging directors who are not
otherwise employees of the Controlled Group to obtain a proprietary interest in
the Company by owning its stock. The Company intends that the Plan provide such
persons with an added incentive to continue to serve as directors of the
Controlled Group and will stimulate their efforts in promoting the growth,
efficiency and profitability of the Controlled Group. The Company also intends
that the Plan will afford the Controlled Group a means of attracting to service
directors of outstanding quality. Unless otherwise specified, the term "Options"
shall refer both to non-qualified stock options and to non-qualified Reload
Options (as described in Section 5(l) hereof) granted in connection therewith."

     2.   Administration.
          --------------

          (a)  General Administration. The Plan shall be administered and
               ----------------------
interpreted by a committee appointed by the Company's Board of Directors (the
"Committee"). Subject to the express provisions of the Plan, the Committee also
shall have authority to interpret the Plan, to prescribe, amend and rescind
rules and regulations relating to it, to determine the terms and provisions of
the instruments by which Options shall be evidenced (which shall not be
inconsistent with the terms of the Plan), and to make all other determinations
necessary or advisable for the administration of the Plan, all of which
determinations shall be final, binding and conclusive.

          (b)  Appointment. The Board of Directors shall appoint the Committee
               -----------
from among its members to serve at the pleasure of the Board. The Board from
time to time may remove members from, or add members to, the Committee and shall
fill all vacancies thereon. The Committee shall be composed of two or more
directors.

          (c)  Organization. The Committee may select one of its members as its
               ------------
chairman and shall hold its meetings at such times and at such places as it
shall deem advisable. A majority of the Committee shall constitute a quorum, and
such majority shall determine its actions. The Committee shall keep minutes of
its proceedings and shall report the same to the Board of Directors at the
meeting next succeeding.

          (d)  Indemnification. In addition to such other rights of
               ---------------
indemnification as they have as directors or as members of the Committee, the
members of the Committee, to the extent permitted by applicable law, shall be
indemnified by the Company against reasonable expenses (including, without
limitation, attorneys' fees) actually and necessarily incurred in connection
with the defense of any action, suit or proceeding, or in connection with any
appeal, to which they or any of them may be a party by reason of any action
taken or failure to act under or in connection with the Plan or any Options
granted hereunder, and against all amounts paid by them in settlement thereof
(provided such settlement is approved to the extent required by and in the
manner provided by applicable law and/or the Bylaws of the Company relating to

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indemnification of directors) or paid by them in satisfaction of a judgment in
any such action, suit or proceeding, except in relation to matters as to which
it shall be adjudged in such action, suit or proceeding that such Committee
member or members did not act in good faith and in a manner he or they
reasonably believed to be in or not opposed to the best interest of the Company.

     3.   Stock.
          -----

          The stock subject to the Options and other provisions of the Plan
shall be authorized but unissued or reacquired shares of the $2.50 par value
common stock of the Company (the "Common Stock"). Subject to readjustment in
accordance with the provisions of Section 6, the total number of shares of the
Common Stock for which Options may be granted to persons participating in the
Plan shall not exceed in the aggregate 150,000 shares. Notwithstanding the
foregoing, shares of Common Stock allocable to the unexercised portion of any
expired or terminated Option again may become subject to Options under the Plan.

     4.   Eligibility to Receive Options.
          ------------------------------

          The persons eligible to receive Options hereunder shall be (i) the
directors of the Company who are not otherwise compensated employees of the
Controlled Group and (ii) certain directors of certain subsidiaries of the
Company selected by the Committee, in its sole discretion, and set forth on a
schedule hereto, who are not otherwise compensated employees of the Controlled
Group; provided, however, that a person who is a director of more than one
corporation in the Controlled Group shall be eligible to receive Options
hereunder only in his capacity as a director of one such corporation. The
individuals eligible to receive Options hereunder shall be referred to
individually as "Optionee" and collectively as "Optionees."

     5.   Terms and Conditions of Options.
          -------------------------------

          The Committee shall prepare a written agreement, executed and dated by
the Company, evidencing the Option granted to an Optionee (the "Option
Agreement") and setting forth the terms and conditions of such Option. The
Committee shall present such Option Agreement to the Optionee and upon execution
of such Option Agreement by the Optionee, such Option shall be deemed to have
been granted effective as of the date the Option is granted as specified in
subsection (a) hereof. The failure of the Optionee to execute the Option
Agreement within 30 days after the date of the receipt of same shall render the
Option Agreement and the underlying Option null and void ab initio. Option
                                                         -- ------
Agreements and the Options granted thereby shall comply with and be subject to
the following terms and conditions:

          (a)  Optionee and Number of Shares.
               -----------------------------

               (i)   Each of the directors of the Company who are eligible to
     participate in the Plan (as described in Section 4) on the date the
     shareholders of the Company approve the adoption of the Plan, shall
     receive, as of that date, an Option to purchase a total of (A) 1,000 shares
     of the Common Stock of the Company, plus (B) 1,000 shares of the Common
     Stock of the Company multiplied by the number of full, consecutive 12-month
     terms such Optionee has served as a director of the Company as of the
     Effective Date.

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               (ii)  Each other individual who becomes a director of the Company
     eligible to participate in the Plan (as described in Section 4) after the
     initial approval of the Plan by the shareholders of the Company, shall
     receive an Option to purchase 1,000 shares of the Common Stock of the
     Company as of the date such individual is elected a director of the
     Company.

               (iii) Effective as of each January 1 following the initial
     approval of the Plan, each director of the Company who is eligible to
     participate in the Plan (as described in Section 4) shall receive an Option
     to purchase an additional 1,000 shares of Common Stock of the Company.

               (iv)  Each other individual who becomes a director of a
     subsidiary of the Company eligible to participate in the Plan (as described
     in Section 4) shall receive an option to purchase shares of the Common
     Stock of the Company at such times and in such amounts as determined by the
     Committee.

               (v)   Notwithstanding anything herein to the contrary, no
     Optionee may be granted an option or options under the Plan to purchase
     more than a total of 15,000 shares of Common Stock of the Company.

               (vi)  Each Option Agreement shall state the name of the Optionee
     and the total number of shares of the Common Stock to which it pertains.

               (vii) Subject to the limitation under Subsection (v) above, the
     Committee shall have the right at any time to grant an eligible director of
     the Company an Option to purchase additional shares of the Common Stock of
     the Company.

          (b)  Vesting.
               -------

               (i)   Each Option shall first become exercisable (that is,
     vested) with respect to such portions of the shares subject to such Option
     as are specified in the schedule set forth hereinbelow; provided, if
     Optionee ceases to be a director, his right to all future vesting shall
     cease immediately.

                     (A)  Commencing as of the first anniversary of the date the
          Option is granted, the Optionee shall have the right to exercise the
          Option with respect to, and to thereby purchase, 33 percent of the
          shares subject to such Option. Prior to said date, the Option shall be
          unexercisable in its entirety.

                     (B)  Commencing as of the second anniversary of the date
          the Option is granted, the Optionee shall have the right to exercise
          the Option with respect to, and to thereby purchase, an additional 33
          percent of the shares subject to such Option.

                     (C)  Commencing as of the third anniversary of the date the
          Option is granted, the Optionee shall have the right to exercise the
          Option with respect to, and to thereby purchase, the remainder of the
          shares subject to such Option.

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               (ii)  The Option Agreement and the Optionee's right as to vested
     stock options shall not impose upon the Company any obligation to retain
     the Optionee as a director for any period.

