Document:

Termination Agreement: Marty J. Duvall

 EXHIBIT 10.39 
  
 TERMINATION AGREEMENT 
  
 This Agreement is made as of January 18, 2005, between MGI PHARMA, INC., a Minnesota corporation, with its principal offices at 5775 West Old Shakopee
Road, Suite #100, Bloomington, Minnesota 55437 (the “Company”) and Martin J. Duvall (“Employee”), residing at 21 Red Oak Row, Chester, New Jersey. 
  
 WITNESSETH THAT: 
  
 WHEREAS, this Agreement is intended to specify the financial arrangements that the Company will provide to the Employee upon Employee’s separation
from employment with the Company under any of the circumstances described herein; and 
  
 WHEREAS, this Agreement is entered into by the Company in the belief that it is in the best interests of the Company and its shareholders to provide stable conditions of employment for Employee notwithstanding the
possibility, threat or occurrence of certain types of change in control, thereby enhancing the Company’s ability to attract and retain highly qualified people. 
  
 NOW, THEREFORE, to assure the Company that it will have the continued dedication of Employee notwithstanding the
possibility, threat or occurrence of a bid to take over control of the Company, and to induce Employee to remain in the employ of the Company, and for other good and valuable consideration, the Company and Employee agree as follows: 
  
 1. Term of Agreement. The term of this Agreement shall commence on the
date hereof as first written above and shall continue in effect through December 31, 2005; provided that commencing on January 1, 2006 and each January 1 thereafter, the term of this Agreement shall automatically be extended for one additional year
unless not later than twelve months prior to such January 1, the Company shall have given notice that it does not wish to extend this Agreement (which notice may not, in any event, be given sooner than January 1, 2006; and provided, further, that
notwithstanding any such notice by the Company not to extend, this Agreement shall continue in effect for a period of 24 months beyond the term provided herein if a Change in Control (as defined in Section 3(i) hereof) shall have occurred during
such term. 
  
 2. Termination of Employment 
  
 (i) Prior to a Change in Control. Prior to a Change in Control (as
defined in Section 3(i) hereof), the Company may terminate Employee from employment with the Company at will, with or without Cause (as defined in Section 3(iii) hereof), at any time. 
  
 (ii) After a Change in Control 
  
 (a) From and after the date of a Change in Control (as defined in Section 3(i) hereof) during the term of this Agreement,
the Company shall not terminate Employee from employment with the Company except as provided in this Section 2(ii) or as a result of Employee’s Disability (as defined in Section 3(iv) hereof) or his death. 
  
 (b) From and after the date of a Change in Control (as defined in Section
3(i) hereof) during the term of this Agreement, the Company shall have the right to terminate Employee from employment with the Company at any time during the term of this Agreement for Cause (as defined in Section 3(iii) hereof), by written notice
to the Employee, specifying the particulars of the conduct of Employee forming the basis for such termination. 
  
 (c) From and after the date of a Change in Control (as defined in Section 3(i) hereof) during the term of this Agreement: (x) the Company shall have the
right to terminate Employee’s employment without Cause (as defined in Section 3(iii) hereof), at any time; and (y) the Employee shall, upon the occurrence of such a termination by the Company without Cause, or upon the voluntary termination of
Employee’s employment by Employee for Good Reason (as defined in Section 3(ii) hereof), be entitled to receive the benefits provided in Section 4 hereof. Employee shall evidence a voluntary termination for Good Reason by written notice to the
Company given within 60 days after the date as of which the Employee knows or should reasonably have known an event has occurred which constitutes Good Reason for voluntary termination. 

  

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Such notice need only identify the Employee and set forth in reasonable detail the facts and circumstances claimed by Employee to constitute Good Reason.

  
 Any notice given by Employee pursuant to this Section 2 shall be effective
five business days after the date it is given by Employee. 
  
 3.
Definitions 
  
 (i) A “Change in Control” shall
mean: 
  
 (a) a change in control of a nature that would be
required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or successor provision thereto, whether or not the Company is then
subject to such reporting requirement; 
  
 (b) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the
Company representing 35% or more of the combined voting power of the Company’s then outstanding securities; 
  
 (c) the Continuing Directors (as defined in Section 3(v) hereof) cease to constitute a majority of the Company’s Board of Directors; provided
that such change is the direct or indirect result of a proxy fight and contested election or elections for positions on the Board of Directors; or 
  
 (d) the majority of the Continuing Directors (as defined in Section 3(v) hereof) determine in their sole and absolute discretion that there has been a
change in control of the Company. 
  
