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                                                                    EXHIBIT 10.1

                              COMMUNITY FIRST, INC.
                        MANAGEMENT STOCK OPTION AGREEMENT

         THIS AGREEMENT (the "Agreement") is made and entered into as of the
_____ day of ___________________________, 2002, by and between COMMUNITY FIRST,
INC. (the "Company"), a Tennessee corporation and bank holding company with its
principal place of business in Columbia, Tennessee, and
_______________________________________ (the "Optionee").

         WHEREAS, the Company is the sole shareholder of Community First Bank &
Trust (the "Bank"); and

         WHEREAS, the Company became the sole shareholder of the Bank pursuant
to a share exchange effective as of August 1, 2002 (the "Share Exchange"); and

         WHEREAS, prior to the Share Exchange, the Bank had in place the
Community First Bank & Trust Stock Option Plan (the "Bank Plan"); and

         WHEREAS, pursuant to the Bank Plan, the Bank had entered into an
Amended Management Stock Option Agreement, dated as of ____________________,
1999, with Optionee pursuant to which the Bank granted Optionee the option to
purchase certain stock of the Bank (the "Bank Option Agreement"); and

         WHEREAS, in connection with the Share Exchange, the Company and the
Bank entered into an agreement pursuant to which the Company assumed the
obligations of the Bank under the Bank Plan and under all stock option
agreements entered into by the Bank pursuant to the Bank Plan and further agreed
to amend and restate the Bank Plan and all such option agreements so that they
would be on substantially the same terms as immediately before the Share
Exchange, except that such option agreements would provide for options to
acquire stock in the Company rather than stock in the Bank and all obligations
of the Bank thereunder would be obligations of the Company rather than the Bank;
and

         WHEREAS, the Company has adopted the Community First, Inc. Stock Option
Plan (the "Plan") to amend, restate, replace, and supersede the Bank Plan in
accordance with the foregoing; and

         WHEREAS, the Company and the Optionee desire to enter into this
Agreement to amend, restate, replace, and supersede the Bank Option Agreement;
and

         WHEREAS, the Company desires to further the business objectives of the
Bank and the Company by affording the Optionee an opportunity to acquire shares
of the Company's common stock (the "Common Stock") by making this grant of stock
options under the Plan which grant is intended to provide additional financial
incentive to the Optionee and to intensify his or her interest in the success of
the Bank and the Company, as well as award Optionee's contribution to the
Company's and the Bank's performance;

         NOW, THEREFORE, in consideration of the foregoing, the mutual covenants
contained herein, and other good and valuable consideration, the receipt and
sufficiency of all of which are hereby acknowledged, the parties agree as
follows:

         1.       Replacement of the Bank Option Agreement and Bank Plan. The
Plan amends, restates, replaces, and supersedes the Bank Plan and this Agreement
amends, restates, replaces, and supersedes the Bank Option Agreement. Neither
the Company nor the Bank shall have any further obligations under the Bank Plan
or under the Bank Option Agreement, and the Optionee shall have no rights under
the Bank Plan or the Bank Option Agreement. The Optionee hereby waives any right
he may have had to receive notice of the Share Exchange or the

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amendment, restatement, replacement, and/or superseding of the Bank Plan or the
Bank Option Agreement. The Optionee agrees that neither the Share Exchange nor
the amendment, restatement, replacement, or superseding of the Bank Plan or the
Bank Option Agreement result in the vesting of any options to acquire stock of
the Bank or the Company.

         2.       The Option. Upon the terms and subject to the conditions of
this Agreement, the Company hereby grants to the Optionee the right and option
(the "Option") to purchase ________________ shares of its Common Stock (the
"Shares"). The Option is intended to be an Incentive Stock Option as set forth
in Section 422 of the Internal Revenue Code.

         3.       Purchase Price. The purchase price of the Shares shall be
Twenty and No/100 Dollars ($20.00) per share, which price represents the
original issue price of the Bank's common stock, and shall be paid in cash or
any other form acceptable to the Board.

         4.       Vesting of Options. The Option granted pursuant to this
Agreement shall vest as follows:

                  (a)      The Option will vest at a rate of one-sixth (1/6) of
         the total number of shares granted under this Agreement per vesting
         year, for a period of six (6) years.

                  (b)      The first vesting year (the "Beginning Year") began
        on May 17, 1999.

