Document:

EX-10.4

 Exhibit 10.4 

FORM OF STOCK OPTION AGREEMENT 

Pursuant to Southern States Bancshares, Inc. 

2017 Stock Compensation Plan 

This Stock Option Agreement is made as of                 ,
20     (the “Effective Date”), by and between Southern States Bancshares, Inc., an Alabama corporation (the “Company”), and
                             (“Grantee”). 

Recitals 
 A. The
Company has determined that it is in the best interests of the Company and its shareholders to encourage ownership in the Company by eligible persons associated with the Company thereby providing additional incentive for them to continue in the
service to the Company or its Affiliates. 
 B. An Option is granted by the Board to Grantee pursuant, and subject to, the Southern States
Bancshares, Inc. 2017 Stock Compensation Plan (the “Plan”) on the terms and conditions provided in this Agreement. 

Agreement 
 1.
Shares Optioned; Option Price; Time of Exercise. 
 (a) Effective as of the Effective Date, the Company grants to Grantee,
subject to the terms and provisions set forth in this Agreement and in the Plan, an Option to purchase all or any part of the number of shares set forth in Exhibit “A,” attached hereto and incorporated herein by reference, of the Common
Stock of the Company at the purchase price per share set forth as the Exercise Price in Exhibit “A.” 
 (b) The Option shall not
be considered granted (as of the Effective Date) or become exercisable unless and until Grantee delivers to the Company a fully executed counterpart of this Agreement. Thereafter, the Option shall be exercisable in accordance with the Exercise
Schedule set forth on Exhibit “A,” subject to any termination, acceleration, or change in such Exercise Schedule set forth in this Agreement or the Plan. 

(c) Neither the Option nor any other rights granted under this Agreement may be exercised after the Expiration Date set forth on Exhibit
“A” and, before that time, the Option may be terminated as provided in paragraph 2 of this Agreement. If Grantee does not purchase the full number of shares to which he or she is entitled in any one year, he or she may purchase such shares
in the next year specified in the Exercise Schedule, in addition to the shares which he or she is otherwise entitled to purchase in the next year. 

 2. Termination of Service. An Option, to the extent that it has
not previously been exercised, shall terminate upon the earliest to occur of (a) the expiration of the applicable Option Period as set forth in the Option Agreement granting such Option; (b) the expiration of 90 days after the
Grantee’s Retirement; (c) the expiration of one year after the Grantee ceases to be an employee of the Company due to Disability; (d) the expiration of one year after the Grantee ceases to be an employee of the Company due to the
death of the Grantee; or (e) three months after the date on which a Grantee ceases to be an employee of the Company for any reason other than Retirement, Disability or death, unless the Option Agreement provides for earlier termination. 

3. Miscellaneous. 

(a) Designation of Beneficiary. The Grantee shall have the right to appoint any individual or legal entity in writing substantially
similar in form to that of Exhibit “B,” attached hereto and incorporated herein by reference (a “Designation Form”), as his beneficiary to receive any Option (to the extent not previously terminated or forfeited) under this
Agreement upon the Grantee’s death. In the event of death, such Options may be exercised by such beneficiary. Such designation under this Agreement may be revoked by the Grantee at any time and a new beneficiary may be designated by the Grantee
by execution and submission to the Board of a revised Designation Form. In order to be effective, a Designation Form must be completed by the Grantee and received by the Board, or its designee, prior to the date of the Grantee’s death. In the
absence of such designation, the Grantee’s beneficiary and the person with the authority to exercise any Option shall be the legal representative of the Grantee’s estate. 

(b) Incapacity of Grantee or Beneficiary. If any person entitled to a distribution under this Agreement is deemed by the Board
to be incapable of making an election hereunder or of personally receiving and giving a valid receipt for such distribution hereunder, then, unless and until an election or claim therefore shall have been made by a duly appointed guardian or other
legal representative of such person, the Board may provide for such election or distribution or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any
such distribution shall be a distribution for the account of such person and a complete discharge of any liability of the Board, the Company, and the Plan therefore. 

(c) Incorporation of the Plan. The terms and provisions of the Plan are hereby incorporated in this Agreement. Unless otherwise
specifically stated or defined herein, or unless the context requires a different definition, capitalized terms used in this Agreement shall have the meanings assigned to them in the Plan, and further, the terms and provisions of the Plan shall
control in the event of any inconsistency between the Plan and this Agreement. 
 (d) Governing Law. This Agreement shall be
governed by the laws of the State of Alabama and all applicable federal laws. 

  
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 (e) Counterparts. This Agreement may be executed in one or more counterparts,
which shall together constitute a valid and binding agreement. 
 (f) Successors or Assigns of the Company. The terms of this
Agreement shall be binding upon and shall inure to the benefit of any successor of the Company and the executors, administrators, heirs, successors, and assigns of the Grantee. 

(g) Notices. If the Option is an Incentive Stock Option, by exercising his or her option the Grantee agrees to notify the Company in
writing within 15 days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of the Option that occurs within two years after the date of the Option grant or within one year after such shares of Common Stock
are transferred upon exercise of the Option. Any notice to be given hereunder shall be in writing and shall be addressed to the Company at its offices located at 615 Quintard Avenue, Anniston, Alabama, 36201, and any notice to be given to Grantee
shall be addressed to the address designated below the signature appearing hereinafter, or at such other address as either party may hereafter designate in writing to the other. Any such notice shall have been deemed duly given upon three days of
sending such notice enclosed in a properly sealed envelope, properly addressed pursuant to the provisions of this paragraph, registered or certified and deposited (with the proper postage and registration or certificate fee prepaid) in the United
States mail. 
 (h) Securities Laws. By exercising an Option, the Grantee agrees that the Company (or a representative of the
underwriters) may, in connection with the first underwritten registration of the offering of any securities of the Company under the Securities Act of 1933 (the “1933 Act”), require that the Grantee not sell, dispose of, transfer,
make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock or other securities of the Company held by the Grantee, for a period
of time specified by the underwriter(s) (not to exceed 180 days) following the effective date of the registration statement of the Company filed under the 1933 Act. The Grantee further agrees to execute and deliver such other agreements as may be
reasonably requested by the Company and/or the underwriter(s) which are consistent with the foregoing or which are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer
instructions with respect to such Common Stock until the end of such period. 
 (i) Stock Certificates. 