               (iii) Notwithstanding the above, all Options shall become
     immediately exercisable for 100 percent of the number of shares subject to
     the Options upon a Change in Control (as defined in Section 7 hereof).

          (c)  Option Price.
               ------------

               (i)  The purchase price of the shares of Common Stock underlying
     each Option (the "Option Price") shall be the fair market value of the
     Common Stock on the date the Option is granted.

               (ii) If the Common Stock subject to the Plan is registered on a
     national securities exchange (as such term is defined by the Securities
     Exchange Act of 1934, as amended (the "1934 Act")) or is regularly traded
     in the over-the-counter market on the date of determination, the fair
     market value per share shall be the closing price of a share of the Common
     Stock on said national securities exchange or over-the-counter market on
     the date of grant of the option. If shares are publicly traded on a
     national securities exchange or the over-the-counter market but no shares
     of the Common Stock are traded on that date (or if records of such sales
     are unavailable or burdensome to obtain) but there were shares traded on
     dates within a reasonable period both before and after such date, the fair
     market value shall be the average of the closing prices of the Common Stock
     on the nearest date before and the nearest date after the date of
     determination. If the Common Stock is traded both on a national securities
     exchange and in the over-the-counter market, the closing price shall be
     determined by the closing price on the national securities exchange, unless
     transactions on such exchange and in the over-the-counter market are
     jointly reported on a consolidated reporting system in which case the
     closing price shall be determined by reference to such consolidated
     reporting system. If the Common Stock is not listed for trading on a
     national securities exchange and is not regularly traded in the over-the-
     counter market, then the Committee shall determine the fair market value of
     the Common Stock from all relevant available facts which may include
     opinions of independent experts as to value and may take into account any
     recent sales and purchases of such Common Stock to the extent they are
     representative.

          (d)  Terms of Options. Terms of Options granted under the Plan shall
               ----------------
commence on the date the Option is granted and shall expire 10 years from the
date the Option is granted. Any Reload Option granted pursuant to Section 5(l)
hereof shall expire as of the date of expiration of the original Option with
respect to which such Reload Option is granted. No Option shall be granted
hereunder after 10 years from the earlier of the date the Plan is approved by
the shareholders or is adopted by the Board of Directors.

          (e)  Terms of Exercise. The exercise of an Option may be for less than
               -----------------
the full number of shares of Common Stock subject to such Option, but such
exercise shall not be made for less than the greater of (i) 100 shares or (ii)
the total remaining shares of Common Stock subject to such Option. Subject to
the other restrictions on exercise set forth herein, the unexercised portion of
an Option may be exercised at a later date by the Optionee.

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          (f)  Method of Exercise. All Options granted hereunder shall be
               ------------------
exercised by written notice directed to the Secretary of the Company at its
principal place of business or to such other person as the Committee may direct.
Each notice of exercise shall be accompanied by payment of the Option Price for
the number of shares specified in such notice and by any documents required by
Section 8(a). The Company shall make delivery of such shares within a reasonable
period of time; provided, if any law or regulation requires the Company to take
any action (including, but not limited to, the filing of a registration
statement under the Securities Act of 1933, as amended (the "1933 Act"), and
causing such registration statement to become effective) with respect to the
shares specified in such notice before the issuance thereof, then the date of
delivery of such shares shall be extended for the period necessary to take such
action.

          (g)  Medium and Time of Payment.
               --------------------------

               (i)   The Option Price shall be payable upon the exercise of the
     Option in an amount equal to the number of shares then being purchased
     times the per share Option Price. Payment, at the election of the Optionee
     [or his successors as provided in Section 5(h)(iii)], shall be (A) in cash;
     (B) by delivery to the Company of a certificate or certificates for shares
     of the Common Stock duly endorsed for transfer to the Company with
     signature guaranteed by a member firm of a national stock exchange or by a
     national or state bank (or guaranteed or notarized in such other manner as
     the Committee may require); or (C) by a combination of (A) and (B).

               (ii)  If all or part of the Option Price is paid by delivery of
     shares of the Common Stock, the following conditions shall apply:

                     (A)  Such shares shall be valued on the basis of the fair
               market value of the Common Stock on the date of exercise. Fair
               market value shall be determined in the manner provided in
               Section 5(c)(ii) (dealing with determining Option Price);

                     (B)  If the shares of Common Stock used to pay the Option
               Price were acquired through an exercise of Options, Optionee must
               have held such shares of Common Stock for at least 6 months from
               the date of acquisition .

                     (C)  The value of such Common Stock shall be less than or
               equal to the total Option Price payment. If the Optionee delivers
               Common Stock with a value that is less than the total Option
               Price, then such Optionee shall pay the balance of the total
               Option Price in cash.

               (iii) In addition to the payment of the purchase price of the
     shares then being purchased, an Optionee also shall pay in cash (or have
     withheld from his normal pay) an amount equal to the amount, if any, which
     the Company at the time of exercise is required to withhold under the
     income tax withholding provisions of the Internal Revenue Code of 1986, as
     amended (the "Code"), and of the income tax laws of the state of the
     Optionee's residence.

          (h)  Effect of Termination or Death. Except as provided in parts (i),
               ------------------------------
(ii) and (iii) of this subsection, no Option shall be exercisable unless the
Optionee thereof shall have been

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a director of the Controlled Group from the date the Option was granted until
the date of exercise.

               (i)   In the event an Optionee ceases to be a director for any
     reason other than death or disability, any Option or unexercised portion
     thereof granted to him which is otherwise exercisable shall terminate on
     and shall not be exercisable after the earlier to occur of (a) the
     expiration date of the Option, (b) 3 months after the date the director
     ceases to be a director. Prior to the earlier of the dates specified in the
     first sentence of this subsection (5)(h)(i), the Option shall be
     exercisable only in accordance with its terms and only for the number of
     shares exercisable on the date of termination.

               (ii)  In the event that an Optionee ceases to be a director due
     to a disability, as determined by the Committee in its sole discretion, any
     Option or unexercised portion thereof granted to him which is otherwise
     exercisable shall terminate on and shall not be exercisable after the
     earlier to occur of (a) the expiration date of the Option, or (b) the
     expiration of 1 year from the date such Optionee ceases to be a director
     due to disability.

               (iii) In the event of the death of the Optionee while he is a
     director, or within 3 months (1 year in the case of termination due to
     disability) after the date on which such Optionee ceases to be a director,
     any Option or unexercised portion thereof granted to him which is otherwise
     exercisable may be exercised by his personal representatives, heirs or
     legatees at any time prior to the expiration of 1 year from the date of
     death of such Optionee. Such exercise shall be effected pursuant to the
     terms of this Section 5 as if such personal representatives, heirs or
     legatees are named Optionee.

          (i)  Restrictions on Transfer and Exercise of Options. No Option shall
               ------------------------------------------------
be assignable or transferable by the Optionee except by will or by the laws of
descent and distribution; and, during the lifetime of an Optionee, the Option
shall be exercisable only by him.

          (j)  Holding Period. No Option granted hereunder may be exercised
               --------------
within the 6-month period immediately following the date of grant (as described
in Section 5(a) hereof).

          (k)  Rights as a Shareholder. An Optionee shall have no rights as a
               -----------------------
shareholder with respect to shares covered by his Option until the date of
issuance of the shares to him and only after the Option Price of such shares is
fully paid. Unless specified in Section 6, no adjustment will be made for
dividends or other rights for which the record date is prior to the date of such
issuance.

