Document:

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                                                                    EXHIBIT 10.1

                             UNITED COMMUNITY BANKS
                            MODIFIED RETIREMENT PLAN
                         EFFECTIVE AS OF JANUARY 1, 2004

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                             UNITED COMMUNITY BANKS
                            MODIFIED RETIREMENT PLAN

      Pursuant to the authorization of its Board of Directors, UNITED COMMUNITY
BANKS, INC. ("the Company"), a Georgia bank holding company located in
Blairsville, Georgia, does hereby constitute, establish and adopt the United
Community Banks Modified Retirement Plan (the "Plan"), effective as of January
1, 2004 ("Effective Date").

      The purpose of this Plan is to provide specified benefits to a select
group of management or highly compensated Employees who contribute materially to
the continued growth, development and future business success of the Company and
its Subsidiaries that participate in this Plan. This Plan shall be unfunded for
tax purposes and for purposes of Title I of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA").

                                   ARTICLE 1
                                   DEFINITIONS

      The following words and phrases shall have the following meanings, unless
the context requires otherwise:

1.1   "Accrued Benefit" means an amount payable at Normal Retirement Age equal
      to the Participant's Normal Retirement Benefit described in Section 3.2
      multiplied by a fraction, not to exceed one, the numerator of which is the
      Participant's actual number of Years of Service and the denominator of
      which is the Participant's potential number of Years of Service to Normal
      Retirement Age (determined beginning on the Participant's hire date and
      continuing as if the Participant continued employment with the Employer
      until his Normal Retirement Age), provided that the Plan Administrator may
      provide on an Appendix applicable to a Participant for a different method
      to determine the Accrued Benefit fraction through adjustment of the
      Participant's hire date or otherwise. The Participation Agreement may
      provide for payment of a specified benefit amount at an age earlier than
      the Participant's Normal Retirement Age, which amount may exceed the
      Participant's Accrued Benefit at such age.

1.2   "Actuarial Equivalent" means an actuarial equivalent value of an amount
      payable in a different form or at a different date computed on the basis
      of the following actuarial assumptions:

                Mortality:              GAR 94 unisex mortality table
                                        set forth in Revenue Ruling
                                        2001-62
                Interest Rate:          7.00%

      As the Plan Administrator deems necessary, in its sole discretion, the
      above actuarial assumptions may be adjusted from time to time, and no
      Participant shall be deemed to

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      have any right, vested or nonvested, regarding the continued use of any
      previously adopted actuarial assumptions.

1.3   "Beneficiary" means a Participant's designated Eligible Spouse or other
      person entitled to benefits, if any, upon the death of a Participant
      determined pursuant to Articles 3 and 4.

1.4   "Beneficiary Designation Form" means the form established from time to
      time by the Plan Administrator that a Participant completes, signs and
      returns to the Plan Administrator to designate a Beneficiary.

1.5   "Board" means the Board of Directors of the Company as from time to time
      constituted.

1.6   "Change in Control" means for purposes of the Plan any of the following:

      (A)   The acquisition (other than from the Company) by any Person of
            Beneficial Ownership of twenty percent (20%) or more of the combined
            voting power of the Company's then outstanding voting securities;
            provided, however, that for purposes of this Section 1.6, Person
            shall not include any person who on the Effective Date owns ten
            percent (10%) or more of the Company's outstanding securities, and a
            Change in Control shall not be deemed to occur solely because twenty
            percent (20%) or more of the combined voting power of the Company's
            then outstanding securities is acquired by (i) a trustee or other
            fiduciary holding securities under one (1) or more employee benefit
            plans maintained by the Company or any of its Subsidiaries, or (ii)
            any corporation, which, immediately prior to such acquisition, is
            owned directly or indirectly by the shareholders of the Company in
            the same proportion as their ownership of stock in the Company
            immediately prior to such acquisition.

      (B)   Approval by shareholders of the Company of (1) a merger or
            consolidation involving the Company if the shareholders of the
            Company, immediately before such merger or consolidation do not, as
            a result of such merger or consolidation, own, directly or
            indirectly, more than fifty percent (50%) of the combined voting
            power of the then outstanding voting securities of the corporation
            resulting from such merger or consolidation in substantially the
            same proportion as their ownership of the combined voting power of
            the voting securities of the Company outstanding immediately before
            such merger or consolidation, or (2) a complete liquidation or
            dissolution of the Company or an agreement for the sale or other
            disposition of all or substantially all of the assets of the
            Company.

      (C)   A change in the composition of the Board such that the individuals
            who, as of the Effective Date, constitute the Board (such Board
            shall be hereinafter referred to as the "Incumbent Board") cease for
            any reason to constitute at least a majority of the Board; provided,
            however, for purposes of this Section 1.6 that any individual who
            becomes a member of the Board subsequent to the Effective Date whose
            election, or nomination for election by the Company's shareholders,
            was approved by a vote of at least a majority of those individuals
            who are members of

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            the Board and who were also members of the Incumbent Board (or
            deemed to be such pursuant to this proviso) shall be considered as
            though such individual were a member of the Incumbent Board; but,
            provided, further, that any such individual whose initial assumption
            of office occurs as a result of either an actual or threatened
            election contest (as such terms are used in Rule 14a-11 of
            Regulation 14A promulgated under the Exchange Act, including any
            successor to such Rule), or other actual or threatened solicitation
            of proxies or consents by or on behalf of a Person other than the
            Board, shall not be so considered as a member of the Incumbent
            Board.

      Notwithstanding anything else to the contrary set forth in this Plan, if
      (i) an agreement is executed by the Company providing for any of the
      transactions or events constituting a Change in Control as defined herein,
      and the agreement subsequently expires or is terminated without the
      transaction or event being consummated, and (ii) Participant's employment
      did not terminate during the period after the agreement and prior to such
      expiration or termination, for purposes of this Plan it shall be as though
      such agreement was never executed and no Change in Control event shall be
      deemed to have occurred as a result of the execution of such agreement.

1.7   "Change in Control Benefit" means the benefit as set forth in Section 3.7.

1.8   "Code" means the Internal Revenue Code of 1986, as amended.

1.9   "Company" means United Community Banks, Inc., a bank holding company
      organized under the laws of Georgia.

1.10  "Disability" means the Participant has been determined to be "Disabled"
      (i) under the Company's long-term disability plan covering the
      Participant, or (ii) in accordance with standards established by the Plan
      Administrator based on the Participant's inability to perform his duties
      as a result of an injury or sickness.

1.11  "Disability Retirement Benefit" means the benefit as set forth in Section
      3.4.

1.12  "Early Retirement Age" means, if provided for in the Participation
      Agreement, the Participant reaching the designated age and completing the
      number of Years of Service for receiving the Early Retirement Benefit
      under the Plan as set forth in the Participation Agreement applicable to
      such Participant, prior to Normal Retirement Age.

1.13  "Early Retirement Benefit" means the benefit payable at Early Retirement
      Age as set forth in Section 3.3.

1.14  "Election Form" means the form established from time to time by the Plan
      Administrator that a Participant completes, signs and returns to the Plan
      Administrator to make an election under the Plan.

1.15  "Eligible Spouse" means the individual to whom the Participant is legally
      married on the earlier of the Participant's date of benefit commencement
      or date of death.

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1.16  "Employee" means a person who is an active employee of an Employer.

1.17  "Employer" means the Company and any of its Subsidiaries (now in existence
      or hereafter formed or acquired) that have been designated by the Board to
      participate in the Plan.

1.18  "Normal Retirement Age" means the (i) the Participant reaching age
      sixty-five (65) and completing at least five (5) Years of Service, or (ii)
      the Participant's designated age and Years of Service for receiving the
      Normal Retirement Benefit under this Plan as set forth in the
      Participation Agreement applicable to such Participant.

1.19  "Normal Retirement Benefit" means the benefit payable at Normal Retirement
      Age as set in Section 3.2.

1.20  "Participant" means any Employee (i) who is selected to participate in the
      Plan by the Plan Administrator (subject, where applicable, to ratification
      by the Compensation Committee), (ii) who elects to participate in the
      Plan, (iii) who signs a Participation Agreement and a Beneficiary
      Designation Form, (iv) whose signed Participation Agreement and
      Beneficiary Designation Form are accepted by the Plan Administrator, (v)
      who commences participation in the Plan, and (vi) whose Participation
      Agreement has not terminated.

1.21  "Participation Agreement" means a written agreement, as may be amended
      from time to time, which is entered into between a Participant and the
      Company. Each Participation Agreement executed by a Participant shall
      provide for the entire benefit to which such Participant is entitled under
      the Plan, the terms and conditions applicable to such benefit, and the
      Participation Agreement bearing the latest date of acceptance by the Plan
      Administrator shall govern such entitlement.

1.22  "Plan Administrator" means the Plan Administrator appointed by the Company
      as described in Article 6.

1.23  "Plan Year" means the twelve (12) month period from January 1 to December
      31.

1.24  "Pre-Retirement Death Benefit" means the benefit as set forth in Section
      3.8.

1.25  "Prior Plan" means the Executive Revenue Neutral Retirement Agreement or
      similar agreement covering a Participant which will be replaced by and
      superceded in its entirety by the Plan and the Participation Agreement.

1.26  "Subsidiary" means any corporation, partnership, limited liability
      company, joint venture or other entity in which the Company has, directly
      or indirectly, a fifty percent (50%) or greater voting interest.

1.27  "Termination for Cause" means, notwithstanding any provision of this Plan
      to the contrary, the Company shall not pay any benefit under this Plan, if
      the Company terminates the Participant's employment for Cause. Termination
      of the Participant's employment for "Cause" shall mean termination because
      of (i) willful misconduct on the

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      part of a Participant that is materially detrimental to the Company; or
      (ii) the conviction of a Participant for the commission of a felony. The
      existence of "Cause" under either (i) or (ii) shall be determined by the
      Plan Administrator. Notwithstanding the foregoing, if the Participant has
      entered into an employment agreement that is binding as of the date of
      employment termination, and if such employment agreement defines "Cause,"
      and/or provides a means of determining whether "Cause" exists, such
      definition of "Cause" and means of determining its existence shall
      supersede this provision. For purposes of this paragraph, no act or
      failure to act on the Participant's part shall be considered "willful"
      unless done, or omitted to be done, by the Participant not in good faith
      and without reasonable belief that the Participant's action or omission
      was in the best interest of the Company.

1.28  "Termination of Employment" means the date on which the Participant ceases
      to perform services for an Employer.

1.29  "Years of Service" means the twelve consecutive month period beginning on
      a Participant's date of hire with the Employer and any twelve (12) month
      anniversary thereof, during the entirety of which time the Participant is
      an Employee of an Employer. Service for partial years shall be calculated
      pro-rated based on the number of months completed. Service with a
      Subsidiary or other entity controlled by the Company before the time such
      entity became a Subsidiary or under such control shall not be considered a
      "Year of Service" unless the Plan Administrator specifically agrees to
      credit such service. In addition, the Plan Administrator in its discretion
      may provide on an Appendix for the grant of additional Years of Service in
      such circumstances where it deems such additional service appropriate and
      in the best interests of the Company.