(i) Securities represented by this certificate (the “Securities”) have been (A) acquired for investment;
(B) issued and sold in reliance upon the exemption from registration under the Securities Act of Alabama and other states (the “Acts”); and (C) issued and sold in reliance upon an exemption from registration under the 1933 Act.

 (ii) The Securities cannot be offered for sale, sold, or transferred other than pursuant to (A) an effective
registration under the Acts or in a transaction which is 

  
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otherwise in compliance with the Acts; (B) an effective registration under the 1933 Act or in a transaction which is otherwise in compliance with the 1933 Act; and (C) evidence
satisfactory to the issuer of compliance with the applicable securities laws of any other jurisdiction. 
 (iii) The issuer
shall be entitled to require the holder of this certificate to provide the issuer with an opinion of counsel satisfactory to it with respect to compliance with the above laws, except that an opinion shall not be required if holder provides the
Company’s counsel with (A) a seller’s representation letter confirming compliance with Rule 144, including Rule 144(k), and showing that the selling broker has satisfied its obligations to make reasonable inquiries under Rule
144(g)(3); (B) a broker’s representation letter in customary form confirming that the ale will be undertaken in a manner consistent with paragraphs (f) and (g) of Rule 144; and (C) a copy of Form 144. The Company shall have the
reasonable right to approve the forms of (A) through (C) of this paragraph 3(i)(iii). A seller’s representation letter form will depend on whether the seller is an affiliate of the Company and whether the stock has been held for more than
two years. 
 IN WITNESS WHEREOF, this Agreement has been executed by the Company and the Grantee as of the date and year first written
above. 
  

			
	SOUTHERN STATES BANCSHARES, INC.
		
	By:	 	  

		 	Stephen W. Whatley
		 	Its Chairman, President and CEO

  
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 Acknowledgement 

The Grantee acknowledges receipt of a copy of the Plan, a copy of which is annexed hereto, and represents that he or she is familiar with the
terms and provisions thereof. The Grantee hereby accepts this Option subject to all the terms and provisions of the Plan. The Grantee hereby agrees to accept as binding, conclusive, and final all decisions and interpretations of the Board and, where
applicable, the Committee, upon any questions arising under the Plan. As a condition to the issuance of shares of Common Stock of the Company under this Option, the Grantee authorizes the Company to withhold in accordance with applicable law from
any regular cash compensation payable to him or her any taxes required to be withheld by the Company under federal, state, or local law as a result of his or her exercise of this Option. 

 

									
	Dated:	 	  
	 		 	  

		 		 		 	Grantee
				
		 		 		 	Name and Address:
		 		 		 	  

		 		 		 	  

		 		 		 	  

  
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 EXHIBIT “A” 

SOUTHERN STATES BANCSHARES, INC. 

2017 STOCK COMPENSATION PLAN 

Notice of Stock Option Grant 

You have been granted the following option (“Option”) to purchase Common Stock of Southern States Bancshares, Inc. (the
“Company”): 
  

			
	Name of Grantee:	  	  

		
	Total Number of Shares Granted:	  	  

		
	Type of Option:	  	 ☐   Incentive Stock Option (“ISO”)

	 	  	☐   Nonstatutory Stock Option (“Non-ISO”)

 To the extent an ISO does not qualify as such pursuant to applicable provisions of the Plan and Code
Section 422(c), it shall be a Non-Qualified Stock Option (“NQSO”). To qualify for the favorable federal income tax treatment for ISOs, the Grantee must not dispose of shares obtained from
exercise of an Option until at least two years after the date of grant and one year after the date of exercise of the Option. If these holding periods are not met, the sale or other disposition of shares will be a disqualifying disposition pursuant
to Code Section 422(c). 
  

			
	Exercise Price Per Share:	  	$                
		
	Date of Grant:	  	                ,                
		
	Exercise Schedule:	  	The right of the Grantee to exercise and acquire the number of shares subject to this Option shall vest in equal installments over a period of          years, commencing on the first
anniversary of the Date of Grant. Upon termination of Grantee’s employment by the Company without cause, all options immediately vest.
		
	Expiration Date:	  	                ,                

 By your signature and the signature of the Company’s representative below, you and the Company agree that this Option is
granted under and governed by the terms and conditions of the Company’s 2017 Incentive Stock Compensation Plan and the Stock Option Agreement, both of which are attached hereto and made a part hereof. 

 

							
	GRANTEE:	 		 	SOUTHERN STATES BANCSHARES, INC.
				
	  
	 		 	By:	 	  

	[name]	 		 		 	Stephen W. Whatley
		 		 		 	Its Chairman, President and CEO
			
	  
	 		 	  

	Date	 		 	Date

  
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 EXHIBIT “B” 

DESIGNATION OF BENEFICIARY 

for the 
 STOCK OPTION
AGREEMENT 
 Pursuant to Southern States Bancshares, Inc. 

