Document:

Exhibit 10.5

    
      

    

     

    

      Exhibit
        10.5

    OFFICER
      SALARY CONTINUATION AGREEMENT THAT

     SUPERSEDES
      AND REPLACES THE EXECUTIVE

     SUPPLEMENTAL
      RETIREMENT PLAN AGREEMENT

     EFFECTIVE
      JUNE 2, 1998

    

    

    THIS
      AGREEMENT,
      made
      and entered into this 24th
      day of
      January, 2007, by and between Bank of Upson, a bank organized and existing
      under
      the laws of the State of Georgia (hereinafter referred to as the “Bank”), and
      Daniel W. Brinks, an Officer of the Bank (hereinafter referred to as the
“Officer”), a member of a select group of management employees of the
      Bank.

    

    WHEREAS,
      the
      Bank
      and the Officer are parties to an Executive Supplemental Retirement Plan
      Agreement dated the 2nd
      day of
      June, 1998 that provides for the payment of certain benefits. This Officer
      Salary Continuation Agreement that supersedes and replaces the Executive
      Supplemental Retirement Plan Agreement dated the 2nd
      day of
      June, 1998 shall bring the Executive Supplemental Retirement Plan Agreement
      dated the 2nd
      day of
      June, 1998 into compliance with Internal Revenue Code Section 409A. The benefits
      provided hereunder shall supersede and replace the existing Executive
      Supplemental Retirement Plan Agreement and the benefits provided
      thereby;

    

    WHEREAS,
      the
      Officer has been and continues to be a valued Officer of the Bank;

    

    WHEREAS,
      the
      purpose of this Agreement is to further the growth and development of the Bank
      by providing the Officer with supplemental retirement income, and thereby
      encourage the Officer’s productive efforts on behalf of the Bank and the Bank’s
      shareholders, and to align the interests of the Officer and those
      shareholders.

    

    WHEREAS,
      it is
      the desire of the Bank and the Officer to enter into this Agreement under which
      the Bank will agree to make certain payments to the Officer at retirement or
      the
      Officer’s Beneficiary in the event of the Officer’s death pursuant to this
      Agreement;

    

    ACCORDINGLY,
      it is
      intended that the Agreement be “unfunded” for purposes of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”) and not be
      construed to provide income to the participant or beneficiary under the Internal
      Revenue Code of 1986, as amended (the “Code”), particularly Section 409A of the
      Code and guidance or regulations issued thereunder, prior to actual receipt
      of
      benefits; and

    

    THEREFORE,
      it is
      agreed as follows:

    

    
      	I.	
              EFFECTIVE
                DATE

            

    

    

    The
      Effective Date of this Agreement shall be March 28, 2006.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      	II.	
              FRINGE
                BENEFITS

            

    

    

    The
      salary continuation benefits provided by this Agreement are granted by the
      Bank
      as a fringe benefit to the Officer and are not part of any salary reduction
      plan
      or an arrangement deferring a bonus or a salary increase. The Officer has no
      option to take any current payment or bonus in lieu of these salary continuation
      benefits except as set forth hereinafter.

    

    
      	III.	
              DEFINITIONS

            

    

    

    
      	 	
              A.

            	
              Retirement
                Date:

            

    

    

    If
      the
      Officer remains in the continuous employ of the Bank, the Officer shall retire
      from active employment with the Bank on the later of the Officer’s sixty-fifth
      (65th)
      birthday or Separation from Service.

    

    
      	 	
              B.

            	
              Normal
                Retirement Age:

            

    

    

    “Normal
      Retirement Age” shall mean the date on which the Officer attains age sixty-five
      (65).

    

    
      	
            	C.	
              Plan
                Year:

            

    

    

    Any
      reference to “Plan Year” shall mean a calendar year from January 1st
      to
      December 31st.
      In the
      year of implementation, the term “Plan Year” shall mean the period from the
      effective date to December 31st
      of the
      year of the effective date.

    

    
      	
            	D.	
              Termination
                of Employment:

            

    

    

    “Termination
      of Employment” shall mean voluntary resignation of employment by the Officer or
      the Bank’s discharge of the Officer without cause, prior to the Normal
      Retirement Age.

    

    
      	
            	E.	
              Separation
                from Service:

            

    

    

    “Separation
      from Service” shall mean that the Officer has experienced a Termination of
      Employment from the Bank. Where the Officer continues to perform services for
      the Bank following a Termination of Employment, however, and the facts and
      circumstances indicate that such services are intended by the Bank and the
      Officer to be more than “insignificant” services, a Separation from Service will
      not be deemed to have occurred and any amounts deferred under this Agreement
      may
      not be paid or made available to the Officer. The determination of whether
      such
      services are considered “insignificant” will be based upon all facts and
      circumstances relating to the termination and upon any applicable rules and
      regulations issued under Section 409A of the Code. Military leave, sick leave,
      or other bona fide leaves of absence are not generally considered terminations
      of employment.

    
      
         

      

      
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            	F.	
              Discharge
                for Cause:

            

    

    

    The
      term
“for cause” shall mean any of the following that result in an adverse effect on
      the Bank: (i) the commission of a felony or gross misdemeanor involving fraud
      or
      dishonesty; (ii) the willful violation of any law, rule, or regulation (other
      than a traffic violation or similar offense); (iii) an intentional failure
      to
      perform stated duties; or (iv) a breach of fiduciary duty involving personal
      profit. If a dispute arises as to discharge “for cause,” such dispute shall be
      resolved by arbitration as set forth in this Agreement. In the alternative,
      if
      the Officer is permitted to resign due to inappropriate conduct as defined
      above, the Board of Directors may vote to deny all benefits. A majority decision
      by the Board of Directors is required for forfeiture of the Officer’s benefits.

    

    
      	
            	G.	
              Change
                of Control:

            

    

    

    “Change
      of Control” shall mean a change in ownership or control of the Bank as defined
      in Treasury Regulation Section 1.409A-3(g)(5) or any subsequently applicable
      Treasury Regulation.

    

    
      	 	
              H.

            	
              Restriction
                on Timing of Distribution:

            

    

    

    Notwithstanding
      any provision of this Agreement to the contrary, distributions to the Officer
      may not commence earlier than six (6) months after the date of a Separation
      from
      Service, as that term is used under Section 409A if, pursuant to Internal
      Revenue Code Section 409A, the Officer is considered a “specified employee”
under Internal Revenue Code Section 416(i), of the Bank if any stock of the
      Bank
      is publicly traded on an established securities market or otherwise. In the
      event a distribution is delayed pursuant to this paragraph, the originally
      scheduled payment shall be delayed for six (6) months, and shall commence
      instead on the first day of the seventh month following Separation from Service.
      If payments are scheduled to be made in installments, the first six (6) months
      of installment payments shall be delayed, aggregated, and paid instead on the
      first day of the seventh month, after which all installment payments shall
      be
      made on their regular schedule. If payment is scheduled to be made in a lump
      sum, the lump payment shall be delayed for six (6) months and instead be made
      on
      the first day of the seventh month. 

