Document:

Exhibit 10.1

    
      

    

    Exhibit
      10.1

    

    AMENDMENTS
      TO WARRANT AGREEMENTS

    

    

    On
      November 22, 2005, each of the warrant holders listed below entered into an
      amendment to his or her warrant agreement dated September 19, 2003. The
      amendment was identical for each holder, and its form is attached. The warrant
      holder signatories are:

    

    
      	 	
              Phil
                Baldwin

            

    

    
      	 	
              Thomas
                E. Boland

            

    

    
      	 	
              Richard
                E. Eason, Sr.

            

    

    
      	 	
              Charles
                E. Hoff

            

    

    
      	 	
              Ramzan
                Karimi

            

    

    
      	 	
              Barbara
                H. Lebow

            

    

    
      	 	
              Victor
                C. Smith

            

    

    
      	 	
              Benjamin
                H. Schnell

            

    

    
      	 	
              James
                R. Williams

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDMENT
      TO WARRANT AGREEMENT

    

    This
      Amendment is made effective November 22, 2005 by and between Neighbors
      Bancshares, Inc., a Georgia corporation (the “Corporation”) and _______________
      (the “Warrant Holder”). 

    

    INTRODUCTION

    

    The
      Corporation and the Warrant Holder are parties to a Warrant Agreement dated
      September 19, 2003 (the “Warrant Agreement”). The parties now desire to amend
      the Warrant Agreement to permit the Corporation to terminate the Warrant under
      the circumstances provided herein in exchange for a payment as provided
      herein.

    

    NOW,
      THEREFORE, in consideration of these premises, the receipt and sufficiency
      of
      which is hereby acknowledged, the parties to this Agreement agree that Section
      8
      of the Warrant Agreement is amended by adding the following to the end of such
      Section:

    

    “Notwithstanding
      the foregoing, in the event of a reorganization, reclassification, consolidation
      or merger of the Corporation, the Board of Directors of the Corporation in
      its
      sole discretion may also terminate the Warrant in consideration of a payment
      in
      cash and/or in property to the Warrant Holder of the excess of the value of
      the
      net consideration per share of Common Stock to be paid to the Company
      stockholders in connection with such transaction, times the number of shares
      of
      Common Stock subject to the unexercised portion of the Warrant, over the
      aggregate Purchase Price for such number of shares.” 

    

    Except
      as
      specifically amended hereby, the Warrant Agreement shall remain in full force
      and effect as prior to this Amendment.

    

    IN
      WITNESS THEREOF, the Corporation and the Warrant Holder have executed this
      Amendment as of the day and year first above written.

    

    
      	 	
              NEIGHBORS
                BANCSHARES, INC.

            
	 	 
	 	
              By:
                /s/ James R. Williams

            
	 	 
	 	
              Title:
                Chairman

            
	 	 
	 	
              WARRANT
                HOLDER

            
	 	 
	 	
                   

            
	 	 	 
	 	
              Print
                Name:Exhibit 10.2

    
      

    

    Exhibit
      10.2(a)

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    

    THIS
      AMENDMENT is made as of November 21, 2005, by and among NEIGHBORS BANCSHARES,
      INC., a bank holding company incorporated under the laws of the State of Georgia
      (the “Company”); NEIGHBORS BANK, a bank organized under the laws of the State of
      Georgia (the “Bank”) (collectively, the Company and the Bank are referred to
      hereinafter as the “Employer”); and Phillip L. Baldwin, a resident of the State
      of Georgia (the “Executive”).

    

    

    RECITALS:

    

    

    The
      Employer and the Executive are parties to an Employment Agreement dated
      September 16, 2003 (the “Employment Agreement”).

    

    In
      consideration of Executive’s continued employment by the Employer, the parties
      hereby amend the Employment Agreement as follows:

    

    
      	 	
              1.

            	
              By
                adding the following to the end of Section
                3.3:

            

    

    

    “Notwithstanding
      the foregoing, the parties agree that the severance payment provided for in
      this
      Section is intended to constitute reasonable compensation in exchange for the
      Executive’s post-termination of employment obligations pursuant to this
      Agreement, including without limitation Section 6, 7, and 8 hereof, and
      accordingly, the parties agree that such payment is intended to be “reasonable
      compensation for personal services to be rendered on or after the date of the
      Change of Control,” within the meaning of Section 280G(b)(4) of the Code, and
      accordingly is not intended to be in whole or in part a “parachute payment”
within the meaning of Section 280G of the Code.”

