Document:

Exhibit 10.7

Nexity Bank
Salary Continuation Agreement
================================================================================

                                                               Prepared 02-06-04
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                            (C)2004 Clark Consulting

This  document  is provided to assist  your legal  counsel in  documenting  your
specific  arrangement.  The laws of the various states may differ  considerably,
and  this  specimen  is for  general  information  only.  It is not a form to be
signed,  nor is it to be  construed  as  legal  advice.  Failure  to  accurately
document  your  arrangement  could result in  significant  losses,  whether from
claims  of  those   participating  in  the  arrangement,   from  the  heirs  and
beneficiaries of participants,  or from regulatory agencies such as the Internal
Revenue Service,  the Department of Labor, or bank examiners.  License is hereby
granted to your legal counsel to use these materials in documenting  solely your
arrangement.

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Nexity Bank
Salary Continuation Agreement
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                                   NEXITY BANK
                          SALARY CONTINUATION AGREEMENT

      THIS SALARY CONTINUATION  AGREEMENT (the "Agreement") is adopted this 20th
day of July, 2004, by and between NEXITY BANK, a state-chartered commercial bank
located  in  Birmingham,  Alabama  (the  "Company"),  and  GREGARY  L.  LEE (the
"Executive").

      The  purpose of this  Agreement  is to provide  specified  benefits to the
Executive,  a member  of a select  group of  management  or  highly  compensated
employees who contribute  materially to the continued  growth,  development  and
future business success of the Company. This Agreement shall be unfunded for tax
purposes and for purposes of Title I of the Employee  Retirement Income Security
Act of 1974  ("ERISA"),  as amended from time to time.  The Company will pay the
benefits from its general assets.

      The Company and the Executive agree as provided herein.

                                   Article 1
                                   Definitions

      Whenever used in this  Agreement,  the  following  words and phrases shall
have the meanings specified:

1.1   "Accrual  Balance"  means the  liability  that  should be  accrued  by the
      Company,  under Generally Accepted Accounting Principles ("GAAP"), for the
      Company's  obligation to the Executive under this  Agreement,  by applying
      Accounting  Principles  Board  Opinion  Number 12 ("APB 12") as amended by
      Statement of Financial Accounting Standards Number 106 ("FAS 106") and the
      Discount Rate. Any one of a variety of amortization methods may be used to
      determine the Accrual Balance.  However,  once chosen,  the method must be
      consistently applied. The Accrual Balance shall be reported by the Company
      to the Executive on Schedule A.

1.2   "Beneficiary"  means each designated person, or the estate of the deceased
      Executive,  entitled to benefits,  if any, upon the death of the Executive
      determined pursuant to Article 4.

1.3   "Beneficiary  Designation  Form" means the form  established  from time to
      time by the Plan  Administrator  that the Executive  completes,  signs and
      returns to the Plan Administrator to designate one or more Beneficiaries.

1.4   "Change of Control" shall mean:

            (a) a change in the  ownership  of the capital  stock of the Company
      where a  corporation,  person or group  acting in concert (a  "Person") as
      described in Section

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Salary Continuation Agreement
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      14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange
      Act"),  holds or acquires,  directly or indirectly,  beneficial  ownership
      (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of a
      number of shares of capital stock of the Company which  constitutes  fifty
      percent (50%) or more of the combined  voting power of the Company's  then
      outstanding  capital stock then entitled to vote generally in the election
      of directors; or

            (b) the persons who were  members of the Board of  Directors  of the
      Company  immediately  prior to a tender offer,  exchange offer,  contested
      election  or any  combination  of the  foregoing,  cease to  constitute  a
      majority of the Board of Directors; or

            (c) the  adoption  by the Board of  Directors  of the  Company  of a
      merger,  consolidation  or  reorganization  plan  involving the Company in
      which  the  Company  is not  the  surviving  entity,  or a sale  of all or
      substantially  all of the  assets of the  Company.  For  purposes  of this
      Agreement, a sale of all or substantially all of the assets of the Company
      shall be deemed to occur if any Person  acquires  (or during the  12-month
      period ending on the date of the most recent  acquisition  by such Person,
      has  acquired)  gross assets of the Company  that have an  aggregate  fair
      market value equal to fifty  percent (50%) of the fair market value of all
      of the gross assets of the Company  immediately  prior to such acquisition
      or acquisitions; or

            (d) a tender offer or exchange offer is made by any Person which, if
      successfully  completed,  would result in such Person  beneficially owning
      (within  the meaning of Rule 13d-3  promulgated  under the  Exchange  Act)
      either fifty percent (50%) or more of the Company's  outstanding shares of
      common stock or shares of capital stock having fifty percent (50%) or more
      the combined voting power of the Company's then outstanding  capital stock
      (other  than an offer  made by the  Company),  and  sufficient  shares are
      acquired  under the offer to cause such person to own fifty  percent (50%)
      or more of the voting power; or

            (e)  any  other  transactions  or  series  of  related  transactions
      occurring  which have  substantially  the same effect as the  transactions
      specified in any of the preceding clauses of this Section.

1.5   "Change of Control Benefit" means the benefits described in Section 2.5.

1.6   "Code" means the Internal Revenue Code of 1986, as amended.

1.7   "Constructive Termination of Employment" means the Executive,  following a
      Change of Control, experiences one of the following:

      (i)   Without the Executive's  express written consent,  the assignment to
            the Executive of any duties or  responsibilities  inconsistent  with
            the Executive's  current

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Salary Continuation Agreement
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            positions,    or   a   change   in   the    Executive's    reporting
            responsibilities, titles or offices; and/or

      (ii)  A reduction by the Company in the Executive's base salary.

1.8   "Death Benefit" means the benefit described in Article 3.

1.9   "Disability" shall mean the Executive's  inability as a result of physical
      or mental incapacity to substantially  perform, his duties for the Company
      on a full-time basis, with or without  accommodation,  for a period of six
      (6) months.

1.10  "Disability Benefit" means the benefit described in Section 2.4.

1.11  "Discount  Rate"  means  the  rate  used  by the  Plan  Administrator  for
      determining  the  Accrual  Balance.  The rate is  based on the  yield on a
      20-year  corporate  bond rated Aa by Moody's,  rounded to the nearest 1/4%
      The  initial  Discount  Rate is seven  percent  (7 %).  However,  the Plan
      Administrator,  in its sole  discretion,  may adjust the Discount  Rate to
      maintain the rate within reasonable standards according to GAAP.

1.12  "Effective Date" means January 1, 2004.

1.13  "Final  Pay" means the  current  base annual  salary of the  executive  at
      Termination of Employment.

1.14  "Involuntary Termination of Employment" means the Executive is notified in
      writing by the Company, that employment with the Company is terminated for
      reasons other than an approved  leave of absence,  Voluntary  Termination,
      Constructive Termination of Employment, or Termination for Cause.

1.15  "Involuntary  Termination  Date"  means the  month,  day and year in which
      Involuntary Termination occurs.

1.16  "Normal Retirement Age" means the Executive's 65th birthday.

1.17  "Normal  Retirement Date" means the later of the Normal  Retirement Age or
      Termination of Employment.

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1.18  "Plan Administrator" means the plan administrator described in Article 8.

1.19  "Plan Year" means each  twelve-month  period  commencing  on the Effective
      Date.

1.20  "Projected Final Pay" means Final Pay increased five percent (5%) annually
      from the date of a Change of Control until Normal Retirement Age.

1.21  "Termination for Cause" has that meaning set forth in Article 5.

1.22  "Termination of Employment" means that the Executive ceases to be employed
      by the Company for any reason,  voluntary  or  involuntary,  other than by
      reason of a leave of absence approved by the Company.

1.23  "Voluntary  Termination"  means the  Termination  of  Employment  prior to
      Normal   Retirement   Age  for  reasons  other  than  death,   Disability,
      Involuntary  Termination,   Constructive  Termination  of  Employment,  or
      Termination for Cause.

1.24  "Voluntary  Termination  Date"  means  the  month,  day and  year in which
      Voluntary Termination occurs.

                                   Article 2
                            Benefits During Lifetime

2.1   Normal Retirement Benefit.  Upon Termination of Employment on or after the
      Normal  Retirement Age for reasons other than death, the Company shall pay
      to the Executive the benefit  described in this Section 2.1 in lieu of any
      other benefit under this Article 2.

      2.1.1 Amount of  Benefit.  The annual  benefit  under this  Section 2.1 is
            thirty percent (30%) of Final Pay. The Board may, in its discretion,
            increase  this  amount by one  percent  (1%) per Plan Year,  up to a
            maximum annual benefit of forty-five percent (45%) of Final Pay.

      2.1.2 Payment of Benefit.  The Company shall pay the annual benefit to the
            Executive in twelve (12) equal  monthly  installments  commencing on
            the  first  day  of  the  month  following  the  Executive's  Normal
            Retirement  Date.  The annual benefit shall be paid to the Executive
            for fifteen (15) years.

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Salary Continuation Agreement
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2.2   Voluntary  Termination Benefit.  Upon Voluntary  Termination before Normal
      Retirement Date,  except in the case of a Change of Control and subject to
      the  provisions  of Article 5, the Company  shall pay to the Executive the
      benefit  described in this Section 2.2 in lieu of any other  benefit under
      this Article 2.

      2.2.1 Amount  of  Benefit.  The  benefit  under  this  Section  2.2 is the
            Voluntary  Termination  Benefit set forth on Schedule A for the Plan
            Year  during  which the  Voluntary  Termination  Date  occurs.  This
            benefit is  determined by vesting the Executive in ten percent (10%)
            of the  Accrual  Balance  for each  Plan Year  until  the  Executive
            becomes one hundred  percent  (100%) vested in the Accrual  Balance.
            For purposes of determining the Executive's vesting percentage,  the
            Executive's  years of service prior to the  Effective  Date shall be
            considered.

      2.2.2 Payment  of  Benefit.  The  Company  shall  pay the  benefit  to the
            Executive  in  a  lump  sum  within   thirty  (30)  days   following
            Termination of Employment.

2.3   Involuntary  Termination  Benefit.  Upon  Involuntary  Termination  before
      Normal  Retirement  Date,  except in the case of a Change of  Control  and
      subject  to the  provisions  of Article  5, the  Company  shall pay to the
      Executive  the benefit  described in this Section 2.3 in lieu of any other
      benefit under this Article 2.

      2.3.1 Amount  of  Benefit.  The  benefit  under  this  Section  2.3 is the
            Involuntary Termination Benefit set forth on Schedule A for the Plan
            Year during which the Termination of Employment occurs. This benefit
            is determined by vesting the Executive in one hundred percent (100%)
            of the Accrual Balance.

      2.3.2 Payment  of  Benefit.  The  Company  shall  pay the  benefit  to the
            Executive  in  a  lump  sum  within   thirty  (30)  days   following
            Termination of Employment.

2.4   Disability Benefit. Upon Termination of Employment due to Disability prior
      to Normal  Retirement  Age,  the Company  shall pay to the  Executive  the
      benefit  described in this Section 2.4 in lieu of any other  benefit under
      this Article 2.

      2.4.1 Amount of Benefit.  The annual benefit under this Section 2.4 is the
            Disability  Benefit set forth on Schedule A for the Plan Year during
            which  the  Termination  of  Employment  occurs.   This  benefit  is
            determined by vesting the Executive in one hundred percent (100%) of
            the  benefit  described  in  Section  2.1.1  of this  Agreement,  as
            determined at the time of the Executive's  Termination of Employment
            due to Disability.

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Salary Continuation Agreement
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      2.4.2 Payment of Benefit.  The Company shall pay the annual benefit to the
            Executive in twelve (12) equal monthly installments  commencing with
            the month following Normal  Retirement Age. The annual benefit shall
            be paid to the Executive for fifteen (15) years.