 (ii) “Good Reason”
shall mean the occurrence of any of the following events, except for the occurrence of such an event in connection with the termination or reassignment of Employee’s employment by the Company for Cause (as defined in Section 3(iii) hereof), for
Disability (as defined in Section 3(iv) hereof) or for death: 
  
 (a) the assignment to Employee of employment responsibilities which are not of comparable responsibility and status as the employment responsibilities held by Employee immediately prior to a Change in Control; 
  
 (b) a reduction by the Company in Employee’s base salary as in effect
immediately prior to a Change in Control; 
  
 (c) an amendment or
modification of the Company’s incentive compensation program (except as may be required by applicable law) which affects the terms or administration of the program in a manner adverse to the interest of Employee as compared to the terms and
administration of such program immediately prior to a Change in Control; 
  
 (d) the Company’s requiring Employee to be based anywhere other than within 50 miles of Employee’s office location immediately prior to a Change in Control, except for requirements of temporary travel on the
Company’s business to an extent substantially consistent with Employee’s business travel obligations immediately prior to a Change in Control; 
  
 (e) except to the extent otherwise required by applicable law, the failure by the Company to continue in effect any benefit or compensation plan, stock
ownership plan, stock purchase plan, bonus plan, life insurance plan, health-and-accident plan or disability plan in which Employee is participating immediately prior to a Change in Control (or plans providing Employee with substantially similar
benefits), the taking of any action by the Company which would adversely affect Employee’s participation in, or materially reduce Employee’s benefits under, any of such plans or deprive Employee of any material fringe benefit enjoyed by
Employee immediately prior to such Change in Control, or the failure by the Company to provide Employee with the number of paid vacation days to which Employee is entitled immediately prior to such Change in Control in accordance with the
Company’s vacation policy as then in effect; or 
  
 (f) the
failure by the Company to obtain, as specified in Section 5(i) hereof, an assumption of the obligations of the Company to perform this Agreement by any successor to the Company. 
  
 (iii) “Cause” shall mean termination by the Company of Employee’s employment based upon (a) the willful and
continued failure by Employee substantially to perform his duties and obligations (other than any such failure resulting from his incapacity due to physical or mental illness or any such actual or anticipated failure resulting from Employee’s

  

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termination for Good Reason) or (b) the willful engaging by Employee in misconduct which is materially injurious to the Company, monetarily or otherwise. For
purposes of this Section 3(iii), no action or failure to act on Employee’s part shall be considered “willful” unless done, or omitted to be done, by Employee in bad faith and without reasonable belief that his action or omission was
in the best interests of the Company. 
  
 (iv)
“Disability” shall mean any physical or mental condition which would qualify Employee for a disability benefit under the Company’s long-term disability plan. 
  
 (v) “Continuing Director” shall mean any person who is a member of the Board of Directors of the Company, while
such person is a member of the Board of Directors, who is not an Acquiring Person (as hereinafter defined) or an Affiliate or Associate (as hereinafter defined) of an Acquiring Person, or a representative of an Acquiring Person or of any such
Affiliate or Associate, and who (a) was a member of the Board of Directors on the date of this Agreement as first written above or (b) subsequently becomes a member of the Board of Directors, if such person’s initial nomination for election or
initial election to the Board of Directors is recommended or approved by a majority of the Continuing Directors. For purposes of this Section 3(v): “Acquiring Person” shall mean any “person” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act) who or which, together with all Affiliates and Associates of such person, is the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the shares of Common
Stock of the Company then outstanding, but shall not include the Company, any subsidiary of the Company or any employee benefit plan of the Company or of any subsidiary of the Company or any entity holding shares of Common Stock organized, appointed
or established for, or pursuant to the terms of, any such plan; and “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act. 
  
