Document:

Employement Agreement dated May 1, 2003

 Exhibit 10.2 
  
 EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT, dated as of the 1st day of May 2003, by and among Bainbridge Bancshares, Inc., a Georgia corporation (the “Company”), First
National Bank of Decatur County (Proposed), a proposed national bank to be organized under the laws of the United States (the “Bank”) (the Company and the Bank are collectively referred to herein as the “Employer”), and Tracy
Dixon (the “Executive”). 
  
 W I
T N E S S E T H: 
  
 WHEREAS, the directors of the Company, as organizers of the Bank, are seeking approval from the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) to charter
a national bank in Decatur County, Georgia; and 
  
 WHEREAS,
Executive is willing to assist the directors of the Company in the organization of the Bank and to become the President and Chief Executive Officer of the Bank and the Company in accordance with the terms and conditions hereinafter set forth;

  
 NOW, THEREFORE, for and in consideration of the mutual
premises and covenants herein contained, the parties hereto agree as follows: 
  
 1. Consulting Services. From May 1, 2003 through such time as the Bank opens for business, Executive shall assist Employer with the organization of the Bank and the Company. In lieu of the salary
provisions set forth in Section 4 of this Agreement, Executive shall be paid $50 per hour for services rendered to the Bank or the Company pursuant to this Section 1; provided, however, that the aggregate consideration paid to Executive pursuant to
this Section 1 shall not exceed $100,000 per annum. Consideration owed to Executive pursuant to this Section 1 shall be paid to Executive monthly. 
  
 2. Employment. Employer employs Executive and Executive accepts employment upon the terms and conditions set forth in this Agreement.

  
 3. Term. The term of employment of Executive
under this Agreement shall be the period commencing on May 1, 2003 and ending on June 1, 2006. 
  
 4. Compensation. (a) Salary. For all services rendered by Executive, Executive shall be paid a minimum annual base salary of $100,000, payable in equal installments in accordance with the policies
established by the Bank. Salary payments shall be subject to withholding and other applicable taxes. Such base salary may be increased in the discretion of the Board of Directors of the Bank. The Board of Directors in exercising its discretion shall
consider Executive’s performance in light of the specific goals and objectives for the Bank which Executive and the Board of Directors shall mutually agree upon. 

 (b) Bonus. Beginning on the second anniversary of the Bank’s opening for business, and in
addition to Executive’s base salary, Executive shall be eligible to receive such performance bonuses as determined in the discretion of the Board of Directors of the Bank. The payment of any bonus pursuant to this Section 4(b) shall be
contingent upon the following: 
  

	 	(i)	Prior to the granting of any bonus to Executive, the Board of Directors of the Bank shall consider, and document its findings in the minutes of the meeting wherein the issue was
considered, Executive’s performance in light of the status of the Bank’s internal controls, loan documentation, credit underwriting, interest rate exposure, asset growth, asset quality, earnings, and such other performance goals and
objectives mutually agreed upon between Executive and such Board of Directors at the end of each calendar year pursuant to Section 4(a) hereof. 

  

	 	(ii)	The overall condition of the Bank must be “satisfactory” in the opinion of the OCC as set forth in the most current OCC Report of Supervisory Activity provided to the
Board of Directors of the Bank and the Uniform Financial Institution Rating of the Bank shall not be less than a “2”; and 

  

	 	(iii)	The Bank shall be “well capitalized” as defined under regulations promulgated by the OCC pursuant to the Federal Deposit Insurance Corporation Improvement Act of 1991.

  
 5. Title and Duties. Executive
shall serve as President and Chief Executive Officer of the Bank once the OCC has granted preliminary charter approval and a member of the Interim Board of Directors and the initial Board of Directors of the Bank. Executive shall run the day-to-day
activities of the Bank and oversee the Bank, within the framework of the approved annual budget, and with a sound system of internal controls and in compliance with the policies of the Board of Directors of the Bank, and all applicable laws and
regulations. Executive shall also serve as President of the Company and shall be nominated as a director of the Company for the term of this Agreement. 
  
 6. Extent of Services. Executive shall devote his entire time, attention and energies to the business of Employer and shall not during the
term of this Agreement be engaged in any other business activity which requires the attention or participation of Executive during normal business hours of Employer, recognition being given to the fact that Executive is expected on occasion to
participate in client development after normal business hours. However, Executive may invest his assets in such form or manner as will not require his services in the operation of the affairs of the companies in which such investments are made.
Executive shall notify Employer of any significant participation by him in any trade association or similar organization. 
  