2017 Stock Compensation Plan 
  

					
	Name of Grantee:	 	  
	 	
	Date of Stock Option Agreement:	 	  
	 	

 If my Continuous Service with the Company terminates by reason of my death, or if I shall die after I have
terminated my service with the Company, but, prior to the expiration of the Option (as provided in the Agreement), then all rights to the Option granted under the Agreement that I hereby hold upon my death, to the extent not previously terminated or
forfeited, shall be transferred to my primary beneficiary designated below, or to my secondary beneficiary designated below if my primary beneficiary is unable to accept transfer, in the manner provided for in the Plan and the Agreement. 

 

					
	Primary Beneficiary:	 	  
	 	
			
	Relationship:	 	  
	 	
			
	Address:	 	  
	 	
			
	Phone:	 	  
	 	
			
	Secondary Beneficiary:	 	  
	 	
			
	Relationship:	 	  
	 	
			
	Address:	 	  
	 	
			
	Phone:	 	  
	 	

  

	
	  

	Grantee Signature
	  

	Date

  
 7EX-10.5

 Exhibit 10.5 

EMPLOYMENT AGREEMENT 

For STEPHEN W. WHATLEY 
 This Employment
Agreement (the “Agreement”) is made as of this 24th day of March 2010 (the “Effective Date”), by and between Southern States Bank, an Alabama banking corporation (the “Employer”), and Stephen W. Whatley (the
“Executive”). 
 WITNESSETH: 

WHEREAS, the Employer desires to continue the services of and employ the Executive, and the Executive desires to continue to provide
services to the Employer, pursuant to the terms and conditions of this Agreement; and 
 WHEREAS, this Agreement is intended to
comply with the requirements of Internal Revenue Code Section 409A and the Capital Purchase Program (“CPP”). Accordingly, the intent of the parties hereto is that the Agreement shall be operated and interpreted consistent with the
requirements of Section 409A and the CPP, if applicable. 
 NOW, THEREFORE, in consideration of the promises, covenants and
agreements contained herein, the Employer and the Executive agree as follows: 
 1. Employment. Upon the terms and subject to the
conditions contained in this Agreement, the Executive agrees to provide full-time services for the Employer during the term of this Agreement, and the Executive hereby accepts such employment. Executive agrees to devote his best efforts to the
business of the Employer, and shall perform his duties in a diligent, trustworthy, and business-like manner, all for the purpose of advancing the business of the Employer. Notwithstanding the above, the Executive may engage in other business
interests or investments which do not materially prevent the Executive from performing his contemplated services hereunder on behalf of the Employer and which do not conflict with any duty or obligation Executive owes to the Employer under this
Agreement. The Executive is currently serving as a director of the Employer. The Employer shall nominate the Executive for election as a director at such times as necessary so that the Executive will, if elected by stockholders, remain a director of
the Employer throughout the term of this Agreement. The Executive hereby consents to serving as a director and to being named as a director of the Employer. The board of directors of the Employer shall undertake every lawful effort to ensure that
the Executive continues throughout the term of employment to be elected or reelected as a director of the Employer. 
 2.
Definitions. For purposes of this Agreement, the following terms shall have the meanings specified below. 
 (a) “Change in
Control” shall mean: a change in the ownership or effective control of the Employer, or in the ownership of a substantial portion of the assets of the Employer, as such change is defined under the default definition in Treasury Regulation §1.409A-3(i)(5) or any subsequently applicable Treasury Regulation. 
 (b) “Cause” shall
mean (a) fraud; (b) embezzlement; (c) conviction of or plea of nolo contendere by the Executive of any felony; (d) a material breach of, or the willful failure or refusal by the Executive to perform and discharge the Executive’s
duties, responsibilities and obligations under 

  
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this Agreement; (e) any act of moral turpitude or willful misconduct by the Executive intended to result in personal enrichment of the Executive at the expense of the Employer, or any of its
affiliates or which has a material adverse impact on the business or reputation of the Employer or any of its affiliates (such determination to be made by the Board in its reasonable judgment); (f) intentional material damage to the property or
business of the Employer; (g) gross negligence; or (h) the ineligibility of the Executive to perform his duties because of a ruling, directive or other action by any agency of the United States or any state of the United States having
regulatory authority over the Employer; but in each case only if (1) the Executive has been provided with written notice of any assertion that there is a basis for termination for cause which notice shall specify in reasonable detail specific
facts regarding any such assertion, (2) such written notice is provided to the Executive a reasonable time (and in any event no less than three business days) before the Board meets to consider any possible termination for cause, (3) at or
prior to the meeting of the Board to consider the matters described in the written notice, an opportunity is provided to the Executive and his counsel to be heard before the Board with respect to the matters described in the written notice,
(4) any resolution or other Board action held with respect to any deliberation regarding or decision to terminate the Executive for cause is duly adopted by a vote of at least two-thirds of the entire
Board (excluding the Executive) at a meeting of the Board duly called and held, and (5) the Executive is promptly provided with a copy of the resolution or other corporate action taken with respect to such termination. No act or failure to act
by the Executive shall be considered willful unless done or omitted to be done by him not in good faith and without reasonable belief that his action or omission was in the best interests of the Employer. The unwillingness of the Executive to accept
any or all of a material change in the nature or scope of his position, authorities or duties, a reduction in his total compensation or benefits, a relocation that he deems unreasonable in light of his personal circumstances, or other action by or
request of the Employer in respect of his position, authority, or responsibility that he reasonably deems to be contrary to this Agreement, may not be considered by the Board to be a failure to perform or misconduct by the Executive. 