 4. Benefits upon Termination under Section 2(ii)(c) 
  
 (i) Upon the termination (voluntary or involuntary) of the employment of
Employee pursuant to Section 2(ii)(c) hereof, Employee shall be entitled to receive the benefits specified in this Section 4. The amounts due to Employee under subparagraphs (a), (b) and (c) of this Section 4(i) shall be paid to Employee not later
than one business day prior to the date that the termination of Employee’s employment becomes effective. All benefits to Employee pursuant to this Section 4(i) shall be subject to any applicable payroll or other taxes required by law to be
withheld. 
  
 (a) The Company shall pay to Employee any and all
amounts payable to Employee pursuant to any standard or general severance policy of the Company or its Board of Directors; 
  
 (b) In lieu of any further base salary payments to Employee for periods subsequent to the date that the termination of Employee’s employment becomes
effective, the Company shall pay as severance pay to Employee a lump-sum cash amount equal to twenty-four (24) times the Employee’s monthly base salary (as in effect in the month preceding the month in which the termination becomes effective or
as in effect in the month preceding the Change in Control, whichever is higher); 
  
 (c) The Company shall also pay to Employee all legal fees and expenses incurred by Employee as a result of such termination of employment (including all fees and expenses, if any, incurred by Employee in seeking to
obtain or enforce any right or benefit provided to Employee by this Agreement whether by arbitration or otherwise); and 
  
 (d) Any and all contracts, agreements or arrangements between the Company and Employee prohibiting or restricting the Employee from owning, operating,
participating in, or providing employment or consulting services to, any business or company competitive with the Company at any time or during any period after the date the termination of Employee’s employment becomes effective, shall be
deemed terminated and of no further force or effect as of the date the termination of Employee’s employment becomes effective, to the extent, but only to the extent, such contracts, agreements or arrangements so prohibit or restrict the
Employee; provided that the foregoing provisions shall not constitute a license or right to use any proprietary information of the Company and shall in no way affect any such contracts, agreements or arrangements insofar as they relate to
nondisclosure and nonuse of proprietary information of the Company notwithstanding the fact that such nondisclosure and nonuse may prohibit or restrict the Employee in certain competitive activities. 
  
 (ii) Employee shall not be required to mitigate the amount of any payment
provided for in this Section 4 by seeking other employment or otherwise. The amount of any payment or benefit provided in this Section 4 shall not be reduced by any compensation earned by Employee as a result of any employment by another employer or
from any other source. 
  

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 (iii) In the event that any payment or benefit received or to be received by Employee in connection with
a Change in Control of the Company or termination of Employee’s employment (whether payable pursuant to the terms of this Agreement or pursuant to any other plan, contract, agreement or arrangement with the Company, with any person whose
actions result in a Change in Control of the Company or with any person constituting a member of an affiliated group” as defined in Section 280G(d)(5) of the Internal Revenue Code of 1986, as amended (the “Code”), with the Company or
with any person whose actions result in a Change in Control of the Company (collectively, the “Total Payments”)) would be subject to the excise tax imposed by Section 4999 of the Code or any interest, penalties or additions to tax with
respect to such excise tax (such excise tax, together with any such interest, penalties or additions to tax, are collectively referred to as the “Excise Tax”), then Employee shall be entitled to receive from the Company an additional cash
payment (a “Gross-Up Payment”)in an amount such that after payment by Employee of all taxes (including any interest, penalties or additions to tax imposed with respect to such taxes), including any Excise Tax, imposed upon the Gross-Up
Payment, Employee would retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Total Payments, as determined in accordance with the provisions of this Section 4(iii). 
  
 (a) All determinations required to be made under this Section 4(iii), including whether a
Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be made by the independent accounting firm retained by the Company on the date of the Change in Control (the “Accounting Firm”). The Accounting Firm shall provide
detailed supporting calculations of its determination to both the Company and the Employee within 15 business days of the Employment Termination Date, or at such earlier time as is requested by the Company. For purposes of determining the amount of
any tax pursuant to this Section 4(iii), the Employee’s tax rate shall be deemed to be the highest statutory marginal state and Federal tax rate (on a combined basis and including the Employee’s share of F.I.C.A. and Medicare taxes) then
in effect. 
  