                                   ARTICLE 2
                          ELIGIBILITY AND PARTICIPATION

2.1   Selection by Plan Administrator. Participation in the Plan shall be
      limited to a select group of management and highly compensated employees
      of an Employer, as determined by the Plan Administrator in its sole
      discretion. From that group, the Plan Administrator shall select the
      Employees to participate in the Plan (subject, where applicable, to
      ratification by the Compensation Committee).

2.2   Enrollment Requirements. As a condition to participation, each selected
      Employee shall complete, execute and return to the Plan Administrator a
      Participation Agreement and a Beneficiary Designation Form. In addition,
      the Plan Administrator shall establish from time to time such other
      enrollment requirements as it determines in its sole discretion are
      necessary or desirable.

2.3   Eligibility; Commencement of Participation. Provided an Employee selected
      to participate in the Plan has met all enrollment requirements set forth
      in this Plan and required by the Plan Administrator, that Employee will
      become a Participant in the Plan and will be eligible to receive benefits
      at the time and in the manner provided hereunder, subject to the
      provisions of the Plan.

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2.4   Termination of Participation and/or Eligibility. If the Plan Administrator
      determines in good faith that a Participant no longer qualifies as a
      member of a select group of management or highly compensated employees,
      the Plan Administrator shall have the right, in its sole discretion, to
      (i) prevent the Participant from accruing additional benefits hereunder,
      and/or (ii) terminate the Participant's participation in the Plan. If a
      Participant has attained Early Retirement Age or Normal Retirement Age as
      of such termination of participation, the Plan Administrator may, in its
      discretion, after providing notice to the Compensation Committee,
      immediately distribute the Participant's benefits based on the Accrued
      Benefit of the Participant as of such date.

                                   ARTICLE 3
                                    BENEFITS

3.1   Plan Benefits. Each Participant's benefits under the Plan shall be limited
      to those described in this Article 3, and shall be subject to any
      conditions and limitations set forth in Article 5 and contained elsewhere
      in this Plan.

3.2   Normal Retirement Benefit. Upon attaining the Normal Retirement Age, the
      Company shall pay to the Participant the Annual Target Benefit as set
      forth in the Participation Agreement. Unless a Participant chooses an
      Alternative Payment Method, the Company shall pay the Normal Retirement
      Benefit to the Participant in the form of a life annuity, commencing
      within ninety (90) days following the Participant's Normal Retirement Age
      and payable on or about the first day of each successive month thereafter
      until the Participant's death, provided if the Participant has an Eligible
      Spouse on the date his benefits commence, the Normal Retirement Benefit
      shall be payable in the form of a life with 100% survivor annuity as
      described in Section 3.11(ii) below (unless the Participant elects an
      Alternative Payment Method). Upon making all of such installments, the
      Company's obligation to provide such payments will cease. No further
      benefit under this Plan is to be provided.

3.3   Early Retirement Benefit. If provided for in the Participation Agreement,
      upon attaining the Early Retirement Age and if the Participant retires
      from employment, the Company shall pay to the Participant an Early
      Retirement Benefit equal to the greater of (i) the Minimum Early
      Retirement Benefit set forth in the Participation Agreement or (ii) the
      Participant's Accrued Benefit reduced 5.00% for each calendar year (and
      prorated for each partial year thereof) that the Early Retirement Age
      precedes the date of commencement of the Normal Retirement Benefit. Unless
      a Participant chooses an Alternative Payment Method, the Company shall pay
      the Early Retirement Benefit to the Participant in the form of a life
      annuity, commencing within ninety (90) days following the Participant's
      Early Retirement Age and payable on or about the first day of each
      successive month thereafter until the Participant's death, provided if the
      Participant has an Eligible Spouse on the date his benefits commence, the
      Normal Retirement Benefit shall be payable in the form of a life with 100%
      survivor annuity as described in Section 3.11(ii) below (unless the
      Participant elects an Alternative Payment Method). Upon making all of such
      installments, the Company's obligation to provide such payments will
      cease. No further benefit under this Plan is to be provided.

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3.4   Disability Retirement Benefit. A Participant shall be eligible for a
      Disability Retirement Benefit if he retires by reason of Disability and
      his Disability Retirement Date shall be the day next following the day on
      which the Participant is deemed to have a Disability as defined in Section
      1.10. The amount of the Participant's Disability Retirement Benefit shall
      be equal to his Accrued Benefit as of his Disability Retirement Date. A
      Disability Retirement Benefit shall commence as of the first day of the
      calendar month next following the Participant's Normal Retirement Age and
      shall be payable in the form of a life annuity, provided that if the
      Participant has an Eligible Spouse on the date his benefits commence, the
      Disability Retirement Benefit shall be payable in the form of a life with
      100% survivor annuity as described in Section 3.11.(ii) below (unless the
      Participant elects an Alternative Payment Method), provided that the Plan
      Administrator may in its discretion accelerate the time or manner of
      payment of Disability Retirement Benefits to a Participant. The Committee
      may in its sole discretion provide that a Participant who has a Disability
      will be credited with additional Years of Service after the Participant's
      Disability Retirement Date.

3.5   Vested Participant Benefit. A Participant shall become vested in his
      Accrued Benefit upon attainment of age 55 and completion of five (5) Years
      of Service. A Vested Participant shall be entitled to his Accrued Benefit
      determined as of his date of Termination of Employment. Payment of such
      benefit shall commence on the first day of the calendar month next
      following the Vested Participant's Normal Retirement Age. A Vested
      Participant who has an age for commencement of an Early Retirement Benefit
      set forth in the Participation Agreement may elect to commence his benefit
      as of the first day of the calendar month next following such Early
      Retirement Age and in such event, the Participant's Vested Accrued Benefit
      shall be reduced by 5% for each calendar year that the commencement date
      precedes his Normal Retirement Age. The Participant's Vested Accrued
      Benefit shall be payable as a life annuity, provided that if the
      Participant has an Eligible Spouse on the date his benefit commences, the
      Vested Benefit shall be payable in the form of a life with 100% survivor
      annuity as described in Section 3.11(ii).

3.6   Termination Prior to Completion of Vesting Requirements. Except in the
      event of a Participant's death, Disability, qualifying for Early
      Retirement, or attainment of his Normal Retirement Age, a Participant
      whose termination date occurs prior to meeting the vesting requirements of
      Section 3.5 shall be entitled to no benefits under this Plan.

3.7   Change in Control Benefit. Upon a Change in Control prior to the
      commencement of payment of benefits to a Participant under this Article, a
      Participant shall become immediately vested in the greater of the
      Participant's Early Retirement Benefit or Accrued Benefit, which benefit
      shall be payable at the earlier of the Participant's attainment of age 55
      or the Early Retirement Age specified in the Participation Agreement.
      Notwithstanding any other provisions of this Plan, the Change in Control
      Benefit shall not be reduced for each month that the commencement of the
      Change in Control Benefit precedes the date of commencement of the Normal
      Retirement Benefit. Unless a Participant chooses an Alternative Payment
      Method, the Company shall pay the Change in Control Benefit to the
      Participant in the form of a life annuity, payable on or about the first
      day of each successive month thereafter until the Participant's death,
      provided if the Participant has an Eligible Spouse on the date his
      benefits commence, the

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      Change in Control Benefit shall be payable in the form of life with 100%
      survivor annuity as described in Section 3.11(ii) below (unless the
      Participant elects an Alternative Payment Method). Upon making all of such
      installments, the Company's obligation to provide such payments will
      cease. No further benefit under this Plan is to be provided.

3.8   Pre-Retirement Death Benefit for Married Participant. Unless a Participant
      chooses an Alternative Payment Method, if a Participant entitled to a
      Vested Participant Benefit pursuant to Section 3.5 dies prior to Normal
      Retirement Age (or Early Retirement Age, if provided for in the
      Participant's Participation Agreement) and has a surviving Eligible
      Spouse, the Company shall pay to the Participant's Eligible Spouse an
      amount equal to the benefit due as though

      (i)   the Participant had terminated from Service just prior to his or her
            death,

      (ii)  the Participant had survived to his Normal Retirement Age (or, if
            applicable, Early Retirement Age),

      (iii) at the Participant's Normal Retirement Age (or, if applicable, Early
            Retirement Age), the Participant had elected a life and 100%
            survivor benefit, and

      (iv)  the Participant dies immediately after his or her election.

      The benefit shall be payable to the Participant's surviving Eligible
      Spouse commencing on the date indicated above over the Eligible Spouse's
      lifetime. Upon making all of such payments, the Company's obligation to
      provide such payments will cease. No further benefit under this Plan is to
      be provided.

3.9   Death Benefit for Married Participant After Eligibility for Early
      Retirement Benefit. If an Early Retirement Benefit is provided for in the
      Participation Agreement, unless a Participant chooses an Alternative
      Payment Method, if a married Participant dies prior to commencing
      retirement payments but after attaining the requirements for an Early
      Retirement Benefit as set forth in the Participation Agreement, and has a
      surviving Eligible Spouse, the Company shall pay the Participant's
      Eligible Spouse the 100% survivor benefit under the Participant's life and
      100% Survivor benefit, as defined in Article 3.11(ii), as if the
      Participant had terminated from Service and commenced benefits just prior
      to his death. The benefit shall be payable to the surviving Eligible
      Spouse over the Eligible Spouse's lifetime. Upon making all of such
      payments, the Company's obligation to provide such payments will cease. No
      further benefit under this Plan is to be provided.

3.10  Death of Unmarried Participant. If a Participant who does not have an
      Eligible Spouse dies while employed by the Company after completing the
      requirements for a Vested Participant Benefit or an Early or Normal
      Retirement Benefit, the Participant's Beneficiary shall be paid an amount
      equal to fifty percent (50%) of the lump sum Actuarial Equivalent of the
      Participant's Accrued Benefit (subject, if applicable, to reduction for
      early payment). The pre-retirement death benefit under this Section 3.10
      shall be payable in five (5) substantially equal annual installments
      commencing on the

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      date the Participant would have attained age 55 or if the Participant had
      already attained age 55 at the date of death, the first day of the month
      following the date of death.

3.11  Alternative Payment Methods. A Participant may choose on the Election Form
      one of the following alternative forms of benefit payments that will apply
      when the Participant's benefit commences:

            (i)   A life annuity payable for the Participant's life only with
                  payments ceasing upon the Participant's death;

            (ii)  Life with 100% continuation to his surviving Eligible Spouse,
                  where payments continue without reduction until the later of
                  the Participant's death or the death of a designated Eligible
                  Spouse;

            (iii) Life with 50% continuation to his surviving Eligible Spouse,
                  where payments continue until the Participant's death then, if
                  the designated Eligible Spouse survives the Participant, fifty
                  percent (50%) of the payment is paid to such designated
                  Eligible Spouse until his or her death;

            (iv)  15 year period certain (180 monthly payments) with no further
                  payment after 15 years, provided that if the Participant dies
                  prior to receiving 180 monthly payments, his designated
                  Beneficiary will receive the remainder of such 180 monthly
                  payments.

      The amount of any alternative payment shall be based on the Actuarial
      Equivalent of the benefit that would otherwise be payable.