 7. Working Facilities. Executive shall have such assistants, perquisites, facilities and services as are suitable to his position and
appropriate for the performance of his duties, including membership in the Bainbridge Country Club and the Bainbridge Rotary Club (including dues, assessments and initiation fees). 
  
 8. Expenses. Executive may incur reasonable expenses for promoting the business of the Bank, including
expenses for entertainment, travel, and similar items. Executive will be reimbursed for all such expenses upon Executive’s periodic presentation of an itemized account of such expenditures. 
  

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 9. Vacations. Executive shall be entitled each year to a vacation in accordance with the
personnel policy established by the Bank’s Board of Directors, which vacation shall be not less than twenty (20) days, during which time Executive’s compensation shall be paid in full. 
  
 10. Additional Compensation. As additional consideration paid
to Executive, Executive shall be provided with health, hospitalization, disability and term life insurance, and participation in the Bank’s incentive compensation plan (in the event one is adopted by the Board of Directors of the Bank). In
addition, Executive shall be paid $500 per month as an automobile allowance. The Company shall also grant to Executive non-qualified options to purchase thirty thousand (30,000) shares of the Common Stock of the Company at an exercise price of
$10.00 per share pursuant to the Company’s Incentive Stock Option Plan, as soon as practicable after the Bank commences business. One-third (1/3) of such options shall vest beginning on the date the Bank commences business; one-third (1/3)
shall vest on the first anniversary of the Bank’s opening for business; and one-third (1/3) shall vest on the Bank’s second anniversary. All options shall be exercisable for a period of ten (10) years from the date of grant;
provided, however, that, such options shall expire 90 days after the date Executive ceases to be a director of either the Bank or the Company; provided, further, however, that if Executive ceases to serve as a
director as a result of his permanent and total disability or death, such options shall be fully vested and Executive or his estate, as the case may be, will have until twelve months after the date Executive ceases to serve as a director of the Bank
or the Company to exercise such options. 
  
 11.
Termination. (a) For Cause. This Agreement may be terminated by the Board of Directors of the Bank without notice and without further obligation than for monies already paid, for any of the following reasons: 
  

	 	(i)	receipt by the Bank of written notice from the OCC that the OCC has criticized Executive’s performance or his area of responsibility, and has either (a) rated the Bank a
“4” or a “5” under the Uniform Financial Rating System or (b) has determined that the Bank is in a “troubled condition” as defined under Section 914 of the Financial Institutions Reform, Recovery and Enforcement Act of
1989; 

  

	 	(ii)	failure of Executive to follow reasonable written instructions or policies of the Board of Directors of the Bank; 

  

	 	(iii)	gross negligence or willful misconduct of Executive materially damaging to the business of the Bank during the term of this Agreement, or at any time while he was employed by the
Bank prior to the term of this Agreement, if not disclosed to the Bank prior to the commencement of the term of this Agreement; or 

  

	 	(iv)	conviction of Executive during the term of this Agreement of a crime involving breach of trust or moral turpitude. 

  
  

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 In the event that the Bank discharges Executive alleging “cause” under this Section 11(a) and
it is subsequently determined judicially that the termination was “without cause,” then such discharge shall be deemed a discharge without cause subject to the provisions of Section 11(b) hereof. In the event that the Bank discharges
Executive alleging “cause” under this Section 11(a), such notice of discharge shall be accompanied by a written and specific description of the circumstances alleging such “cause.” The termination of Executive for
“cause” shall not entitle the Bank to enforcement of the non-competition and non-solicitation covenants contained in Section 13 hereof. 
  

	 	(b)	Without Cause. 

  

	 	(i)	The Bank may, upon thirty (30) days’ written notice to Executive, terminate this Agreement without cause at any time during the term of this Agreement upon the condition that
Executive shall be entitled, as liquidated damages in lieu of all other claims, to the payment of his base salary for a period of six (6) months. The severance payments provided for in this Section 11(b) shall commence not later than thirty (30)
days after the actual date of termination of employment of Executive. The termination of Executive “without cause” shall not entitle the Bank to enforcement of the non-competition and non-solicitation covenants contained in Section 13
hereof. 