(c) “Code” shall mean the Internal Revenue Code of 1986, as amended, or anysuccessor statute, rule or regulation of similar effect.

 (d) “Confidential Information” shall mean all business and other information relating to the business of the Employer,
including without limitation, technical or nontechnical data, programs, methods, techniques, processes, financial data, financial plans, product plans, and lists of actual or potential customers, which (i) derives economic value, actual or
potential, from not being generally known to, and not being readily ascertainable by proper means by, other Persons, and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy or confidentiality. Such
information and compilations of information shall be contractually subject to protection under this Agreement whether or not such information constitutes a trade secret and is separately protectable at law or in equity as a trade secret.
Confidential Information does not include confidential business information, which does not constitute a trade secret under applicable law two years after any expiration or termination of this Agreement. 

(e) “Disability” or “Disabled” means the Executive (i) is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (ii) is by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident
and health plan covering employees of the Employer. 
 (f) “Good Reason” shall mean (i) without the Executive’s express
written consent, a material diminution in authority, duties or responsibilities; (ii) any reduction by the Employer in the 

  
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Executive’s Base Salary; (iii) any failure of the Employer to obtain the assumption of, or the agreement to perform, this Agreement by any successor as contemplated in Section 13
hereof; (iv) the Employer materially breaches this Agreement; or (v) the Employer requiring the Executive to be permanently assigned to a location other than the current or future headquarters of the Employer, except for required travel on
the Employer business to an extent substantially consistent with the Executive’s present business travel obligations and as described under Section 3, or, in the event the Executive consents to any relocation, the failure by the Employer
to pay (or reimburse the Executive) for all reasonable moving expenses incurred by the Executive relating to a change of the Executive’s principal residence in connection with such relocation and to indemnify the Executive against any loss
realized on the sale of the Executive’s principal residence in connection with any such change of residence. Good Reason shall be deemed to occur only when Executive provides notice to the Employer of his judgment that a Good Reason event has
occurred within 90 days of such occurrence, and the Employer will have at least 30 days during which it may remedy the condition. 
 (g)
“Net Amount At Risk” shall mean the difference in the Death Benefit payable by the insurance carrier and the Cash Value of the policy(ies) owned by the Bank on the Executive’s life. 

(h) “Person” shall mean any individual, corporation, limited liability Employer, bank, partnership, joint venture, association,
joint-stock Employer, trust, unincorporated organization or other entity. 
 (i) “Specified Employee” means an employee who at the
time of Termination of Employment is a key employee of the Employer, if any stock of the Employer is publicly traded on an established securities market or otherwise. For purposes of this Agreement, an employee is a key employee if the employee
meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with the regulations there under and disregarding section 416(i)(5)) at any time during the 12-month period
ending on December 31 (the “identification period”). If the employee is a key employee during an identification period, the employee is treated as a key employee for purposes of this Agreement during the twelve (12) month period
that begins on the first day of April following the close of the identification period. 
 (j) “Termination of Employment” with
the Employer means that the Executive shall have ceased to be employed by the Employer for reasons other than death, excepting a leave of absence approved by the Employer. Whether a termination of employment has occurred is determined based on
whether the facts and circumstances indicate that the Employer and the Executive reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Executive would perform after such
date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the
immediately preceding twenty-four (24) month period (or the full period of services to the Employer if the Executive has been providing services to the Employer less than twenty-four (24) months). 

(k) “Voluntary Termination” shall mean the termination by Executive of Executive’s employment, which is not the result of Good
Reason. 
 3. Duties. During the term hereof, the Executive shall hold the title of President and Chief Executive Officer of the
Employer, and shall report directly to the Board. The Executive shall have such duties and authority as are typical of the Chief Executive Officer of an Employer such as the Employer, including, without limitation, those specific in the
Employer’s bylaws. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Employer The Executive’s duties may, from time to time, be changed or modified at the discretion
of the Board; provided however, except with his written consent, Executive shall not be assigned to any position of lower professional status. 

  
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 4. Employment Term. Unless earlier terminated as provided herein, the Employer agrees
to employ Executive, and the Executive hereby accepts employment hereunder, for an initial term of two (2) years commencing on the Effective Date, subject to the terms of this Agreement. Thereafter, the term of this Agreement will automatically
renew each day after the Effective Date for one additional day so that the term of the Agreement shall always be two (2) years unless notified of intent not to renew by either party. 

5. Compensation and Benefits. In consideration of Executive’s services and covenants hereunder, Employer shall pay to Executive
the compensation and benefits described below (which compensation shall be paid in accordance with the normal compensation practices of the Employer and shall be subject to such deductions and withholdings as are required by law or policies of the
Employer in effect from time to time, provided that his salary pursuant to Section 5(a) below shall be payable not less frequently than monthly): 

(a) Base Salary. As of the Effective Date of this Agreement, the Employer agrees to pay the Executive during the term of this Agreement an
initial Base Salary at the rate of $250,000 per annum, payable in accordance with Employer’s normal payroll practices with such payroll deductions and withholdings as are required by law. The Executive’s Base Salary shall be reviewed no
less frequently than annually and may be increased (but not reduced) at the discretion of the Board (or a committee thereof) and, as so increased, shall constitute the Executive’s “Base Salary” hereunder. 

(b) Annual Incentive Payment. During the term of this Agreement, provided that Executive is a full-time employee of the Employer on the final
day of the Employer’s fiscal year, in addition to other compensation to be paid under this Section 5, the Executive shall be eligible to participate in any applicable discretionary bonus or performance-based annual incentive plan for the
then completed fiscal year of the Employer (the “Annual Incentive Payment”). The amount actually awarded and paid to the Executive each fiscal year will be determined by the Board and may be based on specific performance criteria to be
identified and provided in writing in advance to Executive under a separate communication. The total amount of the Annual Incentive Payment to be paid hereunder shall be calculated by the Employer and paid to the Executive within 75 days of the end
of the Employer’s fiscal year to which the Annual Incentive Payment applies. The Employer’s calculation of the Annual Incentive Payment amount shall be conclusive and binding absent fraud or manifest and material error. 