 (b) Employee shall in good faith cooperate with the Accounting Firm
in making the determination of whether a Gross-Up Payment is required, including but not limited to providing the Accounting Firm with information or documentation as reasonably requested by the Accounting Firm. A determination by the Accounting
Firm regarding whether a Gross-Up Payment is required and the amount of such Gross-Up Payment shall be conclusive and binding upon the Employee and the Company for all purposes. 
  
 (c) A Gross-Up Payment required to be made pursuant to this Section 4(iii) shall be paid to Employee within 30 days of a final determination
by the Accounting Firm that the Gross-Up Payment is required. Employee and Company shall report all amounts paid to Employee on their respective tax returns consistent with the determination of the Accounting Firm. 
  
 (d) The Company and the Employee shall promptly deliver to each other copies of any written
communications, and summaries of any oral communications, with any tax authority regarding the applicability of Section 280G or 4999 of the Code to any portion of the Total Payments. In the event of any controversy with the Internal Revenue Service
or other tax authority regarding the applicability of Section 280G or 4999 of the Code to any portion of the Total Payments, Company shall have the right, exercisable in its sole discretion, to control the resolution of such controversy at its own
expense. Employee and the Company shall in good faith cooperate in the resolution of such controversy. 
  
 (e) If the Internal Revenue Service or any tax authority makes a final determination that a greater Excise Tax should be imposed upon the Total Payments than is determined by the Accounting Firm or reflected in the
Employee’s tax return pursuant to this Section, the Employee shall be entitled to receive from the Company the full Gross-Up Payment calculated on the basis of the amount of Excise Tax determined to be payable by such tax authority. That amount
shall be paid to the Participant within 30 days of the date of such final determination by the relevant tax authority. 
  
 5. Successors and Binding Agreement 
  
 (i) The Company 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 Company), by agreement in form and substance satisfactory to Employee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. Failure of the Company to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle Employee to compensation from the Company in the same
amount and on the same terms as Employee would be entitled hereunder if employee terminated Employee’s employment after a Change in Control for Good Reason, except that for purposes of implementing the foregoing, the date on which any such
succession becomes effective shall be deemed the date that the termination of Employee’s employment becomes effective. As used in this Agreement, “Company” shall mean the Company and any successor to its business and/or assets which
executes and delivers the agreement provided for in this Section 5(i) or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. 
  

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 (ii) This Agreement is personal to Employee, and Employee may not assign or transfer any part of
Employee’s rights or duties hereunder, or any compensation due to Employee hereunder, to any other person. Notwithstanding the foregoing, this Agreement shall inure to the benefit of and be enforceable by Employee’s personal or legal
representatives, executors, administrators, heirs, distributees, devisees and legatees. 
  
 6. Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in the Minneapolis-St. Paul metropolitan area, in accordance with the
applicable rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
  
 7. Modification; Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in a writing signed by Employee and such officer as may be specifically designated by the Board of Directors of the Company. 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. 
  
 8. Notice. All notices, requests, demands and all other communications
required or permitted by either party to the other party by this Agreement (including, without limitation, any notice of termination of employment and any notice of intention to arbitrate) shall be in writing and shall be deemed to have been duly
given when delivered personally or received by certified or registered mail, return receipt requested, postage prepaid, at the address of the other party, as first written above (directed to the attention of the Board of Directors and Corporate
Secretary in the case of the Company). Either party hereto may change its address for purposes of this Section 8 by giving 15 days’ prior notice to the other party hereto. 
  
 9. Severability. If any term or provision of this Agreement or the application hereof to any person or circumstances
shall to any extent be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby,
and each term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
  
 10. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 
  
 11. Governing
Law. This Agreement has been executed and delivered in the State of Minnesota and shall in all respects be governed by, and construed and enforced in accordance with, the laws of the State of Minnesota, including all matters of construction,
validity and performance, and without taking into consideration the conflict of law provisions of such state. 
  
 12. Effect of Agreement; Entire Agreement. The Company and the Employee understand and agree that this Agreement is intended to reflect their
agreement only with respect to payments and benefits upon termination in certain cases and is not intended to create any obligation on the part of either party to continue employment. This Agreement supersedes any and all other oral or written
agreements or policies made relating to the subject matter hereof and constitutes the entire agreement of the parties relating to the subject matter hereof; provided that this Agreement shall not supersede or limit in any way Employee’s rights
under any benefit plan, program or arrangements in accordance with their terms. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed, all as of the date first written above. 
  