          (l)  Reload Options. All Options shall be accompanied by a "Reload
               --------------
Option". A Reload Option shall be an Option that is granted (i) to an Optionee
who pays for exercise of all or part of an Option with shares of the Common
Stock pursuant to subsection 5(g) hereof, (ii) for the same number of shares as
is exchanged in payment for the exercise of such Option; (iii) as of the date of
such payment, and (iv) subject to all of the same terms and conditions as such
Option; provided, the Option Price for shares subject to the Reload Option shall
be determined pursuant to Section 5(c) hereof on the basis of the fair market
value of such shares on the date the Reload Option is granted. In addition, an
Optionee who pays for exercise of a Reload Option with shares of the Common
Stock is entitled to a successive Reload Option. In no event shall the term of
any Reload Option extend beyond the original term of the Option with respect to
which such Reload Option was granted.

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          (m)  Miscellaneous Provisions. In the event of any conflict between
               ------------------------
the provisions of an Option Agreement and the Plan, the Plan shall control.

          (n)  No Obligation to Exercise Option. The granting of an Option shall
               --------------------------------
impose no obligation upon the Optionee to exercise such Option.

     6.   Adjustments Upon Changes in Capitalization.
          ------------------------------------------

          (a)  Recapitalization. In the event that the outstanding shares of the
               ----------------
Common Stock of the Company are hereafter increased or decreased or changed into
or exchanged for a different number or kind of shares or other securities of the
Company by reason of a recapitalization, reclassification, stock split,
combination of shares or dividend payable in shares of the Common Stock, the
following rules shall apply:

               (i)   The Committee shall make an appropriate adjustment in the
     number and kind of shares available for the granting of Options under the
     Plan.

               (ii)  The Committee also shall make an appropriate adjustment in
     the number and kind of shares as to which outstanding Options, or portions
     thereof then unexercised, shall be exercisable, to the end that the
     Optionee's proportionate interest shall be maintained as before the
     occurrence of such event; any such adjustment in any outstanding Options
     shall be made without change in the total price applicable to the
     unexercised portion of such Option and with a corresponding adjustment in
     the Option Price per share. No fractional shares shall be issued or
     optioned in making the foregoing adjustments, and the number of shares
     available under the Plan or the number of shares subject to any outstanding
     Options shall be the next lower number of shares, rounding all fractions
     downward.

               (iii) If any rights or warrants to subscribe for additional
     shares are given pro rata to holders of outstanding shares of the class or
     classes of stock then set aside for the Plan, each Optionee shall be
     entitled to the same rights or warrants on the same basis as holders of the
     outstanding shares with respect to such portion of his Option as is
     exercised on or prior to the record date for determining shareholders
     entitled to receive or exercise such rights or warrants.

          (b)  Reorganization. Subject to any required action by the
               --------------
     shareholders, if the Company shall be a party to any reorganization
     involving merger, consolidation, acquisition of the stock which does not
     result in a Change in Control (as defined in Section 7 hereof) of the
     Company or acquisition of the assets of the Company, and if the agreement
     memorializing such reorganization so provides, any Option granted but not
     yet exercised shall pertain to and apply, with appropriate adjustment as
     determined by the Committee, to the securities of the resulting corporation
     to which a holder of the number of shares of the Common Stock subject to
     such Options would have been entitled. If such agreement does not so
     provide, then any or all Options granted hereunder shall terminate after
     giving at least 30 days' prior written notice to the Optionees to whom such
     Options have been granted.

          (c)  Dissolution and Liquidation. If the Board adopts a plan of
               ---------------------------
     dissolution and liquidation that is approved by the shareholders of the
     Company, the Committee shall give each Optionee written notice of such
     event at least 10 days prior to its effective date.

                                      -8-
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          (d)  Limits on Adjustments. Any issuance by the Company of stock of
               ---------------------
     any class, or securities convertible into shares of stock of any class,
     shall not affect, and no adjustment by reason thereof shall be made with
     respect to, the number or price of shares of the Common Stock subject to
     any Option, except as specifically provided otherwise in this Section 6.
     The grant of Options pursuant to the Plan shall not affect in any way the
     right or power of the Company to make adjustments, reclassifications,
     reorganizations or changes of its capital or business structure or to
     merge, consolidate or dissolve, or to liquidate, sell or transfer all or
     any part of its business or assets. All adjustments the Committee makes
     under this Section 6 shall be conclusive.

     7.   Change in Control.
          -----------------

          (a)  Definition of Change in Control. For purposes of the Plan, a
               -------------------------------
"Change in Control" shall mean the occurrence of any one of the events described
in this Section 7(a). For purposes of this Section 7, the terms used in this
Section with an initial capital letter shall have the meanings set forth in
Section 7(b) unless otherwise defined in the Plan.

               (i)   The acquisition by a Person (including Affiliates and
     Associates of such Person, but excluding the Company, any Subsidiary of the
     Company, or any employee benefit plan of the Company or of any Subsidiary
     of the Company) of a sufficient number of shares of the Common Stock, or
     securities convertible into the Common Stock, and whether through direct
     acquisition of shares or by merger, consolidation, share exchange,
     reclassification of securities, or recapitalization of or involving the
     Company or any Subsidiary of the Company, to constitute the Person the
     actual or beneficial owner of 20 percent or more of the Common Stock, but
     only if such acquisition occurs without approval or ratification by a
     majority of the members of the Board;

               (ii)  Any sale, lease, transfer, exchange, mortgage, pledge or
     other disposition, in one transaction or a series of transactions, of all
     or substantially all of the assets of the Company or of any Subsidiary of
     the Company to a Person described in subsection (i) above, but only if such
     transaction occurs without approval or ratification by a majority of the
     members of the Board; or

               (iii) During any fiscal year of the Company, individuals who at
     the beginning of such year constitute the Board cease for any reason to
     constitute at least a majority thereof, unless the election of each
     director who was not a director at the beginning of such period has been
     approved in advance by a majority of the directors in office at the
     beginning of the fiscal year.

          (b)  The following definitions shall apply in determining when a
Change in Control has occurred:

               (i)   "Affiliate" shall have the meaning ascribed to such term in
     Rule 12b-2 of the General Rules and Regulations under the 1934 Act as in
     effect on the effective date of the Plan.

               (ii)  "Associate" shall have the meaning ascribed to such term in
     Rule 12b-2 of the General Rules and Regulations under the 1934 Act.

                                      -9-
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               (iii) "Person" shall mean any individual, organization,
     corporation, partnership or other entity.

               (iv)  "Subsidiary" shall have the meaning ascribed to such term
     in Rule 12b-2 of the General Rules and Regulations under the 1934 Act.