2.5   Change in Control Benefis.

      2.5.1 Involuntary   Change  of  Control  Benefit.   Upon  the  Executive's
            Involuntary Termination of Employment or Constructive Termination of
            Employment  following a Change of Control,  the Company shall pay to
            the Executive the benefit described in this Section 2.5.1 in lieu of
            any other benefit under this Article 2.

            (a)   Amount of Benefit. The annual benefit under this Section 2.5.1
                  is the Change of Control  Benefit  set forth on Schedule A for
                  the Plan Year during which  Termination of Employment  occurs.
                  This  benefit  is  determined  by  vesting  the  Executive  in
                  forty-five  percent (45%) of the  Executive's  Projected Final
                  Pay

            (b)   Payment of Benefit.  The Company shall pay the annual  benefit
                  to the  Executive  in twelve (12) equal  monthly  installments
                  commencing with the month following Normal Retirement Age. The
                  annual benefit shall be paid to the Executive for fifteen (15)
                  years.

      2.5.2 Voluntary Change of Control Benefit.  Upon the Executive's Voluntary
            Termination of Employment following a Change of Control, the Company
            shall pay to the  Executive  the benefit  described  in this Section
            2.5.2 in lieu of any other benefit under this Article 2.

            (a)   Amount of Benefit. The annual benefit under this Section 2.5.2
                  is the Change of Control  Benefit  set forth on Schedule A for
                  the Plan Year during which  Termination of Employment  occurs.
                  This  benefit  is  determined  by  vesting  the  Executive  in
                  forty-five percent (45%) of the Executive's Final Pay.

            (b)   Payment of Benefit.  The Company shall pay the annual  benefit
                  to the  Executive  in twelve (12) equal  monthly  installments
                  commencing with the month following Normal Retirement Age. The
                  annual benefit shall be paid to the Executive for fifteen (15)
                  years.

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Nexity Bank
Salary Continuation Agreement
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                                   Article 3
                                 Death Benefits

3.1   Death During Active  Service.  If the  Executive  dies while in the active
      service of the  Company,  the  Company  shall pay to the  Beneficiary  the
      benefit described in this Section 3. 1. This benefit shall be paid in lieu
      of the benefits under Article 2.

      3.1.1 Amount of Benefit.  The benefit under this Section 3. 1 is the Death
            Benefit set forth on  Schedule A for the Plan Year during  which the
            Executive   dies.   This  benefit  is   determined  by  vesting  the
            Executive's beneficiary in one hundred percent (100%) of the Accrual
            Balance.

      3.1.2 Payment of Benefit.  The  Company  shall pay the lump sum benefit to
            the  Executive's  beneficiary  within thirty (30) days following the
            Executive's death.

3.2   Death During Payment of a Benefit. If the Executive dies after any benefit
      payments  have  commenced  under Article 2 of this  Agreement,  but before
      receiving all such payments,  the Company shall pay the remaining benefits
      to the  Beneficiary  at the same time and in the same  amounts  they would
      have been paid to the Executive had the Executive survived.

3.3   Death After  Termination  of  Employment  But Before  Payment of a Benefit
      Commences.  If the  Executive  is entitled to any benefit  payments  under
      Article 2 of this Agreement, but dies prior to the commencement of benefit
      payments,  the Company  shall pay the same benefit to which the  Executive
      was entitled to prior to death to the Beneficiary, except that the benefit
      payments shall  commence on the first day of the month  following the date
      of the Executive's death.

                                   Article 4
                                  Beneficiaries

4.1   Beneficiary Designation.  The Executive shall have the right, at any time,
      to designate a Beneficiary(ies) to receive any benefits payable under this
      Agreement  upon the death of the  Executive.  The  Beneficiary  designated
      under this Agreement may be the same as or different from the  beneficiary
      designation  under  any other  benefit  plan of the  Company  in which the
      Executive participates.

4.2   Beneficiary   Designation   Change.   The  Executive   shall  designate  a
      Beneficiary by completing and signing the  Beneficiary  Designation  Form,
      and delivering it to the Plan  Administrator or its designated  agent. The
      Executive's  Beneficiary designation shall be

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Salary Continuation Agreement
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      deemed automatically revoked if the Beneficiary  predeceases the Executive
      or if the  Executive  names a spouse as  Beneficiary  and the  marriage is
      subsequently  dissolved.  The  Executive  shall have the right to change a
      Beneficiary by completing,  signing and otherwise complying with the terms
      of the Beneficiary Designation Form and the Plan Administrator's rules and
      procedures,  as in effect from time to time.  Upon the  acceptance  by the
      Plan Administrator of a new Beneficiary  Designation Form, all Beneficiary
      designations  previously filed shall be cancelled.  The Plan Administrator
      shall be entitled to rely on the last  Beneficiary  Designation Form filed
      by the  Executive  and  accepted  by the Plan  Administrator  prior to the
      Executive's death.

4.3   Acknowledgment.  No  designation or change in designation of a Beneficiary
      shall be effective until received, accepted and acknowledged in writing by
      the Plan Administrator or its designated agent.

4.4   No  Beneficiary  Designation.  If  the  Executive  dies  without  a  valid
      beneficiary designation, or if all designated Beneficiaries predecease the
      Executive,   then  the   Executive's   spouse  shall  be  the   designated
      Beneficiary.  If the Executive has no surviving spouse, the benefits shall
      be made to the personal representative of the Executive's estate.

4.5   Facility  of  Payment.  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  payment 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
      payment of a benefit  shall be a payment for the account of the  Executive
      and the  Executive's  Beneficiary,  as the  case  may be,  and  shall be a
      complete  discharge of any liability  under the Agreement for such payment
      amount.

                                   Article 5
                               General Limitations

5.1   Termination for Cause.  Notwithstanding any provision of this Agreement to
      the contrary,  the Company shall not pay any benefit under this  Agreement
      if the Company's Board of Directors terminates the Executive's  employment
      for:

            (a)   Gross negligence or gross neglect of duties to the Company;

            (b)   Commission  of a felony  or of a gross  misdemeanor  involving
                  moral turpitude;

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            (c)   Fraud or willful  violation of any law or significant  Company
                  policy committed in connection with the Executive's employment
                  and resulting in a material adverse effect on the Company; or

            (d)   Issuance  of an order  for  removal  of the  Executive  by the
                  Company's banking regulators.

            Notwithstanding the foregoing,  the Executive shall not be deemed to
      have been terminated by reason of violating Section 5.1(c) until Executive
      is  notified  in writing by the  Company  (or its  successor  entity) of a
      determination of a violation of Section 5.1(c), specifying the particulars
      thereof in  reasonably  sufficient  detail,  and giving  the  Executive  a
      reasonable opportunity (of not less than ten (10) days), together with his
      counsel,  to explain to the  Company  why there has been no  violation  of
      Section 5.1(c),  followed by a finding by the Company (i) that in the good
      faith opinion of the Company (or its  successor  entity) the Executive had
      committed an act described in Section  5.1(c) above,  (ii)  specifying the
      particulars  thereof in detail,  and (iii) determining that such violation
      has not been  corrected,  or is not capable of correction.  Nothing herein
      shall limit the right of the Executive or his  Beneficiary  to contest the
      validity or propriety of any such determination.

5.2   Suicide or Misstatement.  The Company shall not pay any benefit under this
      Agreement if the Executive  commits  suicide  within three (3) years after
      the  Effective  Date.  In addition,  the Company shall not pay any benefit
      under this  Agreement if the Executive has made any material  misstatement
      of fact on any  application for life insurance owned by the Company on the
      Executive's life.

5.3   Excess Parachute Payment.

      5.3.1 Notwithstanding any provision of this Agreement to the contrary, and
            subject to Section 5.3.2 below, the Company shall not be required to
            pay any benefit under this Agreement if, upon the advice of counsel,
            the Company  determines  that the payment of such  benefit  would be
            prohibited  by 12  C.F.R.  Part  359  or any  successor  regulations
            regarding employee compensation promulgated by any regulatory agency
            having jurisdiction over the Company or its affiliates.

      5.3.2 Notwithstanding  the  preceding,  in the  event  that the  Executive
            becomes entitled to the benefits under this Agreement,  and any such
            benefits  will be subject to the tax (the "Excise  Tax")  imposed by
            Section  4999 of the Code,  the Company  shall pay to the  Executive
            coincident  with the first payment of benefits  under this Agreement
            pursuant to the provisions of Article 2 or 3 of this  Agreement,  an
            additional amount (the "Gross-Up  Payment") such that the net amount
            retained by the Executive  after  deduction of any Excise Tax on the
            benefits  and after  application  of any  federal,  state,  or local
            income taxes on the benefits  and the

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            Gross-Up  Payments,  shall be equal to the benefits  provided  under
            Article 2 or 3 of this Agreement.

            (a)   For  purposes  of  determining  whether  any of  the  benefits
                  provided  under this  Agreement  will be subject to the Excise
                  Tax and the amount of such Excise Tax, (i) any other  payments
                  or benefits  received or to be  received by the  Executive  in
                  connection  with a change in  control of the  Company,  or the
                  Executive's termination of employment (whether pursuant to the
                  terms of this  Agreement  or any other  plan,  arrangement  or
                  agreement  with the  Company)  shall be treated as  "parachute
                  payments"  within the  meaning of  section  280G(b)(2)  of the
                  Code, and all "excess  parachute  payments" within the meaning
                  of  section  280G(b)(1)  shall be  treated  as  subject to the
                  Excise Tax,  unless in the opinion of tax counsel  selected by
                  the  Company's  independent  auditors  and  acceptable  to the
                  Executive  such other  payments  or  benefits  (in whole or in
                  part) do not  constitute  parachute  payments,  or such excess
                  parachute payments (in whole or in part) represent  reasonable
                  compensation for services actually rendered within the meaning
                  of  Section  280G(b)(4)  of the Code,  (ii) the  amount of the
                  benefits  provided under this Agreement which shall be treated
                  as  subject  to the Excise Tax shall be equal to the lesser of
                  (A) the total amount of the such  benefits,  or (B) the amount
                  of excess  parachute  payments  within the  meaning of Section
                  280G(b)(1) and (4) (after  applying  clause (i),  above),  and
                  (iii)  the  value of any  non-cash  benefits  or any  deferred
                  payment  or  benefit  shall  be  determined  by the  Company's
                  independent  auditors in  accordance  with the  principles  of
                  Sections 280G(d)(3) and (4) of the Code.

            (b)   For  purposes  of  determining  the  amount  of  the  Gross-Up
                  Payment,  the Executive  shall be deemed to pay federal income
                  taxes at the highest  marginal rate of federal income taxation
                  in the calendar  year in which the  Gross-Up  Payment is to be
                  made, and state and local income taxes at the highest marginal
                  rates of taxation in the state and locality of your  residence
                  on the Executive  incurs a Termination of  Employment,  net of
                  the maximum  reduction in federal  income taxes which could be
                  obtained from deduction of such state and local texas.

            (c)   In the event that the Excise Tax is subsequently determined to
                  be less than the amount  taken into  account  hereunder at the
                  time the Executive  incurs a Termination  of  Employment,  the
                  Executive  shall  repay to the  Company  at the time  that the
                  amount of such reduction in Excise Tax is finally  determined,
                  the  portion  of the  Gross-Up  Payment  attributable  to such
                  reduction.  In the event that the Excise Tax is  determined to
                  exceed the amount taken into account  hereunder at the time of
                  the Executive's Termination of Employment (including by reason
                  of any  payment,  the  existence  or amount of which cannot be
                  determined at the time of the

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                  Gross-Up  Payment),  the  Company  shall  make  an  additional
                  gross-up  payment in respect of such excess (plus any interest
                  payable with respect to such excess) at the time the amount of
                  such excess is finally determined.

                                   Article 6
                          Claims And Review Procedures

6.1   Claims  Procedure.  An Executive or Beneficiary  ("claimant")  who has not
      received  benefits under the Agreement  that he or she believes  should be
      paid shall make a claim for such benefits as follows:

      6.1.1 Initiation  -  Written  Claim.  The  claimant  initiates  a claim by
            submitting  to the  Plan  Administrator  a  written  claim  for  the
            benefits.