			
	MGI PHARMA, INC.
		
	By	 	/s/ Kristin L. Gustafson
	 	 	Kristin L. Gustafson
	 	 	Its Vice President, Human Resources

  

			
		
	 	 	/s/ Martin J. Duvall
	 	 	Employee, Martin J. Duvall

  

 5Amended and Restated Management Incentive Plan

 
EXHIBIT 10.4 
  
 AMENDED AND
RESTATED 
 MANAGEMENT INCENTIVE PLAN 
 OF THE COLONIAL BANCGROUP, INC. 
  
 This Management Incentive Plan of The Colonial BancGroup, Inc., a Delaware corporation with its principal place of business in Montgomery, Alabama (“BancGroup”), is amended and restated as of the 8th day of March, 2005.

  
 WITNESSETH: 
  
 WHEREAS, on January 19, 2000, the Board of Directors of BancGroup
adopted the Management Incentive Plan, subject to shareholder approval; and 
  
 WHEREAS, at the annual meeting of shareholders of BancGroup held on April 19, 2000, the shareholders approved the adoption of the Management Incentive Plan, including the terms and conditions of the performance
goals under which compensation thereunder is to be paid to certain executive officers of BancGroup; and 
  
 WHEREAS, pursuant to the terms of the Management Incentive Plan, the Personnel and Compensation Committee of the Board of Directors of BancGroup
(the “Committee”), which assumed the responsibilities of the Executive Compensation Subcommittee following its dissolution in January 2003, has the authority to amend the Management Incentive Plan, subject to certain limitations; and

  
 WHEREAS, the Committee hereby desires to amend and
restate the Management Incentive Plan; 
  
 NOW, THEREFORE,
the Committee hereby amends and restates the Management Incentive Plan as follows: 
  
 1. DEFINITIONS 
  
 1.1.
“BancGroup” means The Colonial BancGroup, Inc., a corporation organized and existing under the laws of the State of Delaware, with its principal place of business in Montgomery, Alabama, and any successor thereto, whether by merger,
consolidation, sale of assets, liquidation, or otherwise. 
  
 1.2.
“Board” means the Board of Directors of BancGroup. 
  
 1.3. “Code” means the Internal Revenue Code of 1986, as amended. 
  
 1.4. “Committee” means the Personnel and Compensation Committee of the Board. 
  
 1.5. “Compensation” means the base salary paid to Participants, excluding overtime, commissions, awards from other incentive programs, BancGroup
contributions to fringe benefit programs, and other “non-salary” income. 
  
 1.6. “Executive Officer” means those officers of BancGroup within the meaning of Rule 16a-1(f) under the Securities and Exchange Act of 1934, as amended. 
  
 1.7. “Participant” means an Executive Officer who has been
designated for participation in the Plan by the Committee in accordance with Section 3 of the Plan and who has commenced participation in the Plan. 
  

 1.8. “Performance Agreement” means the written notice described in Section 3.2 of the Plan,
executed by an Executive Officer of BancGroup and transmitted on behalf of the Committee by BancGroup to each Participant, setting forth the terms and conditions of each Participant’s participation in the Plan. 
  
 1.9. “Plan” means the Management Incentive Plan of BancGroup
established by this document, as amended from time to time, and any related Performance Agreements. 
  
 1.10. “Plan Year” means any performance period which begins on January 1 of a particular year and ends on December 31 of that same year.

  
 2. PURPOSE 
  
 The Plan is intended to promote and encourage excellence in the performance
of responsibilities by the Executive Officers, to maximize BancGroup’s soundness, profitability and growth, and to provide an incentive opportunity that will permit those members of management who are positioned to make significant
contributions to BancGroup’s success to receive appropriate total cash compensation. 
  
 3. PARTICIPATION 
  
 3.1.
Selection to Participate. The Committee, prior to the close of each Plan Year, may designate in writing one or more Executive Officers as persons eligible to participate in the Plan during the next succeeding Plan Year. The Committee shall
solicit the recommendation of the Chairman with respect to the participation of an Executive Officer, other than the Chairman, in the Plan. Participation in the Plan is conditional; participation in one Plan Year does not guarantee participation in
successive years. 
  