    

    
      
         

      

      
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              I.

            	
              Beneficiary:

            

    

    

    The
      Officer shall have the right to name a Beneficiary of the death benefit as
      described in Paragraph IV herein. The Officer shall have the right to name
      such
      Beneficiary at any time prior to the Officer’s death and submit it to the Plan
      Administrator (or Plan Administrator’s representative) on the form provided.
      Once received and acknowledged by the Plan Administrator, the form shall be
      effective. The Officer may change a Beneficiary designation at any time by
      submitting a new form to the Plan Administrator. Any such change shall follow
      the same rules as for the original Beneficiary designation and shall
      automatically supersede the existing Beneficiary form on file with the Plan
      Administrator. 

    

    If
      the
      Officer dies without a valid Beneficiary designation on file with the Plan
      Administrator, death benefits shall be paid to the Officer’s
      estate.

    

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

    

    
      	IV.	
              RETIREMENT
                BENEFIT

            

    

    

    Upon
      attainment of the Retirement Date, the Bank shall pay the Officer an annual
      benefit equal to One Hundred Thousand and 00/100th
      Dollars
      ($100,000.00). Said benefit shall be paid in equal monthly installments
      (1/12th
      of the
      annual benefit) until the death of the Officer. Said payment shall be made
      the
      first day of the month following the date of such Separation from Service.
      

    

    
      	V.	
              DEATH
                BENEFIT 

            

    

    

    
      	
            	A.	
              Pre-Retirement
                Death Benefit:

            

    

    

    In
      the
      event the Officer should die while actively employed by the Bank at any time
      after the date of this Agreement but prior to the Officer attaining the
      Retirement Date, the Bank will pay the accrued balance on the date of death,
      of
      the Officer’s accrued liability retirement account in one (1) lump sum, the
      first day of the second month following the Officer’s death, to the
      Beneficiary.

    
      
         

      

      
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            	B.	
              Post-Retirement
                Death Benefit:

            

    

    

    Upon
      the
      death of the Officer, if there is a balance in the accrued liability retirement
      account, such balance shall be paid in one (1) lump sum to the Beneficiary.
      Said
      payment due hereunder shall be made the first day of the second month following
      the Officer’s death.

    

    
      	VI.	
              ACCRUED
                LIABILITY RETIREMENT
                ACCOUNT

            

    

    

    The
      Bank
      shall account for this benefit using the regulatory accounting principles of
      the
      Bank’s primary federal regulator. The Bank shall establish an accrued liability
      retirement account for the Officer into which appropriate reserves shall be
      accrued.

    

    
      	VII.	
              VESTING

            

    

    

    The
      Officer shall be vested in the accrued liability retirement account in
      accordance with the following schedule to a maximum of one hundred percent
      (100%).

    

    
      	
              Age
                of Officer

            	
              Vested
                (to a maximum of 100%)

            
	
              Age
                59 and under

            	
              0%

            
	
              60

            	
              50%

            
	
              61

            	
              60%

            
	
              62

            	
              70%

            
	
              63

            	
              80%

            
	
              64

            	
              90%

            
	
              65

            	
              100%

            

    

    

    
      	VIII.	
              TERMINATION
                OF EMPLOYMENT

            

    

    

    In
      the
      event that the employment of the Officer shall terminate prior to Normal
      Retirement Age, by the Officer’s voluntary action, or by the Officer’s discharge
      by the Bank without cause, then this Agreement shall terminate upon the date
      of
      such termination of employment and the Bank shall pay to the Officer an amount
      of money equal to balance of the Officer’s accrued liability retirement account
      on the date of said termination, multiplied by the Officer’s cumulative vested
      percentage. This compensation shall be paid in one (1) lump sum the first day
      of
      the second month following Separation from Service. 

    

    In
      the
      event the Officer’s death should occur after such termination but prior to the
      payment provided for in this paragraph, the balance shall be paid, in one (1)
      lump sum to the Beneficiary. Said payment due hereunder shall be made the first
      day of the second month following the decease of the Officer.

    
      
         

      

      
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    In
      the
      event the Officer shall be discharged for cause at any time, this Agreement
      shall terminate and all benefits provided herein shall be forfeited.

    

    
      	IX.	
              CHANGE
                OF CONTROL

            

    

    

    If
      the
      Officer subsequently suffers a Termination of Employment (voluntarily or
      involuntarily), except for cause, anytime subsequent to a Change of Control,
      then the Officer shall receive the benefits stated in Paragraph IV herein upon
      attaining Normal Retirement Age, as if the Officer had been continuously
      employed by the Bank until the Officer’s Normal Retirement Age. 

    

    
      	X.	
              RESTRICTIONS
                ON FUNDING

            

    

    

    The
      Bank
      shall have no obligation to set aside, earmark or entrust any fund or money
      with
      which to pay its obligations under this Agreement. The Officer, their
      beneficiary(ies), or any successor in interest shall be and remain simply a
      general creditor of the Bank in the same manner as any other creditor having
      a
      general claim for matured and unpaid compensation.

    

    The
      Bank
      reserves the absolute right, at its sole discretion, to either fund the
      obligations undertaken by this Agreement or to refrain from funding the same
      and
      to determine the extent, nature and method of such funding. Should the Bank
      elect to fund this Agreement, in whole or in part, through the purchase of
      life
      insurance, mutual funds, disability policies or annuities, the Bank reserves
      the
      absolute right, in its sole discretion, to terminate such funding at any time,
      in whole or in part. At no time shall any Officer be deemed to have any lien,
      right, title or interest in any specific funding investment or assets of the
      Bank.

    

    If
      the
      Bank elects to invest in a life insurance, disability or annuity policy on
      the
      life of the Officer, then the Officer shall assist the Bank by freely submitting
      to a physical exam and supplying such additional information necessary to obtain
      such insurance or annuities.

    

    
      	XI.	
              MISCELLANEOUS

            

    

    

    
      	 	
              A.