(c) Equity Incentives. The Executive will be eligible to participate in any and all equity incentive programs of the Bank. Subject to
regulatory and shareholder approval of the Bank’s Stock Option Plan, the Bank will grant the Executive incentive stock options to purchase up to 50,000 shares of the Bank’s common stock at an exercise price of $10.00 per share. Such
options will vest ratably over three (3) years beginning on the first anniversary of the Effective Date. All options will expire no later than ten (10) years after the date of grant and will otherwise be subject to such terms and
conditions as the Board may approve in its discretion pursuant to the Stock Option Plan, as reflected in a Stock Option Agreement to be entered into between the Bank and the Executive. 

(d) Vacation. The Executive shall be entitled to paid vacation as specified in the Employer’s then current vacation policy, as amended
from time to time if greater, but in no event less than twenty (20) business days. 
 (e) Reimbursement of Expenses. The Employer shall
reimburse the Executive in accordance with Employer’s expense reimbursement policies for all reasonable, ordinary and necessary 

  
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business expenses incurred by the Executive in the course of his duties conducted on behalf of the Employer. In addition, the Employer shall pay for the use of a car and for the Executive’s
annual dues at a local country club, and expenses related to the Executive’s use of such country club for matters related to the business of the Employer. The Employer shall also reimburse Executive’s reasonable expenses for continuing
education courses necessary to maintain any certifications or licenses Executive may hold. 
 (f) Other Employee Benefits. The Executive
shall be entitled to participate in any employee benefit plans now existing or established hereafter generally available to employees of the Employer or senior officers of the Employer, and to all normal perquisites provided to senior officers of
the Employer, provided Executive is otherwise qualified to participate in such plans or programs. Based on the Executive’s benefits participation level, the Employer will pay certain established amounts on behalf of the Executive. As part of
its normal course of business, the Employer may amend or terminate employee benefits. 
 (g) Benefits Not in Lieu of Compensation. No
benefit or perquisite provided to the Executive shall be deemed to be in lieu of Base Salary, bonus, or other compensation, provided that the reporting of any benefits shall be consistent with the Code. 

(h) Insurance. The Employer shall maintain or cause to be maintained director and officer liability insurance covering the Executive
throughout the term of this Agreement. 
 (i) Life Insurance. The Bank shall make available to the Executive, through the Bank’s group
term life insurance policy coverage on the Executive’s life in an amount equal to at least one times Base Salary, but not to exceed two hundred fifty thousand dollars ($250,000). The Executive will also be entitled to receive up to fifteen
hundred dollars ($1,500) to purchase additional life insurance if the Executive so elects. 
 6. Termination. Employment with the
Employer hereunder may be terminated as follows: 
 (a) The Employer. The Employer shall have the right to terminate Executive’s
employment hereunder at any time during the term hereof for Cause, if the Executive becomes Disabled, upon the Executive’s death, or without Cause. 

(i) Termination for Cause. If the Employer terminates Executive’semployment under this Agreement for Cause, the Employer’s
obligations under this Agreement, including any obligations of the Employer under Section 5 hereof, shall cease as of the date of termination, except that Employer shall pay Executive any earned but unpaid salary and benefits. 

(ii) Disability or Death. If the Employer terminates Executive’s employment under this Agreement pursuant to the Executive’s
Disability or death, the Employer’s obligations hereunder, including the obligations under Sections 5(a) above, shall cease on the date of Disability or death, as appropriate. During the period of incapacity leading up to the termination of the
Executive’s employment under this provision, the Employer shall continue to pay the full Base Salary at the rate then in effect and all perquisites and other benefits (other than bonus) until Executive has satisfied the “elimination
period” specified under any disability plan or insurance program maintained by the Employer. Furthermore, Executive shall receive any Annual Incentive Payment earned or accrued through the date of incapacity, including any unvested amounts
awarded for previous years. 
 (iii) Termination without Cause. Subject to Section 6(c) below, if the Employer terminates
Executive’s employment without Cause, Executive shall be entitled to receive as severance, less applicable taxes and other deductions, a sum equal to two times the aggregate cash 

  
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compensation provided in Sections 5(a) and 5(b) (for the most recently completed calendar year) and the annualized amounts being paid for the Executive’s benefits participation level under
Section 5(f) at the time of termination (the “Severance Payment”). For purposes of determining compensation which is not fixed (such as a bonus), the annual amount of such unfixed compensation shall be deemed to be equal to the
average of such compensation over the three year period immediately prior to the termination. Subject to Section 6(c) below, the Severance Payment shall be payable in lump sum in accordance with this Section 6(a)(iii). 