    

    
      	 	
              2.

            	
              By
                replacing Section 4.3 with the
                following:

            

    

    

    “4.3  Stock
      Options.
      The
      Executive shall be granted options to purchase shares of the Company’s common
      stock in such amounts as shall be determined by and subject to such terms and
      conditions as are approved by the Board of Directors.”

    

    Except
      as
      specifically amended hereby, the Employment Agreement shall remain in full
      force
      and effect as prior to this Amendment.

    

    

    [SIGNATURES
      CONTINUED ON NEXT PAGE]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Employer and the Executive have executed and delivered
      this
      Amendment as of the date first shown above.

    

    
      	 	 
	 	
              NEIGHBORS
                BANCSHARES, INC.

            
	 	 
	 	 
	 	
              By:

            	
              /s/
                James R. Williams

            
	 	 	
              Signature

            
	 	 	 
	 	 	
              James
                R. Williams

            
	 	 	
              Print
                Name

            
	 	 	 
	 	 	
              Chairman

            
	 	 	
              Title

            
	 	 	 
	 	 	 
	 	
              NEIGHBORS
                BANK

            
	 	 
	 	 
	 	
              By:

            	
              /s/
                Richard E. Eason

            
	 	 	
              Signature

            
	 	 	 
	 	 	
              Richard
                E. Eason

            
	 	 	
              Print
                Name

            
	 	 	 
	 	 	
              Senior
                Vice President and Chief Financial Officer

            
	 	 	
              Title

            
	 	 	 
	 	 	 
	 	 	 
	 	
              EXECUTIVE:

            
	 	 
	 	 
	
              /s/
                Phil Baldwin

            
	 	 	 
	 	
              Date:

            	
              11/21/05

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      10.2(b)

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    

    THIS
      AMENDMENT is made as of November 21, 2005, by and among NEIGHBORS BANCSHARES,
      INC., a bank holding company incorporated under the laws of the State of Georgia
      (the “Company”); NEIGHBORS BANK, a bank organized under the laws of the State of
      Georgia (the “Bank”) (collectively, the Company and the Bank are referred to
      hereinafter as the “Employer”); and Richard E. Eason, a resident of the State of
      Georgia (the “Executive”).

    

    

    RECITALS:

    

    

    The
      Employer and the Executive are parties to an Employment Agreement dated
      September 16, 2003 (the “Employment Agreement”).

    

    In
      consideration of Executive’s continued employment by the Employer, the parties
      hereby amend the Employment Agreement as follows:

    

    
      	 	
              1.

            	
              By
                adding the following to the end of Section
                3.3:

            

    

    

    “Notwithstanding
      the foregoing, the parties agree that the severance payment provided for in
      this
      Section is intended to constitute reasonable compensation in exchange for the
      Executive’s post-termination of employment obligations pursuant to this
      Agreement, including without limitation Section 6, 7, and 8 hereof, and
      accordingly, the parties agree that such payment is intended to be “reasonable
      compensation for personal services to be rendered on or after the date of the
      Change of Control,” within the meaning of Section 280G(b)(4) of the Code, and
      accordingly is not intended to be in whole or in part a “parachute payment”
within the meaning of Section 280G of the Code.”

    

    
      	 	
              3.

            	
              By
                replacing Section 4.3 with the
                following:

            

    

    

    “4.3  Stock
      Options.
      The
      Executive shall be granted options to purchase shares of the Company’s common
      stock in such amounts as shall be determined by and subject to such terms and
      conditions as are approved by the Board of Directors.”

    

    Except
      as
      specifically amended hereby, the Employment Agreement shall remain in full
      force
      and effect as prior to this Amendment.

    

    

    [SIGNATURES
      CONTINUED ON NEXT PAGE]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Employer and the Executive have executed and delivered
      this
      Amendment as of the date first shown above.

    

    

    
      	 	 
	 	
              NEIGHBORS
                BANCSHARES, INC.