            	
              Alienability
                and Assignment Prohibition:

            

    

    

    Neither
      the Officer, nor the Officer’s surviving spouse, nor any other Beneficiary under
      this Agreement shall have any power or right to transfer, assign, anticipate,
      hypothecate, mortgage, commute, modify or otherwise encumber in advance any
      of
      the benefits payable hereunder nor shall any of said benefits be subject to
      seizure for the payment of any debts, judgments, alimony or separate maintenance
      owed by the Officer or the Officer’s Beneficiary, nor be transferable by
      operation of law in the event of bankruptcy, insolvency or otherwise. In the
      event the Officer or any Beneficiary attempts assignment, commutation,
      hypothecation, transfer or disposal of the benefits hereunder, the Bank’s
      liabilities shall forthwith cease and terminate.

    
      
         

      

      
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              B.

            	
              Binding
                Obligation of the Bank and any Successor in
                Interest:

            

    

    

    The
      Bank
      shall not merge or consolidate into or with another bank or sell substantially
      all of its assets to another bank, firm or person until such bank, firm or
      person expressly agree, in writing, to assume and discharge the duties and
      obligations of the Bank under this Agreement. This Agreement shall be binding
      upon the parties hereto, their successors, beneficiaries, heirs and personal
      representatives.

    

    
      	 	
              C.

            	
              Amendment
                or Revocation:

            

    

    

    Subject
      to Paragraph XIII, it is agreed by and between the parties hereto that, during
      the lifetime of the Officer, this Agreement may be amended or revoked at any
      time or times, in whole or in part, by the mutual written consent of the Officer
      and the Bank. Any such amendment shall not be effective to decrease or restrict
      any Officer’s accrued benefit under this Agreement, determined as of the date of
      amendment, unless agreed to in writing by the Officer, and provided further,
      no
      amendment shall be made, or if made, shall be effective, if such amendment
      would
      cause the Agreement to violate Internal Revenue Code Section 409A. In the event
      this Agreement is terminated, such termination shall not cause a distribution
      of
      benefits, except under limited circumstances as permitted under Section 409A
      (i.e., 30 days before or 12 months after a Change of Control event, upon
      termination of all arrangements of the same type, or upon corporate dissolution
      or bankruptcy).

    

    
      	 	
              D.

            	
              Gender:

            

    

    

    Whenever
      in this Agreement words are used in the masculine or neutral gender, they shall
      be read and construed as in the masculine, feminine or neutral gender, whenever
      they should so apply.

    

    
      	 	
              E.

            	
              Headings:

            

    

    

    Headings
      and subheadings in this Agreement are inserted for reference and convenience
      only and shall not be deemed a part of this Agreement.

    

    
      	 	
              F.

            	
              Applicable
                Law:

            

    

    

    The
      laws
      of the State of Georgia shall govern the validity and interpretation of this
      Agreement.

    
      
         

      

      
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              G.

            	
              Partial
                Invalidity:

            

    

    

    If
      any
      term, provision, covenant, or condition of this Agreement is determined by
      an
      arbitrator or a court, as the case may be, to be invalid, void, or
      unenforceable, such determination shall not render any other term, provision,
      covenant, or condition invalid, void, or unenforceable, and the Agreement shall
      remain in full force and effect notwithstanding such partial
      invalidity.

    

    
      	 	
              H.

            	
              Not
                a Contract of Employment:

            

    

    

    This
      Agreement shall not be deemed to constitute a contract of employment between
      the
      parties hereto, nor shall any provision hereof restrict the right of the Bank
      to
      discharge the Officer, or restrict the right of the Officer to terminate
      employment.

    

    
      	 	
              I.

            	
              Tax
                Withholding:

            

    

    

    The
      Bank
      shall withhold any taxes that are required to be withheld, under Section 409A
      of
      the Code and regulations thereunder, from the benefits provided under this
      Agreement. The Officer acknowledges that the Bank’s sole liability regarding
      taxes is to forward any amounts withheld to the appropriate taxing
      authority(ies).

    

    
      	 	
              J.

            	
              Opportunity
                to Consult with Independent Advisors:

            

    

    

    The
      Officer acknowledges that he has been afforded the opportunity to consult with
      independent advisors of his choosing including, without limitation, accountants
      or tax advisors and counsel regarding both the benefits granted to him under
      the
      terms of this Agreement and the: (i) terms and conditions which may affect
      the
      Officer’s right to these benefits; and (ii) personal tax effects of such
      benefits including, without limitation, the effects of any federal or state
      taxes, Section 280G of the Code, Section 409A of the Code and guidance or
      regulations thereunder, and any other taxes, costs, expenses or liabilities
      whatsoever related to such benefits, which in any of the foregoing instances
      the
      Officer acknowledges and agrees shall be the sole responsibility of the Officer
      notwithstanding any other term or provision of this Agreement. The Officer
      further acknowledges and agrees that the Bank shall have no liability whatsoever
      related to any such personal tax effects or other personal costs, expenses,
      or
      liabilities applicable to the Officer and further specifically waives any right
      for himself or herself, and his or her heirs, beneficiaries, legal
      representative, agents, successor and assign to claim or assert liability on
      the
      part of the Bank related to the matters described above in this paragraph.
      The
      Officer further acknowledges that he has read, understands and consents to
      all
      of the terms and conditions of this Agreement, and that he enters into this
      Agreement with a full understanding of its terms and
      conditions.

    
      
         

      

      
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              K.

            	
              Permissible
                Acceleration Provision:

            

    

    

    Under
      Section 409A(a)(3), a payment of deferred compensation may not be accelerated
      except as provided in regulations by the Internal Revenue Code. Certain
      permissible payment accelerations include payments necessary to comply with
      a
      domestic relations order, payments necessary to comply with certain conflict
      of
      interest rules, payments intended to pay employment taxes, and certain de
      minimis payments related to the participant’s termination of the Officer’s
      interest in the plan. 

    

    
      	XII.	
              ADMINISTRATIVE
                AND CLAIMS PROVISION

            

    

    

    
      	 	
              A.

            	
              Plan
                Administrator:

            

    

    

    The
“Plan
      Administrator” of this Agreement shall be Bank of Upson. As Plan Administrator,
      the Bank shall be responsible for the management, control and administration
      of
      the Agreement. The Plan Administrator may delegate to others certain aspects
      of
      the management and operation responsibilities of the Agreement including the
      employment of advisors and the delegation of ministerial duties to qualified
      individuals.

    

    
      	
            	B.	
              Claims
                Procedure:

            

    

    

    a.    Filing
      a Claim for Benefits:

    

    Any
      insured, Beneficiary, or other individual, (“Claimant”) entitled to benefits
      under this Agreement will file a claim request with the Plan Administrator.
      The
      Plan Administrator will, upon written request of a Claimant, make available
      copies of all forms and instructions necessary to file a claim for benefits
      or
      advise the Claimant where such forms and instructions may be obtained. If the
      claim relates to disability benefits, then the Plan Administrator shall
      designate a sub-committee to conduct the initial review of the claim (and
      applicable references below to the Plan Administrator shall mean such
      sub-committee).