	 	3.2.	 	Designation of Award and Performance Goals. 

  
         3.2.1. Not later than ninety (90) days after the commencement of each Plan Year, the Committee shall
approve and establish, and communicate in writing to each Participant in the Plan for such Plan Year, the terms and conditions of each such Participant’s participation in the Plan for such Plan Year, including the award that each such
Participant will be eligible to earn during such Plan Year (which shall be expressed as a percentage of each such Participant’s Compensation as of the first day of such Plan Year and which shall specify a minimum, maximum, and target award for
each such Participant) and the performance goals that must be achieved in order for each such Participant to earn such award; provided, however, that in no event shall the Committee grant any Participant under the Plan an award that could result in
such Participant earning an amount under the Plan greater than $3,000,000 with respect to any Plan Year. 
  
         3.2.2. The Committee shall establish corporate performance goals of one or more of the following business
criteria: return on equity, return on assets, earnings per share, nonperforming assets, stock price, and net income. Performance goals established by the Committee shall be objective performance goals within the meaning of Section 162(m) of the Code
and Treasury Regulations promulgated thereunder. Furthermore, and notwithstanding any other provision of the Plan to the contrary, once the Committee has established performance goals for a Participant, the Committee shall have no discretion to (i)
increase the amount of compensation that would otherwise be due upon the attainment of the goals, or (ii) alter the goals for the Plan Year to which they relate. 
  
         3.2.3. In establishing the award and performance goals of Participants in
the Plan, the Committee shall consider the Participant’s level of responsibility with BancGroup and the Participant’s potential contribution to the performance goals of BancGroup. In establishing the award and performance goals of any
Participant other than the Chairman of BancGroup, the Committee shall solicit the recommendation of BancGroup’s Chairman. 
  

         3.2.4. The Committee shall assign weightings to indicate
the relative importance of each business criteria in determining incentive awards earned under the Plan. The sum of weightings assigned to any Participant must equal 100%. These weightings may vary from Plan Year to Plan Year, and, except with
respect to the Chairman, shall be based on recommendations by the Chairman subject to approval by the Committee. The Committee shall assign such weightings not later than ninety (90) days after the commencement of each Plan Year, and such weightings
shall remain in effect for the remainder of the Plan Year. 
  
 4. PAYMENT OF AWARDS 
  
 4.1. Calculation of
Award Payments. Within sixty (60) days following the close of each Plan Year in which a Participant is participating in the Plan, the Committee shall compare the terms and conditions of the award of each Participant and the performance goals
assigned to each such Participant. Following such determination, and prior to the payment of awards pursuant to Section 4.2 below, the Committee shall certify in writing to each Participant and to the Board whether each Participant has met the terms
and conditions of the award for the Plan Year in question. 
  
 4.2. Payment of Award Amounts. All awards determined to have been earned pursuant to Section 4.1 of the Plan shall be payable in cash, as soon as administratively possible following the certification described in Section 4.1 above,
but in no event later than seventy-five (75) days following the close of the Plan Year to which such award related. 
  
 4.3. Effect of Termination of Employment on Payment of Award. 
  
         4.3.1. If a Participant terminates employment during a Plan Year for any
reason other than retirement, disability, or death, no award will be payable under the Plan. 
  
         4.3.2. If a Participant’s employment terminates during a Plan Year as a result of retirement, disability, or death, the Participant, his beneficiary, or his estate
will receive a pro-rata portion of the incentive award determined as of the end of the Plan Year. The proration will be based on the Participant’s year-to-date Compensation for the Plan Year and the achieved levels of performance as of the end
of the Plan Year. The pro-rated award will be paid at the same time as awards are paid to active Participants. 
  
         4.3.3. If a Participant’s employment is terminated during a Plan Year for willful dishonesty or gross
misconduct, no award will be payable. If a Participant’s employment is terminated other than for willful dishonesty or gross misconduct, the Participant will receive a pro-rata portion of the incentive award determined as of the end of the Plan
Year. The proration will be based on the Participant’s year-to-date Compensation for the Plan Year and the achieved levels of performance as of the end of the Plan Year. The pro-rated award will be paid at the same time as awards are paid to
active Participants. 
  