Subject to Section 6(c) below, in the event of termination without Cause, (A) all rights of Executive pursuant to awards of share
grants or options granted by the Employer shall be deemed to have vested and shall be released from all conditions and restrictions, except for restrictions on transfer pursuant to the Securities Act of 1933, as amended, (B) the Executive shall
be deemed to be credited with service with the Employer for such remaining Term for the purposes of the Employer’s benefit plans, (C) the Executive shall be deemed to have retired from the Employer and shall be entitled as of the
termination date, or at such later time as he may elect (or may have previously elected) to commence receiving the total combined qualified and non-qualified retirement benefit to which he is entitled
hereunder, and (D) if any provision of this Section 6(a)(iv) cannot, in whole or in part, be implemented and carried out under the terms of the applicable compensation, benefit, or other plan or arrangement of the Employer because the
Executive has ceased to be an actual employee of the Employer, because the Executive has insufficient or reduced credited service based upon his actual employment by the Employer, because the plan or arrangement has been terminated or amended after
the effective date of this Agreement, or because of any other reason, the Employer itself shall pay or otherwise provide the equivalent of such rights, benefits and credits for such benefits to Executive, his dependents, beneficiaries and estate.
Notwithstanding the foregoing, the Employer shall be under no obligation to provide life insurance coverage or long-term disability income benefit coverage beyond the period otherwise available to employees after termination of employment under the
terms and conditions of such plans or programs. 
 (b) By Executive. Executive shall have the right to terminate his employment
hereunder if there is a Voluntary Termination or there is Good Reason. 
 (i) Voluntary Termination. If Executive terminates his
employmenthereunder pursuant to a Voluntary Termination, the Employer’s obligations under this Agreement, including any obligations of the Employer under Section 5 hereof, shall cease as of the date of termination, except that Employer
shall pay Executive any earned but unpaid salary and benefits. 
 (ii) Good Reason. If Executive terminates his employment hereunder
for Good Reason, Executive, subject to Section 14 below, shall be entitled to receive as severance, less applicable taxes and other deductions, the Severance Payment as defined in Section 6(a)(iii) above. Subject to Section 6(c)
below, the Severance Payment shall be payable without interest in a lump sum within thirty (30) days of termination of the Executive’s employment. 

Subject to Section 6(c) below, in addition, in the event of termination for Good Reason, (A) all rights of Executive pursuant to
awards of share grants or options granted by the Employer shall be deemed to have vested and shall be released from all conditions and restrictions, except for restrictions on transfer pursuant to the Securities Act of 1933, as amended, (B) the
Executive shall be deemed to be credited with service with the Employer for such remaining Term for the purposes of the Employer’s benefit plans, (C) the Executive shall be deemed to have retired from the Employer and shall be entitled as
of the termination date, or at such later time as he may elect (or may have previously elected) to commence receiving the total combined qualified and non-qualified retirement benefit to which he is entitled
hereunder, and (D) if any provision of this Section 6(b) cannot, in whole or in part, be implemented and carried out under the terms of the applicable compensation, benefit, or other plan or

  
 6 

 
arrangement of the Employer because the Executive has ceased to be an actual employee of the Employer, because the Executive has insufficient or reduced credited service based upon his actual
employment by the Employer, because the plan or arrangement has been terminated or amended after the effective date of this Agreement, or because of any other reason, the Employer itself shall pay or otherwise provide the equivalent of such rights,
benefits and credits for such benefits to Executive, his dependents, beneficiaries and estate. 
 (c) Payment of Severance. 

(i) Any severance and other benefit due hereunder shall be paid in lump sum to the Executive within thirty (30) days following the
Termination of Employment. Any severance and other benefit earned hereunder shall be in lieu of any other claim for compensation whether under this Agreement, or under any wage continuation law or at common law or otherwise, and any and all claims
to severance or similar payments or benefits which the Executive may otherwise have or make. 
 (ii) Notwithstanding anything contained
herein to the contrary, in the event of a violation or breach by Executive of any of the provisions of Sections 8 or 9, below, the Employer, in addition to, and not in limitation of, any other rights, remedies, or damages available to the Employer
at law or in equity, shall be entitled to suspend, cease, and terminate the Employer’s obligations to make the Severance Payment, and any other benefits, reimbursements, or rights of the Executive arising under this Agreement, and to recover
from the Executive the Severance Payment, if any, previously paid to the Executive. In addition, in the event that any legal challenge to the validity or enforceability of any provision in Section 8 or 9 is asserted by or on behalf of the
Executive, the Executive shall immediately forfeit the Executive’s right to the Severance Payment and all other benefits, reimbursements, and rights of Executive arising under this Agreement. These remedies shall be in addition to, and not in
limitation of, any injunctive relief or other rights, remedies, or damages, to which the Employer is or may be entitled as a result of this Agreement. (iii) Notwithstanding anything to the contrary herein, if the Executive is 

(iii) suspended or temporarily prohibited from participating in the conduct of the Employer’s affairs by a notice served under section
8(e)(3) or (g)(1) of Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(3) and (g)(1), the Employer’s obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the
notice are dismissed, the Employer may in its discretion (i) pay the Executive all or part of the compensation withheld while the obligations under this Agreement were suspended and (ii) reinstate (in whole or in part) any of such
obligations which were suspended. Notwithstanding anything to the contrary herein, if the Executive is removed or permanently prohibited from participating in the conduct of the Employer’s affairs by an order issued under section 8 (e)(4) or
(g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(4) or (g)(1), all obligations of the Executive under this Agreement shall terminate as of the effective date of the order, but any vested rights of the parties hereto shall not be
affected. Notwithstanding anything to the contrary herein, if the Employer is in default (as defined in section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under this Agreement shall terminate as of the date of default, but this
Section shall not affect any vested rights of the parties hereto. Any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any
regulations promulgated there under. 
 7. Change in Control Benefit. Notwithstanding anything to the contrary in Section 6, if
a Change in Control of the Employer occurs, and the Executive’s employment is terminated during the period beginning one (1) year prior to and ending two (2) years following a Change in Control for any reason other than Cause, Death
or Disability, the Employer shall pay to the Executive a benefit as defined in Section 7(a) below in lieu of any other payment or benefit whatsoever. 