    

    b.    Denial
      of Claim:

    

    
      	 	 	
              A
                claim for benefits under this Agreement will be denied if the Bank
                determines that the Claimant is not entitled to receive benefits
                under the
                Agreement. Notice of a denial shall be furnished the Claimant within
                a
                reasonable period of time after receipt of the

            

    

    
      
         

      

      
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    claim
      for
      benefits by the Plan Administrator. This time period shall not exceed more
      than
      ninety (90) days after the receipt of the properly submitted claim. In the
      event
      that the claim for benefits pertains to disability, the Plan Administrator
      shall
      provide written notice within forty-five (45) days. However, if the Plan
      Administrator determines, in its discretion, that an
      extension of time for processing the claim is required, such extension shall
      not
      exceed an additional ninety (90) days. In the case of a claim for disability
      benefits, the forty-five (45) day review period may be extended for up to thirty
      (30) days if necessary due to circumstances beyond the Plan Administrator’s
      control, and for an additional thirty (30) days, if necessary. Any
      extension notice shall indicate the special circumstances requiring an extension
      of time and the date by which the Plan Administrator expects to render the
      determination on review.

    

    c.    Content
      of Notice:

    

    
      	 	 	
              The
                Plan Administrator shall provide written notice to every Claimant
                who is
                denied a claim for benefits which notice shall set forth the
                following:

            

    

     

    
      	
            	(i.)	
              The
                specific reason or reasons for the
                denial;

            

    

    

    
      	 	
              (ii.)

            	
              Specific
                reference to pertinent Agreement provisions on which the denial is
                based;

            

    

    

    
      	 	
              (iii.)

            	
              A
                description of any additional material or information necessary for
                the
                Claimant to perfect the claim, and any explanation of why such material
                or
                information is necessary; and

            

    

    

    
      	 	
              (iv.)

            	
              Any
                other information required by applicable regulations, including with
                respect to disability benefits. 

            

    

    

    d.    Review
      Procedure:

    

    
      	 	 	
              The
                purpose of the Review Procedure is to provide a method by which a
                Claimant
                may have a reasonable opportunity to appeal a denial of a claim to
                the
                Plan Administrator for a full and fair review. The Claimant, or his
                duly
                authorized representative, may:

            

    

     

    
      	 	
              (i.)

            	
              Request
                a review upon written application to the Plan Administrator. Application
                for review must be made within sixty (60) days of receipt of written
                notice of denial of claim. If the denial of claim pertains to disability,
                application for review must be made within one hundred eighty (180)
                days
                of receipt of written notice of the denial of
                claim;

            

    

    
      
         

      

      
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              (ii.)

            	
              Review
                and copy (free of charge) pertinent Agreement documents, records
                and other
                information relevant to the Claimant’s claim for
                benefits;

            

    

    

    
      	 	
              (iii.)

            	
              Submit
                issues and concerns in writing, as well as documents, records, and
                other
                information relating to the claim.

            

    

    

    e.    Decision
      on Review:

    

    A
      decision on review of a denied claim shall be made in the  following
      manner:

    

    
      	 	
              (i.)

            	
              The
                Plan Administrator may, in its sole discretion, hold a hearing on
                the
                denied claim. If the Claimant’s initial claim is for disability benefits,
                any review of a denied claim shall be made by members of the Plan
                Administrator other than the original decision maker(s) and such
                person(s)
                shall not be a subordinate of the original decision maker(s). The
                decision
                on review shall be made promptly, but generally not later than sixty
                (60)
                days after receipt of the application for review. In the event that
                the
                denied claim pertains to disability, such decision shall not be made
                later
                than forty-five (45) days after receipt of the application for review.
                If
                the Plan Administrator determines that an extension of time for processing
                is required, written notice of the extension shall be furnished to
                the
                Claimant prior to the termination of the initial sixty (60) day period.
                In
                no event shall the extension exceed a period of sixty (60) days from
                the
                end of the initial period. In the event the denied claim pertains
                to
                disability, written notice of such extension shall be furnished to
                the
                Claimant prior to the termination of the initial forty-five (45)
                day
                period. In no event shall the extension exceed a period of thirty
                (30)
                days from the end of the initial period. The extension notice shall
                indicate the special circumstances requiring an extension of time
                and the
                date by which the Plan Administrator expects to render the determination
                on review.

            

    

    

    
      	 	
              (ii.)

            	
              The
                decision on review shall be in writing and shall include specific
                reasons
                for the decision written in an understandable manner with specific
                references to the pertinent Agreement provisions upon which the decision
                is based. 

            

    

    
      
         

      

      
        -
          11
          -

        
          

        

      

      
         

      

    

    

    
      	 	
              (iii.)

            	
              The
                review will take into account all comments, documents, records and
                other
                information submitted by the Claimant relating to the claim without
                regard
                to whether such information was submitted or considered in the initial
                benefit determination. Additional considerations shall be required
                in the
                case of a claim for disability benefits. For example, the
                claim will be reviewed without deference to the initial adverse benefits
                determination and, if the initial adverse benefit determination was
                based
                in whole or in part on a medical judgment, the Plan Administrator
                will
                consult with a health care professional with appropriate training
                and
                experience in the field of medicine involving the medical judgment.
                The
                health care professional who is consulted on appeal will not be the
                same
                individual who was consulted during the initial determination or
                the
                subordinate of such individual. If the Plan Administrator obtained
                the
                advice of medical or vocational experts in making the initial adverse
                benefits determination (regardless of whether the advice was relied
                upon),
                the Plan Administrator will identify such
                experts.

            

    

     

    
      	 	
              (iv.)

            	
              The
                decision on review will include a statement that the Claimant is
                entitled
                to receive, upon request and free of charge, reasonable access to,
                and
                copies of, all documents, records or other information relevant to
                the
                Claimant’s claim for benefits.

            

    

    

    
      	 	 	
              f.

            	
              Exhaustion
                of Remedies:

            

    

    

    
      	 	 	 	
              A
                Claimant must follow the claims review procedures under this Agreement
                and
                exhaust his or her administrative remedies before taking any further
                action with respect to a claim for
                benefits.