      6.1.2 Timing of Plan Administrator  Response. The Plan Administrator shall
            respond to such claimant within forty-five (45) days after receiving
            the  claim.  If  the  Plan  Administrator  determines  that  special
            circumstances  require additional time for processing the claim, the
            Plan  Administrator  can extend the  response  period by an up to an
            additional  sixty (60) days by  notifying  the  claimant in writing,
            prior to the end of the initial  45-day  period,  that an additional
            period  is  required.  The  notice of  extension  must set forth the
            special  circumstances and the date by which the Plan  Administrator
            expects to render its decision. If there is an extension, a decision
            on the claim shall be made as soon as  possible,  but not later than
            one hundred five (105) days after receipt by the Plan  Administrator
            of your initial claim for benefits.

      6.1.3 Notice of Decision.  If the Plan Administrator denies part or all of
            the claim,  the Plan  Administrator  shall  notify the  claimant  in
            writing  of such  denial.  The Plan  Administrator  shall  write the
            notification  in  a  manner  calculated  to  be  understood  by  the
            claimant. The notification shall set forth:

            (a)   The specific reasons for the denial;

            (b)   A reference to the  specific  provisions  of the  Agreement on
                  which the denial is based;

            (c)   A  description  of  any  additional  information  or  material
                  necessary  for  the  claimant  to  perfect  the  claim  and an
                  explanation of why it is needed;

                                       11
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

            (d)   An explanation of the  Agreement's  review  procedures and the
                  time limits applicable to such procedures; and

            (e)   A statement  of the  claimant's  right to bring a civil action
                  under  ERISA  Section  502(a)  following  an  adverse  benefit
                  determination on review.

6.2   Review  Procedure.  If the Plan  Administrator  denies  part or all of the
      claim,  the claimant shall have the  opportunity  for an appeal and a full
      and fair review by the Plan Administrator of the denial, as follows:

      6.2.1 Initiation - Written  Request.  To initiate the claim denial review,
            the claimant,  within one hundred eighty (180) days after  receiving
            the Plan  Administrator's  notice of denial, must file with the Plan
            Administrator a written request for review.

      6.2.2 Additional Submissions - Information Access. The claimant shall then
            have the opportunity to submit written comments,  documents, records
            and other information  relating to the claim. The Plan Administrator
            shall also  provide the  claimant,  upon request and free of charge,
            reasonable  access to, and copies  of, all  documents,  records  and
            other   information   relevant  (as  defined  in  applicable   ERISA
            regulations) to the claimant's claim for benefits.

      6.2.3 Considerations  on  Review.  In  considering  the  review,  the Plan
            Administrator  shall take into account all materials and information
            the  claimant  submits  relating  to the  claim,  without  regard to
            whether such  information was submitted or considered in the initial
            benefit determination.

      6.2.4 Timing of Plan Administrator  Response. The Plan Administrator shall
            respond in  writing to such  claimant  within  forty-five  (45) days
            after  receiving the request for review.  If the Plan  Administrator
            deteimines that special  circumstances  require  additional time for
            processing the claim, the Plan Administrator can extend the response
            period  by an  additional  forty-five  (45)  days by  notifying  the
            claimant in writing,  prior to the end of the initial 45-day period,
            that an additional period is required.  The notice of extension must
            set forth the special  circumstances  and the date by which the Plan
            Administrator  expects to render its  decision.  This  extension may
            only be  made  where  there  are  special  circumstances  which  are
            communicated  to you in writing within the initial  forty-five  (45)
            day  period.  If there is an  extension,  a decision  on your appeal
            shall be made as soon as  possible,  but not later than  ninety (90)
            days after receipt by the Plan  Administrator  of your initial claim
            for review.

                                       12
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

      6.2.5 Notice of Decision. The Plan Administrator shall notify the claimant
            in. writing of its decision on review. The Plan Administrator  shall
            write the  notification  in a manner  calculated to be understood by
            the claimant. The notification shall set forth:

            (a)   The specific reasons for the denial;

            (b)   A reference to the  specific  provisions  of the  Agreement on
                  which the denial is based;

            (c)   A statement  that the  claimant  is entitled to receive,  upon
                  request and free of charge,  reasonable  access to, and copies
                  of, all documents,  records and other information relevant (as
                  defined in applicable  ERISA  regulations)  to the  claimant's
                  claim for benefits; and

            (d)   A statement  of the  claimant's  right to bring a civil action
                  under ERISA Section 502(a).

                                   Article 7
                           Amendments and Termination

      This  Agreement may be amended or terminated  only by a written  agreement
signed by the Company and the  Executive.  Provided,  however,  if the Company's
Board of  Directors  determines  that the  Executive  is no longer a member of a
select  group of  management  or highly  compensated  employees,  as that phrase
applies to ERISA,  for reasons other than death,  Disability or retirement,  the
Company  may  amend  or  terminate  this  Agreement.   Upon  such  amendment  or
termination  the Company shall pay benefits to the  Executive as if  Involuntary
Termination occurred on the date of such amendment or termination, regardless of
whether Involuntary Termination actually occurs.

      Notwithstanding  the previous paragraph in this Article 7, the Company may
amend or  terminate  this  Agreement  at any time if,  pursuant to  legislative,
judicial or regulatory  action,  continuation  of the Agreement  would (i) cause
benefits to be taxable to the Executive prior to actual receipt,  (ii) result in
significant financial penalties or other significantly detrimental ramifications
to the Company  (other than the  financial  impact of paying the  benefits);  or
(iii)  otherwise  cause the  Agreement to violate  ERISA or the Code,  provided,
however,  that the Company shall in good faith  negotiate  with the Executive to
provide an  alternative  agreement or  arrangement  in place of this  Agreement,
which  alternative  agreement  or  arrangement  provides  substantially  similar
benefits as this Agreement.

                                       13
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

                                   Article 8
                          Administration of Agreement

8.1   Plan Administrator  Duties. This Agreement shall be administered by a Plan
      Administrator  which  shall  consist of the Board,  or such  committee  or
      person(s) as the Board shall appoint. The Executive may be a member of the
      Plan Administrator.  The Plan Administrator shall also have the discretion
      and authority to (i) make,  amend,  interpret and enforce all  appropriate
      rules and  regulations for the  administration  of this Agreement and (ii)
      decide or resolve any and all questions including  interpretations of this
      Agreement, as may arise in connection with the Agreement.

8.2   Agents. In the  administration of this Agreement,  the Plan  Administrator
      may employ  agents and delegate to them such  administrative  duties as it
      sees fit, (including acting through a duly appointed representative),  and
      may from time to time  consult  with  counsel  who may be  counsel  to the
      Company.

8.3   Binding  Effect  of  Decisions.   The  decision  or  action  of  the  Plan
      Administrator with respect to any question arising out of or in connection
      with the  administration,  interpretation and application of the Agreement
      and the rules and  regulations  promulgated  hereunder  shall be final and
      conclusive  and  binding  upon all  persons  having  any  interest  in the
      Agreement.  No Executive or Beneficiary shall be deemed to have any right,
      vested or nonvested, regarding the continued use of any previously adopted
      assumptions, including but not limited to the Discount Rate.

8.4   Indemnity of Plan  Administrator.  The Company  shall  indemnify  and hold
      harmless the members of the Plan Administrator against any and all claims,
      losses,  damages,  expenses  or  liabilities  arising  from any  action or
      failure  to act with  respect  to this  Agreement,  except  in the case of
      willful misconduct by the Plan Administrator or any of its members.

8.5   Company  Information.  To enable the Plan  Administrator  to  perform  its
      functions,  the Company  shall supply full and timely  information  to the
      Plan  Administrator on all matters relating to the date and  circumstances
      of the retirement,  Disability, death, or Termination of Employment of the
      Executive and such other pertinent  information as the Plan  Administrator
      may reasonably require.

8.6   Annual Statement.  The Plan Administrator  shall provide to the Executive,
      within 120 days after the end of each Plan Year, a statement setting forth
      the benefits payable under this Agreement.

                                       14
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

                                   Article 9
                                 Miscellaneous

9.1   Binding  Effect.  This Agreement shall bind the Executive and the Company,
      and their beneficiaries,  survivors, executors, successors, administrators
      and transferees.

9.2   Arbitration.

      9.2.1 In the event of any claim or controversy  arising out of or relating
            to this Agreement or the breach of this Agreement, the parties agree
            that all such claims or controversies shall be resolved by final and
            binding arbitration in Jefferson County,  Alabama in accordance with
            the  Commercial   Arbitration  Rules  of  the  American  Arbitration
            Association  in effect  on the date  when the  claim or  controversy
            first  arises.   Either  party  must  communicate  its  request  for
            arbitration under this section in writing ("Arbitration  Notice") to
            the other party  within one hundred  twenty (120) days from the date
            the  claim or  controversy  first  arises.  Failure  to  communicate
            Arbitration  Notice  within  one  hundred  twenty  (120)  days shall
            constitute a waiver of any such claim or controversy.

      9.2.2 All  claims or  controversies  subject  to  arbitration  under  this
            section shall be submitted to an  arbitration  hearing within thirty
            (30) days from the date Arbitration Notice is communicated by either
            party.  All claims or controversies  submitted to arbitration  under
            this section  shall be resolved by a panel of three (3)  arbitrators
            who are licensed to practice law in the State of Alabama and who are
            experienced  in  the  arbitration  of  employment  disputes.   These
            arbitrators  shall be selected  in  accordance  with the  applicable
            Commercial Arbitration Rules or by agreement of the parties.  Either
            party   may   request   that   the    arbitration    proceeding   be
            stenographically  recorded by a Certified  Shorthand  Reporter.  The
            arbitrators  shall  issue a  decision  on any  claim or  controversy
            within  thirty  (30) days from the date the  arbitration  hearing is
            completed.  The parties  shall have the right to be  represented  by
            legal  counsel  at  any  arbitration   hearing.  The  costs  of  any
            arbitration hearing,  including the attorneys' fees incurred by both
            parties  (including any costs,  expenses or attorneys' fees incurred
            in filing any lawsuit to compel arbitration under subsection (c), if
            applicable), shall be paid by the Company if it is the losing party.
            Otherwise  each party  shall bear an equal share of the costs of the
            arbitration hearing, and its own expenses and attorneys' fees.

      9.2.3 The  arbitration  provisions  in this  section  are  subject  to the
            Federal  Arbitration  Act 9  U.S.C.  " 1 et seq.  (or any  successor
            provisions)  and may be  specifically  enforced  by any  party,  and
            submission to  arbitration  proceedings  compelled,  by any court of
            competent  jurisdiction.  The

                                       15
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

            decision  of the  arbitrators  may be  specifically  enforced by any
            party in any court of competent jurisdiction.

9.3   No Guarantee of Employment.  This Agreement is not an employment policy or
      contract.  It does not give the  Executive the right to remain an employee
      of the  Company,  nor  does it  interfere  with  the  Company's  right  to
      discharge the Executive.  It also does not require the Executive to remain
      an  employee  nor  interfere  with  the  Executive's  right  to  terminate
      employment at any time.

9.4   Non-Transferability.   Benefits  under  this  Agreement  cannot  be  sold,
      transferred, assigned, pledged, attached or encumbered in any manner.

9.5   Tax  Withholding.  The  Company  shall  withhold  any taxes  that,  in its
      reasonable  judgment,  are  required  to be  withheld  from  the  benefits
      provided  under  this  Agreement.  The  Executive  acknowledges  that  the
      Company's  sole  liability  regarding  taxes  is to  forward  any  amounts
      withheld to the appropriate taxing authority(ies).

9.6   Applicable  Law. The Agreement and all rights  hereunder shall be governed
      by the laws of the State of Alabama, except to the extent preempted by the
      laws of the United States of America.