  
 7 

 (a) Amount. The benefit payable to Executive under this Section 7 shall be an
amount that is one (1) dollar less than that amount which would constitute an “excess parachute payment” as defined in Section 280G of the Code, as subsequently amended. For purposes of calculating the limitations imposed by
280G, the Bank shall aggregate all payments due to the Executive under this and other Agreements, including immediate vesting of unvested stock options, restricted stock or any other deferred awards or benefits, excluding qualified benefit plans.

 (b) Payment. The amount due under the above Subsection (a) shall be paid in a lump sum within thirty (30) days of
termination of employment or, if later, the Change in Control. 
 8. Confidential Information. The Executive recognizes and
acknowledges that he will have access to certain information of the Employer and its subsidiaries and that such information is confidential and constitutes valuable, special and unique property of the Employer. The Executive agrees to maintain in
strict confidence and, except as necessary to perform his duties for the Employer, agrees not to use or disclose any Trade Secrets of the Employer during or after his employment. “Trade Secret” means information, including a formula,
pattern, compilation, program, device, method, technique, process, drawing, cost data or customer list, that: (i) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper
means by, other persons who can obtain economic value from its disclosure or use; and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. In addition, the Executive agrees to maintain in strict
confidence and, except as necessary to perform his duties for the Employer, not to use or disclose any Confidential Business Information of the Employer during his employment and for a period of 36 months following termination of the
Executive’s employment (regardless of whether this Agreement terminates or expires). “Confidential Business Information” shall mean any internal, non-public information (other than Trade Secrets
already addressed above) concerning the Employer’s financial position and results of operations (including revenues, assets, net income, etc.); annual and long-range business plans; product or service plans; marketing plans and methods;
training, educational and administrative manuals; customer and supplier information and purchase histories; and employee lists. The provisions of this Section 8 shall also apply to protect Trade Secrets and Confidential Business Information of
third parties provided to the Employer under an obligation of secrecy. 
 9. Delivery of Documents upon Termination. At the
Employer’s request, the Executive shall deliver to the Employer or its designee at the termination of the Executive’s employment all correspondence, memoranda, notes, records, drawings, sketches, plans, customer lists, product
compositions, and other documents and all copies thereof, made, composed or received by the Executive, solely or jointly with others, that are in the Executive’s possession, custody, or control at termination and that are related in any manner
to the past, present, or anticipated business of the Employer. 
 10. Remedies. The Executive acknowledges that a remedy at law for
any breach or attempted breach of the Executive’s obligations under Sections 8 and 9 may be inadequate, agrees that the Employer may be entitled to specific performance and injunctive and other equitable remedies in case of any such breach
or attempted breach and further agrees to waive any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive or other equitable relief. The Employer shall have the right to offset against amounts to
be paid to the Executive pursuant to the terms hereof any amounts from time to time owing by the Executive to the Employer. The termination of the Agreement shall not be deemed to be a waiver by the Employer of any breach by the Executive of this
Agreement or any other obligation owed the Employer, and notwithstanding such a termination, the Executive shall be liable for all damages attributable to such a breach. 

  
 8 

 11. Arbitration. Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration pursuant to the Alabama law in Anniston, Alabama. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 

12. Indemnification. The Executive shall be protected against any and all legal actions when he is either a party, witness or a
participant in any legal action brought against the Employer or the Executive or a board member. He will be protected through any programs that cover the outside directors or other executives of the Employer. 

13. Miscellaneous Provisions. 

(a) Successors of the Employer. The Employer will require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business and/or assets of the Employer, by agreement in form and substance satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that the Employer would be required to perform it if no such succession had taken place. Failure of the Employer to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle
the Executive to compensation from the Employer in the same amount and on the same terms as the Executive would be entitled hereunder if the Executive terminated his employment for Good Reason (or, solely at the Executive’s option, compensation
from the Employer in the same amount and on the same terms as the Executive would be entitled under Section 7 above), except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be
deemed the date of termination. As used in this Agreement, “Employer” as hereinbefore defined shall include any successor to its business and/or assets as previously mentioned which executes and delivers the agreement provided for in this
Section 13 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 
 (b)
Executive’s Heirs, etc. The Executive may not assign the Executive’s rights or delegate the Executive’s duties or obligations hereunder without the written consent of the Employer. This Agreement shall inure to the benefit of
and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amounts would still be payable to the Executive
hereunder as if he had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s designee or, if there be no such designee, to the Executive’s
estate. 
 (c) Notices. Any notice, request, approval, consent, demand or other communication shall be effective upon the first to
occur of the following: (i) upon receipt by the party to whom such notice, request, approval, consent, demand or other communication is being given; or (ii) three (3) business days after being duly deposited in the United States mail,
registered or certified, return receipt requested, and addressed as follows: 
  

			
	Executive:	  	Stephen W. Whatley
		  	21 Edgefield Way
		  	Anniston, AL 36207
		
	 Employer:
	  	Southern States Bank
		  	615 Quintard Avenue
		  	 Anniston, AL 36201

  
 9 

 The parties hereto may change their respective addresses by notice in writing given to the
other party to this Agreement. 
 (d) Amendment or Waiver. No provisions of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing signed by the Executive and such officer as may be specifically designated by the Board (which shall not include the Executive). No waiver by either party hereto at any time of
any breach by the other party hereto of or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement. 