            

    

    

    
      	
            	C.	
              Arbitration:

            

    

    

    If
      claimants continue to dispute the benefit denial based upon completed
      performance of this Agreement or the meaning and effect of the terms and
      conditions thereof, then claimants may submit the dispute to an Arbitrator
      for
      final arbitration. The Arbitrator shall be selected by mutual agreement of
      the
      Bank and the claimants. The Arbitrator shall operate under any generally
      recognized set of arbitration rules. The parties hereto agree that they and
      their heirs, personal representatives, successors and assigns shall be bound
      by
      the decision of such Arbitrator with respect to any controversy properly
      submitted to it for determination.

    
      
         

      

      
        -
          12
          -

        
          

        

      

      
         

      

    

    

    Where
      a
      dispute arises as to the Bank’s discharge of the Officer “for cause,” such
      dispute shall likewise be submitted to arbitration as above described and the
      parties hereto agree to be bound by the decision thereunder.

    

    
      	
              XIII.

            	
              TERMINATION
                OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW, RULES
                OR
                REGULATIONS

            

    

    

    The
      Bank
      is entering into this Agreement upon the assumption that certain existing tax
      laws, rules and regulations will continue in effect in their current form.
      If
      any said assumptions should change and said change has a detrimental effect
      on
      this Agreement, then the Bank reserves the right to terminate or modify this
      Agreement accordingly. Any such termination or modification shall not be
      effective to decrease or restrict any Executive’s Accrued Liability Retirement
      Account under this Agreement, determined as of the date of amendment, unless
      agreed to in writing by the Executive, and provided further, no amendment shall
      be made, or if made, shall be effective, if such termination or modification
      would cause the Agreement to violate Internal Revenue Code Section 409A. In
      the
      event this Agreement is terminated, such termination shall not cause a
      distribution of benefits, except under limited circumstances as permitted under
      Section 409A (i.e., 30 days before or 12 months after a Change in Control event,
      upon termination of all arrangements of the same type, or upon corporate
      dissolution or bankruptcy). Upon a Change of Control, this paragraph shall
      become null and void effective immediately upon said Change of
      Control.

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto acknowledge that each has carefully read this Agreement and
      executed the original thereof on the first day set forth hereinabove, and that,
      upon execution, each has received a conforming copy.

    

    
      	 	
              BANK
                OF UPSON

            
	 	
              Thomaston,
                Georgia

            
	 	 
	 	 
	 	 
	__________________________	
              By:_________________________________

            
	
              Witness
                

            	
              (Bank
                Officer other than Insured)                       
                Title

            
	 	 
	 	 
	 	 
	__________________________	____________________________________
	
              Witness

            	
              Daniel
                W. Brinks

            

    

    
      
         

      

      
        -
          13
          -

        
          

        

      

      
         

      

    

    BENEFICIARY
      DESIGNATION FORM FOR THE OFFICER

     SALARY
      CONTINUATION AGREEMENT THAT SUPERSEDES

     AND
      REPLACES THE EXECUTIVE SUPPLEMENTAL 

    RETIREMENT
      PLAN AGREEMENT EFFECTIVE JUNE 2, 1998

    

    
      	
              I.

            	
              PRIMARY
                DESIGNATIONS 

            
	 	 	 	 	 
	 	
              A.

            	
              Person(s)
                as a Primary Designation:

              (Please
                indicate the percentage for each beneficiary.)

            
	 	
               

              1.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              2.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              3.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              4.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 
	
              II.

            	
              ESTATE
                AND/OR TRUST AS PRIMARY DESIGNATIONS

            
	 	 	 	 	 
	 	
              A.

            	
              Estate
                as a Primary Designation:

              An
                Estate can still be listed even if there is no
                will.

            
	 	 	
               

              My
                Primary Beneficiary is The Estate of 

            	 	
               

              as
                set forth in the Last Will and 

            
	 	 	 	
              (Insert
                full name)

            	 
	 	 	
              Testament
                dated the

            	 	
              day
                of

            	 	 	
              ,
                200

            	
              and
                any codicils thereto.

            
	 	 	 
	 	
              B.

            	
              Trust
                as a Primary Designation:

            
	 	 	
               

              Name
                of the Trust: 

            
	 	 	
               

              Execution
                Date of the Trust:

            	
               

              Name
                of the Trustee:

            
	 	 	
               

              Beneficiary
                of the Trust:

              (please
                indicate the percentage for each beneficiary):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Is
                this an Irrevocable Life Insurance Trust?□
Yes □
No

            
	 	 	
              (If
                yes and this designation is for a Joint Beneficiary Designation Agreement,
                an Assignment of Rights form must
                be completed.)

            

    

    
      
         

      

      
        -
          14
          -

        
          

        

      

      
         

      

    

    

    
      	
              III.

            	
              SECONDARY
                (CONTINGENT) DESIGNATIONS 

            
	 	 	 	 	 
	 	
              A.

            	
              Person(s)
                as a Secondary (Contingent) Designation:

              (Please
                indicate the percentage for each beneficiary in the event of the
                Primary’s
                Death.)

            
	 	
               

              1.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              2.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              3.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              4.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	
              IV.

            	
              ESTATE
                AND/OR TRUST AS SECONDARY (CONTINGENT)
                DESIGNATIONS

            
	 	 	 	 	 
	 	
              A.

            	
              Estate
                as a Secondary (Contingent) Designation:

            
	 	 	
               

              My
                Primary Beneficiary is The Estate of 

            	 	
               

              as
                set forth in the last will and

            
	 	 	
              Testament
                dated the

            	 	
              day
                of

            	 	 	
              ,
                200

            	
              and
                any codicils thereto.

            
	 	 	 
	 	
              B.

            	
              Trust
                as a Secondary (Contingent) Designation:

            
	 	 	
               

              Name
                of the Trust: 

            
	 	 	
               

              Execution
                Date of the Trust:

            	
               

              Name
                of the Trustee:

            
	 	 	
               

              Beneficiary
                of the Trust:

              (please
                indicate the percentage for each beneficiary):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Is
                this an Irrevocable Life Insurance Trust?□
Yes □
No

            
	 	 	
              (If
                yes and this designation is for a Joint Beneficiary Designation Agreement,
                an Assignment of Rights form must
                be completed.)

            

    

     

    
      	V.	
              SIGN
                AND DATE

            

    

    

    This
      Beneficiary Designation Form is valid until the participant notifies the bank
      in
      writing.