9.7   Unfunded Arrangement.  The Executive and Beneficiary are general unsecured
      creditors of the Company for the payment of benefits under this Agreement.
      The  benefits  represent  the  mere  promise  by the  Company  to pay such
      benefits.  The  rights  to  benefits  are not  subject  in any  manner  to
      anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
      attachment,  or garnishment by creditors. Any insurance on the Executive's
      life is a  general  asset  of the  Company  to  which  the  Executive  and
      Beneficiary have no preferred or secured claim.

9.8   Reorganization.  The Company shall not merge or  consolidate  into or with
      another company, or reorganize, or sell substantially all of its assets to
      another  company,  firm,  or person  unless such  succeeding or continuing
      company, firm, or person agrees to assume and discharge the obligations of
      the Company under this Agreement.  Upon the occurrence of such event,  the
      term "Company" as used in this  Agreement  shall be deemed to refer to the
      successor or survivor company.

9.9   Entire Agreement.  This Agreement constitutes the entire agreement between
      the Company and the Executive as to the subject matter  hereof.  No rights
      are granted to the Executive by virtue of this Agreement  other than those
      specifically set forth herein.

                                       16
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

9.10  Interpretation. Wherever the fulfillment of the intent and purpose of this
      Agreement requires,  and the context will permit, the use of the masculine
      gender includes the feminine and use of the singular includes the plural.

9.11  Alternative  Action.  In the  event it  shall  become  impossible  for the
      Company or the Plan  Administrator  to perform  any act  required  by this
      Agreement, the Company or Plan Administrator may in its discretion perform
      such  alternative act as most nearly carries out the intent and purpose of
      this Agreement and is in the best interests of the Company.

9.12  Headings.  Article and section headings are for convenient  reference only
      and shall not control or affect the meaning or  construction of any of its
      provisions.

9.13  Validity.  In case any  provision  of this  Agreement  shall be illegal or
      invalid for any reason, said illegality or invalidity shall not affect the
      remaining parts hereof, but this Agreement shall be construed and enforced
      as if such illegal and invalid provision has never been inserted herein.

9.14  Notice.  Any notice or filing  required  or  permitted  to be given to the
      Company or Plan Administrator  under this Agreement shall be sufficient if
      in writing and hand-delivered, or sent by registered or certified mail, to
      the address below:

                                 Gregary L. Lee
                               2211 Southwood Road
                          Vestavia Hills, Alabama 35216

      Such  notice  shall be  deemed  given as of the date of  delivery  or,  if
      delivery  is made by mail,  as of the date  shown on the  postmark  on the
      receipt for registration or certification.

      Any notice or filing  required or permitted  to be given to the  Executive
      under this Agreement shall be sufficient if in writing and hand-delivered,
      or sent by mail, to the last known address of the Executive.

                                    ********

                                       17
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

      IN WITNESS WHEREOF, the Executive and a duly authorized  representative of
the Company have signed this Agreement.

EXECUTIVE:                                COMPANY:

                                          Nexity Bank

                                          By
-------------------------------                   ------------------------------
Gregary L. Lee
                                          Title
                                                  ------------------------------

                                       18
<PAGE>

Nexity Bank
Salary Continuation Agreement
BENEFCIARY DESIGNATION FORM
================================================================================

                          BENEFICIARY DESIGNATION FORM

I designate the following as beneficiary of benefits under the Agreement payable
following my death:

Primary:
             -------------------------------------------------------------------

--------------------------------------------------------------------------------

Contingent:
             -------------------------------------------------------------------

--------------------------------------------------------------------------------

Note: To name a trust as beneficiary,  please provide the name of the trustee(s)
      and the exact name and date of the trust agreement.

I understand  that I may change these  beneficiary  designations by delivering a
new written designation to the Plan Administrator. I further understand that the
designations  will be automatically  revoked if the beneficiary  predeceases me,
or, if I have named my spouse as  beneficiary  and our marriage is  subsequently
dissolved.

Name:
                     ----------------------------------------

Signature:                                                       Date:
                     ----------------------------------------         ----------

--------------------------------------------------------------------------------
SPOUSAL CONSENT (Required if Spouse not named beneficiary):

I consent to the beneficiary  designation  above,  and acknowledge  that if I am
named  beneficiary and our marriage is subsequently  dissolved,  the designation
will be automatically revoked.

Spouse Name:
                     ----------------------------------------

Signature:                                                       Date:
                     ----------------------------------------         ----------
--------------------------------------------------------------------------------

Received by the Plan Administrator this_________day of__________, 20____.

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

Title:
                     -----------------------------------------

<PAGE>

                                 Gregary L. Lee

--------------------------------------------------------------------------------
                           Schedule A Date: 01/01/2004
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
  Plan Effective Date:  01/01/2004             Plan Anniversa Date:  1/1
--------------------------------------------------------------------------------
Normal Retirement Age:  65                  Normal Retirement Date:  8/4/2024
--------------------------------------------------------------------------------
        Discount Rate:  7.00%          Discount Rate E ective Date:  01/01/2004
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                       COC &
                                                                                      COC &       Involuntary or        Pre-
      Plan                        Voluntary     Involuntary                         Voluntary      Constructive      retirement
      Year            Accrual    Termination    Termination       Disability       Termination      Termination        Death
     Ending(1)        Balance      Benefit        Benefit           Benefit          Benefit          Benefit         Benefit
---------------------------------------------------------------------------------------------------------------------------------
<S>                   <C>          <C>            <C>               <C>              <C>             <C>              <C>
Dec 2004              17,213       8,606          17,213            82,500           123,750          328,346         17,213
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

----------------------------
IF THERE IS A CONFLICT IN ANY TERMS OR  PROVISIONS  BETWEEN THIS  SCHEDULE A AND
THE PLAN  AGREEMENT,  THE  TERMS  AND  PROVISIONS  OF THE PLAN  AGREEMENT  SHALL
PREVAIL.

--------------------------
(1)   If a triggering  event  occurs  during a Plan Year,  the benefit  shall be
      determined by subtracting the ending Accrual Balance for the previous Plan
      Year from the projected ending Accrual Balance from the current Plan Year,
      and prorating that difference over the number of full calendar months from
      the prior plan anniversary to the triggering event.

<PAGE>

                   Hypothetical Termination Benefits Schedule

<TABLE>
<CAPTION>
Gregary L. Lee
DOB: 8/04/1959                                    Early Voluntary          Early Voluntary         COC and Voluntary
Plan Anniv Date: 1/1/2005                           Termination              Termination              Termination
Normal Retirement: 8/4/2024, Age 65                   Lump Sum                 Lump Sum               Installment
Payment:  Monthly Installments                  Payable Immediately      Payable Immediately         Payable at 65
                      Benefit       Accrual                  Based On                 Based On                Based On
           Discount   Level 2       Balance      Vesting     Accrual      Vesting     Accrual      Vesting     Benefit
 Period      Rate       (1)           (2)          (3)         (4)          (5)         (6)          (7)         (8)
<S>             <C>     <C>        <C>            <C>     <C>               <C>      <C>            <C>        <C>
Dec 2004        7%       82,500       17,213       50%        8,606         100%        17,213      100%       123,750
Dec 2005        7%       89,513       37,275       60%       22,365         100%        37,275      100%       129,938
Dec 2006        7%       97,020       60,675       70%       42,473         100%        60,675      100%       136,434
Dec 2007        7%      105,054       87,995       80%       70,396         100%        87,995      100%       143,256
Dec 2008        7%      113,650      119,923       90%      107,930         100%       119,923      100%       150,419
Dec 2009        7%      122,842      157,281      100%      157,281         100%       157,281      100%       157,940
Dec 2010        7%      132,669      201,054      100%      201,054         100%       201,054      100%       165,837
Dec 2011        7%      143,172      252,429      100%      252,429         100%       252,429      100%       174,129
Dec 2012        7%      154,394      312,843      100%      312,843         100%       312,843      100%       182,835
Dec 2013        7%      166,380      384,048      100%      384,048         100%       384,048      100%       191,977
Dec 2014        7%      179,178      468,207      100%      468,207         100%       468,207      100%       201,576
Dec 2015        7%      192,841      568,009      100%      568,009         100%       568,009      100%       211,654
Dec 2016        7%      207,421      686,853      100%      686,853         100%       686,853      100%       222,237
Dec 2017        7%      222,978      829,109      100%      829,109         100%       829,109      100%       233,349
Dec 2018        7%      239,572    1,000,528      100%    1,000,528         100%     1,000,528      100%       245,017
Dec 2019        7%      257,267    1,208,927      100%    1,208,927         100%     1,208,927      100%       257,267
Dec 2020        7%      270,131    1,454,915      100%    1,454,915         100%     1,454,915      100%       270,131
Dec 2021        7%      283,637    1,749,904      100%    1,749,904         100%     1,749,904      100%       283,637
Dec 2022        7%      297,819    2,112,952      100%    2,112,952         100%     2,112,952      100%       297,819
Dec 2023        7%      312,710    2,583,618      100%    2,583,618         100%     2,583,618      100%       312,710
Aug 2024        7%      328,346    3,061,962      100%    3,061,962         100%     3,061,962      100%       328,346

<CAPTION>

                 Disability         COC and Involuntary
                                      or Constructive      Pre-retire.
                Installment             Installment      Death Benefit
               Payable at 65          Payable at 65         Lump Sum
                      Based On               Based On       Based On
           Vesting     Benefit    Vesting     Benefit       Accrual
 Period      (9)         (10)       (11)        (12)           (13)
<S>         <C>        <C>          <C>       <C>         <C>
Dec 2004    100%        82,500      100%      328,346       17,213
Dec 2005    100%        89,513      100%      328,346       37,275
Dec 2006    100%        97,020      100%      328,346       60,675
Dec 2007    100%       105,054      100%      328,346       87,995
Dec 2008    100%       113,650      100%      328,346      119,923
Dec 2009    100%       122,842      100%      328,346      157,281
Dec 2010    100%       132,669      100%      328,346      201,054
Dec 2011    100%       143,172      100%      328,346      252,429
Dec 2012    100%       154,394      100%      328,346      312,843
Dec 2013    100%       166,380      100%      328,346      384,048
Dec 2014    100%       179,178      100%      328,346      468,207
Dec 2015    100%       192,841      100%      328,346      568,009
Dec 2016    100%       207,421      100%      328,346      686,853
Dec 2017    100%       222,978      100%      328,346      829,109
Dec 2018    100%       239,572      100%      328,346    1,000,528
Dec 2019    100%       257,267      100%      328,346    1,208,927
Dec 2020    100%       270,131      100%      328,346    1,454,915
Dec 2021    100%       283,637      100%      328,346    1,749,904
Dec 2022    100%       297,819      100%      328,346    2,112,952
Dec 2023    100%       312,710      100%      328,346    2,583,618
Aug 2024    100%       328,346      100%      328,346    3,061,962
</TABLE>

         August 4, 2024 Retirement; September 1, 2024 First Payment Date

1     The first line reflects 12 months of data, January 2004 to December 2004.

2     The benefit amount is based on 100% of current compensation. Compensation
      is based on $82,500 initially, inflating at 0.00% each year to $328,346 at
      retirement.

*     The purpose of this hypothetical illustration is to show the participant's
      annual benefit based on various termination  assumptions.  Actual benefits
      are based on the  terms  and  provisions  of the plan  agreement  executed
      between the company and participant and may differ from those shown.

<TABLE>
<S>                                                             <C>
Copyright (C) 2003 Clark Consulting                                        Securities offered through Clark Securities, Inc.,
Salary Continuation Plan fur Nexity Bank - Birmingham, AL       a wholly owned subsidiary of Clark, Inc., member NASD & SIPC,
1003062 20205 161085 v5.31.39 03/17/2004:12 SCP-SD NB                                  Los Angeles, CA 90071, (213) 486-6300.
</TABLE>Exhibit 10.8

21Nexity Bank
Salary Continuation Agreement
================================================================================

                                                               Prepared 02-06-04
--------------------------------------------------------------------------------

                            (C)2004 Clark Consulting

This  document  is provided to assist  your legal  counsel in  documenting  your
specific  arrangement.  The laws of the various states may differ  considerably,
and  this  specimen  is for  general  information  only.  It is not a form to be
signed,  nor is it to be  construed  as  legal  advice.  Failure  to  accurately
document  your  arrangement  could result in  significant  losses,  whether from
claims  of  those   participating  in  the  arrangement,   from  the  heirs  and
beneficiaries of participants,  or from regulatory agencies such as the Internal
Revenue Service,  the Department of Labor, or bank examiners.  License is hereby
granted to your legal counsel to use these materials in documenting  solely your
arrangement.