3.12  Withholding and Payroll Taxes. The Company shall withhold from any and all
      benefit payments made under this Article 3, all federal, state and local
      income taxes, employment and other taxes required to be withheld by the
      Company in connection with the benefits hereunder, in amounts to be
      determined in the sole discretion of the Company. If employment or other
      taxes are required to be withheld prior to payment of benefits, the
      Company may reduce the Participant's other compensation, require that the
      Participant remit to the Company additional amounts, or make such other
      arrangements with the Participant as the Company shall determine to be
      necessary to satisfy such obligation.

3.13  Prior Plan Benefits. An Employee who participated in a Prior Plan shall
      not be eligible to participate in this Plan and no benefit shall be
      payable to, or for the benefit of, such Employee under this Plan until the
      Employee has waived and released all of his rights under the Prior Plan
      (and to any insurance policies or contracts relating to the Prior Plan) in
      a manner satisfactory to the Plan Administrator. In the event for any
      reason an Employee receives any benefit under a Prior Plan, the Employee's
      benefits under this Plan shall be reduced in an equitable manner (as
      determined by the Plan Administrator) by the amount of benefits received
      from the Prior Plan.

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                                   ARTICLE 4
                                   BENEFICIARY

4.1   Beneficiary. Each Participant shall have the right, at any time, to
      designate his Eligible Spouse to receive any benefits payable under the
      Plan upon the death of a Participant. The Participant may designate
      someone other than his or her Eligible Spouse as a Beneficiary, but that
      designation shall only be effective if the Participant elects the 15-year
      period Alternative Payment Method pursuant to Section 3.11(iv), and the
      Participant dies prior to the expiration of the 15-year period. The
      Beneficiary designated under this Plan may be the same as or different
      from the Beneficiary designation under any other plan of an Employer in
      which the Participant participates.

4.2   Beneficiary Designation; Change. A Participant shall designate a
      Beneficiary by completing and signing the Beneficiary Designation Form,
      and delivering it to the Plan Administrator or its designated agent. The
      Participant's beneficiary designation shall be deemed automatically
      revoked if the Beneficiary predeceases the Participant or if the
      Participant designates his Eligible Spouse and the marriage is
      subsequently dissolved or terminated. A Participant shall have the right
      to change a Beneficiary by completing, signing and otherwise complying
      with the terms of the Beneficiary Designation Form and the Plan
      Administrator's rules and procedures, as in effect from time to time. Upon
      the acceptance by the Plan Administrator of a new Beneficiary Designation
      Form, all Beneficiary designations previously filed shall be cancelled.
      The Plan Administrator shall be entitled to rely on the last Beneficiary
      Designation Form filed by the Participant and accepted by the Plan
      Administrator prior to the Participant's death.

4.3   Acknowledgment. No designation or change in designation of a Beneficiary
      shall be effective until received, accepted and acknowledged in writing by
      the Plan Administrator or its designated agent.

4.4   No Beneficiary Designation. If the Participant dies before retirement
      without a valid beneficiary designation, then the Participant's Eligible
      Spouse shall be the designated Beneficiary. If the Participant has no
      surviving Eligible Spouse, and the Participant elects the 15 year period
      Alternative Payment Method pursuant to Section 3.11(iv), the remaining
      benefits shall be paid to the personal representative on behalf of the
      Participant's estate.

4.5   Facility of Payment. If the Plan Administrator determines in its
      discretion that a benefit is to be paid to a minor, to a person declared
      incompetent, or to a person incapable of handling the disposition of that
      person's property, the Plan Administrator may direct payment of such
      benefit to the guardian, legal representative or person having the care or
      custody of such minor, incompetent person or incapable person. The Plan
      Administrator may require proof of incompetence, minority or guardianship,
      as it may deem appropriate prior to distribution of the benefit. Any
      payment of a benefit shall be a payment for the account of the Participant
      and the Participant's Beneficiary, as the case may be, and shall be a
      complete discharge of any liability under the Plan for such payment
      amount.

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                                   ARTICLE 5
                         GENERAL LIMITATIONS ON BENEFITS

5.1   Termination for Cause. If there is a Termination for Cause by an Employer
      of the Participant's employment, the Participant shall cease participation
      hereunder as of the date of such Termination for Cause and all benefits
      payable (or to be payable) to the Participant or the Participant's
      Beneficiary shall be forfeited, unless the Plan Administrator determines
      in its sole discretion to pay part or all of the Participant's Accrued
      Benefit.

5.2   Non-Compete and Non-Solicitation Provisions. The Participant (and his
      Beneficiary) shall forfeit all rights to any benefits under this Plan if
      during his employment with an Employer and for the three (3) year period
      after his Termination of Employment, the Participant:

            (i)   directly or indirectly, for the Participant's own account, or
                  as a partner, member, employee, advisor or agent of any
                  partnership or joint venture, or as a trustee, officer,
                  director, shareholder, employee, advisor or agent of any
                  corporation, bank, savings association, mutual thrift, credit
                  union, trust, or other business or financial services
                  organization or entity, within a fifty (50) mile radius of any
                  office of the Company or its Subsidiaries, owns, manages,
                  joins, participates in, encourages, supports, finances, is
                  engaged in, has an interest in, gives financial assistance or
                  advice to, permits Participant's name to be used in connection
                  with or be concerned in any way in the ownership, management,
                  operation or control of any business which competes with the
                  Company or its Subsidiaries; or

            (ii)  solicits or assists anyone in soliciting in any way any
                  employee of the Company or its Subsidiaries to resign or sever
                  his or her employment or to breach any employment agreement
                  with the Company or its Subsidiaries; or

            (iii) knowingly or intentionally damages or destroys the goodwill
                  and esteem of the Company or its Subsidiaries, or the
                  Company's or Subsidiaries' suppliers, employees, patrons,
                  customers, and others who may at any time have or have had
                  relations with the Company or a Subsidiary; or

            (iv)  divulges, discloses, or communicates to others in any manner
                  whatsoever, any confidential information of the Company or a
                  Subsidiary, including, but not limited to, the names and
                  addresses of customers or prospective customers, of the
                  Company or a Subsidiary, as they may have existed from time to
                  time, of work performed or services rendered for any customer,
                  any method and/or procedures relating to projects or other
                  work developed for the Company or a Subsidiary, earnings or
                  other information concerning the Company or a Subsidiary. The
                  restrictions contained in this subparagraph (iv) shall apply
                  to all information regarding the Company or a Subsidiary,
                  regardless of the source that provided or compiled such

                                       11
<PAGE>

                  information. Notwithstanding anything to the contrary, all
                  information referred to herein shall not be disclosed unless
                  and until it becomes known to the general public from sources
                  other than the Participant.

                  Notwithstanding any language to the contrary contained in this
                  Plan, it shall be permissible for a Participant to own stock
                  or securities of any company which may be deemed competitive
                  with the Company provided such shares or securities held by
                  the Participant are issued by a company listed on a national
                  securities exchange or the NASDAQ National Market system and
                  the Participant owns less than a one percent (1%) interest
                  thereof.

            5.2.1 Judicial Remedies. In the event of a breach or threatened
                  breach by the Participant of any provision of these
                  restrictions, the Participant recognizes the substantial and
                  immediate harm that a breach or threatened breach will impose
                  upon the Company, and further recognizes that in such event
                  monetary damages may be inadequate to fully protect the
                  Company. Accordingly, in the event of a breach or threatened
                  breach of these restrictions, the Participant consents to the
                  Company's entitlement to such ex parte, preliminary,
                  interlocutory, temporary or permanent injunctive, or any other
                  equitable relief, protecting and fully enforcing the Company's
                  rights hereunder and preventing the Participant from further
                  breaching any of his obligations set forth herein. The
                  Participant expressly waives any requirement, based on any
                  statute, rule of procedure, or other source, that the Company
                  post a bond as a condition of obtaining any of the
                  above-described remedies. Nothing herein shall be construed as
                  prohibiting the Company from pursuing any other remedies
                  available to the Company at law or in equity for such breach
                  or threatened breach, including the recovery of damages from
                  the Participant. The Participant expressly acknowledges and
                  agrees that: (i) the restrictions set forth in Section 5.2
                  hereof are reasonable, in terms of scope, duration, geographic
                  area, and otherwise, (ii) the protections afforded the Company
                  in Section 5.2 hereof are necessary to protect its legitimate
                  business interest, (iii) the restrictions set forth in Section
                  5.2 hereof will not be materially adverse to the Participant's
                  employment with the Company, and (iv) his agreement to observe
                  such restrictions forms a material part of the consideration
                  for this Plan.

            5.2.2 Overbreadth of Restrictive Covenant. It is the intention of
                  the parties that if any restrictive covenant in this Plan is
                  determined by a court of competent jurisdiction to be overly
                  broad, then the court should enforce such restrictive covenant
                  to the maximum extent permitted under the law as to area,
                  breadth and duration.

            5.2.3 Change in Control. The non-compete and non-solicitation
                  provisions set forth in this Section 5.2 shall not be
                  enforceable against a Participant following a Change in
                  Control provided that if the Participant has violated

                                       12
<PAGE>

                  such provisions prior to a Change in Control, his benefits
                  shall not be restored unless the Plan Administrator elects to
                  reinstate the Participant's benefits.

5.3   Participant's Suicide or Misstatement. The Company shall not pay any
      benefit under this Plan if the Participant commits suicide within three
      years after the date of the Participant's Participation Agreement. In
      addition, the Company shall not pay any benefit under this Plan if the
      Participant has made any material misstatement of fact on any application
      for insurance or any benefits provided by the Company to, or with respect
      to, the Participant.

                                   ARTICLE 6
                             ADMINISTRATION OF PLAN

6.1   Plan Administrator Duties. This Plan shall be administered by a Plan
      Administrator that shall be an individual or committee appointed by the
      Board. The Plan Administrator shall have the discretion and authority to
      (i) make, amend, interpret and enforce all appropriate rules and
      regulations for the administration of this Plan and (ii) decide or resolve
      any and all questions including interpretations of this Plan, as may arise
      in connection with the Plan or the benefits payable under the Plan.

6.2   Agents. In the administration of this Plan, the Plan Administrator may
      employ agents and delegate to them such administrative duties as it sees
      fit, (including acting through a duly appointed representative), and may
      from time to time consult with counsel who may be counsel to an Employer.

6.3   Binding Effect of Decisions. The decision or action of the Plan
      Administrator with respect to any question arising out of or in connection
      with the administration, interpretation and application of the Plan and
      the rules and regulations promulgated hereunder shall be final and
      conclusive and binding upon all persons having any interest in the Plan.

6.4   Indemnity of Plan Administrator. The Company shall indemnify and hold
      harmless the Plan Administrator (and any members of a committee serving as
      Plan Administrator) against any and all claims, losses, damages, expenses
      or liabilities arising from any action or failure to act with respect to
      this Plan, except in the case of willful misconduct by the Plan
      Administrator or any of its members.

6.5   Employer Information. To enable the Plan Administrator to perform its
      functions, the Employers shall supply full and timely information to the
      Plan Administrator on all matters relating to the compensation of their
      Participants, the date and circumstances of the retirement, Disability,
      death or Termination of Employment of their Participants, and such other
      pertinent information as the Plan Administrator may reasonably require.