    

    

    
      	 	 
	_________________________	__________________________
	
              Daniel
                W. Brinks

            	
              Date

            

    

    
 

    -
      15
      -Exhibit 10.6

    
      

    

    Exhibit
      10.6

    

    AMENDED
      AND RESTATED LIFE INSURANCE ENDORSEMENT METHOD SPLIT DOLLAR
      AGREEMENT

    

    

    
      	
              Insurer:

            	
              _____________________________

            
	 	
              _____________________________

            
	 	
              _____________________________

            
	 	
              _____________________________

            
	 	 
	
              Policy
                Number:

            	
              ___________

            
	 	
              ___________

            
	 	
              ___________

            
	 	
              ___________

            
	 	
              ___________

            
	 	 
	
              Bank:

            	
              Bank
                of Upson

            
	 	 
	
              Insured:

            	
              Daniel
                W. Brinks

            
	 	 
	
              Relationship
                of Insured to Bank:

            	
              Officer

            

    

    

    The
      Bank
      and the Officer are parties to a Life Insurance Endorsement Method Split Dollar
      Plan Agreement dated the 2nd
      day of
      June, 1998 that provides for the payment of certain benefits. This Amended
      and
      Restated Life Insurance Endorsement Method Split Dollar Plan Agreement dated
      March 28, 2006 and the benefits provided hereunder shall amend and restate
      the
      existing Life Insurance Endorsement Method Split Dollar Plan Agreement dated
      June 2, 1998 and the benefits provided thereby;

    

    The
      respective rights and duties of the Bank and the Insured in the above-referenced
      policy shall be pursuant to the terms set forth below:

    

    I. DEFINITIONS

    

    Refer
      to
      the policy contract for the definition of any terms in this Agreement that
      are
      not defined herein. If the definition of a term in the policy is inconsistent
      with the definition of a term in this Agreement, then the definition of the
      term
      as set forth in this Agreement shall supersede and replace the definition of
      the
      terms as set forth in the policy.

    

    
      	
              II.

            	
              POLICY
                TITLE AND OWNERSHIP

            

    

    

    Title
      and
      ownership shall reside in the Bank for its use and for the use of the Insured
      all in accordance with this Agreement. The Bank alone may, to the extent of
      its
      interest, exercise the right to borrow or withdraw on the policy cash values.
      Where the Bank and the Insured (or assignee, with the consent of the Insured)
      

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    mutually
      agree to exercise the right to increase the coverage under the subject Life
      Insurance Endorsement Method Split Dollar Plan policy, then, in such event,
      the
      rights, duties and benefits of the parties to such increased coverage shall
      continue to be subject to the terms of this Agreement.

    

    
      	
              III.

            	
              BENEFICIARY
                DESIGNATION RIGHTS

            

    

    

    The
      Insured (or assignee) shall have the right and power to designate a beneficiary
      or beneficiaries to receive the Insured’s share of the proceeds payable upon the
      death of the Insured, and to elect and change a payment option for such
      beneficiary, subject to any right or interest the Bank may have in such
      proceeds, as provided in this Agreement.

    

    
      	
              IV.

            	
              PREMIUM
                PAYMENT METHOD

            

    

    

    Subject
      to the Bank’s absolute right to surrender or terminate the policy at any time
      and for any reason, the Bank shall pay an amount equal to the planned premiums
      and any other premium payments that might become necessary to keep the policy
      in
      force.

    

    
      	
              V.

            	
              TAXABLE
                BENEFIT

            

    

    

    Annually
      the Insured will receive a taxable benefit equal to the assumed cost of
      insurance as required by the Internal Revenue Service. The Bank (or its
      administrator) will report to the Insured the amount of imputed income each
      year
      on Form W-2 or its equivalent.

    

    
      	
              VI.

            	
              DIVISION
                OF DEATH PROCEEDS

            

    

    

    Subject
      to Paragraphs VII and X herein, the division of the death proceeds of the policy
      is as follows:

    

    
      	 	
              A.

            	
              Should
                the Insured be employed by the Bank, retired or terminated from the
                Bank
                due to disability by the Bank at the time of death, the Insured’s
                beneficiary(ies), designated in accordance with Paragraph III, shall
                be
                entitled to an amount equal to eighty percent (80%) of the net-at-risk
                insurance portion of the proceeds. The net-at-risk insurance portion
                is
                the total proceeds less the cash value of the
                policy.

            

    

    

    
      	 	
              B.

            	
              Should
                the Insured not be employed by the Bank at the time of death, the
                Insured’s beneficiary(ies), designated in accordance with Paragraph III,
                shall be entitled to the percentage as set forth hereinbelow of the
                proceeds described in Subparagraph VI (A) above that corresponds
                to the
                Insured’s age:

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
              Age
                of the Insured

            	
              Vted
                (to a maximum of 100%)

            
	
              59
                and under

            	
              0%

            
	
              Age
                60

            	
              50%

            
	
              61-65

            	
              An
                additional 10% vested per year

            
	 	
              (to
                a total maximum of 100%)

            

    

    

    
      	 	
              C.

            	
              The
                Bank shall be entitled to the remainder of such
                proceeds.

            

    

    

    
      	 	
              D.

            	
              The
                Bank and the Insured (or assignees) shall share in any interest due
                on the
                death proceeds on a pro rata basis as the proceeds due each respectively
                bears to the total proceeds, excluding any such
                interest.

            

    

    

    
      	
              VII.

            	
              DIVISION
                OF THE CASH SURRENDER VALUE OF THE
                POLICY

            

    

    

    The
      Bank
      shall at all times be entitled to an amount equal to the policy’s cash value, as
      that term is defined in the policy contract, less any policy loans and unpaid
      interest or cash withdrawals previously incurred by the Bank and any applicable
      surrender charges. Such cash value shall be determined as of the date of
      surrender or death as the case may be.

    

    
      	
              VIII.

            	
              PREMIUM
                WAIVER

            

    

    

    
      	 	
              If
                the policy contains a premium waiver provision, such waived amounts
                shall
                be be considered for all purposes of this Agreement as having been
                paid by
                the Bank.

            

    

    

    
      	
              IX.

            	
              RIGHTS
                OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION
                EXISTS

            

    

    

    In
      the
      event the policy involves an endowment or annuity element, the Bank’s right and
      interest in any endowment proceeds or annuity benefits, on expiration of the
      deferment period, shall be determined under the provisions of this Agreement
      by
      regarding such endowment proceeds or the commuted value of such annuity benefits
      as the policy’s cash value. Such endowment proceeds or annuity benefits shall be
      considered to be like death proceeds for the purposes of division under this
      Agreement.

    

    
      	
              X.

            	
              TERMINATION
                OF AGREEMENT

            

    

    

    
      	 	
              A.

            	
              This
                Agreement shall terminate at the option of the Bank following thirty
                (30)
                days written notice to the Insured upon the happening of any one
                of the
                following:

            

    

    

    
      	 	
              1.

            	
              The
                Insured shall leave the employment of the Bank (voluntarily or
                involuntarily) prior to the Insured attaining the age of sixty (60);
                or
                

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      	 	
              2.