     8.   Employee's Agreement and Securities Registration.
          ------------------------------------------------

          (a)  Agreement. If such action is necessary or desirable, no Options
               ---------
shall be granted to any Optionee, unless, at the time of grant, such Optionee
(i) represents and warrants that he will acquire the stock for investment only
and not for purposes of resale or distribution, and (ii) makes such further
representations and warranties as are deemed necessary or desirable by counsel
to the Company with regard to holding and resale of the stock. If, at the time
of the exercise of any Option paid in whole or in part in shares of Common
Stock, it is necessary or desirable, in the opinion of counsel for the Company,
in order to comply with any applicable laws or regulations relating to the sale
of securities, that the Optionee represent and warrant that he is purchasing or
acquiring the Common Stock for investment and not with any present intention to
resell or distribute the same or make other and further representations and
warranties with regard to the holding and resale of such shares, the Optionee
shall, upon the request of the Committee, execute and deliver to the Company an
agreement to such effect. Should the Committee have reasonable cause to believe
that such Optionee did not execute such agreement in good faith, the Company
shall not be bound by the exercise of the Option. All certificates issued
pursuant to the Plan shall be marked with the following restrictive legend or
similar legend, if such marking, in the opinion of counsel to the Company, is
necessary or desirable:

     These shares are held by an "affiliate" of the Company (as such term is
     defined in Rule 144 promulgated by the Securities and Exchange Commission
     under the Securities Act of 1933, as amended (the "1933 Act")).
     Accordingly, these shares may not be sold, hypothecated, pledged or
     otherwise transferred, except (i) pursuant to an effective registration
     statement under the 1933 Act and any applicable securities laws or
     regulations of any state (the "State Securities Acts") with respect to such
     shares, (ii) in accordance with said Rule 144, or (iii) upon the issuance
     to the Company of a favorable opinion of counsel or the submission to the
     Company of such other evidence as may be satisfactory to the Company that
     such proposed sale, assignment, encumbrance or other transfer will not be
     in violation of the 1933 Act or any applicable State Securities Acts or any
     rules or regulations thereunder. Any attempted transfer of the certificate
     representing these shares which is in violation of the preceding
     restrictions will not be recognized by the Company, nor will any transferee
     of such shares be recognized as the owner thereof by the Company.

If the Common Stock is held by an Optionee who is not an affiliate, as that term
is defined in Rule 144 of the 1933 Act, or who ceases to be an affiliate, the
Committee, in its discretion, may dispense with or authorize the removal of the
restrictive legend set forth above.

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          (b)  Registration. In the event that the Company in its sole
               ------------
discretion shall deem it necessary or advisable to register, under the 1933 Act
or any state securities acts, any shares with respect to which Options have been
granted hereunder, then the Company shall take such action at its own expense
before delivery of the certificates representing such shares to an Optionee. In
the event the shares of Common Stock of the Company shall be listed on any
national stock exchange at the time of the exercise of any Option, the Company
shall make prompt application for the listing of the shares of Common Stock to
be issued on such stock exchange of such shares, at the sole expense of the
Company.

     9.   Effective Date; Amendment and Termination of the Plan.
          -----------------------------------------------------

          (a)  Effective Date. The Plan shall be effective as of January 1,
               --------------
1993, and no Options shall be granted hereunder prior to said date; provided,
adoption of the Plan shall be approved by the holders of a majority of the
voting power of the outstanding shares of the Common Stock not later than the
earlier of (i) the annual meeting of the shareholders of the Company which
immediately follows the date of the first grant of an Option hereunder, or (ii)
12 months after the adoption of the Plan by the Board. Shareholder approval
shall be made by a majority of the votes cast at a duly held meeting at which a
quorum representing a majority of all outstanding voting stock is, either in
person or by proxy, present and voting on the Plan. Failure to obtain such
approval shall render the Plan and any Options granted hereunder null and void
ab initio.
-- ------

          (b)  Amendment and Termination. In the event the Board shall determine
               -------------------------
that the Plan is not in the best interest of the Company or its shareholders for
any reason, the Board shall have the power to add to, amend or repeal any of the
provisions of the Plan, to suspend the operation of the entire Plan or any of
its provisions for any period or periods or to terminate the Plan in whole or in
part. In the event of any such action, the Committee shall prepare written
procedures that, when approved by the Board, shall govern the administration of
the Plan resulting from such addition, amendment, repeal, suspension or
termination. Notwithstanding the above provisions, no such addition, amendment,
repeal, suspension or termination shall affect, in any way, the rights of the
Optionees who have outstanding Options without the consent of such Optionees,
nor may any such change in the Plan be made without the prior approval of the
holders of a majority of the outstanding Common Stock if such shareholder
approval is required under Rule 16b-3 promulgated under Section 16 of the 1934
Act or any other applicable law or regulation. Shareholder approval shall be
made by a majority of the votes cast at a duly held meeting at which a quorum
representing a majority of all outstanding voting stock is, either in person or
by proxy, present and voting at the meeting. In any event, amendments to the
Plan may not be made more than once every six months, unless necessary to comply
with changes in the Internal Revenue Code, the Employee Retirement Income
Security Act or any rules or regulations issued thereunder.

     10.  Application of Funds.
          --------------------

          The proceeds received by the Company from the sale of the Common Stock
subject to the Options granted hereunder will be used for general corporate
purposes.

     11.  Notices.
          -------

                                      -11-
<PAGE>

          All notices or other communications by an Optionee to the Committee
pursuant to or in connection with the Plan shall be deemed to have been duly
given when received in the form specified by the Committee at the location, or
by the person, designated by the Committee for the receipt thereof.

     12.  Term of Plan.
          ------------

          Subject to the terms of Section 9(b), the Plan shall terminate upon
the later of (i) the complete exercise or lapse of the last outstanding Option,
or (ii) the last date upon which Options may be granted hereunder.

                                      -12-<PAGE>

                                                                   EXHIBIT 10.10

                             EMPLOYMENT AGREEMENT
                             --------------------

     THIS EMPLOYMENT AGREEMENT (this "Agreement"), is made and entered into as
of January 1, 2000 and amended effective January 1, 2000, by and between RONNIE
AUSTIN, a resident of the State of Georgia ("Employee"), and COMMUNITY TRUST
FINANCIAL SERVICES CORPORATION, a Georgia bank holding company ("CTFS").

                             W I T N E S S E T H:
                             -------------------

     WHEREAS, CTFS wishes to obtain assurances from Employee that CTFS will have
the benefit of Employee's services on the terms and subject to the conditions
set forth herein; and

     WHEREAS, Employee wishes to obtain assurances from CTFS on the terms and
subject to the conditions set forth herein.

     NOW, THEREFORE, in consideration of the foregoing and the mutual agreements
contained herein, CTFS and Employee agree as follows:

     1.   Employment. CTFS hereby employs Employee, and Employee hereby accepts
          ----------
such employment and agrees to perform services for CTFS , for the period and
upon the other terms and conditions set forth in this Agreement.

     2.   Term. The term (the "Term") of Employee's employment hereunder shall
          ----
be for a period of five (5) years, commencing as of the date of this Agreement
and ending on December 31, 2002, subject to earlier termination as hereinafter
specified.

     3.   Position and Duties.
          -------------------

          3.01  Service with CTFS. During the term of this Agreement, Employee
                -----------------
shall serve as, and his title shall be, President and Chief Executive Officer of
CTFS. In such position, Employee agrees to perform such employment duties
consistent with such position as the Board of Directors of CTFS shall assign to
him from time to time. Employee also agrees to serve, during the Term hereof, as
requested by the Board of Directors of CTFS, and without any additional
compensation, as a Director of CTFS and as an executive officer and/or director
of any corporations or other entities affiliated with CTFS.

          3.02  Performance of Duties. Employee agrees to serve CTFS faithfully
                ---------------------
and to the best of his ability and to devote all of his time, energy and skill
during regular and assigned business hours to such employment. During the Term
hereof, Employee shall not serve as an officer, director or employee of any
other entity not affiliated with CTFS without the prior written consent of CTFS'
Board of Directors. Notwithstanding the foregoing, (i) Employee may pursue such
personal investment and financial matters as do not conflict with his
obligations and commitments to CTFS, (ii) Employee may participate in
charitable,

                                      -1-
<PAGE>

religious or civic activities such as serving on a school board, church board or
community fund committee and (iii) Employee may participate in such other
activities as the Board of Directors of CTFS may from time to time approve in
writing. Employee hereby confirms that he is under no contractual commitments
inconsistent with his obligations set forth in this Agreement.