                                       13
<PAGE>

                                   ARTICLE 7
                           CLAIMS AND REVIEW PROCEDURE

      A Participant who believes that he is entitled to benefits under the Plan
which have not been paid must file a written claim for such benefits. All claims
for benefits shall be in writing and shall be filed with the Plan Administrator.
If the Plan Administrator wholly or partially denies a Participant's claim for
benefits, the Plan Administrator shall give the claimant written notice within
sixty (60) days after the Plan's receipt of the claim setting forth:

      (a)   the specific reason(s) for the denial;

      (b)   specific reference to pertinent Plan provisions on which the denial
is based;

      (c)   a description of any additional material or information which must
be submitted to perfect the claim, and an explanation of why such material or
information is necessary; and

      (d)   an explanation of the Plan's claim review procedure.

      Each Participant whose claim for benefits has been denied may file a
written request for a review of his claim by the Plan Administrator. The request
for review must be filed by the Participant within 60 days after he received the
written notice denying his claim. The decision of the Plan Administrator will be
made within 60 days after receipt of a request for review and shall be
communicated in writing to the Participant. Such written notice shall set forth
the basis for the Plan Administrator's decision. If there are special
circumstances which require an extension of time for completing the review, the
Plan Administrator's decision shall be rendered not later than 120 days after
receipt of a request for review.

      The Plan Administrator shall have the exclusive discretionary authority to
construe and to interpret the Plan, to decide all questions of eligibility for
benefits and to determine the amount of such benefits and its decision on such
matters are final and conclusive

                                   ARTICLE 8
                      AMENDMENT AND TERMINATION OF THE PLAN

8.1   Termination. The Company reserves the right to terminate the Plan at any
      time by the actions of the Board. In addition, the Company reserves the
      right to terminate an Employer's participation (and such Employer's
      Employees' participation) in the Plan by action of the Board; provided,
      however, that upon such termination, the Plan Administrator in its
      discretion may determine that all Participants who cease to be eligible to
      continue participation in the Plan because of such action will become one
      hundred percent (100%) vested in their Accrued Benefit. Further, the
      termination of the Plan shall not adversely affect any Participant or his
      or her Beneficiary who has become entitled to the payment of any benefits
      under the Plan as of the date of termination regardless of whether payment
      of such benefits has commenced.

8.2   Amendment. The Company may, at any time, amend or modify the Plan in whole
      or in part by the actions of the Board. The amendment or modification of
      the Plan shall not

                                       14
<PAGE>

      affect any Participant or his or her Beneficiary who has become entitled
      to the payment of benefits under the Plan as of the date of the amendment
      or modification.

8.3   Termination of Participation Agreement. Absent the earlier termination,
      modification or amendment of the Plan, the Participation Agreement of any
      Participant shall terminate upon the full payment of the applicable
      benefits as provided under Article 3.

                                   ARTICLE 9
                                  MISCELLANEOUS

9.1   Unsecured General Creditor. Participants and their Beneficiaries shall
      have no legal or equitable rights, interests or claims in any property or
      assets of the Company or an Employer. The Company's or Employer's
      obligation under the Plan shall be merely that of an unfunded and
      unsecured promise to pay money in the future.

9.2   Not a Contract of Employment. The terms and conditions of this Plan shall
      not be deemed to constitute a contract of employment between an Employer
      and the Participant. Such employment is hereby acknowledged to be an "at
      will" employment relationship that can be terminated at any time for any
      reason, with or without cause, unless expressly provided in a written
      employment agreement. Nothing in this Plan shall be deemed to give a
      Participant the right to be retained in the service of an Employer or to
      interfere with the right of an Employer to discipline or discharge the
      Participant at any time.

9.3   Participation in Other Plans. Nothing herein contained shall be construed
      to alter, abridge, or in any manner affect the rights and privileges of
      the Participant to participate in and be covered by any pension, profit
      sharing, group insurance, bonus or similar employee plans which an
      Employer may now or hereafter maintain.

9.4   Alienability. Neither the Participant nor any Beneficiary under this Plan
      shall have any power or right to transfer, assign, anticipate,
      hypothecate, mortgage, commute, modify, or otherwise encumber in advance
      any of the benefits payable hereunder, nor shall any of said benefits be
      subject to seizure for the payment of any debts, judgments, alimony, or
      separate maintenance owed by the Participant or the Participant's
      Beneficiary or any of them, or to be transferable by operation of law in
      the event of bankruptcy, insolvency, or otherwise. In the event the
      Participant or any Beneficiary attempts assignment, commutation,
      hypothecation, transfer, or disposal of the benefit hereunder such action
      shall be of no force or effect and the Company's obligations hereunder to
      such Participant or Beneficiary shall immediately cease and terminate.

9.5   Successors. The provisions of this Plan shall bind and inure to the
      benefit of the Company and its successors and assigns and the Participant
      and the Participant's Beneficiary.

9.6   Reorganization. The Company shall not merge or consolidate into or with
      another corporation, or reorganize, or sell substantially all of its
      assets to another corporation, firm, or person unless and until such
      succeeding or continuing corporation, firm, or person agrees to assume and
      discharge the obligations of the Company under this Plan.

                                       15
<PAGE>

      Upon the occurrence of such event, the term "Company" as used in this Plan
      shall be deemed to refer to such succeeding or continuing company, firm,
      or person.

9.7   Interpretation. Wherever the fulfillment of the intent and purpose of this
      Plan requires, and the context will permit, the use of the masculine
      gender includes the feminine and use of the singular includes the plural.

9.8   Alternative Action. In the event it shall become impossible for the
      Company or the Plan Administrator to perform any act required by this
      Plan, the Company or Plan Administrator may in its discretion perform such
      alternative act as most nearly carries out the intent and purpose of this
      Plan.

9.9   Applicable Law. Subject to ERISA, the provisions of this Plan shall be
      construed and interpreted in accordance with the laws of the state of
      Georgia, without regard to its conflict of law principles.

9.10  Headings. Article and section headings are for convenient reference only
      and shall not control or affect the meaning or construction of any of its
      provisions.

9.11  Furnishing Information. A Participant or his or her Beneficiary will
      cooperate with the Plan Administrator by furnishing any and all
      information requested by the Plan Administrator and take such other
      actions as may be requested in order to facilitate the administration of
      the Plan and the payments of benefits hereunder, including but not limited
      to taking such physical examinations as the Plan Administrator may deem
      necessary.

9.12  Validity. In case any provision of this Plan shall be illegal or invalid
      for any reason, said illegality or invalidity shall not affect the
      remaining parts hereof, but this Plan shall be construed and enforced as
      if such illegal and invalid provision has never been inserted herein.

9.13  Notice. Any notice or filing required or permitted to be given to the Plan
      Administrator under this Plan shall be sufficient if in writing and
      hand-delivered, or sent by registered or certified mail, to the address
      below:

              United Community Banks, Inc.
              Attention:  Plan Administrator of Modified Retirement Plan
              P.O. Box 398
              Blairsville, Georgia  30514

      Such notice shall be deemed given as of the date of delivery or, if
      delivery is made by mail, as of the date shown on the postmark or the
      receipt for registration or certification.

      Any notice or filing required or permitted to be given to a Participant
      under this Plan shall be sufficient if in writing and hand-delivered, or
      sent by mail, to the last known address of the Participant.

                                       16
<PAGE>

9.14  Signed Copies. This Plan may be executed in any number of counterparts,
      each of whom shall be deemed to be an original, and such counterparts
      taken together shall constitute one (1) and the same instrument.

IN WITNESS WHEREOF, the Company has caused this Plan to be duly executed by its
authorized officers as of the Effective Date.

                                             UNITED COMMUNITY BANKS, INC.

                                             By:____________________________

ATTEST:

By:____________________________

                                       17
<PAGE>

                         FORM OF PARTICIPATION AGREEMENT

         THIS PARTICIPATION AGREEMENT (this "Agreement") is entered into as of
_____________, 2004 between UNITED COMMUNITY BANKS, INC. and ______________,
(together, the "Company"), and _______________ (the "Participant").

                                     RECITAL

A.       The Participant is a member of a select group of management or highly
         compensated Employees of the Company and the Company desires to provide
         certain supplemental retirement benefits to Participant, subject to the
         terms and conditions set forth herein and in the Plan.

B.       The Company has adopted, effective as of January 1, 2004, the UNITED
         COMMUNITY BANKS Modified Retirement Plan (the "Plan"), as amended from
         time to time, and the Participant has been selected to participate in
         the Plan.

C.       The Participant desires to participate in the Plan.

                                    AGREEMENT

         NOW THEREFORE, it is mutually agreed that:

1.       Definitions. Unless otherwise provided in this Agreement, the
         capitalized terms in this Agreement shall have the same meaning as set
         forth in the Plan.

2.       Integrated Agreement; Parties Bound. The Plan, a copy of which has been
         made available to the Participant, is hereby incorporated into and made
         a part of this Agreement as though set forth in full in this Agreement.
         The parties to this Agreement agree to and shall be bound by, and have
         the benefit of, each and every provision of the Plan as set forth in
         the Plan. This Agreement and the Plan, collectively, shall be
         considered one complete contract between the parties. Except as
         otherwise provided in the Plan, this Agreement shall not be amended
         except by an instrument in writing executed by the parties.

3.       Acknowledgment. The Participant hereby acknowledges that he or she has
         read and understands this Agreement and the Plan.

4.       Conditions to Participation. As a condition to participation in the
         Plan, the Participant must complete, sign, date and return to the Plan
         Administrator an original copy of this Agreement, a Beneficiary
         Designation, and any other forms required by the Plan Administrator. In
         addition, if applicable, as a condition to participation in the Plan,
         the Participant must waive his rights to any benefits under the Prior
         Plan and to any insurance policies or contract relating to the Prior
         Plan.

5.       Successors and Assigns. This Agreement shall inure to the benefit of,
         and be binding upon the Company, its successors and assigns, and the
         Participant.

<PAGE>

6.       Governing Law. This Agreement shall be governed by and construed under
         ERISA and to the extent ERISA does not preempt state law, under the
         laws of the State of Georgia.

7.       Annual Target Benefit. The Annual Target Benefit shall be ____________
         [$--,---]. The Annual Target Benefit may be amended/increased from time
         to time in accordance with the terms of the Plan.

8.       Normal Retirement Eligibility Criteria. The Normal Retirement
         Eligibility Criteria shall be: ___________________________ [age and
         Years of Service].

9.       Early Retirement Eligibility Criteria. The Early Retirement Eligibility
         Criteria shall be: _________________________ [age and Years of
         Service].

10.      Minimum Early Retirement Benefit. The Minimum Early Retirement Benefit
         shall be __________________ [$--,---].

11.      Special Conditions. ___________________________________________________

         IN WITNESS WHEREOF, the Participant has signed and the Company has
accepted this Participation Agreement, as of the date first written above.

                                          PARTICIPANT

-----------------------------             --------------------------------------
Date                                      Signature of Participant

                                          --------------------------------------
                                          Type or Print Name

AGREED TO AND ACCEPTED ON BEHALF OF THE COMPANY:

                                          PLAN ADMINISTRATOR:

                                          --------------------------------------
                                          Signature of Authorized Representative

                                          --------------------------------------
                                          Type or Print Name

<PAGE>

                         FORM OF PARTICIPATION AGREEMENT

         THIS PARTICIPATION AGREEMENT (this "Agreement") is entered into as of
_____________, 2004 between UNITED COMMUNITY BANKS, INC. and ______________,
(together, the "Company"), and _______________ (the "Participant").