            	
              The
                Insured shall be discharged from employment with the Bank for cause.
                The
                term “for cause” shall mean: (i) gross negligence or neglect in the
                performance of his job; (ii) the commission of a felony or gross
                misdemeanor involving fraud, dishonesty or willful violation of any
                law
                that results in any adverse effect on the bank.

            

    

    

    
      	 	
              B.

            	
              Upon
                such termination of this Agreement but prior to the termination of
                the
                policy by the Bank, the Insured (or assignee) shall have a fifteen
                (15)
                day option to receive from the Bank an absolute assignment of the
                policy
                in consideration of a cash payment to the Bank, whereupon this Agreement
                shall terminate. Such cash payment referred to hereinabove shall
                be the
                greater of:

            

    

    

    
      	 	
              1.

            	
              The
                Bank’s share of the cash value of the policy on the date of such
                assignment, as defined in this Agreement;
                or

            

    

    

    
      	 	
              2.

            	
              The
                amount of the premiums that have been paid by the Bank prior to the
                date
                of such assignment.

            

    

    

    
      	 	
              C.

            	
              Should
                the Insured (or assignee) fail to exercise this option within the
                prescribed fifteen (15) day period, the Insured (or assignee) agrees
                that
                all of his rights, interest and claims in the policy shall terminate
                as of
                the date of the termination of this
                Agreeement.

            

    

    

    
      	 	
              D.

            	
              In
                the event, however, that the Insured is terminated “for cause” under the
                terms as set forth in Subparagraph X (A) (2) above, the Bank shall
                have
                the right, in its sole discretion, to allow the Insured to exercise
                the
                option as set forth above. 

            

    

    

    
      	 	
              E.

            	
              Except
                as provided above, this Agreement shall terminate upon distribution
                of the
                death benefit proceeds in accordance with Paragraph VI
                above.

            

    

    

    
      	
              XI.

            	
              INSURED’S
                OR ASSIGNEE’S ASSIGNMENT
                RIGHTS

            

    

    

    The
      Insured may not, without the written consent of the Bank, assign to any
      individual, trust or other organization, any right, title or interest in the
      subject policy nor any rights, options, privileges or duties created under
      this
      Agreement.

    

    
      	
              XII.

            	
              AGREEMENT
                BINDING UPON THE PARTIES

            

    

    

    This
      Agreement shall bind the Insured and the Bank, their heirs, successors, personal
      representatives and assigns.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      	
              XIII.

            	
              ADMINISTRATIVE
                AND CLAIMS PROVISIONS 

            

    

    

    
      	 	
              The
                following provisions are part of this Agreement and are intended
                to meet
                the requirements of the Employee Retirement Income Security Act of
                1974
                (“ERISA”):

            

    

    

    
      	
            	A.	
              Plan
                Administrator:

            

    

    

    The
“Plan
      Administrator” of this Life Insurance Endorsement Method Split Dollar Plan
      Agreement shall be Bank of Upson. As Plan Administrator, the Bank shall be
      responsible for the management, control, and administration of this Agreement
      as
      established herein. The Plan Administrator may delegate to others certain
      aspects of the management and operation responsibilities of the Agreement,
      including the employment of advisors and the delegation of any ministerial
      duties to qualified individuals.

    

    
      	 	
              B.

            	
              Basis
                of Payment of Benefits: 

            

    

    

    Direct
      payment by the Insurer is the basis of payment of benefits under this Agreement,
      with those benefits in turn being based on the payment of premiums as provided
      in this Agreement. 

    

    
      	
            	C.	
              Claim
                Procedures:

            

    

    

    Claim
      forms or claim information as to the subject policy can be obtained by
      contacting Benmark, Inc. (800-544-6079). When the Plan Administrator has a
      claim
      which may be covered under the provisions described in the insurance policy,
      they should contact the office named above, and they will either complete a
      claim form and forward it to an authorized representative of the Insurer or
      advise the Plan Administrator what further requirements are necessary. The
      Insurer will evaluate and make a decision as to payment. If the claim is
      payable, a benefit check will be issued in accordance with the terms of this
      Agreement.

    

    In
      the
      event that a claim is not eligible under the policy, the Insurer will notify
      the
      Plan Administrator of the denial pursuant to the requirements under the terms
      of
      the policy. If the Plan Administrator is dissatisfied with the denial of the
      claim and wishes to contest such claim denial, they should contact the office
      named above and they will assist in making an inquiry to the Insurer. All
      objections to the Insurer’s actions should be in writing and submitted to the
      office named above for transmittal to the Insurer.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    
      	XIV.	
              GENDER

            

    

    

    Whenever
      in this Agreement words are used in the masculine or neuter gender, they shall
      be read and construed as in the masculine, feminine or neuter gender, whenever
      they should so apply.

    

    
      	
              XV.

            	
              INSURANCE
                COMPANY NOT A PARTY TO THIS
                AGREEMENT

            

    

    

    The
      Insurer shall not be deemed a party to this Agreement, but will respect the
      rights of the parties as herein developed upon receiving an executed copy of
      this Agreement. Payment or other performance in accordance with the policy
      provisions shall fully discharge the Insurer from any and all
      liability.

    

    
      	XVI.	
              CHANGE
                OF CONTROL

            

    

    

    Change
      of
      Control shall be defined as the occurrence of any one of the
      following:

    

    
      	 	
              a.

            	
              the
                acquisition of more than fifty percent (50%) of the value or voting
                power
                of the Bank’s stock by a person or
                group;

            

    

    

    
      	 	
              b.

            	
              the
                acquisition in a period of twelve (12) months or less of at least
                thirty-five percent (35%) of the Bank’s stock by a person or
                group;

            

    

    

    
      	 	
              c.

            	
              the
                replacement of a majority of the Bank’s board in a period of twelve (12)
                months or less by Directors who were not endorsed by a majority of
                the
                current board members; or

            

    

    

    
      	 	
              d.

            	
              the
                acquisition in a period of twelve (12) months or less of forty percent
                (40%) or more of the Bank’s assets by an unrelated
                entity.

            

    

    

    For
      the
      purposes of this Agreement, transfers made on account of deaths or gifts,
      transfers between family members or transfers to a qualified retirement plan
      maintained by the Bank shall not be considered in determining whether there
      has
      been a Change in Control. Upon a Change of Control, if the Insured’s employment
      is subsequently terminated, except for cause, then the Insured shall be one
      hundred percent (100%) vested in the benefits promised in this Agreement and,
      therefore, upon the death of the Insured, the Insured’s beneficiary(ies)
      (designated in accordance with Paragraph III) shall receive the death benefit
      provided herein as if the Insured had died while employed by the Bank (see
      Subparagraph VI [A]).