     4.   Compensation.
          ------------

     Section 4.01 Base Salary. As compensation for all services to be rendered
                  -----------
by Employee under this Agreement, CTFS shall pay to Employee an initial annual
base salary for the period from January 1, 1998 through and including December
31, 1998, of $119,025.00. The base salary shall be subject to an annual cost of
living increase, or, at the discretion of CTFS, an increase which exceeds the
scheduled cost of living increase. The cost of living increase shall be an
amount equal to the product of (i) the "CPI Adjustment" (hereinafter defined)
multiplied by (ii) the base salary in effect immediately prior to such increase.
The effective date of all such increases shall be retroactive to January 1 of
the year in which the adjustment takes effect notwithstanding the fact that the
CPI Adjustment generally will not be capable of being calculated until some time
in February or March of such year. The base salary described in this Section
4.01, as it may be increased from time to time, is referred to herein as the
"Base Salary." The Base Salary shall be paid in bi-weekly installments in
accordance with CTFS' normal payroll procedures and policies.

     For purposes of this Section 4.01, "CPI Adjustment" shall mean the lesser
of (i) 7.5% or (ii) the percentage increase, if any, in the "CPI-U Index"
(hereinafter defined) between (a) the average CPI-U Index for the year
immediately preceding the year in which the Base Salary adjustment in question
is to take effect and (b) the average CPI-U Index for the immediately preceding
year. "CPI-U Index" shall mean the "Consumer Price Index For All Urban
Consumers, Atlanta, Georgia (1982-84=100) as published by the Bureau of Labor
Statistics of the United States Department of Labor. If the CPI Adjustment is
zero or a negative number, the amount of the CPI Adjustment shall, for purposes
of this Section 4.01, be deemed to be zero.

     By way of example, if: (i) Employee's Base Salary in effect on December 31,
1998 is $119,025; (ii) the average CPI-U Index for 1998 (as published by the
Bureau of Labor Statistics in February, 1999) is 158.4; and (iii) the average
CPI-U Index for 1997 (as published by the Bureau of Labor Statistics in
February, 1998) is 156.0, then, effective January 1, 1999, the Base Salary
increase would be calculated as follows:

               CPI  Adjustment = 1.54% (158.4 - 156.0 = 2.4;  2.4/156.0 = 1.54%)
               Base Salary Increase = $1,833 ($119,025 x 1.54%)
               New Base Salary = $120,858 ($119,025 + 1,833)

                                      -2-
<PAGE>

          4.02  Incentive Compensation; Stock Option Programs.
                ---------------------------------------------

     (a)  For each full fiscal year of CTFS that this agreement remains in
effect, Employee shall receive, subject to meeting performance goals set
annually by CTFS for CTFS and its subsidiaries, in addition to the Base Salary
described in Section 4.01, annual incentive compensation. The maximum amount of
annual incentive compensation shall be fifteen (15) percent of the Base Salary
in effect on the last day of the fiscal year for which CTFS is paying incentive
compensation.

     In the event this Agreement is terminated pursuant to Section 10.01(d) or
10.01(e) hereof and such termination occurs during, as opposed to at the end of,
a fiscal year of CTFS, Employee shall be entitled to a pro rata portion of the
incentive compensation that Employee would have received had this Agreement
remained in effect through the end of such fiscal year. The pro rata portion to
which Employee is entitled shall be determined by multiplying such incentive
compensation by a fraction, the numerator of which is the number of days during
the fiscal year in question that this Agreement was in effect and the
denominator of which is the total number of days in such fiscal year.

     (b)  On each January 1 during the term of this Agreement, CTFS shall cause
to be granted to Employee an option to acquire 1,000 shares of CTFS common
stock, provided that there are a sufficient number of shares available to
support such a grant under CTFS' 1993 Stock Option Plan (or a successor plan).
Each such option shall be granted pursuant to, and shall be subject to all of
the terms and conditions of, CTFS' 1993 Stock Option Plan (or a successor plan).

          4.03  Automobile. CTFS shall provide Employee with use of a late model
                ----------
automobile which shall be used by Employee for business purposes and which also
may be used by Employee for personal use. CTFS shall also reimburse Employee for
all fuel and maintenance expenses associated with such automobile. Employee
shall be solely responsible for payment of any and all federal, state and local
taxes (including, but not limited to, income taxes) associated with or
attributable to personal use of such automobile.

          4.04  Participation in Benefit Plans. Employee shall also be entitled
                ------------------------------
to participate, on a comparable basis with other senior executives of CTFS, in
all employee benefit plans or programs of CTFS in effect from time to time
including, but not limited to, medical, dental, life and disability insurance
programs. Employee's participation in any such plan or program shall be subject
to all provisions, rules and regulations applicable thereto. Notwithstanding
anything in this Section 4.04 to the contrary, Employee's participation in

                                      -3-
<PAGE>

bonus or incentive compensation programs and stock option programs shall be
governed by the specific provisions of Section 4.02 hereof and not by this
Section 4.04.

          4.05  Expenses. In accordance with CTFS' policies established from
                --------
time to time, CTFS shall pay or reimburse Employee for all reasonable and
necessary out-of-pocket expenses incurred by him in the performance of his
duties under this Agreement, subject to the presentment of appropriate vouchers
and receipts.

     5.   Confidentiality.
          ---------------

          5.01  General. In Employee's position as an employee of CTFS, Employee
                -------
has had and will have access to confidential information, trade secrets and
other proprietary information of vital importance to CTFS, to Community Trust
Bank, CTFS' wholly-owned subsidiary (the Bank) and to subsidiaries and
affiliates of CTFS and the Bank, and Employee has and will also develop
relationships with customers, employees and others who deal with CTFS and the
Bank (and their subsidiaries and affiliates) which are of value to CTFS and the
Bank. CTFS requires as a condition to Employee's employment with CTFS that
Employee agree to certain restrictions on Employee's use of the proprietary
information and valuable relationships developed during Employee's employment
with CTFS. In consideration of the terms and conditions contained herein, the
parties hereby agree as follows:

          5.02  Fiduciary Responsibility. CTFS and Employee mutually agree and
                ------------------------
acknowledge that CTFS and the Bank (and their subsidiaries and affiliates) may
entrust Employee with highly sensitive confidential, restricted and proprietary
information concerning various "Business Opportunities" (hereinafter defined),
customer lists, and personnel matters. Employee acknowledges that, as an
essential incident of Employee's employment with CTFS, Employee shall bear a
fiduciary responsibility to CTFS to protect such information from use or
disclosure that is not necessary for the performance of Employee's duties
hereunder.

          5.03  Definitions. For the purposes of this Agreement, the following
                -----------
definitions shall apply:

     (a)  "Trade Secret" means information, without regard to form, including,
but not limited to, technical or non-technical data, formulas, patterns,
compilations, programs, devices, methods, techniques, drawings, processes,
financial data, financial plans, product plans, or lists of actual or potential
customers or suppliers, which (i) are not commonly known by or available to the
public, (ii) 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 (iii)
is the subject of efforts that are reasonable under the circumstances to
maintain its secrecy. Trade Secret also shall include any other information
defined as a "trade secret" under the Georgia Trade Secrets Act of 1990,
O.C.G.A. 10-1-760 through 10-1-767.