                                     RECITAL

A.       The Participant is a member of a select group of management or highly
         compensated Employees of the Company and the Company desires to provide
         certain supplemental retirement benefits to Participant, subject to the
         terms and conditions set forth herein and in the Plan.

B.       The Company has adopted, effective as of January 1, 2004, the UNITED
         COMMUNITY BANKS Modified Retirement Plan (the "Plan"), as amended from
         time to time, and the Participant has been selected to participate in
         the Plan.

C.       The Participant desires to participate in the Plan.

                                    AGREEMENT

         NOW THEREFORE, it is mutually agreed that:

1.       Definitions. Unless otherwise provided in this Agreement, the
         capitalized terms in this Agreement shall have the same meaning as set
         forth in the Plan.

2.       Integrated Agreement; Parties Bound. The Plan, a copy of which has been
         made available to the Participant, is hereby incorporated into and made
         a part of this Agreement as though set forth in full in this Agreement.
         The parties to this Agreement agree to and shall be bound by, and have
         the benefit of, each and every provision of the Plan as set forth in
         the Plan. This Agreement and the Plan, collectively, shall be
         considered one complete contract between the parties. Except as
         otherwise provided in the Plan, this Agreement shall not be amended
         except by an instrument in writing executed by the parties.

3.       Acknowledgment. The Participant hereby acknowledges that he or she has
         read and understands this Agreement and the Plan.

4.       Conditions to Participation. As a condition to participation in the
         Plan, the Participant must complete, sign, date and return to the Plan
         Administrator an original copy of this Agreement, a Beneficiary
         Designation, and any other forms required by the Plan Administrator. In
         addition, if applicable, as a condition to participation in the Plan,
         the Participant must waive his rights to any benefits under the Prior
         Plan and to any insurance policies or contract relating to the Prior
         Plan.

5.       Successors and Assigns. This Agreement shall inure to the benefit of,
         and be binding upon the Company, its successors and assigns, and the
         Participant.

<PAGE>

6.       Governing Law. This Agreement shall be governed by and construed under
         ERISA and to the extent ERISA does not preempt state law, under the
         laws of the State of Georgia.

7.       Annual Target Benefit. The Annual Target Benefit shall be _____________
         [$--,---]. The Annual Target Benefit may be amended/increased from time
         to time in accordance with the terms of the Plan.

8.       Normal Retirement Eligibility Criteria. The Normal Retirement
         Eligibility Criteria shall be: ___________________________ [age and
         Years of Service].

9.       Special Conditions. ___________________________________________________

         IN WITNESS WHEREOF, the Participant has signed and the Company has
accepted this Participation Agreement, as of the date first written above.

                                         PARTICIPANT

-----------------------------            ---------------------------------------
Date                                     Signature of Participant

                                         ---------------------------------------
                                         Type or Print Name

AGREED TO AND ACCEPTED ON BEHALF OF THE COMPANY:

                                         PLAN ADMINISTRATOR:

                                         ---------------------------------------
                                         Signature of Authorized Representative

                                         ---------------------------------------
                                         Type or Print Name<PAGE>

                                                                    EXHIBIT 10.2

                             UNITED COMMUNITY BANKS
                           DEFERRED COMPENSATION PLAN
                           Effective October 21, 2004

      Pursuant to the authorization of its Board of Directors, UNITED COMMUNITY
BANKS, INC. ("the Company"), a Georgia Corporation, does hereby constitute,
establish and adopt the United Community Banks Deferred Compensation Plan (the
"Plan"), effective October 21, 2004 ("Effective Date").

      The purpose of this Plan is to provide specified benefits to a select
group of management or highly compensated employees and members of the Company's
Board of Directors who contribute materially to the continued growth,
development and future business success of the Company and its Affiliates that
participate in this Plan. This Plan shall be unfunded for tax purposes and for
purposes of Title I of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA").

                                   ARTICLE I
                                  DEFINITIONS

1.1   "401(k) Restoration Deferral" shall mean a deferral of Base Salary and/or
      Bonus Payments that cannot be deferred under the United 401(k) Plan and,
      thus, are ineligible for the matching contribution under the United 401(k)
      Plan.

1.2   "Account" or "Accounts" means the records maintained by the Committee to
      determine each Participant's interest under this Plan. The accounts may be
      reflected as entries in the Company's (or Employer's) records, or as
      separate accounts under a trust, or as a combination of both. The
      Committee may establish such sub-accounts as it deems necessary for the
      proper administration of the Plan.

1.3   "Affiliate" means any person, corporation or other entity that controls or
      is controlled by, directly or indirectly, the Company, as determined by
      the Committee in its sole discretion.

1.4   "Base Salary" for any Plan Year means the base salary of an Eligible
      Employee for such Plan Year, including any amounts of base salary deferred
      or set aside under Code Sections 401(k) and 125, amounts deferred under
      this Plan or other authorized deferrals and payroll deductions.

1.5   "Beneficial Ownership" shall mean beneficial ownership as that term is
      used in Rule 13d-3 promulgated under the Exchange Act.

1.6   "Beneficiary" means any person(s), trusts, partnerships or other legal
      entity(ies) designated by the Participant or otherwise determined in
      accordance with Section 10.7.

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

<PAGE>

1.8   "Bonus Payment(s)" means any bonus amounts awarded to an Eligible Employee
      under any incentive plan maintained by the Employer, including annual
      bonus payments, long-term incentive plan payments and special incentive or
      bonus payments that may be awarded from time to time.

1.9   "Cause" shall mean (i) willful misconduct on the part of a Participant
      that is materially detrimental to the Company or any Employer; or (ii) the
      commission by a Participant of a felony. The existence of "Cause" under
      either (i) or (ii) shall be determined by the Committee. Notwithstanding
      the foregoing, if the Participant has entered into an employment agreement
      that is binding as of the date of employment termination, and if such
      employment agreement defines "Cause," and/or provides a means of
      determining whether "Cause" exists, such definition of "Cause" and means
      of determining its existence shall supersede this provision.

1.10  "Change in Control" means any of the following events:

      (a)   The acquisition (other than from the Company) by any Person of
            Beneficial Ownership of twenty percent (20%) or more of the combined
            voting power of the Company's then outstanding voting securities;
            provided, however, that for purposes of this Section 1.10, Person
            shall not include any person who on the date hereof owns ten percent
            (10%) or more of the Company's outstanding securities, and a Change
            in Control shall not be deemed to occur solely because twenty
            percent (20%) or more of the combined voting power of the Company's
            then outstanding securities is acquired by (i) a trustee or other
            fiduciary holding securities under one (1) or more employee benefit
            plans maintained by the Company or any of its Subsidiaries, or (ii)
            any corporation, which, immediately prior to such acquisition, is
            owned directly or indirectly by the shareholders of the Company in
            the same proportion as their ownership of stock in the Company
            immediately prior to such acquisition.

      (b)   Approval by shareholders of the Company of (1) a merger or
            consolidation involving the Company if the shareholders of the
            Company, immediately before such merger or consolidation do not, as
            a result of such merger or consolidation, own, directly or
            indirectly, more than fifty percent (50%) of the combined voting
            power of the then outstanding voting securities of the corporation
            resulting from such merger or consolidation in substantially the
            same proportion as their ownership of the combined voting power of
            the voting securities of the Company outstanding immediately before
            such merger or consolidation, or (2) a complete liquidation or
            dissolution of the Company or an agreement for the sale or other
            disposition of all or substantially all of the assets of the
            Company.

      (c)   A change in the composition of the Board such that the individuals
            who, as of the Effective Date, constitute the Board (such Board
            shall be hereinafter referred to as the "Incumbent Board") cease for
            any reason to constitute at least a majority of the Board; provided,
            however, for purposes of this Section 1.10 that any individual who
            becomes a member of the Board subsequent to the Effective Date whose
            election, or nomination for election by the Company's shareholders,
            was

                                       2
<PAGE>

            approved by a vote of at least a majority of those individuals who
            are members of the Board and who were also members of the Incumbent
            Board (or deemed to be such pursuant to this proviso) shall be
            considered as though such individual were a member of the Incumbent
            Board; but, provided, further, that any such individual whose
            initial assumption of office occurs as a result of either an actual
            or threatened election contest (as such terms are used in Rule
            14a-11 of Regulation 14A promulgated under the Exchange Act,
            including any successor to such Rule), or other actual or threatened
            solicitation of proxies or consents by or on behalf of a Person
            other than the Board, shall not be so considered as a member of the
            Incumbent Board.

      Notwithstanding anything else to the contrary set forth in this Plan, if
      (i) an agreement is executed by the Company providing for any of the
      transactions or events constituting a Change in Control as defined herein,
      and the agreement subsequently expires or is terminated without the
      transaction or event being consummated, and (ii) Participant's employment
      did not terminate during the period after the agreement and prior to such
      expiration or termination, for purposes of this Plan it shall be as though
      such agreement was never executed and no Change in Control event shall be
      deemed to have occurred as a result of the execution of such agreement.

1.11  "Code" means the Internal Revenue Code of 1986, as it may be amended from
      time to time.

1.12  "Committee" means the Administrative Committee that administers the Plan
      in accordance with Article VIII.

1.13  "Company" means United Community Banks, Inc., a Georgia corporation, or
      any successor thereto.

1.14  "Continuous Service" means the total uninterrupted service of a
      Participant with the Employer or any Affiliate from the date of employment
      to the date of his Termination of Employment.

1.15  "Deferral Account" means any account maintained under the Plan for a
      Participant pursuant to Section 4.2.

1.16  "Director" means a member of the Board of Directors of the Company who is
      not also an employee of the Company or an Affiliate.

1.17  "Director's Fees" means any retainer and meeting fees payable to the
      Director by the Company for the Plan Year, before reductions for
      contributions to or deferrals under this or any other deferred
      compensation or benefit plans sponsored by the Company.

1.18  "Disability" means the Participant has been determined to be "Disabled" as
      defined under Section 409A (a)(2)(C) of the Code.

1.19  "Effective Date" means October 21, 2004.

                                       3
<PAGE>

1.20  "Eligible Employee" means for each Plan Year an officer or other key
      management employee of the Employer designated by the Committee as
      eligible to participate in the Plan for such Plan Year or portion thereof.

1.21  "Employer" means the Company and any Affiliate other than any Affiliate
      that shall be designated by the Board of Directors or the Committee as not
      eligible to participate under the Plan.

1.22  "Employer Contribution Account" means any account maintained for a
      Participant pursuant to Section 4.3.

1.23  "ERISA" means the Employee Retirement Income Security Act of 1974, as it
      may be amended from time to time.

1.24  "Exchange Act" shall mean the Securities Exchange Act of 1934, including
      amendments, or successor statutes of similar intent.

1.25  "Fiscal Year" means each twelve month period beginning January 1 and
      ending the next following December 31.

1.26  "Investment Option" means a deemed investment fund or asset allocation
      account that is available in accordance with Section 6.1 as the basis to
      calculate earnings, gains and losses on the amount credited to a
      Participant's Account.