--------------------------------------------------------------------------------

<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

                                   NEXITY BANK
                          SALARY CONTINUATION AGREEMENT

      THIS SALARY CONTINUATION  AGREEMENT (the "Agreement") is adopted this 20th
day of July, 2004, by and between NEXITY BANK, a state-chartered commercial bank
located  in  Birmingham,  Alabama  (the  "Company"),  and  DAVID  E.  LONG  (the
"Executive").

      The  purpose of this  Agreement  is to provide  specified  benefits to the
Executive,  a member  of a select  group of  management  or  highly  compensated
employees who contribute  materially to the continued  growth,  development  and
future business success of the Company. This Agreement shall be unfunded for tax
purposes and for purposes of Title I of the Employee  Retirement Income Security
Act of 1974  ("ERISA"),  as amended from time to time.  The Company will pay the
benefits from its general assets.

      The Company and the Executive agree as provided herein.

                                   Article 1
                                   Definitions

      Whenever used in this  Agreement,  the  following  words and phrases shall
have the meanings specified:

1.1   "Accrual  Balance"  means the  liability  that  should be  accrued  by the
      Company,  under Generally Accepted Accounting Principles ("GAAP"), for the
      Company's  obligation to the Executive under this  Agreement,  by applying
      Accounting  Principles  Board  Opinion  Number 12 ("APB 12") as amended by
      Statement of Financial Accounting Standards Number 106 ("FAS 106") and the
      Discount Rate. Any one of a variety of amortization methods may be used to
      determine the Accrual Balance.  However,  once chosen,  the method must be
      consistently applied. The Accrual Balance shall be reported by the Company
      to the Executive on Schedule A.

1.2   "Beneficiary"  means each designated person, or the estate of the deceased
      Executive,  entitled to benefits,  if any, upon the death of the Executive
      determined pursuant to Article 4.

1.3   "Beneficiary  Designation  Form" means the form  established  from time to
      time by the Plan  Administrator  that the Executive  completes,  signs and
      returns to the Plan Administrator to designate one or more Beneficiaries.

1.4   "Change of Control" shall mean:

            (a) a change in the  ownership  of the capital  stock of the Company
      where a  corporation,  person or group  acting in concert (a  "Person") as
      described in Section

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      14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange
      Act"),  holds or acquires,  directly or indirectly,  beneficial  ownership
      (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of a
      number of shares of capital stock of the Company which  constitutes  fifty
      percent (50%) or more of the combined  voting power of the Company's  then
      outstanding  capital stock then entitled to vote generally in the election
      of directors; or

            (b) the persons who were  members of the Board of  Directors  of the
      Company  immediately  prior to a tender offer,  exchange offer,  contested
      election  or any  combination  of the  foregoing,  cease to  constitute  a
      majority of the Board of Directors; or

            (c) the  adoption  by the Board of  Directors  of the  Company  of a
      merger,  consolidation  or  reorganization  plan  involving the Company in
      which  the  Company  is not  the  surviving  entity,  or a sale  of all or
      substantially  all of the  assets of the  Company.  For  purposes  of this
      Agreement, a sale of all or substantially all of the assets of the Company
      shall be deemed to occur if any Person  acquires  (or during the  12-month
      period ending on the date of the most recent  acquisition  by such Person,
      has  acquired)  gross assets of the Company  that have an  aggregate  fair
      market value equal to fifty  percent (50%) of the fair market value of all
      of the gross assets of the Company  immediately  prior to such acquisition
      or acquisitions; or

            (d) a tender offer or exchange offer is made by any Person which, if
      successfully  completed,  would result in such Person  beneficially owning
      (within  the meaning of Rule 13d-3  promulgated  under the  Exchange  Act)
      either fifty percent (50%) or more of the Company's  outstanding shares of
      common stock or shares of capital stock having fifty percent (50%) or more
      the combined voting power of the Company's then outstanding  capital stock
      (other  than an offer  made by the  Company),  and  sufficient  shares are
      acquired  under the offer to cause such person to own fifty  percent (50%)
      or more of the voting power; or

            (e)  any  other  transactions  or  series  of  related  transactions
      occurring  which have  substantially  the same effect as the  transactions
      specified in any of the preceding clauses of this Section.

1.5   "Change of Control Benefit" means the benefits described in Section 2.5.

1.6   "Code" means the Internal Revenue Code of 1986, as amended.

1.7   "Constructive Termination of Employment" means the Executive,  following a
      Change of Control, experiences one of the following:

      (i)   Without the Executive's  express written consent,  the assignment to
            the Executive of any duties or  responsibilities  inconsistent  with
            the Executive's current

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            positions,    or   a   change   in   the    Executive's    reporting
            responsibilities, titles or offices; and/or

      (ii)  A reduction by the Company in the Executive's base salary.

1.8   "Death Benefit" means the benefit described in Article 3.

1.9   "Disability" shall mean the Executive's  inability as a result of physical
      or mental incapacity to substantially  perform, his duties for the Company
      on a full-time basis, with or without  accommodation,  for a period of six
      (6) months.

1.10  "Disability Benefit" means the benefit described in Section 2.4.

1.11  "Discount  Rate"  means  the  rate  used  by the  Plan  Administrator  for
      determining  the  Accrual  Balance.  The rate is  based on the  yield on a
      20-year  corporate  bond rated Aa by Moody's,  rounded to the nearest 1/4%
      The  initial  Discount  Rate is seven  percent  (7 %).  However,  the Plan
      Administrator,  in its sole  discretion,  may adjust the Discount  Rate to
      maintain the rate within reasonable standards according to GAAP.

1.12  "Effective Date" means January 1, 2004.

1.13  "Final  Pay" means the  current  base annual  salary of the  executive  at
      Termination of Employment.

1.14  "Involuntary Termination of Employment" means the Executive is notified in
      writing by the Company, that employment with the Company is terminated for
      reasons other than an approved  leave of absence,  Voluntary  Termination,
      Constructive Termination of Employment, or Termination for Cause.

1.15  "Involuntary  Termination  Date"  means the  month,  day and year in which
      Involuntary Termination occurs.

1.16  "Normal Retirement Age" means the Executive's 65th birthday.

1.17  "Normal  Retirement Date" means the later of the Normal  Retirement Age or
      Termination of Employment.

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1.18  "Plan Administrator" means the plan administrator described in Article 8.

1.19  "Plan Year" means each  twelve-month  period  commencing  on the Effective
      Date.

1.20  "Projected Final Pay" means Final Pay increased five percent (5%) annually
      from the date of a Change of Control until Normal Retirement Age.

1.21  "Termination for Cause" has that meaning set forth in Article 5.

1.22  "Termination of Employment" means that the Executive ceases to be employed
      by the Company for any reason,  voluntary  or  involuntary,  other than by
      reason of a leave of absence approved by the Company.

1.23  "Voluntary  Termination"  means the  Termination  of  Employment  prior to
      Normal   Retirement   Age  for  reasons  other  than  death,   Disability,
      Involuntary  Termination,   Constructive  Termination  of  Employment,  or
      Termination for Cause.

1.24  "Voluntary  Termination  Date"  means  the  month,  day and  year in which
      Voluntary Termination occurs.

                                   Article 2
                            Benefits During Lifetime

2.1   Normal Retirement Benefit.  Upon Termination of Employment on or after the
      Normal  Retirement Age for reasons other than death, the Company shall pay
      to the Executive the benefit  described in this Section 2.1 in lieu of any
      other benefit under this Article 2.

      2.1.1 Amount of  Benefit.  The annual  benefit  under this  Section 2.1 is
            thirty percent (30%) of Final Pay. The Board may, in its discretion,
            increase  this  amount by one  percent  (1%) per Plan Year,  up to a
            maximum annual benefit of forty-five percent (45%) of Final Pay.

      2.1.2 Payment of Benefit.  The Company shall pay the annual benefit to the
            Executive in twelve (12) equal  monthly  installments  commencing on
            the  first  day  of  the  month  following  the  Executive's  Normal
            Retirement  Date.  The annual benefit shall be paid to the Executive
            for fifteen (15) years.

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2.2   Voluntary  Termination Benefit.  Upon Voluntary  Termination before Normal
      Retirement Date,  except in the case of a Change of Control and subject to
      the  provisions  of Article 5, the Company  shall pay to the Executive the
      benefit  described in this Section 2.2 in lieu of any other  benefit under
      this Article 2.

      2.2.1 Amount  of  Benefit.  The  benefit  under  this  Section  2.2 is the
            Voluntary  Termination  Benefit set forth on Schedule A for the Plan
            Year  during  which the  Voluntary  Termination  Date  occurs.  This
            benefit is  determined by vesting the Executive in ten percent (10%)
            of the  Accrual  Balance  for each  Plan Year  until  the  Executive
            becomes one hundred  percent  (100%) vested in the Accrual  Balance.
            For purposes of determining the Executive's vesting percentage,  the
            Executive's  years of service prior to the  Effective  Date shall be
            considered.

      2.2.2 Payment  of  Benefit.  The  Company  shall  pay the  benefit  to the
            Executive  in  a  lump  sum  within   thirty  (30)  days   following
            Termination of Employment.

2.3   Involuntary  Termination  Benefit.  Upon  Involuntary  Termination  before
      Normal  Retirement  Date,  except in the case of a Change of  Control  and
      subject  to the  provisions  of Article  5, the  Company  shall pay to the
      Executive  the benefit  described in this Section 2.3 in lieu of any other
      benefit under this Article 2.

      2.3.1 Amount  of  Benefit.  The  benefit  under  this  Section  2.3 is the
            Involuntary Termination Benefit set forth on Schedule A for the Plan
            Year during which the Termination of Employment occurs. This benefit
            is determined by vesting the Executive in one hundred percent (100%)
            of the Accrual Balance.

      2.3.2 Payment  of  Benefit.  The  Company  shall  pay the  benefit  to the
            Executive  in  a  lump  sum  within   thirty  (30)  days   following
            Termination of Employment.

2.4   Disability Benefit. Upon Termination of Employment due to Disability prior
      to Normal  Retirement  Age,  the Company  shall pay to the  Executive  the
      benefit  described in this Section 2.4 in lieu of any other  benefit under
      this Article 2.

      2.4.1 Amount of Benefit.  The annual benefit under this Section 2.4 is the
            Disability  Benefit set forth on Schedule A for the Plan Year during
            which  the  Termination  of  Employment  occurs.   This  benefit  is
            determined by vesting the Executive in one hundred percent (100%) of
            the  benefit  described  in  Section  2.1.1  of this  Agreement,  as
            determined at the time of the Executive's  Termination of Employment
            due to Disability.

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      2.4.2 Payment of Benefit.  The Company shall pay the annual benefit to the
            Executive in twelve (12) equal monthly installments  commencing with
            the month following Normal  Retirement Age. The annual benefit shall
            be paid to the Executive for fifteen (15) years.

2.5   Change in Control Benefits.

      2.5.1 Involuntary   Change  of  Control  Benefit.   Upon  the  Executive's
            Involuntary Termination of Employment or Constructive Termination of
            Employment  following a Change of Control,  the Company shall pay to
            the Executive the benefit described in this Section 2.5.1 in lieu of
            any other benefit under this Article 2.