                                      -4-
<PAGE>

     (b)  "Confidential Information" shall mean any data or information, other
than Trade Secrets, which is material to CTFS or to the Bank or to Community
Loan Company, an industrial loan company subsidiary of CTFS ("CLC"), and which
is not generally known by the public. Confidential Information shall include,
but not be limited to, data or information related to (i) the taking of
deposits, making loans and extensions of credit, cashing checks, and other
operations incident to the business of banking ("Business of Bank"), (ii) the
loaning of money in amounts of $3,000 or less pursuant to the Georgia Industrial
Loan Act (O.C.G.A. 7-3-1 et seq.) ("Business of CLC"), (iii) any information
                         -- ---
pertaining to the identity of the customers, depositors or borrowers served by,
or Business Opportunities (hereinafter defined) of, the Bank or CLC, (iv) the
details of this Agreement, CTFS', the Bank's and CLC's respective business,
marketing and acquisition plans and (v) financial statements and projections,
and the costs of the services the Bank or CLC may offer or provide to the
customers, depositors or borrowers they serve, to the extent such information is
material to CTFS, the Bank or CLC and not generally known by the public.

     (c)  "Business Opportunities" shall mean any specialized information or
plans of CTFS, the Bank or CLC concerning the business of CTFS, the Bank or CLC,
including, but not limited to, the financing of or investment in, by CTFS, the
Bank or CLC, any target person, business or project, together with all related
information concerning the specifics of any contemplated financing, investment,
acquisition or purchase (including pricing, terms, and the identity of such
person, business or project) regardless of whether CTFS, the Bank or CLC has
entered any agreement, made any commitment, or issued any bid or offer to such
person, business or project.

     (d)  Notwithstanding the definitions of Trade Secrets, Confidential
Information and Business Opportunities set forth above, Trade Secrets,
Confidential Information and Business Opportunities shall not include any
information:

          (i)   that is or becomes generally known to the public (other than as
                a result of a breach of this Agreement by Employee);
          (ii)  that is developed by Employee after termination of employment
                through entirely independent efforts;
          (iii) that Employee obtains from an independent source having a bona
                fide right to use and disclose such information;
          (iv)  that is required to be disclosed by law, except to the extent
                eligible for special treatment under an appropriate protective
                order; or
          (v)   that the respective Boards of Directors of CTFS, the Bank or CLC
                approve for unrestricted release by express written
                authorization.

          5.04  Trade Secrets. Employee shall not, without the prior written
                -------------
consent of the Board of Directors of CTFS, during his employment with CTFS and
for so long thereafter as the information or data remain Trade Secrets, use or
disclose, or negligently permit any unauthorized person who is not an employee
of CTFS, the Bank or CLC to use, disclose, or gain access to, any Trade Secrets
of CTFS or the Bank or CLC, or of any of their subsidiaries

                                      -5-
<PAGE>

or affiliates, or of any other person or entity making Trade Secrets available
for CTFS' or the Bank's or CLC's (or any of their subsidiaries' or affiliates')
use.

          5.05  Confidential Information. Employee shall not, without the prior
                ------------------------
written consent of the Board of Directors of CTFS , during his employment with
CTFS and for a period of two (2) years after termination of his employment for
any reason, as long as the information or data remain competitively sensitive,
use or disclose, or negligently permit any unauthorized person who is not
employed by CTFS, the Bank or CLC to use, disclose, or gain access to, any
Confidential Information to which the employee obtained access by virtue of his
employment with CTFS.

          5.06  Observance of Security Measures. During Employee's employment
                -------------------------------
with CTFS, Employee is required to observe all security measures adopted to
protect Trade Secrets, Confidential Information and Business Opportunities of
CTFS or the Bank or CLC.

     6.   Solicitation of Customers, Borrowers or Depositors
          --------------------------------------------------

          6.01  After Termination of Employment. Upon termination of this
                -------------------------------
Agreement for any reason, Employee shall not, directly or indirectly, as
principal, agent, trustee or consultant or through the agency of any
corporation, partnership, association, trust or other entity or person, on
Employee's own behalf or for others, within two (2) years after such termination
actively solicit, divert, or take away, or attempt to actively solicit, divert,
or take away any customers, depositors or borrowers of CTFS, the Bank or CLC
whom Employee had served during his term of employment for the purpose of
providing services which constitute the Business of Bank or Business of CLC (in
each case as defined above).

          6.02  During Employment. During Employee's employment with CTFS,
                -----------------
Employee shall not, except on behalf of CTFS, the Bank or CLC, solicit, divert,
take away or accept the business of, or attempt to solicit, divert or take away
the business of, any of the customers, depositors or borrowers of CTFS, the Bank
or CLC for the purpose of performing the Business of Bank or Business of CLC for
such customers, depositors or borrowers.

     7.   Non-Interference with Personnel Relations.
          -----------------------------------------

     Employee shall not, during his employment with CTFS and for a period of two
(2) years after the termination of his employment with CTFS for any reason,
knowingly solicit, entice or persuade any other employees or agents of CTFS, the
Bank or CLC (or of any of their subsidiaries or affiliates) to leave the
services of CTFS, the Bank or CLC (or such subsidiary or affiliate).

                                      -6-
<PAGE>

     8.   Notification of Subsequent Employment.
          -------------------------------------

     During a period of two (2) years after the termination of Employee's
employment with CTFS, Employee shall notify CTFS in writing, within thirty (30)
days after accepting employment with any other corporation, partnership,
association, person, organization or other entity, of the name and address of
Employee's new employer and Employee's functions with his new employer.

     9.   Covenant Not to Compete.
          -----------------------

          9.01  General. For purposes of this Section 9, CTFS, the Bank, CLC and
                -------
Employee conduct the following business in the following territories:

     (a)  CTFS is engaged in the business of transacting business as a holding
company with (i) the Bank as its subsidiary bank which accepts deposits, makes
loans, cashes checks and otherwise engages in the business of banking and (ii)
CLC as its subsidiary industrial loan company which loans money in amounts of
$3,000 or less pursuant to the Georgia Industrial Loan Act (O.C.G.A. 7-3-1- et
                                                                            --
seq. (collectively, the "Business of CTFS").
---
     (b)  CTFS (through the Bank and CLC) actively conducts the Business of CTFS
in the geographic areas of Georgia at the business locations of the Bank's and
CLC's offices set forth on Exhibit "A" to this Agreement, which Exhibit "A" is
                           -----------                          -----------
incorporated herein by this reference.

     (c)  Employee has established business relationships and performs the
duties required of Employee under this Agreement in the geographic area covered
by a circle having a radius of twenty (20) miles from the main office location
of the Bank and a circle having a radius of fifteen (15) miles from the location
of each branch office of the Bank and each office of CLC, all as set forth on
Exhibit "A" to this Agreement, and will work exclusively in such areas while in
-----------
the employ of CTFS.