 5. ADMINISTRATION 
  
 5.1. The Committee, as Plan administrator, is authorized to administer the
Plan, subject to and in accordance with the provisions set forth herein, and shall have all powers necessary and appropriate to enable it to properly administer the Plan, including but not limited to the power to: 
  
         5.1.1. approve the
establishment and range of corporate goals, recommendations regarding participation, the amount of individual award payments, and all matters relating to the day-to-day operation of the Plan; 
  
         5.1.2. construe and interpret
the Plan, establish rules and regulations, delegate such administrative responsibilities as it deems proper, and to perform all other acts it deems necessary to carry out the intent and purpose of the Plan; 
  

         5.1.3. suspend or terminate, in whole or in part, or
amend the terms of the Plan, at any time, without the need for obtaining approval of the shareholders, by an instrument in writing; provided, however, that shareholder approval shall be required for any amendment that changes the material terms of
the Plan applicable to any Participant; 
  
         5.1.4. cancel the participation of any person who conducts himself in a manner which the Committee, in the exercise of reasonable discretion, determines to be inimical to the best interests of
BancGroup; and 
  
         5.1.5. correct any defect, supply any omission, or reconcile any inconsistency in the Plan, in the manner and to the extent it shall deem necessary. 
  
 5.2. The Committee’s determination under the Plan of the persons to
participate and receive awards and the terms and conditions of such awards need not be uniformly applicable to all Participants, but may be made by the Committee on a selective basis among persons who receive or are eligible to receive awards under
the Plan, whether or not such persons are similarly situated. The Committee shall have final approval authority over the payment of all awards under this Plan, whether individually or collectively. 
  
 6. PLAN FUNDING AND ACCRUALS OF AWARDS 
  
 The Plan is unfunded and awards hereunder shall be paid from general
corporate funds. 
  
 7. NEW PARTICIPANTS, PROMOTIONS, OR
TRANSFERS 
  
 All participation in the Plan is subject to
approval by the Committee. Newly hired or promoted employees who enter positions which are considered to be eligible for participation in the Plan normally will, upon approval by the Committee, enter the Plan on January 1 next following the date of
hire or promotion. The Chairman, however, subject to approval by the Committee, may authorize immediate participation upon hire or promotion. 
  
 8. MISCELLANEOUS 
  
 8.1. Construction of Plan. Except as provided under federal law, the provisions of the Plan shall be governed by and construed in accordance with
the laws of the State of Delaware, and shall be binding on and inure to the benefit of any successor or successors to BancGroup. 
  
 8.2. Right to Employment. Participation in this Plan shall not be construed as giving any Participant the right to be retained in the employ of
BancGroup. Further, BancGroup expressly reserves the right at any time to dismiss any Participant with or without cause, such dismissal to be free from any liability or any claim under the Plan, except as provided herein. 
  
 8.3. Nonalienation of Benefit. No benefit under the Plan shall be
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to do so shall be void. 
  
 8.4. Withholding of Taxes. BancGroup shall have the right to deduct from any award payable under this Plan all applicable withholding and
employment taxes at such times as they are due. 
  
 8.5. Plan
Expenses. Any expenses incurred in the administration of this Plan shall be borne by BancGroup. 
  
 8.6. Entire Agreement. This Plan, as completed and executed by BancGroup, the Performance Agreements, and all amendments thereto, will constitute
the entire agreement between BancGroup and Participants regarding the Plan. 
  

 8.7. Captions. The captions or headings in this Plan are made for convenience and general
reference only and shall not be construed to describe, define, or limit the scope or intent of the provisions of this Plan. 
  
 8.8. Number and Gender. The masculine pronoun used shall include the feminine pronoun and the singular number shall include the plural number
unless the context of the Plan requires otherwise. 
  
 IN
WITNESS WHEREOF, The Colonial BancGroup, Inc. has caused this Amended and Restated Management Incentive Plan to be executed as of the 8th day of March, 2005. 
  

			
	THE COLONIAL BANCGROUP, INC.
		
	 By:
	 	 /s/    Robert E. Lowder

	 
	 	 	 Robert E. Lowder
 Chairman & Chief Executive
Officer

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