            (a)   Amount of Benefit. The annual benefit under this Section 2.5.1
                  is the Change of Control  Benefit  set forth on Schedule A for
                  the Plan Year during which  Termination of Employment  occurs.
                  This  benefit  is  determined  by  vesting  the  Executive  in
                  forty-five  percent (45%) of the  Executive's  Projected Final
                  Pay

            (b)   Payment of Benefit.  The Company shall pay the annual  benefit
                  to the  Executive  in twelve (12) equal  monthly  installments
                  commencing with the month following Normal Retirement Age. The
                  annual benefit shall be paid to the Executive for fifteen (15)
                  years.

      2.5.2 Voluntary Change of Control Benefit.  Upon the Executive's Voluntary
            Termination of Employment following a Change of Control, the Company
            shall pay to the  Executive  the benefit  described  in this Section
            2.5.2 in lieu of any other benefit under this Article 2.

            (a)   Amount of Benefit. The annual benefit under this Section 2.5.2
                  is the Change of Control  Benefit  set forth on Schedule A for
                  the Plan Year during which  Termination of Employment  occurs.
                  This  benefit  is  determined  by  vesting  the  Executive  in
                  forty-five percent (45%) of the Executive's Final Pay.

            (b)   Payment of Benefit.  The Company shall pay the annual  benefit
                  to the  Executive  in twelve (12) equal  monthly  installments
                  commencing with the month following Normal Retirement Age. The
                  annual benefit shall be paid to the Executive for fifteen (15)
                  years.

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                                   Article 3
                                 Death Benefits

3.1   Death During Active  Service.  If the  Executive  dies while in the active
      service of the  Company,  the  Company  shall pay to the  Beneficiary  the
      benefit described in this Section 3. 1. This benefit shall be paid in lieu
      of the benefits under Article 2.

      3.1.1 Amount of Benefit.  The benefit under this Section 3. 1 is the Death
            Benefit set forth on  Schedule A for the Plan Year during  which the
            Executive   dies.   This  benefit  is   determined  by  vesting  the
            Executive's beneficiary in one hundred percent (100%) of the Accrual
            Balance.

      3.1.2 Payment of Benefit.  The  Company  shall pay the lump sum benefit to
            the  Executive's  beneficiary  within thirty (30) days following the
            Executive's death.

3.2   Death During Payment of a Benefit. If the Executive dies after any benefit
      payments  have  commenced  under Article 2 of this  Agreement,  but before
      receiving all such payments,  the Company shall pay the remaining benefits
      to the  Beneficiary  at the same time and in the same  amounts  they would
      have been paid to the Executive had the Executive survived.

3.3   Death After  Termination  of  Employment  But Before  Payment of a Benefit
      Commences.  If the  Executive  is entitled to any benefit  payments  under
      Article 2 of this Agreement, but dies prior to the commencement of benefit
      payments,  the Company  shall pay the same benefit to which the  Executive
      was entitled to prior to death to the Beneficiary, except that the benefit
      payments shall  commence on the first day of the month  following the date
      of the Executive's death.

                                   Article 4
                                  Beneficiaries

4.1   Beneficiary Designation.  The Executive shall have the right, at any time,
      to designate a Beneficiary(ies) to receive any benefits payable under this
      Agreement  upon the death of the  Executive.  The  Beneficiary  designated
      under this Agreement may be the same as or different from the  beneficiary
      designation  under  any other  benefit  plan of the  Company  in which the
      Executive participates.

4.2   Beneficiary   Designation   Change.   The  Executive   shall  designate  a
      Beneficiary by completing and signing the  Beneficiary  Designation  Form,
      and delivering it to the Plan  Administrator or its designated  agent. The
      Executive's Beneficiary designation shall be

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      deemed automatically revoked if the Beneficiary  predeceases the Executive
      or if the  Executive  names a spouse as  Beneficiary  and the  marriage is
      subsequently  dissolved.  The  Executive  shall have the right to change a
      Beneficiary by completing,  signing and otherwise complying with the terms
      of the Beneficiary Designation Form and the Plan Administrator's rules and
      procedures,  as in effect from time to time.  Upon the  acceptance  by the
      Plan Administrator of a new Beneficiary  Designation Form, all Beneficiary
      designations  previously filed shall be cancelled.  The Plan Administrator
      shall be entitled to rely on the last  Beneficiary  Designation Form filed
      by the  Executive  and  accepted  by the Plan  Administrator  prior to the
      Executive's death.

4.3   Acknowledgment.  No  designation or change in designation of a Beneficiary
      shall be effective until received, accepted and acknowledged in writing by
      the Plan Administrator or its designated agent.

4.4   No  Beneficiary  Designation.  If  the  Executive  dies  without  a  valid
      beneficiary designation, or if all designated Beneficiaries predecease the
      Executive,   then  the   Executive's   spouse  shall  be  the   designated
      Beneficiary.  If the Executive has no surviving spouse, the benefits shall
      be made to the personal representative of the Executive's estate.

4.5   Facility  of  Payment.  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  payment 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
      payment of a benefit  shall be a payment for the account of the  Executive
      and the  Executive's  Beneficiary,  as the  case  may be,  and  shall be a
      complete  discharge of any liability  under the Agreement for such payment
      amount.

                                   Article 5
                               General Limitations

5.1   Termination for Cause.  Notwithstanding any provision of this Agreement to
      the contrary,  the Company shall not pay any benefit under this  Agreement
      if the Company's Board of Directors terminates the Executive's  employment
      for:

            (a)   Gross negligence or gross neglect of duties to the Company;

            (b)   Commission  of a felony  or of a gross  misdemeanor  involving
                  moral turpitude;

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            (c)   Fraud or willful  violation of any law or significant  Company
                  policy committed in connection with the Executive's employment
                  and resulting in a material adverse effect on the Company; or

            (d)   Issuance  of an order  for  removal  of the  Executive  by the
                  Company's banking regulators.

            Notwithstanding the foregoing,  the Executive shall not be deemed to
      have been terminated by reason of violating Section 5.1(c) until Executive
      is  notified  in writing by the  Company  (or its  successor  entity) of a
      determination of a violation of Section 5.1(c), specifying the particulars
      thereof in  reasonably  sufficient  detail,  and giving  the  Executive  a
      reasonable opportunity (of not less than ten (10) days), together with his
      counsel,  to explain to the  Company  why there has been no  violation  of
      Section 5.1(c),  followed by a finding by the Company (i) that in the good
      faith opinion of the Company (or its  successor  entity) the Executive had
      committed an act described in Section  5.1(c) above,  (ii)  specifying the
      particulars  thereof in detail,  and (iii) determining that such violation
      has not been  corrected,  or is not capable of correction.  Nothing herein
      shall limit the right of the Executive or his  Beneficiary  to contest the
      validity or propriety of any such determination.

5.2   Suicide or Misstatement.  The Company shall not pay any benefit under this
      Agreement if the Executive  commits  suicide  within three (3) years after
      the  Effective  Date.  In addition,  the Company shall not pay any benefit
      under this  Agreement if the Executive has made any material  misstatement
      of fact on any  application for life insurance owned by the Company on the
      Executive's life.

5.3   Excess Parachute Payment.

      5.3.1 Notwithstanding any provision of this Agreement to the contrary, and
            subject to Section 5.3.2 below, the Company shall not be required to
            pay any benefit under this Agreement if, upon the advice of counsel,
            the Company  determines  that the payment of such  benefit  would be
            prohibited  by 12  C.F.R.  Part  359  or any  successor  regulations
            regarding employee compensation promulgated by any regulatory agency
            having jurisdiction over the Company or its affiliates.

      5.3.2 Notwithstanding  the  preceding,  in the  event  that the  Executive
            becomes entitled to the benefits under this Agreement,  and any such
            benefits  will be subject to the tax (the "Excise  Tax")  imposed by
            Section  4999 of the Code,  the Company  shall pay to the  Executive
            coincident  with the first payment of benefits  under this Agreement
            pursuant to the provisions of Article 2 or 3 of this  Agreement,  an
            additional amount (the "Gross-Up  Payment") such that the net amount
            retained by the Executive  after  deduction of any Excise Tax on the
            benefits  and after  application  of any  federal,  state,  or local
            income taxes on the benefits  and the

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            Gross-Up  Payments,  shall be equal to the benefits  provided  under
            Article 2 or 3 of this Agreement.

            (a)   For  purposes  of  determining  whether  any of  the  benefits
                  provided  under this  Agreement  will be subject to the Excise
                  Tax and the amount of such Excise Tax, (i) any other  payments
                  or benefits  received or to be  received by the  Executive  in
                  connection  with a change in  control of the  Company,  or the
                  Executive's termination of employment (whether pursuant to the
                  terms of this  Agreement  or any other  plan,  arrangement  or
                  agreement  with the  Company)  shall be treated as  "parachute
                  payments"  within the  meaning of  section  280G(b)(2)  of the
                  Code, and all "excess  parachute  payments" within the meaning
                  of  section  280G(b)(1)  shall be  treated  as  subject to the
                  Excise Tax,  unless in the opinion of tax counsel  selected by
                  the  Company's  independent  auditors  and  acceptable  to the
                  Executive  such other  payments  or  benefits  (in whole or in
                  part) do not  constitute  parachute  payments,  or such excess
                  parachute payments (in whole or in part) represent  reasonable
                  compensation for services actually rendered within the meaning
                  of  Section  280G(b)(4)  of the Code,  (ii) the  amount of the
                  benefits  provided under this Agreement which shall be treated
                  as  subject  to the Excise Tax shall be equal to the lesser of
                  (A) the total amount of the such  benefits,  or (B) the amount
                  of excess  parachute  payments  within the  meaning of Section
                  280G(b)(1) and (4) (after  applying  clause (i),  above),  and
                  (iii)  the  value of any  non-cash  benefits  or any  deferred
                  payment  or  benefit  shall  be  determined  by the  Company's
                  independent  auditors in  accordance  with the  principles  of
                  Sections 280G(d)(3) and (4) of the Code.

            (b)   For  purposes  of  determining  the  amount  of  the  Gross-Up
                  Payment,  the Executive  shall be deemed to pay federal income
                  taxes at the highest  marginal rate of federal income taxation
                  in the calendar  year in which the  Gross-Up  Payment is to be
                  made, and state and local income taxes at the highest marginal
                  rates of taxation in the state and locality of your  residence
                  on the Executive  incurs a Termination of  Employment,  net of
                  the maximum  reduction in federal  income taxes which could be
                  obtained from deduction of such state and local texas.

            (c)   In the event that the Excise Tax is subsequently determined to
                  be less than the amount  taken into  account  hereunder at the
                  time the Executive  incurs a Termination  of  Employment,  the
                  Executive  shall  repay to the  Company  at the time  that the
                  amount of such reduction in Excise Tax is finally  determined,
                  the  portion  of the  Gross-Up  Payment  attributable  to such
                  reduction.  In the event that the Excise Tax is  determined to
                  exceed the amount taken into account  hereunder at the time of
                  the Executive's Termination of Employment (including by reason
                  of any  payment,  the  existence  or amount of which cannot be
                  determined at the time of the

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                  Gross-Up  Payment),  the  Company  shall  make  an  additional
                  gross-up  payment in respect of such excess (plus any interest
                  payable with respect to such excess) at the time the amount of
                  such excess is finally determined.

                                   Article 6
                          Claims And Review Procedures

6.1   Claims  Procedure.  An Executive or Beneficiary  ("claimant")  who has not
      received  benefits under the Agreement  that he or she believes  should be
      paid shall make a claim for such benefits as follows:

      6.1.1 Initiation  -  Written  Claim.  The  claimant  initiates  a claim by
            submitting  to the  Plan  Administrator  a  written  claim  for  the
            benefits.