         5.       Regulation. Notwithstanding anything contained in this
Agreement, all, or any portion of, the Option whether vested or unvested, shall
be forfeited in the event that the primary state or federal regulator of the
Company or the Bank orders such forfeiture, after proper notice and opportunity
for hearing.

         6.       Duration of the Option. The Option shall expire ten (10) years
from the date of the Bank Option Agreement.

         7.       Exercise of Option.

                  (a)      Except as provided in subparagraphs (b) and (c)
         below, the Optionee may exercise any vested portion of the Option any
         time prior to the expiration of the Option as long as he or she is an
         "Employee" as defined in the Plan ("Employee").

                  (b)      In the event that the active employment of the
         Optionee terminates (other than by reason of death), any vested portion
         of the Option may be exercised at any time within three (3) months
         after such termination, unless otherwise determined by the Board of
         Directors.

                  (c)      Subject to the provisions of Paragraph 5, in the
         event of the Optionee's death while he or she is an Employee or within
         three (3) months after the termination of his employment, any vested
         portion of the Option may be exercised at any time within twelve (12)
         months after the date of his death by the executors or administrators
         of the estate of the Optionee or by any person who shall have acquired
         the Option from the Optionee by bequest or inheritance.

         8.       Manner of Exercise. Subject to the terms and conditions
hereof, the Option may be exercised by giving written notice to the Company,
attention of the secretary, which notice shall state the election to exercise
the Option and the number of Shares in respect of which it is being exercised,
and by tendering a check for payment in full of the Option Price of said Shares.
In addition, the Company shall have the right to require a cash payment upon the
exercise of the Option in connection with any obligation of the Company to
withhold taxes.

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         9.       Adjustment Upon Changes in Capitalization.

                  (a)      If at any time or from time to time after the date of
         this Agreement, the Company shall increase or decrease the outstanding
         Common Stock by way of stock dividend, stock split, or combination, the
         per share option price shall be adjusted, or further adjusted, as of
         the close of business on the record date for such transaction, to a
         price (rounded down to the nearest cent) determined by dividing (i) an
         amount equal to the number of shares of Common Stock outstanding
         immediately prior to such transaction multiplied by the per share
         option price in effect immediately prior to such transaction by (ii)
         the total number of shares of Common Stock outstanding immediately
         after such transaction. Upon any adjustment in the per share option
         price, the Optionee shall thereafter be entitled to purchase at the per
         share option price resulting from such adjustment, the number of Shares
         obtained by multiplying the per share option price in effect
         immediately prior to such adjustment by the number of Shares that could
         have been purchased pursuant to the Option immediately prior to such
         adjustment and dividing the product thereof by the per share option
         price resulting from such adjustment. Notice of any such adjustment
         shall be delivered promptly to the Optionee.

                  (b)      If the Company shall be consolidated with or merged
         with or into another entity (whether or not the Company shall be the
         surviving entity), or shall enter into a share exchange, or shall sell
         all or substantially all of its assets as part of a reorganization
         within the meaning of Section 368 of the Internal Revenue Code of 1986,
         as amended, or shall reclassify or reorganize its capital structure
         (except a stock dividend, split, or combination covered by Section 9(a)
         hereof), the number and kind of Shares subject to the Option shall be
         increased or decreased to reflect the number of Shares which the
         Optionee would have been entitled to receive in connection with such
         transaction if the shares subject to the Option had been issued and
         held by Optionee on the record date for such transaction. Notice of
         such consolidation, merger, sale, share exchange, reclassification, or
         reorganization and of said provisions proposed to be made shall be
         delivered to the Optionee not less than thirty (30) days prior to such
         record date. As a condition to any reorganization, reclassification,
         consolidation, merger or sale, in which the Company is not the
         survivor, or any share exchange in which the shareholders exchange or
         are deemed to have exchanged all of their shares of stock in the
         Company for shares of stock of some other entity, the Company or any
         successor, surviving, acquiring, or purchasing entity or other party to
         an exchange, as the case may be, shall agree that it is bound by this
         Option, that it will satisfy all of the obligations of the Company
         hereunder and that the Optionee shall have the right, upon exercise of
         this Option, on the terms and conditions hereof, to receive the kind
         and amount of stock, securities or assets receivable upon such
         reorganization, reclassification, consolidation, merger, sale, or share
         exchange by a shareholder of the number of Shares issuable upon
         exercise of this Option immediately prior to such reorganization,
         reclassification, consolidation, merger, sale, or share exchange,
         subject to adjustments which shall be as nearly equivalent as may be
         practicable to the adjustments provided for in this Section 9;
         provided, however, that Optionee shall be required to exercise all such
         options within twenty-four (24) months from the date of such
         reorganization, reclassification, consolidation, merger, sale, or share
         exchange.