1.27  "Key Employee" shall mean a key employee as defined in Section 416(i) of
      the Code (without regard to Section 416(i)(5)).

1.28  "Participant" means an Eligible Employee who participates in the Plan in
      accordance with Article 2 and a Director who participates in the Plan in
      accordance with Article 3.

1.29  "Person" shall mean any individual, entity or group within the meaning of
      Section 13(d)(3) or 14 (d)(2) of the Exchange Act.

1.30  "Plan" means the United Community Banks Deferred Compensation Plan as set
      forth in this document and as amended from time to time.

1.31  "Plan Year" means the calendar year.

1.32  "Retirement" means a Participant's voluntary or involuntary Termination of
      Employment or Termination of Service on or after age 65 or under
      circumstances qualifying the Participant for an "Early Retirement Benefit"
      as defined in and subject to the rules of the Company's Modified
      Retirement Plan, as may be amended from time to time.

1.33  "Termination of Employment" means termination of a Participant's
      employment with the Employer and the Affiliates for any reason. Transfer
      of employment among the entities constituting the Employer and the
      Affiliates shall not be deemed to be a Termination of Employment.

                                       4
<PAGE>

1.34  "Termination of Service" shall mean the date a Director ceases to serve as
      a member of the Company's Board of Directors for any reason including
      resignation, removal, or the failure to be re-elected by the Company's
      shareholders.

1.35  "Trust" means any trust established by the Company that includes the Plan
      as a plan with respect to which assets are to be held by the Trustee,
      provided that such trust shall not affect the status of the Plan as an
      unfunded plan for purposes of Title I of ERISA.

1.36  "Trustee" means the trustee or trustees or their successors under the
      Trust.

1.37  "United 401(k) Plan" means the United Community Banks, Inc. Profit Sharing
      Plan, or any successor plan maintained by an Employer that is qualified
      under Section 401(a) of the Code and includes a Code Section 401(k)
      feature that allows employees the ability to defer a portion of their
      compensation. Any reference herein to a provision or term of the United
      401(k) Plan shall mean such provision or term as it may be amended from
      time to time.

1.38  "Valuation Date" means the Annual Valuation Date, December 31, and any
      other dates selected by the Committee as of which the Participant's
      Accounts are valued.

                                   ARTICLE II
             EMPLOYEE PARTICIPATION, DEFERRALS AND EMPLOYER CREDITS

2.1   Eligibility

      Participation in the Plan shall be limited to Directors and to a select
      group of management and highly compensated employees of an Employer, as
      determined by the Committee, in its sole discretion. From that group of
      employees, the Committee shall determine the individual Eligible Employees
      who are eligible to participate in the Plan for any Plan Year. The
      Committee may make such determination by establishing a minimum
      compensation level or job title for participation or by the use of such
      other criteria as the Committee deems appropriate for time to time.

2.2   Election to Participate

      Each Eligible Employee may elect to participate for the Plan Year, or part
      of a Plan Year for which he is eligible, by delivering to the Committee a
      written notice, at such time and in such form as approved by the
      Committee, electing to participate and specifying the dollar amount or
      percentage of Base Salary he elects to defer for such Plan Year (or part
      of a Plan Year), as a 401(k) Restoration Deferral or otherwise. An
      election to defer Base Salary for a Plan Year shall be made prior to the
      commencement of the Plan Year (or within thirty (30) days after the date
      the Plan is adopted or the Participant's initial eligibility to
      participate in the Plan).

      Each Eligible Employee may also elect to participate by delivering to the
      Committee a written notice, at such time and in such form as approved by
      the Committee, specifying the dollar amount or percentage of any Bonus
      Payment he elects to defer for the Plan

                                       5
<PAGE>

      Year, as a 401(k) Restoration Deferral or otherwise. An election to defer
      a Bonus Payment for a Plan Year shall be made prior to the commencement of
      such Plan Year (or within thirty (30) days after the date the Plan is
      adopted or the Participant's initial eligibility to participate in the
      Plan) or, with respect to performance-based compensation based on services
      performed over a period of at least 12 months, no later than 6 months
      before the end of the period. The Committee may provide for different
      elections with respect to different types of Bonus Payments.

      A Participant may at any time during the Plan Year terminate an election
      to defer and discontinue future deferrals of Base Salary (but not Bonus
      Payments) under this Plan by providing written notice to the Committee
      prior to the start of the next payroll period for which Base Salary will
      be payable. In such event, Base Salary earned for services subsequent to
      such termination notice will be paid directly to the Participant and will
      not be subject to his prior deferral election. A Participant who elects to
      discontinue deferrals of Base Salary for a Plan Year may not recommence
      such deferrals until the next following Plan Year (or such later Plan Year
      in which he is again eligible to participate), provided the Participant
      completes and executes the required election form. Increases or decreases
      in the amount of Base Salary a Participant elects to defer (other than a
      suspension of deferrals) shall not be permitted during the Plan Year.

      A Participant shall be required to submit a new election form on a timely
      basis to change the Participant's election for a subsequent Plan Year. If
      no new election form is filed during the prescribed enrollment period, the
      Participant's elections for the prior Plan Year shall continue in force
      for the next Plan Year.

2.3   Amount of Deferral

      (a)   401(k) Restoration Deferral. Each Eligible Employee may make a
            401(k) Restoration Deferral by electing to defer from 1 to 5% (or
            such lesser or greater percentage or amount as would be subject to a
            matching contribution under the United 401(k) Plan but for certain
            limitations applicable to the Participant under the United 401(k)
            Plan and assuming Bonus Payments were eligible for deferral and
            match under the United 401(k) Plan) of the Eligible Employee's Base
            Salary and/or Bonus Payments; provided, that any election to defer
            Base Salary shall only apply to the extent such amount is not and
            cannot be deferred to the United 401(k) Plan. The Committee may set
            a minimum amount of deferrals for a Plan Year and/or for any payroll
            period.

      (b)   Additional Deferrals. In addition to and/or in lieu of the 401(k)
            Restoration Deferrals, each Eligible Employee may elect to defer an
            amount not to exceed: (a) 75% of Base Salary for a Plan Year (or
            part of a Plan Year), and (b) 100% of Bonus Payments. An Eligible
            Employee shall not be permitted to reduce his compensation below the
            amount necessary to make required or elected contributions to
            employee benefit plans, required federal, state and local tax
            withholdings, and any other withholdings deemed necessary by the
            Committee or required by law. The Committee may also set a minimum
            amount of deferrals for a Plan Year and/or for any payroll period.

                                       6
<PAGE>

2.4   Employer Contribution

      (a)   401(k) Matching Contribution. The Employer Contribution Account of
            each Participant who has elected to make a 401(k) Restoration
            Deferral of Base Salary and/or Bonus Payments shall, within 10
            business days of the date such Base Salary and/or Bonus Payment
            would otherwise be paid, be credited with an amount determined by
            subtracting the amount described in (2) below from the amount
            described in (1) below:

            (1)   The amount that the Employer would have contributed as a
                  matching contribution for the Participant under the United
                  401(k) Plan for the pay period pursuant to the provisions of
                  the United 401(k) Plan if the amount of Base Salary and Bonus
                  Payments that the Participant elected to defer under this Plan
                  was instead deferred under the United 401(k) Plan, subject to
                  any limitation in the United 401(k) Plan that matching
                  contributions shall only be made with respect to the first
                  stated percentage of a Participant's compensation, but without
                  regard to the other limitations of the United 401(k) Plan and
                  of the Code or ERISA, and including all Base Salary and Bonus
                  Payments as compensation eligible for a matching contribution.

            (2)   The amount actually contributed by the Employer as a matching
                  contribution for the Participant under the United 401(k) Plan
                  for such pay period.

      (b)   Discretionary Contribution. During a Plan Year, the Committee may,
            in its sole discretion, credit to an Eligible Employee's Employer
            Contribution Account an amount determined in the discretion of the
            Committee that may be a percentage of the Eligible Employee's Base
            Salary, a dollar amount, or some other amount. The Employer
            Contribution for a Plan Year may differ among Eligible Employees and
            may be made for some Eligible Employees but not others. The Employer
            Contribution shall be credited to the Employer Contribution Account
            for the Eligible Employee.

2.5   Withholding

      The amount of Base Salary or Bonus Payments that an Eligible Employee
      elects to defer under Section 2.2 shall be withheld from his Base Salary
      or Bonus Payments in accordance with such rules and procedures as the
      Committee shall establish.

                                  ARTICLE III
                      DIRECTOR PARTICIPATION AND DEFERRALS

3.1   Director's Election to Participate

      Each Director may elect to participate for the Plan Year, or part of a
      Plan Year for which he is eligible, by delivering to the Committee a
      written notice, at such time and in such

                                       7
<PAGE>

      form as approved by the Committee, electing to participate and specifying
      the dollar amount or percentage of his Director's Fees he elects to defer
      for such Plan Year (or part of a Plan Year), which may include separate
      elections with respect to meeting fees and retainer fees. An election to
      defer Director's Fees for a Plan Year shall be made prior to the
      commencement of the Plan Year (or within thirty (30) days after the date
      the Plan is adopted or the Participant's initial eligibility to
      participate in the Plan), unless the Committee in its discretion permits
      an extension of the election period. Increases or decreases in the amount
      of Director's Fees a Director elects to defer shall not be permitted
      during the Plan Year. The Director shall be required to submit a new
      election form to change the Director's election for a subsequent Plan
      Year. If no new election form is filed during the prescribed enrollment
      period, the Director's election for the prior Plan Year shall continue in
      force for the next Plan Year.

3.2   Amount of Deferral

      Each Director may elect to defer an amount up to 100% of his Director's
      Fees for a Plan Year; provided, a Director shall not be permitted to
      reduce his Director's Fees below the amount necessary to make required or
      elected contributions to employee benefit plans, required federal, state
      and local tax withholdings, and any other withholdings deemed necessary by
      the Committee or required by law.

                                   ARTICLE IV
                         DEFERRED COMPENSATION ACCOUNTS

4.1   Accounts

      The Committee shall establish a Deferral Account and, if applicable, an
      Employer Contribution Account for each Eligible Employee for all periods
      during which such Eligible Employee is a Participant in the Plan. The
      Committees shall also establish a Deferral Account for each Director for
      all periods during which such Director is a Participant in the Plan.

4.2   Deferral Account

      Each Participant's Deferral Account shall be credited with an amount equal
      to all of the Participant's Base Salary, Bonus Payments or Director's Fees
      elected by the Participant to be deferred on or about the dates such
      amounts would, but for the election to defer, have been payable to the
      Participant (or as otherwise determined by the Committee), and shall be
      credited with earnings, gains or losses in accordance with Section 6.1.

4.3   Employer Contribution Account

      Each Participant's Employer Contribution Account shall be credited each
      Plan Year with an amount equal to the Employer Contribution for the Plan
      Year (including make-up 401(k) matching contributions and/or any
      discretionary contributions) and shall be credited with earnings, gains or
      losses in accordance with Section 6.1.

                                       8
<PAGE>

                                   ARTICLE V
                                     VESTING

5.1   Deferral Account

      A Participant shall be immediately 100% vested in all amounts credited to
      his Deferral Account.