      6.1.2 Timing of Plan Administrator  Response. The Plan Administrator shall
            respond to such claimant within forty-five (45) days after receiving
            the  claim.  If  the  Plan  Administrator  determines  that  special
            circumstances  require additional time for processing the claim, the
            Plan  Administrator  can extend the  response  period by an up to an
            additional  sixty (60) days by  notifying  the  claimant in writing,
            prior to the end of the initial  45-day  period,  that an additional
            period  is  required.  The  notice of  extension  must set forth the
            special  circumstances and the date by which the Plan  Administrator
            expects to render its decision. If there is an extension, a decision
            on the claim shall be made as soon as  possible,  but not later than
            one hundred five (105) days after receipt by the Plan  Administrator
            of your initial claim for benefits.

      6.1.3 Notice of Decision.  If the Plan Administrator denies part or all of
            the claim,  the Plan  Administrator  shall  notify the  claimant  in
            writing  of such  denial.  The Plan  Administrator  shall  write the
            notification  in  a  manner  calculated  to  be  understood  by  the
            claimant. The notification shall set forth:

            (a)   The specific reasons for the denial;

            (b)   A reference to the  specific  provisions  of the  Agreement on
                  which the denial is based;

            (c)   A  description  of  any  additional  information  or  material
                  necessary  for  the  claimant  to  perfect  the  claim  and an
                  explanation of why it is needed;

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            (d)   An explanation of the  Agreement's  review  procedures and the
                  time limits applicable to such procedures; and

            (e)   A statement  of the  claimant's  right to bring a civil action
                  under  ERISA  Section  502(a)  following  an  adverse  benefit
                  determination on review.

6.2   Review  Procedure.  If the Plan  Administrator  denies  part or all of the
      claim,  the claimant shall have the  opportunity  for an appeal and a full
      and fair review by the Plan Administrator of the denial, as follows:

      6.2.1 Initiation - Written  Request.  To initiate the claim denial review,
            the claimant,  within one hundred eighty (180) days after  receiving
            the Plan  Administrator's  notice of denial, must file with the Plan
            Administrator a written request for review.

      6.2.2 Additional Submissions - Information Access. The claimant shall then
            have the opportunity to submit written comments,  documents, records
            and other information  relating to the claim. The Plan Administrator
            shall also  provide the  claimant,  upon request and free of charge,
            reasonable  access to, and copies  of, all  documents,  records  and
            other   information   relevant  (as  defined  in  applicable   ERISA
            regulations) to the claimant's claim for benefits.

      6.2.3 Considerations  on  Review.  In  considering  the  review,  the Plan
            Administrator  shall take into account all materials and information
            the  claimant  submits  relating  to the  claim,  without  regard to
            whether such  information was submitted or considered in the initial
            benefit determination.

      6.2.4 Timing of Plan Administrator  Response. The Plan Administrator shall
            respond in  writing to such  claimant  within  forty-five  (45) days
            after  receiving the request for review.  If the Plan  Administrator
            deteimines that special  circumstances  require  additional time for
            processing the claim, the Plan Administrator can extend the response
            period  by an  additional  forty-five  (45)  days by  notifying  the
            claimant in writing,  prior to the end of the initial 45-day period,
            that an additional period is required.  The notice of extension must
            set forth the special  circumstances  and the date by which the Plan
            Administrator  expects to render its  decision.  This  extension may
            only be  made  where  there  are  special  circumstances  which  are
            communicated  to you in writing within the initial  forty-five  (45)
            day  period.  If there is an  extension,  a decision  on your appeal
            shall be made as soon as  possible,  but not later than  ninety (90)
            days after receipt by the Plan  Administrator  of your initial claim
            for review.

                                       12
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

      6.2.5 Notice of Decision. The Plan Administrator shall notify the claimant
            in. writing of its decision on review. The Plan Administrator  shall
            write the  notification  in a manner  calculated to be understood by
            the claimant. The notification shall set forth:

            (a)   The specific reasons for the denial;

            (b)   A reference to the  specific  provisions  of the  Agreement on
                  which the denial is based;

            (c)   A statement  that the  claimant  is entitled to receive,  upon
                  request and free of charge,  reasonable  access to, and copies
                  of, all documents,  records and other information relevant (as
                  defined in applicable  ERISA  regulations)  to the  claimant's
                  claim for benefits; and

            (d)   A statement  of the  claimant's  right to bring a civil action
                  under ERISA Section 502(a).

                                   Article 7
                           Amendments and Termination

      This  Agreement may be amended or terminated  only by a written  agreement
signed by the Company and the  Executive.  Provided,  however,  if the Company's
Board of  Directors  determines  that the  Executive  is no longer a member of a
select  group of  management  or highly  compensated  employees,  as that phrase
applies to ERISA,  for reasons other than death,  Disability or retirement,  the
Company  may  amend  or  terminate  this  Agreement.   Upon  such  amendment  or
termination  the Company shall pay benefits to the  Executive as if  Involuntary
Termination occurred on the date of such amendment or termination, regardless of
whether Involuntary Termination actually occurs.

      Notwithstanding  the previous paragraph in this Article 7, the Company may
amend or  terminate  this  Agreement  at any time if,  pursuant to  legislative,
judicial or regulatory  action,  continuation  of the Agreement  would (i) cause
benefits to be taxable to the Executive prior to actual receipt,  (ii) result in
significant financial penalties or other significantly detrimental ramifications
to the Company  (other than the  financial  impact of paying the  benefits);  or
(iii)  otherwise  cause the  Agreement to violate  ERISA or the Code,  provided,
however,  that the Company shall in good faith  negotiate  with the Executive to
provide an  alternative  agreement or  arrangement  in place of this  Agreement,
which  alternative  agreement  or  arrangement  provides  substantially  similar
benefits as this Agreement.

                                       13
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

                                   Article 8
                           Administration of Agreement

8.1   Plan Administrator  Duties. This Agreement shall be administered by a Plan
      Administrator  which  shall  consist of the Board,  or such  committee  or
      person(s) as the Board shall appoint. The Executive may be a member of the
      Plan Administrator.  The Plan Administrator shall also have the discretion
      and authority to (i) make,  amend,  interpret and enforce all  appropriate
      rules and  regulations for the  administration  of this Agreement and (ii)
      decide or resolve any and all questions including  interpretations of this
      Agreement, as may arise in connection with the Agreement.

8.2   Agents. In the  administration of this Agreement,  the Plan  Administrator
      may employ  agents and delegate to them such  administrative  duties as it
      sees fit, (including acting through a duly appointed representative),  and
      may from time to time  consult  with  counsel  who may be  counsel  to the
      Company.

8.3   Binding  Effect  of  Decisions.   The  decision  or  action  of  the  Plan
      Administrator with respect to any question arising out of or in connection
      with the  administration,  interpretation and application of the Agreement
      and the rules and  regulations  promulgated  hereunder  shall be final and
      conclusive  and  binding  upon all  persons  having  any  interest  in the
      Agreement.  No Executive or Beneficiary shall be deemed to have any right,
      vested or nonvested, regarding the continued use of any previously adopted
      assumptions, including but not limited to the Discount Rate.

8.4   Indemnity of Plan  Administrator.  The Company  shall  indemnify  and hold
      harmless the members of the Plan Administrator against any and all claims,
      losses,  damages,  expenses  or  liabilities  arising  from any  action or
      failure  to act with  respect  to this  Agreement,  except  in the case of
      willful misconduct by the Plan Administrator or any of its members.

8.5   Company  Information.  To enable the Plan  Administrator  to  perform  its
      functions,  the Company  shall supply full and timely  information  to the
      Plan  Administrator on all matters relating to the date and  circumstances
      of the retirement,  Disability, death, or Termination of Employment of the
      Executive and such other pertinent  information as the Plan  Administrator
      may reasonably require.

8.6   Annual Statement.  The Plan Administrator  shall provide to the Executive,
      within 120 days after the end of each Plan Year, a statement setting forth
      the benefits payable under this Agreement.

                                       14
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

                                   Article 9
                                  Miscellaneous

9.1   Binding  Effect.  This Agreement shall bind the Executive and the Company,
      and their beneficiaries,  survivors, executors, successors, administrators
      and transferees.

9.2   Arbitration.

      9.2.1 In the event of any claim or controversy  arising out of or relating
            to this Agreement or the breach of this Agreement, the parties agree
            that all such claims or controversies shall be resolved by final and
            binding arbitration in Jefferson County,  Alabama in accordance with
            the  Commercial   Arbitration  Rules  of  the  American  Arbitration
            Association  in effect  on the date  when the  claim or  controversy
            first  arises.   Either  party  must  communicate  its  request  for
            arbitration under this section in writing ("Arbitration  Notice") to
            the other party  within one hundred  twenty (120) days from the date
            the  claim or  controversy  first  arises.  Failure  to  communicate
            Arbitration  Notice  within  one  hundred  twenty  (120)  days shall
            constitute a waiver of any such claim or controversy.

      9.2.2 All  claims or  controversies  subject  to  arbitration  under  this
            section shall be submitted to an  arbitration  hearing within thirty
            (30) days from the date Arbitration Notice is communicated by either
            party.  All claims or controversies  submitted to arbitration  under
            this section  shall be resolved by a panel of three (3)  arbitrators
            who are licensed to practice law in the State of Alabama and who are
            experienced  in  the  arbitration  of  employment  disputes.   These
            arbitrators  shall be selected  in  accordance  with the  applicable
            Commercial Arbitration Rules or by agreement of the parties.  Either
            party   may   request   that   the    arbitration    proceeding   be
            stenographically  recorded by a Certified  Shorthand  Reporter.  The
            arbitrators  shall  issue a  decision  on any  claim or  controversy
            within  thirty  (30) days from the date the  arbitration  hearing is
            completed.  The parties  shall have the right to be  represented  by
            legal  counsel  at  any  arbitration   hearing.  The  costs  of  any
            arbitration hearing,  including the attorneys' fees incurred by both
            parties  (including any costs,  expenses or attorneys' fees incurred
            in filing any lawsuit to compel arbitration under subsection (c), if
            applicable), shall be paid by the Company if it is the losing party.
            Otherwise  each party  shall bear an equal share of the costs of the
            arbitration hearing, and its own expenses and attorneys' fees.

      9.2.3 The  arbitration  provisions  in this  section  are  subject  to the
            Federal  Arbitration  Act 9  U.S.C.  " 1 et seq.  (or any  successor
            provisions)  and may be  specifically  enforced  by any  party,  and
            submission to  arbitration  proceedings  compelled,  by any court of
            competent  jurisdiction.  The

                                       15
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

            decision  of the  arbitrators  may be  specifically  enforced by any
            party in any court of competent jurisdiction.

9.3   No Guarantee of Employment.  This Agreement is not an employment policy or
      contract.  It does not give the  Executive the right to remain an employee
      of the  Company,  nor  does it  interfere  with  the  Company's  right  to
      discharge the Executive.  It also does not require the Executive to remain
      an  employee  nor  interfere  with  the  Executive's  right  to  terminate
      employment at any time.

9.4   Non-Transferability.   Benefits  under  this  Agreement  cannot  be  sold,
      transferred, assigned, pledged, attached or encumbered in any manner.

9.5   Tax  Withholding.  The  Company  shall  withhold  any taxes  that,  in its
      reasonable  judgment,  are  required  to be  withheld  from  the  benefits
      provided  under  this  Agreement.  The  Executive  acknowledges  that  the
      Company's  sole  liability  regarding  taxes  is to  forward  any  amounts
      withheld to the appropriate taxing authority(ies).

9.6   Applicable  Law. The Agreement and all rights  hereunder shall be governed
      by the laws of the State of Alabama, except to the extent preempted by the
      laws of the United States of America.

9.7   Unfunded Arrangement.  The Executive and Beneficiary are general unsecured
      creditors of the Company for the payment of benefits under this Agreement.
      The  benefits  represent  the  mere  promise  by the  Company  to pay such
      benefits.  The  rights  to  benefits  are not  subject  in any  manner  to
      anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
      attachment,  or garnishment by creditors. Any insurance on the Executive's
      life is a  general  asset  of the  Company  to  which  the  Executive  and
      Beneficiary have no preferred or secured claim.