            
	 	 
	 	 
	 	
              By:

            	
              /s/
                James R. Williams

            
	 	 	
              Signature

            
	 	 	 
	 	 	
              James
                R. Williams

            
	 	 	
              Print
                Name

            
	 	 	 
	 	 	
              Chairman

            
	 	 	
              Title

            
	 	 	 
	 	 	 
	 	
              NEIGHBORS
                BANK

            
	 	 
	 	 
	 	
              By:

            	
              /s/
                Phil Baldwin

            
	 	 	
              Signature

            
	 	 	 
	 	 	
              Phil
                Baldwin

            
	 	 	
              Print
                Name

            
	 	 	 
	 	 	
              President
                and Chief Executive Officer

            
	 	 	
              Title

            
	 	 	 
	 	 	 
	 	 	 
	 	
              EXECUTIVE:

            
	 	 
	 	 
	
              /s/
                Richard E. Eason

            
	 	 	 
	 	
              Date:

            	
              11/21/05

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      10.2(c)

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    

    THIS
      AMENDMENT is made as of November 21, 2005, by and among NEIGHBORS BANCSHARES,
      INC., a bank holding company incorporated under the laws of the State of Georgia
      (the “Company”); NEIGHBORS BANK, a bank organized under the laws of the State of
      Georgia (the “Bank”) (collectively, the Company and the Bank are referred to
      hereinafter as the “Employer”); and J. Ross Mynatt, a resident of the State of
      Georgia (the “Executive”).

    

    

    RECITALS:

    

    

    The
      Employer and the Executive are parties to an Employment Agreement dated
      September 16, 2003 (the “Employment Agreement”).

    

    In
      consideration of Executive’s continued employment by the Employer, the parties
      hereby amend the Employment Agreement as follows:

    

    
      	 	
              1.

            	
              By
                adding the following to the end of Section
                3.3:

            

    

    

    “Notwithstanding
      the foregoing, the parties agree that the severance payment provided for in
      this
      Section is intended to constitute reasonable compensation in exchange for the
      Executive’s post-termination of employment obligations pursuant to this
      Agreement, including without limitation Section 6, 7, and 8 hereof, and
      accordingly, the parties agree that such payment is intended to be “reasonable
      compensation for personal services to be rendered on or after the date of the
      Change of Control,” within the meaning of Section 280G(b)(4) of the Code, and
      accordingly is not intended to be in whole or in part a “parachute payment”
within the meaning of Section 280G of the Code.”

    

    
      	 	
              4.

            	
              By
                replacing Section 4.3 with the
                following:

            

    

    

    “4.3  Stock
      Options.
      The
      Executive shall be granted options to purchase shares of the Company’s common
      stock in such amounts as shall be determined by and subject to such terms and
      conditions as are approved by the Board of Directors.”

    

    Except
      as
      specifically amended hereby, the Employment Agreement shall remain in full
      force
      and effect as prior to this Amendment.

    

    

    [SIGNATURES
      CONTINUED ON NEXT PAGE]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Employer and the Executive have executed and delivered
      this
      Amendment as of the date first shown above.

    

    
      	 	 
	 	
              NEIGHBORS
                BANCSHARES, INC.

            
	 	 
	 	 
	 	
              By:

            	
              /s/
                James R. Williams

            
	 	 	
              Signature

            
	 	 	 
	 	 	
              James
                R. Williams

            
	 	 	
              Print
                Name

            
	 	 	 
	 	 	
              Chairman

            
	 	 	
              Title

            
	 	 	 
	 	 	 
	 	
              NEIGHBORS
                BANK

            
	 	 
	 	 
	 	
              By:

            	
              /s/
                Phil Baldwin

            
	 	 	
              Signature

            
	 	 	 
	 	 	
              Phil
                Baldwin

            
	 	 	
              Print
                Name

            
	 	 	 
	 	 	
              President
                and Chief Executive Officer

            
	 	 	
              Title

            
	 	 	 
	 	 	 
	 	 	 
	 	
              EXECUTIVE:

            
	 	 
	 	 
	
              /s/
                J. Ross Mynatt 

            
	 	 	 
	 	
              Date:

            	
              11/21/05

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