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      	XVII.	
              AMENDMENT
                OR REVOCATION, AND EXCHANGE OF
                POLICY

            

    

    

    Subject
      to the Bank’s sole and absolute right to surrender or terminate any and all life
      insurance policies that are the subject matter of this Agreement, it is agreed
      by and between the parties hereto that, during the lifetime of the Insured,
      this
      Agreement may be amended or revoked at any time or times, in whole or in part,
      by the mutual written consent of the Insured and the Bank. The Bank may,
      however, unilaterally and without the consent of the Insured, exchange any
      life
      insurance policy(ies) that are the subject matter of this Agreement, with or
      without replacing said policy(ies) and, in the event of a same or similar
      exchange, the Insured expressly agrees to the same.

    

    
      	XVIII.	
              EFFECTIVE
                DATE

            

    

    

    The
      Effective Date of this Agreement shall be March 28, 2006.

    

    
      	XIX.	
              SEVERABILITY
                AND INTERPRETATION

            

    

    

    If
      a
      provision of this Agreement is held to be invalid or unenforceable, the
      remaining provisions shall nonetheless be enforceable according to their terms.
      Further, in the event that any provision is held to be overbroad as written
      such
      provision shall be deemed amended to narrow its application to the extent
      necessary to make the provision enforceable according to law and enforced as
      amended.

    

    
      	
              XX.

            	
              TERMINATION
                OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW, RULES
                OR
                REGULATIONS

            

    

    

    The
      Bank
      is entering into this Agreement upon the assumption that certain existing tax
      and accounting laws, rules and regulations will continue in effect in their
      current form. If any said assumptions should change and said change has a
      detrimental effect on this Life Insurance Endorsement Method Split Dollar Plan
      Agreement, then the Bank reserves the right to terminate or modify this
      Agreement accordingly. Upon a Change of Control, this paragraph shall become
      null and void effective immediately upon said Change of Control.

    

    
      	XXI.	
              APPLICABLE
                LAW

            

    

    

    The
      laws
      of the State of Georgia shall govern the validity and interpretation of this
      Agreement.

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    

    

    

    Executed
      at Upson, Georgia this ______ day of ___________, 2007.

    

    
      	 	
              BANK
                OF UPSON

            
	 	
              Thomaston,
                Georgia

            
	 	 
	 	 
	 	 
	________________________	
              By:____________________________

            
	
              Witness
                

            	
              (Bank
                Officer other than Insured)        
                    Title

            
	 	 
	 	 
	 	 
	________________________	_______________________________
	
              Witness

            	
              Daniel
                W. Brinks

            

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    BENEFICIARY
      DESIGNATION FORM

    FOR
      THE AMENDED AND RESTATED LIFE INSURANCE ENDORSEMENT METHOD SPLIT DOLLAR PLAN
      AGREEMENT

    

    
      	
              I.

            	
              PRIMARY
                DESIGNATIONS 

            
	 	 	 	 	 
	 	
              A.

            	
              Person(s)
                as a Primary Designation:

              (Please
                indicate the percentage for each beneficiary.)

            
	 	
               

              1.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              2.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              3.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              4.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 
	
              II.

            	
              ESTATE
                AND/OR TRUST AS PRIMARY DESIGNATIONS

            
	 	 	 	 	 
	 	
              A.

            	
              Estate
                as a Primary Designation:

              An
                Estate can still be listed even if there is no
                will.

            
	 	 	
               

              My
                Primary Beneficiary is The Estate of 

            	 	
               

              as
                set forth in the Last Will and 

            
	 	 	 	
              (Insert
                full name)

            	 
	 	 	
              Testament
                dated the

            	 	
              day
                of

            	 	 	
              ,
                200

            	
              and
                any codicils thereto.

            
	 	 	 
	 	
              B.

            	
              Trust
                as a Primary Designation:

            
	 	 	
               

              Name
                of the Trust: 

            
	 	 	
               

              Execution
                Date of the Trust:

            	
               

              Name
                of the Trustee:

            
	 	 	
               

              Beneficiary
                of the Trust:

              (please
                indicate the percentage for each beneficiary):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Is
                this an Irrevocable Life Insurance Trust?□
Yes □
No

            
	 	 	
              (If
                yes and this designation is for a Joint Beneficiary Designation Agreement,
                an Assignment of Rights form must
                be completed.)

            

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    
      	
              III.

            	
              SECONDARY
                (CONTINGENT) DESIGNATIONS 

            
	 	 	 	 	 
	 	
              A.

            	
              Person(s)
                as a Secondary (Contingent) Designation:

              (Please
                indicate the percentage for each beneficiary in the event of the
                Primary’s
                Death.)

            
	 	
               

              1.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              2.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              3.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	 	
               

              4.

            	
               

              Name:

            	
               

              Relationship:

            	
               

              SS#:

            	
               

              %

            
	 	 	
               

              Address:

            
	 	 	 	
              (Street)

            	
              (City)

            	
              (State)

            	
              (Zip)

            
	 	 	 
	
              IV.

            	
              ESTATE
                AND/OR TRUST AS SECONDARY (CONTINGENT)
                DESIGNATIONS

            
	 	 	 	 	 
	 	
              A.

            	
              Estate
                as a Secondary (Contingent) Designation:

            
	 	 	
               

              My
                Primary Beneficiary is The Estate of 

            	 	
               

              as
                set forth in the last will and

            
	 	 	
              Testament
                dated the

            	 	
              day
                of

            	 	 	
              ,
                200

            	
              and
                any codicils thereto.

            
	 	 	 
	 	
              B.

            	
              Trust
                as a Secondary (Contingent) Designation:

            
	 	 	
               

              Name
                of the Trust: 

            
	 	 	
               

              Execution
                Date of the Trust:

            	
               

              Name
                of the Trustee:

            
	 	 	
               

              Beneficiary
                of the Trust:

              (please
                indicate the percentage for each beneficiary):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Name(s):

            
	 	 	
               

              Is
                this an Irrevocable Life Insurance Trust?□
Yes □
No

            
	 	 	
              (If
                yes and this designation is for a Joint Beneficiary Designation Agreement,
                an Assignment of Rights form must
                be completed.)

            

    

    V. SIGN
      AND DATE

    

    This
      Beneficiary Designation Form is valid until the participant notifies the bank
      in
      writing.

    

    

    
      	_______________________	_____________________________ 
	
              Daniel
                W. Brinks

            	
              Date

            

    

    
 

     

     

    10

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