                  (c)      If, at any time, the Company increases the number of
         shares of Common Stock, including those events causing adjustment as
         set forth herein, this Option shall be modified so as to grant
         additional Options on the number of Shares necessary to bring the total
         number of Shares under the Options equal to five percent (5%) of the
         outstanding shares of Common Stock of the Company. Such additional
         Options shall be on the same terms as provided in this Agreement, with
         adjustments in the vesting schedule if needed to preserve the status of
         the additional Options as Incentive Stock Options. The purchase price
         to the Optionee for any subsequent purchase of Shares under this Plan
         shall be determined by the Board of Directors of the Company at the
         time of such issue, but in no event shall the purchase price of those
         shares be less than Fair Market Value on the date of their issue.

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         10.      No Rights as a Shareholder. The Optionee shall have none of
the rights of a shareholder with respect to any Shares subject to the Option
until such Shares shall be issued to him upon the exercise of the Option.

         11.      No Employment Rights. Nothing in this Agreement shall confer
on the Optionee any right to continue in the active employment of the Company or
the Bank or any subsidiary of either the Company or the Bank or interfere in any
way with the right of the Company or the Bank or any subsidiary of either the
Company or the Bank at any time to terminate or modify the terms or conditions
of such service.

         12.      Transferability. The Options granted hereunder shall not be
transferable by the Optionee otherwise than by will or by the laws of descent
and distribution, and the Options granted hereunder may be exercised during his
or her lifetime only by the Optionee or his or her guardian or legal
representative. Without limiting the generality of the foregoing, the Option may
not be assigned, transferred, pledged or hypothecated (whether by operation of
law or otherwise) and shall not be subject to execution, attachment or similar
process. Any attempted assignment, transfer, pledge, hypothecation or other
disposition of the Options granted hereunder contrary to the provisions hereof,
or by the levy of any attachment or similar process upon the Options granted
hereunder, shall be void and of no force or effect. Notwithstanding the
foregoing, to the extent that the Options granted hereunder must be pledged by
the Optionee to finance the acquisition of the shares upon exercise, the Options
granted hereunder may be pledged for such purpose.

         13.      Rule 16b-3. This Agreement shall be limited and construed in
such respects as may be necessary in order that it will receive the full benefit
of the exemption from liability provided by Rule 16b-3 under the Securities
Exchange Act of 1934, as amended, or any successor rule or regulation to the
extent applicable.

         14.      Governing Law. This Agreement shall be construed under the
substantive laws and procedural provisions of the state of Tennessee, without
regard to principles of conflict of laws, unless otherwise governed by federal
law.

         15.      Plan Terms. The terms of the Plan, pursuant to which this
Agreement is made, are incorporated herein by reference and expressly made a
part of this Agreement.

         16.      Entire Agreement. This Agreement and the Plan represent the
entire agreement with respect to the subject matter hereof and supersede all
previous agreements, including without limitation the Bank Option Agreement.

         IN WITNESS WHEREOF, the Company and the Optionee have duly executed
this Option Agreement as of the day and year first above written.

                           COMMUNITY FIRST, INC.

                                   By:
                                      ------------------------------------------
                                   Title:
                                         ---------------------------------------

                                   OPTIONEE

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                                                                    EXHIBIT 10.2
                              COMMUNITY FIRST, INC.
                        ORGANIZERS STOCK OPTION AGREEMENT

         THIS AGREEMENT (the "Agreement") is made and entered into as of this
_____ day of ____________, 2002, by and between COMMUNITY FIRST, INC. (the
"Company"), a Tennessee corporation and bank holding company with its principal
place of business in Columbia, Tennessee, and ______________________________
("Optionee").