(e) Invalid Provisions. Should any portion of this Agreement be adjudged or held to be invalid, unenforceable or void, such holding
shall not have the effect of invalidating or voiding the remainder of this Agreement and the parties hereby agree that the portion so held invalid, unenforceable or void shall if possible, be deemed amended or reduced in scope, or otherwise be
stricken from this Agreement to the extent required for the purposes of validity and enforcement thereof. 
 (f) Survival of the
Executive’s Obligations. The Executive’s obligations under this Agreement shall survive regardless of whether the Executive’s employment by the Employer is terminated, voluntarily or involuntarily, by the Employer or the
Executive, with or without Cause. 
 (g) Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 (h) Governing Law. This
Agreement and any action or proceeding related to it shall be governed by and construed under the laws of the State of Alabama. 
 (i)
Captions and Gender. The use of Captions and Section headings herein is for purposes of convenience only and shall not effect the interpretation or substance of any provisions contained herein. Similarly, the use of the masculine gender with
respect to pronouns in this Agreement is for purposes of convenience and includes either sex who may be a signatory. 
 (j) Effect on
Prior Agreements. This Agreement, and any attachments, represent the entire understanding between the parties hereto and supersedes in all respects any other prior Agreement or understanding between the Employer and the Executive regarding the
Executive’s employment. 
 14. Section 409A. This Agreement is intended to comply with the requirements of Section 409A of
the Code and regulations promulgated there under (together, “Section 409A”), and shall, to the extent practicable, be construed in accordance therewith. If any amount payable pursuant to this Agreement constitutes a “deferral of
compensation” subject to Section 409A and if, at the date of the Executive’s “separation from service,” as such term is defined in Section 409A, from the Employer (his “Separation from Service”), the Executive
is a “specified employee”, within the meaning of Section 409A, of the Employer as determined by the Employer from time to time, then each such payment that would otherwise be payable to the Executive within the six (6) month
period following the Executive’s Separation from Service shall be delayed and paid to the Executive without interest on the first business day of the seventh month following the Executive’s Separation from Service. For the avoidance of
doubt, for purposes of this Agreement, any amount which would not be considered a “deferral of compensation” within the meaning of Section 409A by reason of Treas. Reg. Sections 1.409A-1(b)(4)
or 1.409A1(b)(9) 

  
 10 

 
shall not be considered a deferral of compensation for which payment shall be delayed in accordance with the preceding sentence. For purposes of this Agreement, each payment to which the
Executive may be entitled pursuant to this Agreement, including each of the severance payments, shall be considered a separate payment within the meaning of Treas. Reg. Section 1.409A-2(b)(2).
Notwithstanding the foregoing, to the extent that this Agreement or any payment or benefit hereunder shall be deemed not to comply with Section 409A, then neither the Employer, nor any of its principals, employees, designees or agents, shall be
liable to the Executive or to any other person to the extent such failure to comply results from any actions, decisions or determinations made in good faith. 

15. Compensation Modification. Notwithstanding anything herein to the contrary, during the time the United States Department of
Treasury (“Treasury”) owns any debt or equity securities of the Employer acquired pursuant to the Capital Purchase Program (“CPP”), the terms of this Section 15 hereby amend and shall override any contrary or inconsistent
terms contained in this Agreement and any and all other employment, compensation and benefit agreements, plans and policies with respect to the Executive that are in existence on the date hereof and that hereafter are adopted (the “Compensation
Arrangements”). This Section 15 shall be construed in a manner that is consistent with Section 111(b) of the Economic Stabilization Act of 2008 (“EESA”) and regulations issued there under. The Employer and Executive further
agree that the Employer shall not adopt any new benefit plan with respect to Executive that does not comply with Section 111(b) of EESA as implemented by any guidance or regulation there under that has been issued and is in effect as of the
date the Employer issues preferred stock and warrants to the Treasury. The Executive acknowledges that the Employer’s Compensation Committee has the sole and absolute discretion to modify or revoke any bonus or incentive compensation
arrangement that would encourage the Executive to take unnecessary and excessive risks that would threaten the value of the Employer. 
 (a)
Recovery of Incentive Compensation. In the event Executive receives compensation that was based on financial statements or performance metric criteria that are determined to be materially inaccurate, Executive shall repay the Employer upon
demand the amount of the bonus or incentive compensation received by Executive in excess of the amount that would have been paid to Executive had the inaccurate statements or criteria been accurate. 

(b) Golden Parachute Limit. In the event of Executive’s termination of employment that is either involuntary or in connection with
the Employer’s bankruptcy, liquidation or receivership, severance payments to the Executive shall be limited to the extent that the payment would otherwise constitute a “golden parachute” as defined under section 111(b)(2)(C) of the
EESA. 
 (c) Waiver. Executive hereby voluntarily waives any claim against the Employer for any changes to the Compensation
Arrangements that are made or contemplated in this Section 15. This waiver includes all claims Executive may have under the laws of the United States or any state related to the requirements imposed by the EESA, including, without limitation, a
claim for any compensation or other payments Executive would otherwise receive. 
 (d) Modification - Waivers. No provisions of this
Section 15 may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing, signed by the Executive and on behalf of the Employer by such officer as may be specifically designated by the Board of
Directors of the Employer. No waiver by either party hereto at any time of any breach by the other party hereto of, or in compliance with, any condition or provision of this Section 15 to be performed by such other party shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either
party, which are not set forth expressly in this Agreement. 

  
 11 

 IN WITNESS WHEREOF, the Executive and a duly authorized Employer officer have signed this
Employment Agreement to be effective as of the Effective Date. 
  

					
	EXECUTIVE	 		  	SOUTHERN STATES BANK
			
	 /s/ Stephen W. Whatley
	 		  	 /s/ Jay Pumroy

	Stephen W. Whatley	 		  	Jay Pumroy
		 		  	Chairman of the Board

  
 12

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