          9.02  Non-Competition. Employee covenants and agrees that for a period
                ---------------
of one (1) year after the termination of his employment with CTFS for any
reason, Employee shall not directly or indirectly, as principal, agent, trustee,
consultant or through the agency of any corporation, partnership, association,
trust or other entity or person, on Employee's own behalf or for others, provide
services that are the same as or similar to the services provided by Employee
under this Agreement to or for the benefit of any entity or person conducting
the Business of CTFS or the Business of Bank or the Business of CLC within the
geographic area covered by a circle having a radius of twenty (20) miles from
the location of the main office of the Bank and a circle having a radius of
fifteen (15) miles from the location of each branch office of the Bank and each
office of CLC, all as set forth on Exhibit "A" to this Agreement.
                                   -----------

          9.03  Amendment of Exhibit "A". Employee and CTFS shall periodically
                ------------------------
amend this Agreement by updating and initialing Exhibit "A" attached hereto so
                                                -----------
that it at all

                                      -7-
<PAGE>

times lists the then current location of (i) the Bank's main office, (ii) each
branch office of the Bank and (iii) each office of CLC.

     10.  Termination.
          -----------

          10.01  Grounds for Termination. This Agreement shall terminate prior
                 -----------------------
to the expiration of the initial Term set forth in Section 2 or any extension
thereof in the event that at any time during such initial Term or any extension
thereof:

          (a)    CTFS shall give notice to Employee that CTFS is terminating
this Agreement without cause, which notice shall specify the effective date of
Employee's termination;

          (b)    Employee shall die or the Board of Directors of CTFS shall
determine that Employee has become disabled (as defined in Section 10.02); or

          (c)    The Board of Directors of CTFS shall determine that Cause
exists. "Cause" means (i) having been convicted under the laws of any
governmental jurisdiction of (A) a felony or (B) a criminal offense which is not
a felony but which has a material adverse effect on CTFS (or any of its
subsidiaries or affiliates) or on the ability of Employee to carry out his
duties hereunder (provided, however, that in no event shall minor traffic
violations constitute "Cause"), (ii) having committed any action constituting
theft or fraud against CTFS (or any of its subsidiaries or affiliates), (iii)
the breach of any of the Employee's covenants or obligations hereunder, (iv) the
knowing failure of the Employee to follow specific directives of the Board of
Directors of CTFS consistent with Employee's duties or (v) the termination by
Employee of his employment hereunder prior to the expiration of the term of this
Agreement, unless such termination is pursuant to Section 10.01(d) or 10.01(e)
hereof.

          (d)    Employee shall determine that CTFS has breached this Agreement
in any material respect (including, but not limited to, CTFS' failure to make
any payment required under this Agreement), which breach is not cured by CTFS
within thirty (30) days after written notice of such breach is delivered to CTFS
by the Employee.

          (e)    Employee, within thirty (30) days following the occurrence of a
"Change in Control" (as defined in Section 10.03), notifies CTFS, in writing,
that he is electing to terminate this Agreement pursuant to this Section
10.01(e).

     Notwithstanding any termination of this Agreement, in consideration of his
employment hereunder to the date of such termination, to the extent specifically
provided for herein, the Employee shall remain bound by the provisions of this
Agreement which specifically relate to periods subsequent to the termination of
Employee's employment hereunder.

                                      -8-
<PAGE>

          10.02  "Disability" Defined. The Board of Directors of CTFS may, in
                 --------------------
its discretion reasonably exercised, determine that Employee has become
disabled, for the purpose of Section 10.01(b) of this Agreement, in the event
that Employee shall fail, in one or more material respects, because of illness
or other physical or mental incapacity, to render services of the character
contemplated by this Agreement for an aggregate of more than ninety (90)
calendar days during any period of twelve (12) consecutive months.

          10.03  "Change in Control" Defined. For purposes of this Agreement, a
                 ----------------------------
"Change in Control" shall be deemed to have occurred if more than fifty percent
(50%) of CTFS' outstanding common stock or equivalent in voting power of any
class or classes of outstanding securities of CTFS entitled to vote in elections
of its Directors, shall be acquired by any person or group of persons acting in
concert. Additionally, a Change in Control shall be deemed to have occurred if
(i) more than fifty percent (50%) of the Bank's outstanding common stock or
equivalent in voting power of any class or classes of outstanding securities of
the Bank entitled to vote in elections of its Directors, shall be acquired by
any person or group of persons acting in concert or (ii) substantially all of
                                                 --
the assets of the Bank shall be sold to another person and (iii) at the time of
                                                       ---
the occurrence of (i) or (ii), Employee is serving as Chief Executive Officer of
the Bank.

          10.04  Surrender of Records and Property. Upon the request of CTFS
                 ---------------------------------
and, in any event, upon termination of his employment with CTFS , Employee shall
deliver promptly to CTFS all records, manuals, books, blank forms, documents,
letters, memoranda, notes, notebooks, reports, data, tables, calculations or
copies thereof, which are the property of CTFS, the Bank or CLC (or any of their
subsidiaries of affiliates) and which relate in any way to the business,
products, practices or techniques of CTFS, the Bank or CLC (or any of their
subsidiaries or affiliates), and all other property, Trade Secrets and
Confidential Information of CTFS, the Bank or CLC (or any of their subsidiaries
or affiliates), including, but not limited to, all documents which in whole or
in part contain any Trade Secrets or Confidential Information of CTFS, the Bank
or CLC (or any of their subsidiaries or affiliates), which in any of these cases
are in his possession or under his control.

     11.  Compensation Upon Termination.
          -----------------------------

     (a)  In the event this Agreement is terminated pursuant to Section
10.01(a), 10.01(d) or 10.01(e) hereof, Employee will receive a lump sum payment
equal to the "Severance Amount" (hereinafter defined), in addition to (i)
payment to Employee of semi-monthly installments of his then current Base Salary
through the effective date of termination and (ii) reimbursement of expenses
incurred by Employee in accordance with Section 4.05 hereof. Additionally, in
the event this Agreement is terminated pursuant to Section 10.01(d) or 10.01(e)
hereof, Employee shall be entitled to receive any bonus, or pro rata portion
thereof, to which Employee may be entitled pursuant to Section 4.02 hereof,
provided that any such bonus shall be paid in accordance with Section 4.02, and
not upon Employee's termination, and provided, further, that Employee
acknowledges and agrees that Employee is not entitled

                                      -9-
<PAGE>

to any such bonus, or pro rata portion thereof, for the fiscal year in which
this Agreement is terminated if this Agreement is terminated pursuant to Section
10.01(a). For purposes of this Section 11(a) "Severance Amount" shall mean an
amount equal to the annual Base Salary in effect on the date of termination.

     (b)  In the event this Agreement is terminated pursuant to any provision
hereof other than Sections 10.01(a), 10.01(d) or 10.01(e), Employee shall not be
entitled to any compensation other than (i) semi-monthly installments of his
then current Base Salary accrued through the effective date of termination and
(ii) reimbursement of expenses incurred by Employee in accordance with Section
4.05 hereof, and all rights of Employee to further compensation shall thereupon
cease and be terminated.

     12.  Assignment and Inurement. This Agreement shall enure to the benefit
          ------------------------
of and be binding upon the parties hereto and their respective heirs,
successors, administrators, and permitted assigns. This is a personal service
contract and, except to the extent specifically contemplated hereby, may not be
assigned by Employee without the prior written consent of CTFS.

     13.  Injunctive Relief. Employee agrees that it would be difficult to
          -----------------
compensate CTFS fully for damages for any violation of the provisions of this
Agreement, including without limitation the provisions of Sections 5, 6, 7, 8, 9
and 10.04. Accordingly, Employee specifically agrees that CTFS shall be entitled
to temporary and permanent injunctive relief to enforce the provisions of this
Agreement. This provision with respect to injunctive relief shall not, however,
diminish the right of CTFS to claim and recover damages in addition to
injunctive relief.