5.2   Employer Contribution Account.

      A Participant shall become vested in his Employer Contribution Account in
      accordance with the following vesting schedule or such other vesting
      schedule as may be determined by the Committee to apply to an Employer
      Contribution at the time such Employer Contribution is made to the Plan.

<TABLE>
<CAPTION>
Years of Service    % of Account Vested
----------------    -------------------
<S>                 <C>
Less Than 1                  0%
1 but less than 2           33%
2 but less than 3           66%
3 or more                  100%
</TABLE>

      Years of Service for purpose of vesting shall be determined in the same
      manner as determined under the United 401(k) Plan. If the Participant
      terminates employment prior to becoming fully vested in his Employer
      Contribution Account, any unvested amount shall be immediately forfeited.

                                   ARTICLE VI
                          EARNINGS; TRUST ARRANGEMENTS

6.1   Crediting of Earnings, Gains and Losses.

      The Investment Options shall consist of such investment options as the
      Committee may, in its discretion, designate from time to time. Each
      Participant may select from time to time, in accordance with such rules as
      the Committee may establish, the Investment Options in which his Accounts
      will be deemed to be invested; provided, that the Committee may in its
      discretion make certain Investment Options available to only a limited
      group of Participants. Based on such selection, the Committee will credit
      an amount to Participants' Accounts to reflect the amounts by which the
      Participants' Accounts would have increased or decreased if they had been
      invested in the Investment Options selected by the Participant. The
      selection of Investment Options is to be used only for the purpose of
      valuing each Participant's Accounts. The Company and the Committee are
      under no obligation to acquire or provide any of the Investment Options
      designated by a Participant, and any investments actually made by the
      Committee will be made solely in the name of the Company and will remain
      the property of the Company,

                                       9
<PAGE>

      subject to the terms of any Trust. If a Participant fails to direct the
      deemed investment of 100% of his Accounts, any undirected amount shall be
      deemed to be invested in such fixed income Investment Option as shall be
      designated by the Committee.

      The Employer shall pay all taxes required to be paid in connection with
      the deemed investment experience of Participants' Accounts. At least as
      often as the last business day of each calendar quarter, the Committee
      shall provide the Participant with a statement of his Accounts, in such
      reasonable detail as the Committee shall deem appropriate, showing the
      income, gains and losses (realized and unrealized), amounts of deferrals,
      and distributions from his Accounts since the prior statement.

      The Investment Options are used solely for the purpose of determining the
      deemed earnings, gains and losses to be credited to a Participant's
      Accounts and no actual investment in the Investment Options shall be
      required. The Participant has no rights to any particular asset of the
      Employer or the Employer.

6.2   Trust

      The Company may establish a trust fund with regard to the Accounts
      hereunder, which is designed to be a grantor trust under Code Section 671.
      It is the intention of the Company that any trust established for this
      purpose shall constitute an unfunded arrangement and shall not affect the
      status of the Plan as an unfunded plan maintained for the purpose of
      providing deferred compensation for a select group of highly compensated
      management employees for purposes of Title I of ERISA. The Employer may
      make payment of benefits directly to Participants or their Beneficiaries
      as they become due under the terms of the Plan. In addition, if the
      principal of any trust established for this purpose, and any earnings
      thereon, is not sufficient to make payments of benefits in accordance with
      the terms of the Plan, the Employer shall make the balance of each such
      payment as it falls due.

      With respect to any benefits payable under the Plan, the Participants (and
      their Beneficiaries) shall have the same status as general unsecured
      creditors of the Company, and the Plan shall constitute a mere unsecured
      promise by the Company to make benefit payments in the future.

                                  ARTICLE VII
                               PAYMENT OF ACCOUNTS

7.1   Time and Method of Payment

      (a)   Retirement or Disability. At the time an Eligible Employee or
            Director elects to participate in the Plan and to defer Base Salary,
            Bonus Payments or Director's Fees, he shall also elect, in such form
            as approved by the Committee, the time and method for the payment of
            such deferrals upon his Retirement or Disability. The Participant
            may make a separate election each Plan Year with respect to
            deferrals made for such Plan Year. If the Participant does not make
            an election for any Plan Year, the most recent previous election of
            the Participant shall apply, and if

                                       10
<PAGE>

            no valid election has been made by the Participant, he shall be
            deemed to have elected a lump sum. Upon Retirement or Disability, a
            Participant's vested Account balance (or applicable portions of the
            Account) may be payable in one or more of the following methods:

                  (i)   A lump sum payment; or

                  (ii)  Annual installment payments over a period of 5, 10, or
                        15 years, with each installment equal to the unpaid
                        balance of the Account (or the portion of the Account to
                        which the election applies) as of the preceding December
                        31st divided by the number of remaining payments.

            Except with respect to Key Employees as provided in Section 7.1(g),
            lump sum payments and the first annual installment payment shall be
            made on or before the January 31st of the calendar year following
            the calendar year in which the Participant's Retirement or
            Disability occurs. Second and subsequent installment payments shall
            be payable each year on or before January 31st of such year.

            The Committee (or its designee) may establish from time to time
            limitations on the Participant's ability to select the time and
            method of payment of his Account based upon the amount in the
            Participant's Account. For example, unless and until changed by the
            Committee (or its designee), any Account that has a total vested
            balance of less than $50,000 at the time of Retirement or Disability
            shall be paid in a lump sum regardless of an election by the
            Participant to be paid in installments. For purposes of this Article
            VII, the Committee may, if required by liquidity limitations
            resulting from a financial investment used to support an Investment
            Option (but only to such extent), establish limits on the timing and
            manner of payouts otherwise provided for under this Article VII for
            amounts attributable to such Investment Option.

      (b)   Scheduled Withdrawals During Employment. In addition to the election
            with respect to the time and method of payment upon Retirement as
            specified in Section 7.1(a), a Participant may elect, at the time he
            makes his deferral election, in such manner as approved by the
            Committee, to receive payment of such deferrals at, or commencing
            at, a specified date during his term of employment or during his
            service as a Director, pursuant to one of the following payment
            methods:

            (1)   A lump sum payment; or

            (2)   Annual installment payments over a period of 2, 3, 4 or 5
                  years with each installment equal to the unpaid balance (or
                  designated portion) of such vested Account as of the preceding
                  December 31st divided by the number of remaining payments.

                                       11
<PAGE>

            If a Participant incurs a Disability or terminates employment due to
            Retirement prior to the payment date in (b)(1), or the completion of
            the installment payments in (b)(2), the provisions of subsection (a)
            above (and if applicable, subsection (g) below) relating to payments
            after Retirement shall control with respect to the payment of (or
            payment of all remaining amounts of) the vested portion of the
            Participant's Account.

      (c)   Termination for Cause. Upon a Participant's Termination of
            Employment by the Employer for Cause, the Participant's Employer
            Contribution Account (whether or not otherwise vested) shall be
            immediately forfeited. Except as provided in Section 7.1(g), any
            vested amount in the Participant's Deferral Account shall be
            distributed to the Participant in a single, lump sum as soon as
            administratively feasible following the Participant's Termination of
            Employment for Cause.

      (d)   Other Termination of Employment. Except as provided in Section
            7.1(g) below, upon a Participant's Termination of Employment or
            Termination of Service other than due to death, Disability,
            Retirement or for Cause, the Participant's entire vested Account
            balance shall be distributed to the Participant in a single, lump
            sum as soon as administratively feasible following the Participant's
            Termination of Employment or Termination of Service.

      (e)   Death. Upon the death of the Participant, the Participant's Account
            shall become 100% vested and shall be payable to the Participant's
            Beneficiary in a lump sum by January 31st of the year following the
            year in which the Participant died; provided, however, the
            Participant may elect in advance, at such time and in such manner as
            determined by the Committee, that the Participant's Account will be
            paid to his Beneficiary in annual installments over a period of 5,
            10, or 15 years, with the first installment paid on or before the
            January 31st of the calendar year following the calendar year in
            which the Participant died.

      (f)   Unforeseeable Emergency. Upon the occurrence of an "unforeseeable
            emergency", as defined in Code Section 409A and the regulations
            thereunder, the Participant may receive a lump sum distribution of
            such amounts as necessary to satisfy such emergency plus amounts
            necessary to pay taxes reasonably anticipated as a result of the
            distribution. The Committee or its designee shall determine the
            existence of an unforeseeable emergency and the maximum amount of
            any distribution in accordance with the requirements of Code Section
            409A and the regulations and other guidance thereunder. Any
            distribution on account of an unforeseeable emergency shall be
            payable in a lump sum as soon as administratively practical
            following approval by the Committee or its designee and shall be
            payable only from the vested portion of the Participant's Account.
            The Committee or its designee may prescribe that a Participant who
            receives a distribution on account of an unforeseeable emergency may
            not make additional deferrals of Base Salary or Director's Fees for
            the remainder of the Plan Year or some other time period.

                                       12
<PAGE>

      (g)   Special Rule for Key Employees. Notwithstanding any other provision
            of this Plan, if the Participant is or could likely be considered a
            Key Employee (as determined by the Committee or its designee),
            distributions to such Participant may not be made before the date
            which is 6 months after the date of the Participant's Termination of
            Employment (or, if earlier, the date of death of the Participant),
            and any distribution that would otherwise be payable before the
            6-month anniversary shall be delayed and shall be paid within 30
            days following such 6-month anniversary.

7.2   Changes in Election.

      A Participant may request a change in his election as to the date or
      method of payment under Section 7.1(b) on such form as may be established
      by the Committee. A Participant may only change his election two times;
      provided, however, a Participant who has changed his election two times
      and who experiences a change in family circumstances (divorce, marriage,
      death of a spouse, or the birth or adoption of a child), may make a third
      change to his election as long as such change is otherwise consistent with
      the requirements of this provision and is made within 60 days of the date
      of the change in family circumstance. To be effective, a request for a
      change must be made at least one year prior to the date the Participant's
      distributions would otherwise commence. A Participant who requests a
      change as to the date or method of payment with respect to payments during
      employment or service as a Director must request a new payment
      commencement date that is at least five (5) years after the date of
      commencement of payment previously elected by the Participant.

7.3   Direction of Payments.

      Payment under this Article VII of amounts credited to a Participant's
      Account shall be made to the Participant, provided that the Committee may,
      in its discretion and in accordance with such procedures as may be
      established by the Committee, allow the Participant to direct (which
      direction may be required to be irrevocable) that the Plan make such
      payments directly to a trust, partnership or other legal entity
      established by, or for the benefit of, the Participant. Regardless of the
      entity to which a Participant's Accounts are paid, the Participant shall
      remain liable for all income and other taxes with respect to such payments
      as provided in Section 10.4.

7.4   Consequences of a Change of Control.

      Notwithstanding anything to the contrary contained in this Plan, upon the
      occurrence of a Change of Control, each Participant's Account shall become
      fully vested but shall remain subject to the Participant's elections as to
      time and method of payment.

                                  ARTICLE VIII
                                 ADMINISTRATION

8.1   Committee

      The general administration of the Plan and the responsibility for carrying
      out its provisions shall be placed in the Compensation Committee of the
      Company's Board of Directors or such other committee as may be appointed
      from time to time by the Board of Directors to serve at the pleasure
      thereof (the "Committee").