         WHEREAS, the Company is the sole shareholder of Community First Bank &
Trust (the "Bank"); and

         WHEREAS, the Company became the sole shareholder of the Bank pursuant
to a share exchange effective as of August 1, 2002 (the "Share Exchange"); and

         WHEREAS, prior to the Share Exchange, the Bank had in place the
Community First Bank & Trust Stock Option Plan (the "Bank Plan") which among
other things authorized the grant of options to acquire stock of the Bank to
organizers of the Bank in connection with their financial contributions and
related services rendered to the Bank during its organization; and

         WHEREAS, pursuant to the Bank Plan, the Bank had entered into an
Organizers Stock Option Agreement dated as of ____________________, 19__, (the
"Original Grant Date") with Optionee pursuant to which the Bank granted Optionee
the option to purchase certain stock of the Bank (the "Bank Option Agreement");
and

         WHEREAS, in connection with the Share Exchange, the Company and the
Bank entered into an agreement pursuant to which the Company assumed the
obligations of the Bank under the Bank Plan and under all stock option
agreements entered into by the Bank pursuant to the Bank Plan and further agreed
to amend and restate the Bank Plan and all such option agreements so that they
would be on substantially the same terms as immediately before the Share
Exchange except that such option agreements would provide for options to acquire
stock in the Company rather than stock in the Bank and all obligations of the
Bank thereunder would be obligations of the Company rather than the Bank; and

         WHEREAS, the Company has adopted the Community First, Inc. Stock Option
Plan (the "Plan") to amend, restate, replace, and supersede the Bank Plan in
accordance with the foregoing; and

         WHEREAS, the Company and the Optionee desire to enter into this
Agreement to amend, restate, replace, and supersede the Bank Option Agreement;

         NOW, THEREFORE, in consideration of the foregoing, the mutual covenants
contained herein, and other good and valuable consideration, the receipt and
sufficiency of all of which are hereby acknowledged, the parties agree as
follows:

         1.       The Plan amends, restates, replaces, and supersedes the Bank
Plan and this Agreement amends, restates, replaces, and supersedes the Bank
Option Agreement. Neither the Company nor the Bank shall have any further
obligations under the Bank Plan or under the Bank Option Agreement, and the
Optionee shall have no rights under the Bank Plan or the Bank Option Agreement.
The Optionee hereby waives any right he or she may have had to receive notice of
the Share Exchange or the amendment, restatement, replacement, and/or
superseding of the Bank Plan or the Bank Option Agreement. The Optionee agrees
that neither the Share Exchange nor the amendment, restatement, replacement, or
superseding of the Bank Plan or the Bank Option Agreement result in the vesting
of any options to acquire stock of the Bank or the Company.

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         2.       The Bank hereby grants to Optionee, and Optionee hereby
accepts, an option to purchase _________________ shares of common stock, Ten and
No/100 Dollars ($10.00) par value of the Company (the "Stock"), at an option
price of Twenty and No/100 Dollars ($20.00) per share of stock, the original
issue price of the Bank's stock (the "Organizer Options"). The number of shares
of Stock underlying such option is equal to the total dollar amount Optionee
contributed to the Bank's Organizational Expense Fund, divided by the option
price of Twenty and No/100 Dollars ($20.00) per share. No fractional shares will
be granted. This Agreement shall be limited and construed as necessary in order
that the Organizer Options may be treated as Non-Qualified Stock Options for
federal income tax purposes and not be treated as Incentive Stock Options.

         3.       The Organizer Options granted herein shall vest at the rate of
one-third (1/3) of the total number of shares granted under this Agreement,
rounded down to the nearest whole number of shares, on each of the first and
second anniversaries of the Original Grant Date, and the remainder shall vest on
the third anniversary of the Original Grant Date.

         4.       Subject to the terms of paragraphs 5 and 6, any vested
Organizer Options may be exercised at any time during the period between their
vesting date and the close of the business day coinciding with, or immediately
following, the tenth anniversary of the Original Grant Date. Any Organizer
Options that are unexercised after such time shall expire immediately as of that
date.

         5.       Subject to the terms of paragraph 6, in the event of the
Optionee's death, the transferee of the Organizer Options granted by this
Agreement shall have one year after the date of the Optionee's death to exercise
all, or any portion of, such Organizer Options which have become vested, and any
Organizer Options that are unexercised as of the close of the business day
coinciding with, or immediately following, such date shall expire immediately.