     Notwithstanding anything in Section 15 hereof to the contrary, any party to
this Agreement may petition the Superior Court of Paulding County, Georgia for
temporary injunctive relief. All disputes, controversies or claims arising out
of or related to this Agreement, other than a request for temporary injunctive
relief, shall be resolved in accordance with the provisions of Section 15
hereof. The parties hereby agree that jurisdiction and venue for any action
seeking temporary injunctive relief pursuant to this Section 13 shall lie in the
Superior Court of Paulding County, Georgia. The parties hereby agree, further,
that any temporary restraining order entered pursuant to this Section 13 shall
remain in effect until the dispute giving rise thereto is resolved pursuant to
the provisions of Section 15 and the parties agree to enter into any and all
consent orders required to maintain such temporary restraining order in effect
until such time.

     14.  Miscellaneous.
          -------------

          14.01  Governing Law. This Agreement is made under and shall be
                 -------------
governed by and construed in accordance with the laws of Georgia.

                                      -10-
<PAGE>

          14.02  Prior Agreements. This Agreement contains the entire agreement
                 ----------------
of the parties relating to the subject matter hereof and supersedes all prior
agreements and understandings with respect to such subject matter, and the
parties hereto have made no agreements, representations or warranties relating
to the subject matter of this Agreement which are not set forth herein.
"Notwithstanding the foregoing, the parties expressly agree that they are
parties to an Executive Supplemental Retirement Plan Executive Agreement dated
              ----------------------------------------------------------
the 1st day of January, 2000 and a Life Insurance Endorsement Split Dollar Plan
                                   --------------------------------------------
Agreement dated the 1st day of January, 2000. To the extent that any provisions
---------
of this Employment Agreement shall conflict with the provisions of the
aforestated agreements, the provision of the aforestated agreements shall
supercede and replace the provisions of the Employment Agreement.

          14.03  Withholding Taxes. CTFS may withhold from any benefits payable
                 -----------------
under this Agreement all federal, state, city and other taxes as shall be
required pursuant to any law or governmental regulation or ruling.

          14.04  Amendments. No amendment, modification or waiver of this
                 ----------
Agreement or any provision hereof shall be deemed effective unless made in
writing signed by the party against whom enforcement of the amendment,
modification or waiver is sought. Any written waiver shall not be deemed a
continuing waiver unless specifically stated and shall operate only as to the
specific term or condition waived.

          14.05  Notices. Any notice, request, demand or other document to be
                 -------
given hereunder shall be in writing, and shall be delivered personally or sent
by registered, certified or express mail or facsimile followed by mail as
follows:

                    If to CTFS:

                    3844 Atlanta Highway
                    Hiram, Georgia 30141
                    Attention: Chairman

                    If to Employee:

                    34 Ponderosa Drive
                    Dallas, Georgia 30157

or to such other address as either party hereto may hereafter duly give to the
other.

          14.06  Severability. To the extent any provision of this Agreement
                 ------------
shall be invalid or unenforceable, it shall be considered deleted herefrom and
the remainder of such provision and of this Agreement shall be unaffected and
shall continue in full force and effect.

                                      -11-
<PAGE>

In furtherance and not in limitation of the foregoing, should the duration or
geographical extent of, or business activities covered by any provision of this
Agreement be in excess of that which is valid or enforceable under applicable
law, then such provision shall be construed to cover only that duration, extent
or activities which may validly and enforceably be covered. Employee
acknowledges the uncertainty of the law in this respect and expressly stipulates
that this Agreement be given the construction which renders its provisions valid
and enforceable to the maximum extent (not exceeding its express terms) possible
under applicable law.

     15.  Arbitration. Any and all disputes, controversies or claims arising out
          ------------
of or related to this Agreement (other than a request for a temporary order
pursuant to Section 13 hereof), shall be resolved by binding arbitration in
accordance with the Commercial Arbitration Rules of the American Arbitration
Association ("AAA"). Judgement upon the award rendered by the arbitrators may be
entered in any court having jurisdiction thereof. In the event of any
inconsistency between the provisions of this Section 15 and AAA's Commercial
Arbitration Rules, the provisions of this Section 15 shall govern. Any party may
initiate arbitration by serving written notice of its intention to arbitrate on
the other parties. The venue of any such arbitration shall be Atlanta, Georgia.
The arbitration panel shall consist of three arbitrators selected as follows.
Within thirty (30) days following the date on which the arbitration provision of
this Section 15 is invoked by a party, Employee, on the one hand, and CTFS, on
the other, shall each select an arbitrator from a list of arbitrators provided
by AAA. The lists from which Employee and CTFS select their respective
arbitrators shall be identical. If either Employee or CTFS fails to select its
arbitrator within the time required, the other shall be entitled to select its
arbitrator for it. Within fifteen (15) days following the selection of the last
to be selected of the two (2) arbitrators, the two (2) arbitrators so selected
shall select a third arbitrator. A preliminary arbitration hearing shall be held
within thirty (30) days following the selection of the third arbitrator for the
purpose of scheduling discovery and the evidentiary hearing(s). The first
evidentiary hearing shall be held within thirty (30) days following the
preliminary hearing. The arbitration panel shall deliver its award in writing,
including findings of facts, to the parties within thirty (30) days following
the final arbitration hearing. Evidence and testimony shall be admitted in
accordance with the Federal Rules of Evidence. The arbitration panel shall have
authority to grant temporary or permanent injunctive relief or other equitable
remedies. Each party shall bear its own costs and expenses of the arbitration
proceeding.

/s/ WAF                       /s/ RA
----------                    -------------
CTFS                          Employee

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

                                    RONNIE AUSTIN

                                    /s/ Ronnie Austin
                                    --------------------------------------

                                      -12-
<PAGE>

                                    COMMUNITY TRUST FINANCIAL
                                    SERVICES CORPORATION

                                    By /s/ W.A. Foster III
                                       -----------------------------------
                                    Title: Chairman

                                      -13-
<PAGE>

                                  EXHIBIT "A"

Main Office Location of Bank

3844 Atlanta Highway
Hiram, Georgia 30141

Location of Bank Branch Offices

Dallas Office
100 Hardee Street
Dallas, Georgia 30132

Kroger Office
4215 Jimmy Lee Smith Parkway, Suite 4
Hiram, Georgia 30141

Butler Crossing
3161 Cobb Parkway
Suite 100
Kennesaw, Georgia  30152

Battle Ridge
6190 Powder Springs Road SW
Building 300, Suite A
Marietta, Georgia  30064

Location of CLC Offices

Rockmart Office
1101A North Piedmont Avenue
Rockmart, Georgia 30153

Rossville Office
203 Chickamauga Avenue
Rossville, Georgia 30741

Dahlonega Office
989 Grove Street, North B
Dahlonega, GA  30533

Cartersville Office
108 West Main Street
Cartersville, GA  30120

                                      -14-
<PAGE>

Cartersville Office
102 Merchants Square
Cartersville, GA  30121

Rome Office
7 West 4/th/ Avenue
Rome, GA  30161

Dalton Office
336 South Hamilton Street
Dalton, GA  30720

Gainesville Office
565D Shallowford Road
Gainesville, GA  30504

Oakwood Office
Post Office Box 176
Oakwood, GA  30566

Woodstock Office
9740 Main Street, Suite 110
Woodstock, GA  30188

                                      -15-

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