                                       13
<PAGE>

8.2   Duties and Binding Effect of Decisions

      The Committee shall have the discretion and authority to (i) make, amend,
      interpret and enforce all appropriate rules and procedures for the
      administration of this Plan, (ii) select the Investment Options, (iii)
      decide or resolve any and all questions, including interpretations of this
      Plan, as may arise in connection with the Plan or the benefits payable
      under the Plan, and (iv) maintain all records that may be necessary for
      the administration of the Plan. The decision or action of the Committee
      with respect to any question arising out of or in connection with the
      administration, interpretation and application of the Plan and the rules,
      regulations and procedures promulgated hereunder shall be final and
      conclusive and binding upon all persons having any interest in the Plan.

8.3   Committee Action

      Any act which the Plan authorizes or requires the Committee to do may be
      done by a majority of its members. The action of such majority, expressed
      from time to time by a vote at a meeting (a) in person, (b) by telephone
      or other means by which all members may hear one another or (c) in writing
      without a meeting, shall constitute the action of the Committee and shall
      have the same effect for all purposes as if assented to by all members of
      the Committee at the time in office.

8.4   Delegation

      The members of the Committee may authorize one or more of its members or
      any other person or persons to execute and deliver any instrument, make
      any payment or perform any other act which the Plan authorizes or requires
      the Committee to do. Without limiting the generality of the foregoing,
      until the Committee determines otherwise, the Chief Executive Officer of
      the Company shall be responsible for the execution of the routine
      administration of the Plan.

8.5   Services

      The Committee may employ or retain agents to perform such clerical,
      accounting, legal, consulting, trust, trustee and other services as may be
      necessary or desirable to carry out the provisions of the Plan.

8.6   Indemnification

      The Company shall indemnify and save harmless each member of the Committee
      against all expenses and liabilities, including reasonable legal fees and
      expenses, arising out of membership on the Committee or any actions taken
      as a member of the Committee, excepting only expenses and liabilities
      arising from his own gross negligence or willful misconduct, as determined
      by the Board of Directors.

8.7   Claims Procedure

      (a)   A Participant or his duly authorized representative (the "claimant")
            may make a claim for benefits under the Plan by filing a written
            claim with the Committee.

                                       14
<PAGE>

            Determinations of each such claim shall be made as described below;
            provided, however, that the claimant and the Committee may agree to
            extended periods of time for making determinations beyond those
            periods described below.

      (b)   The Committee will notify a claimant of its decision regarding his
            claim within a reasonable period of time, but not later than 90 days
            following the date on which the claim is filed, unless special
            circumstances require a longer period for adjudication and the
            claimant is notified in writing of the reasons for an extension of
            time prior to the end of the initial 90-day period and the date by
            which the Committee expects to make the final decision. In no event
            will the Committee be given an extension for processing the claim
            beyond 180 days after the date on which the claim is first filed
            with the Committee unless otherwise agreed in writing by the
            claimant and the Committee.

      (c)   If a claim is denied, the Committee will notify the claimant of its
            decision in writing. Such notification will be written in a manner
            calculated to be understood by the claimant and will contain the
            following information:

            (1)   the specific reason(s) for the denial;

            (2)   a specific reference to the Plan provision(s) on which the
                  denial is based;

            (3)   a description of additional information necessary for the
                  claimant to perfect his claim, if any, and an explanation of
                  why such material is necessary; and

            (4)   an explanation of the Plan's claim review procedure and the
                  applicable time limits under such procedure and a statement as
                  to the claimant's right to bring a civil action under ERISA
                  after all of the Plan's review procedures have been satisfied.

      (d)   The claimant shall have 60 days following receipt of the notice of
            denial to file a written request with the Committee for a review of
            the denied claim. The decision by the Committee with respect to the
            review must be given within 60 days after receipt of the request,
            unless special circumstances require an extension and the claimant
            is notified in writing of the reasons for an extension of time prior
            to the end of the initial 60-day period and the date by which the
            Committee expects to make the final decision. In no event will the
            decision be delayed beyond 120 days after receipt of the request for
            review unless otherwise agreed in writing by the claimant and the
            Committee.

      (e)   Every claimant will be provided a reasonable opportunity for a full
            and fair review of an adverse determination. A full and fair review
            means the following:

            (1)   the claimant will be given the opportunity to submit written
                  comments, documents, records, etc. with regard to the claim
                  for benefits, and the review will actually take into account
                  all information submitted by the

                                       15
<PAGE>

            claimant, regardless of whether it was reviewed as part of the
            initial determination; and

            (2)   the claimant will be provided, upon request and free of
                  charge, with copies of all documents and information relevant
                  to the claim for benefits.

      (f)   The Committee will notify the claimant of its decision regarding an
            appeal of a denied claim in writing. The decision will be written in
            a manner calculated to be understood by the claimant, and will
            include:

            (1)   the specific reason(s) for the denial and adverse
                  determination;

            (2)   a reference to the specific Plan provisions on which the
                  denial is based;

            (3)   a statement that the claimant is entitled to receive, upon
                  request and free of charge, reasonable access to and copies of
                  all information relevant to the claimant's claim for benefits;
                  and

            (4)   a statement regarding the claimant's right to bring a civil
                  action under ERISA.

      (g)   If the Committee fails to follow these procedures consistent with
            the requirements of ERISA with respect to any claim, the claimant
            will be deemed to have exhausted all administrative remedies under
            the Plan and will have the right to bring a civil action under
            section 502(a) of ERISA.

      (h)   The Committee shall interpret this Section 8.7 such that the claims
            procedures applicable under the Plan conform to the claims review
            requirements of Part 5, Title I, of ERISA.

                                   ARTICLE IX
                            AMENDMENT AND TERMINATION

The Company, by action of the Board of Directors or the Compensation Committee
of the Board of Directors, may at any time or from time to time modify or amend
any or all of the provisions of the Plan, stop future deferrals to the Plan, or
terminate the Plan, provided that no such amendment or termination shall reduce
a Participant's Account balance or change existing elections with respect to the
time and method of payment of a Participant's Account.

                                       16
<PAGE>

                                   ARTICLE X
                               GENERAL PROVISIONS

10.1  Limitation on Participant's Rights.

      Participation in this Plan shall not give any Participant the right to be
      retained in the Employer's employ, or any right or interest in this Plan
      or any assets of the Employer other than as herein provided. The Employer
      reserve the right to terminate the employment of any Participant at any
      time without any liability for any claim against the Employer under this
      Plan, except to the extent expressly provided herein.

10.2  Unsecured General Creditor.

      Participants and their beneficiaries shall have no legal or equitable
      rights, interests or claims in any property or assets of the Company or an
      Employer. The Company's or Employer's obligation under the Plan shall be
      merely that of an unfunded and unsecured promise to pay money in the
      future.

10.3  Participation in Other Plans.

      Nothing in this Plan shall be construed to alter, abridge, or in any
      manner affect the rights and privileges of the Participant to participate
      in and be covered by any pension, profit sharing, group insurance, bonus
      or similar employee plans which an Employer may now or hereafter maintain.

10.4  Taxes.

      If the whole or any part of any Participant's Account shall become liable
      for the payment of any estate, inheritance, income, or other tax which the
      Employer shall be required to pay or withhold, the Employer shall have the
      full power and authority to withhold and pay such tax out of any moneys or
      other property in its hand for the account of the Participant whose
      interests hereunder are so liable. The Employer shall provide notice to
      the Participant of any such withholding. Prior to making any payment, the
      Employer may require such releases or other documents from any lawful
      taxing authority as it shall deem necessary.

10.5  Assignment, Pledge or Encumbrance.

      Except as expressly provided in Section 7.3, the amounts credited to the
      Accounts of a Participant shall not be subject to assignment, alienation,
      pledge, transfer or other encumbrance of any kind, whether voluntary or
      involuntary, and any such purported assignment, alienation, pledge,
      transfer or other encumbrance shall be void and unenforceable against the
      Plan, the Trust, the Company or any Affiliate; further, the amounts
      credited to the Accounts shall not be liable for, or subject to, legal
      process, claims of creditors, tort claims, or attachment for the payment
      of any claim against any Participant or other person entitled to receive
      such amount; provided, that nothing herein shall prevent an assignment or
      other encumbrance in favor of the Employer to secure any indebtedness of
      any kind of the Participant to the Employer.

                                       17
<PAGE>

10.6  Minor or Incompetent.

      If the Committee determines that any person to whom a payment is due
      hereunder is a minor or is incompetent by reason of a physical or mental
      disability, the Committee shall have the power to cause the payments
      becoming due to such person to be made to another for the benefit of such
      minor or incompetent without responsibility of the Company or the
      Committee to see to the application of such payment. Payments made
      pursuant to such power shall operate as a complete discharge of the
      Company and the Committee.

10.7  Beneficiary.

      Each Participant may designate, on such form as may be provided by the
      Committee, any person(s), trusts, partnerships, foundations, or other
      legal entity(ies), including his estate, as his Beneficiary under the
      Plan. A Participant may revoke his designation of a Beneficiary or change
      his Beneficiary at any time prior to his death by executing a change of
      beneficiary form and delivering such form to the Committee. If no person
      or legal entity shall be properly designated by a Participant as his
      Beneficiary or if no designated Beneficiary survives him, his Beneficiary
      shall be his estate.

10.8  Binding Provisions

      The provisions of this Plan shall be binding upon each Participant as a
      consequence of his election to participate in the Plan, and his heirs,
      executors, administrators, and assigns. This Plan shall be binding upon,
      and enforceable against, the Company and any successor(s) (whether direct
      or indirect, by purchase, merger, consolidation, sale of assets or
      otherwise) to substantially all of the business or assets of the Company.

10.9  Notices.

      Any election made or notice given by a Participant pursuant to the Plan
      shall be in writing to the Committee or to such representative as may be
      designated by the Committee for such purpose, shall be on such form as may
      be specified by the Committee, and shall not be deemed to have been made
      or given until the date it is received by the Committee or its designated
      representative.

10.10 Alternative Action.

      In the event it shall become impossible for the Company or the Committee
      to perform any act required by this Plan, the Company or Committee may in
      its discretion perform such alternative act as most nearly carries out the
      intent and purpose of this Plan.

10.11 Compliance with Code Section 409A.

      The Plan is intended to satisfy the requirements of Code Section 409A and
      any regulations or guidance that may be adopted thereunder from time to
      time, including any transition relief available under applicable guidance
      related to Code Section 409A. The Plan may be amended or interpreted by
      the Committee as it determines necessary or

                                       18
<PAGE>

      appropriate in accordance with Code Section 409A and to avoid a plan
      failure under Code Section 409A(1).

10.12 Governing Law.

      The Plan shall be governed by and construed in accordance with ERISA and
      the Code, and to the extent not preempted by such laws, in accordance with
      the laws of the State of Georgia, but not including the choice of law
      provisions thereof.

10.13 Headings.

      Article and section headings are for convenient reference only and shall
      not control or affect the meaning or construction of any of its
      provisions.

10.14 Pronouns.

      The masculine pronoun shall be deemed to include the feminine wherever it
      appears in the Plan unless a different meaning is required by the context.

      IN WITNESS WHEREOF, the Company, through resolutions adopted by its Board
of Directors, adopted the foregoing Plan the 21st day of October, 2004.

                                       19

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