9.8   Reorganization.  The Company shall not merge or  consolidate  into or with
      another company, or reorganize, or sell substantially all of its assets to
      another  company,  firm,  or person  unless such  succeeding or continuing
      company, firm, or person agrees to assume and discharge the obligations of
      the Company under this Agreement.  Upon the occurrence of such event,  the
      term "Company" as used in this  Agreement  shall be deemed to refer to the
      successor or survivor company.

9.9   Entire Agreement.  This Agreement constitutes the entire agreement between
      the Company and the Executive as to the subject matter  hereof.  No rights
      are granted to the Executive by virtue of this Agreement  other than those
      specifically set forth herein.

                                       16
<PAGE>

Nexity Bank
Salary Continuation Agreement
================================================================================

9.10  Interpretation. Wherever the fulfillment of the intent and purpose of this
      Agreement requires,  and the context will permit, the use of the masculine
      gender includes the feminine and use of the singular includes the plural.

9.11  Alternative  Action.  In the  event it  shall  become  impossible  for the
      Company or the Plan  Administrator  to perform  any act  required  by this
      Agreement, the Company or Plan Administrator may in its discretion perform
      such  alternative act as most nearly carries out the intent and purpose of
      this Agreement and is in the best interests of the Company.

9.12  Headings.  Article and section headings are for convenient  reference only
      and shall not control or affect the meaning or  construction of any of its
      provisions.

9.13  Validity.  In case any  provision  of this  Agreement  shall be illegal or
      invalid for any reason, said illegality or invalidity shall not affect the
      remaining parts hereof, but this Agreement shall be construed and enforced
      as if such illegal and invalid provision has never been inserted herein.

9.14  Notice.  Any notice or filing  required  or  permitted  to be given to the
      Company or Plan Administrator  under this Agreement shall be sufficient if
      in writing and hand-delivered, or sent by registered or certified mail, to
      the address below:

                                  David E. Long
                              1190 Lake Point Court
                              Hoover, Alabama 35244

      Such  notice  shall be  deemed  given as of the date of  delivery  or,  if
      delivery  is made by mail,  as of the date  shown on the  postmark  on the
      receipt for registration or certification.

      Any notice or filing  required or permitted  to be given to the  Executive
      under this Agreement shall be sufficient if in writing and hand-delivered,
      or sent by mail, to the last known address of the Executive.

                                    ********

                                       17
<PAGE>

      IN WITNESS WHEREOF, the Executive and a duly authorized  representative of
the Company have signed this Agreement.

EXECUTIVE:                                      COMPANY:

                                                Nexity Bank

                                                By
---------------------------------------                -------------------------
David E. Long
                                                Title
                                                       -------------------------

                                       18
<PAGE>

Nexity Bank
Salary Continuation Agreement
BENEFCIARY DESIGNATION FORM
================================================================================

                          BENEFICIARY DESIGNATION FORM

I designate the following as beneficiary of benefits under the Agreement payable
following my death:

Primary:             Carla Denise Long
             -------------------------------------------------------------------

--------------------------------------------------------------------------------

Contingent:          Bryant Thomas Long
             -------------------------------------------------------------------

--------------------------------------------------------------------------------

Note: To name a trust as beneficiary,  please provide the name of the trustee(s)
and the exact name and date of the trust agreement.

I understand  that I may change these  beneficiary  designations by delivering a
new written designation to the Plan Administrator. I further understand that the
designations  will be automatically  revoked if the beneficiary  predeceases me,
or, if I have named my spouse as  beneficiary  and our marriage is  subsequently
dissolved.

Name:
             ------------------------------------------

Signature:                                                  Date:
             -------------------------------------------         -------------

--------------------------------------------------------------------------------
SPOUSAL CONSENT (Required if Spouse not named beneficiary):

I consent to the beneficiary  designation  above,  and acknowledge  that if I am
named  beneficiary and our marriage is subsequently  dissolved,  the designation
will be automatically revoked.

Spouse Name:
             ------------------------------------------

Signature:                                                  Date:
             -------------------------------------------         -------------
--------------------------------------------------------------------------------

Received by the Plan Administrator this ______day of _______________, 20____.

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

Title:
            --------------------------------------------------------

<PAGE>

                                  David E. Long

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
                             Schedule A Date: 01/01/2004
-------------------------------------------------------------------------------------------
<S>                                             <C>
-------------------------------------------------------------------------------------------
   Plan Effective Date:  01/01/2004                     Plan Anniversa Date:  1/1
-------------------------------------------------------------------------------------------
 Normal Retirement Age:  65                          Normal Retirement Date:  7/11/2027
-------------------------------------------------------------------------------------------
         Discount Rate:  7.00%                  Discount Rate E ective Date:  01/01/2004
-------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                       COC &
                                                                                      COC &       Involuntary or        Pre-
      Plan                        Voluntary     Involuntary                         Voluntary      Constructive      retirement
      Year            Accrual    Termination    Termination       Disability       Termination      Termination        Death
     Ending(1)        Balance      Benefit        Benefit           Benefit          Benefit          Benefit         Benefit
---------------------------------------------------------------------------------------------------------------------------------
<S>                   <C>          <C>            <C>               <C>              <C>             <C>              <C>
    Dec 2004          9,662        4,831          9,662             60,000           90,000          276,437          9,662
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

----------------------------
IF THERE IS A CONFLICT IN ANY TERMS OR  PROVISIONS  BETWEEN THIS  SCHEDULE A AND
THE PLAN  AGREEMENT,  THE  TERMS  AND  PROVISIONS  OF THE PLAN  AGREEMENT  SHALL
PREVAIL.

--------
(1)   If a triggering  event  occurs  during a Plan Year,  the benefit  shall be
      determined by subtracting the ending Accrual Balance for the previous Plan
      Year from the projected ending Accrual Balance from the current Plan Year,
      and prorating that difference over the number of full calendar months from
      the prior plan anniversary to the triggering event.

                                       1

<PAGE>

                   Hypothetical Termination Benefits Schedule

<TABLE>
<CAPTION>
David E. Long
DOB: 7/11/1962                                    Early Voluntary          Early Voluntary         COC and Voluntary
Plan Anniv Date: 1/1/2005                           Termination              Termination              Termination
Normal Retirement: 7/11/2007, Age 65                  Lump Sum                 Lump Sum               Installment
Payment:  Monthly Installments                  Payable Immediately      Payable Immediately         Payable at 65
                      Benefit       Accrual                  Based On                 Based On                Based On
           Discount   Level 2       Balance      Vesting     Accrual      Vesting     Accrual      Vesting     Benefit
 Period      Rate       (1)           (2)          (3)         (4)          (5)         (6)          (7)         (8)
<S>             <C>     <C>         <C>             <C>      <C>             <C>      <C>             <C>      <C>
Dec 2004        7%       60,000         9,662        50%         4,831       100%         9,662       100%      90,000
Dec 2005        7%       65,100        20,918        60%        12,551       100%        20,918       100%      94,500
Dec 2006        7%       70,560        34,037        70%        23,826       100%        34,037       100%      99,225
Dec 2007        7%       76,403        49,332        80%        39,466       100%        49,332       100%     104,186
Dec 2008        7%       82,654        67,175        90%        60,457       100%        67,175       100%     109,396
Dec 2009        7%       89,340        88,003       100%        88,003       100%        88,003       100%     114,865
Dec 2010        7%       96,487       112,334       100%       112,334       100%       112,334       100%     120,609
Dec 2011        7%      104,125       140,784       100%       140,784       100%       140,784       100%     126,639
Dec 2012        7%      112,287       174,088       100%       174,088       100%       174,088       100%     132,971
Dec 2013        7%      121,004       213,124       100%       213,124       100%       213,124       100%     139,620
Dec 2014        7%      130,312       258,952       100%       258,952       100%       258,952       100%     146,601
Dec 2015        7%      140,248       312,854       100%       312,854       100%       312,854       100%     153,931
Dec 2016        7%      150,852       376,397       100%       376,397       100%       376,397       100%     161,627
Dec 2017        7%      162,166       451,510       100%       451,510       100%       451,510       100%     169,708
Dec 2018        7%      174,234       540,599       100%       540,599       100%       540,599       100%     178,194
Dec 2019        7%      187,104       646,702       100%       646,702       100%       646,702       100%     187,104
Dec 2020        7%      196,459       769,515       100%       769,515       100%       769,515       100%     196,459
Dec 2021        7%      206,282       912,558       100%       912,558       100%       912,558       100%     206,282
Dec 2022        7%      216,596     1,080,534       100%     1,080,534       100%     1,080,534       100%     216,596
Dec 2023        7%      227,426     1,280,018       100%     1,280,018       100%     1,280,018       100%     227,426
Dec 2024        7%      238,797     1,520,899       100%     1,520,899       100%     1,520,899       100%     238,797
Dec 2025        7%      250,737     1,819,931       100%     1,819,931       100%     1,819,931       100%     250,737
Dec 2026        7%      263,273     2,212,905       100%     2,212,905       100%     2,212,905       100%     263,273
Jul 2027        7%      276,437     2,577,889       100%     2,557,889       100%     2,577,889       100%     276,437

<CAPTION>

                 Disability         COC and Involuntary
                                      or Constructive      Pre-retire.
                Installment             Installment      Death Benefit
               Payable at 65          Payable at 65         Lump Sum
                      Based On               Based On       Based On
           Vesting     Benefit    Vesting     Benefit       Accrual
 Period      (9)         (10)       (11)        (12)           (13)
<S>           <C>      <C>           <C>      <C>         <C>
Dec 2004      100%      60,000       100%     276,437         9,662
Dec 2005      100%      65,100       100%     276,437        20,918
Dec 2006      100%      70,560       100%     276,437        34,037
Dec 2007      100%      76,403       100%     276,437        49,332
Dec 2008      100%      82,654       100%     276,437        67,175
Dec 2009      100%      89,340       100%     276,437        88,003
Dec 2010      100%      96,487       100%     276,437       112,334
Dec 2011      100%     104,125       100%     276,437       140,784
Dec 2012      100%     112,287       100%     276,437       174,088
Dec 2013      100%     121,004       100%     276,437       213,124
Dec 2014      100%     130,312       100%     276,437       258,952
Dec 2015      100%     140,248       100%     276,437       312,854
Dec 2016      100%     150,852       100%     276,437       376,397
Dec 2017      100%     162,166       100%     276,437       451,510
Dec 2018      100%     174,234       100%     276,437       540,599
Dec 2019      100%     187,104       100%     276,437       646,702
Dec 2020      100%     196,459       100%     276,437       769,515
Dec 2021      100%     206,282       100%     276,437       912,558
Dec 2022      100%     216,596       100%     276,437     1,080,534
Dec 2023      100%     227,426       100%     276,437     1,280,018
Dec 2024      100%     238,797       100%     276,437     1,520,899
Dec 2025      100%     250,737       100%     276,437     1,819,931
Dec 2026      100%     263,273       100%     276,437     2,212,905
Jul 2027      100%     276,437       100%     276,437     2,577,889
</TABLE>

           July 11, 2027 Retirement; August 1, 2027 First Payment Date

1     The first line reflects 12 months of data, January 2004 to December 2004.

2     The benefit amount is based on 100% of current compensation. Compensation
      is based on $60,000 initially, inflating at 0.00% each year to $276,437 at
      retirement.

*     The purpose of this hypothetical illustration is to show the participant's
      annual benefit based on various termination  assumptions.  Actual benefits
      are based on the  terms  and  provisions  of the plan  agreement  executed
      between the company and participant and may differ from those shown.

<TABLE>
<S>                                                             <C>
Copyright (C) 2003 Clark Consulting                                        Securities offered through Clark Securities, Inc.,
Salary Continuation Plan fur Nexity Bank - Birmingham, AL       a wholly owned subsidiary of Clark, Inc., member NASD & SIPC,
1003062 20205 161085 v5.31.39 03/17/2004:12 SCP-SD NB                                  Los Angeles, CA 90071, (213) 486-6300.
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]