         6.       Notwithstanding any provision of this Agreement, in the event
the Company or the Bank fails to satisfy the minimum regulatory requirements
relating to its capitalization, vested and unvested Organizer Options shall be
subject to one or more of the following actions by the primary state or federal
regulator:

                  (a)      The requirement of immediate exercise of all, or any
         portion of, Optionee's unexercised Organizer Options;

                  (b)      The suspension of the right to exercise all, or any
         portion of, Optionee's unexercised Organizer Options;

                  (c)      The forfeiture of all, or any portion of, Optionee's
         unexercised Organizer Options.

         7.       Payment of the option price shall be made in cash or any other
form acceptable to the Board of Directors of the Company.

         8.       In the event of any increase in the number of issued shares of
the Stock by reason of stock dividends or stock splits, the Company, in its
discretion, may make any such adjustment that it deems appropriate in the total
number of shares covered by any unexercised Organizer Options and the exercise
price thereof.

         9.       If the Company shall be consolidated with or merged with or
into another entity (whether or not the Company shall be the surviving entity),
or shall enter into a share exchange, or shall sell all or substantially all of
its assets as part of a reorganization within the meaning of Section 368 of the
Internal Revenue Code of 1986, as amended, or shall reclassify or reorganize its
capital structure (except a stock dividend, split, or combination covered by
Section 8 hereof), the number and kind of shares subject to the Organizer
Options shall be increased or decreased to reflect the number of shares which
the Optionee would have been entitled to receive in connection

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with such transaction if the shares subject to the Organizer Options had been
issued and held by Optionee on the record date for such transaction. Notice of
such consolidation, merger, sale, share exchange, reclassification, or
reorganization and of said provisions proposed to be made shall be mailed to the
Optionee not less than thirty (30) days prior to such record date. As a
condition to any reorganization, reclassification, consolidation, merger or
sale, in which the Company is not the survivor, or any share exchange in which
the shareholders exchange or are deemed to have exchanged all of their shares of
stock in the Company for shares of stock of some other entity, the Company or
any successor, surviving, acquiring, or purchasing entity or other party to an
exchange, as the case may be, shall agree that it is bound by this Agreement,
that it will satisfy all of the obligations of the Company hereunder and that
the Optionee shall have the right, upon exercise of the Organizer Options, on
the terms and conditions hereof, to receive the kind and amount of stock,
securities or assets receivable upon such reorganization, reclassification,
consolidation, merger, sale, or exchange by a shareholder of the number of
shares of Stock issuable upon exercise of the Organizer Options immediately
prior to such reorganization, reclassification, consolidation, merger, sale, or
exchange, subject to adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Section 9; provided,
however, that Optionee shall be required to exercise all such options within
twenty-four (24) months from the date of such reorganization, reclassification,
consolidation, merger, sale, or exchange.

         10.      When the transfer of the Stock covered by the Organizer
Options may, in the opinion of the Company, conflict or be inconsistent with any
applicable law or regulation of any governmental agency having jurisdiction over
the Company or the Bank or any subsidiary of either the Company or the Bank, the
Company reserves the right to refuse to transfer such Stock, and shall return
any tendered option price therefore.

         11.      The Optionee shall have none of the rights of a shareholder
with respect to any Stock subject to the Organizer Options until such Stock
shall be issued upon exercise of such Option.

         12.      The Optionee may freely assign or transfer the Options granted
in this Agreement to the extent permitted by law. Options so transferred or
assigned shall remain subject to the provisions of paragraphs 5 and 6 of this
Agreement.

         13.      The terms of the Plan, pursuant to which this Agreement is
made, are incorporated herein by reference and expressly made a part of this
Agreement.

         14.      This Agreement shall be construed under the substantive laws
and procedural provisions of the State of Tennessee, without regard to
principles of conflict of laws, unless otherwise governed by federal law.

         15.      This Agreement and the Plan represent the entire agreement
with respect to the subject matter hereof and supercede all previous agreements,
including without limitation, the Bank Option Agreement.

         IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer and Optionee has accepted the Organizer
Options, subject to the terms and conditions herein set forth, as of the date
first written above.

COMMUNITY FIRST, INC.                                OPTIONEE

By:
   --------------------------------    -----------------------------------------

Title:                                 Print Name:
      -----------------------------               ------------------------------

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