  

	 	(ii)	Executive may upon thirty (30) days’ written notice to Employer terminate this Agreement without cause at any time during the term of this Agreement. In the event of
termination of this Agreement by Executive, the Bank shall have no further obligation to Executive than for monies paid and the Bank shall be entitled to enforcement of the non-competition and non-solicitation covenants contained in Section 13
hereof. 

  
 12. Death or Disability.
In the event of Executive’s death, Employer shall pay to Executive’s designated beneficiary, or, if Executive has failed to designate a beneficiary, to his estate, an amount equal to Executive’s base salary pursuant to Section 4
hereof through the end of the month in which Executive’s death occurred. Such compensation shall be in lieu of any other benefits provided hereunder, except that any benefit payable pursuant to Section 4 shall be prorated and made available to
Executive in respect of any period prior to his death. The Bank may maintain insurance on its behalf to satisfy in whole or in part the obligations of this Section 12. 
  
 In the event of Executive’s disability, as hereinafter defined, Employer shall pay to Executive the base salary then in
effect through the end of the month in which Executive became disabled. Executive shall be deemed disabled if, by reason of physical or mental impairment, he is incapable of performing his duties hereunder for a period of sixty (60) consecutive
days. Any dispute regarding the existence, the extent, or the continuance of Executive’s disability shall be resolved by the determination of a duly licensed and practicing physician selected by and mutually agreeable to both the Board of
Directors of the Bank and Executive; provided, however, if Executive officially establishes his eligibility to receive social security disability benefits or is deemed disabled under the terms and conditions of any disability insurance policy

  

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carried on Executive by the Company or the Bank, he shall be deemed to be disabled as provided herein without further proof. Executive shall make himself
available for and submit to such examinations by said physician as may be directed from time to time by the physician. Failure to submit to any such examination shall constitute a material breach of this Agreement. 
  
 13. Non-Competition and Non-Solicitation. (a) Executive
acknowledges that he has performed services or will perform services hereunder which directly affect Employer’s business. Accordingly, the parties deem it necessary to enter into the protective agreement set forth below, the terms and condition
of which have been negotiated by and between the parties hereto. 
  
 (b) In the event of termination of employment under this Agreement by action of Executive pursuant to 11(b)(ii) prior to the expiration of the term of this Agreement, Executive agrees with Employer that through the actual date of
termination of the Agreement, and for a period of twelve (12) months after such termination date, Executive shall not, without the prior written consent of Employer, within the Primary Service Area of the Bank as set forth in the Charter Application
filed by the Bank with the OCC, either directly or indirectly, serve as an executive officer of any bank, bank holding company or other financial institution. 
  

(c) The covenants of Executive set forth in this Section 13 are separate and independent covenants for which valuable consideration has been paid, the
receipt, adequacy and sufficiency of which are acknowledged by Executive, and have also been made by Executive to induce Employer to enter into this Agreement. In the event that a court of competent jurisdiction finds that Executive has violated the
provisions of this Section 13, then, as partial relief to Employer, all unexercised options granted to Executive pursuant to Section 10 hereof shall immediately become null and void. Further, each of the aforesaid covenants may be availed of or
relied upon by Employer in any court of competent jurisdiction, and shall form the basis of injunctive relief and damages including expenses of litigation (including but not limited to reasonable attorney’s fees) suffered by Employer arising
out of any breach of the aforesaid covenants by Executive. The covenants of Executive set forth in this Section 13 are cumulative to each other and to all other covenants of Executive in favor of Employer contained in this Agreement and shall
survive the termination of this Agreement for the purposes intended. Should any covenant, term, or condition contained in this Section 13 become or be declared invalid or unenforceable by a court of competent jurisdiction, then the parties may
request that such court judicially modify such unenforceable provision consistent with the intent of this Section 13 so that it shall be enforceable as modified, and in any event the invalidity of any provision of this Section 13 shall not affect
the validity of any other provision in this Section 13 or elsewhere in this Agreement. 
  
 14. Notices. Any notice required or desired to be given under this Agreement shall be deemed given if in writing sent by certified mail to his residence in the case of Executive, or to its principal
office in the case of Employer. 
  
 15. Waiver of
Breach. The waiver by Employer of a breach of any provision of this Agreement by Executive shall not operate or be construed as a waiver of any subsequent breach by Executive. No waiver shall be valid unless in writing and signed by an
authorized officer of Employer. 
  

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 16. Assignment. Executive acknowledges that the services to be rendered by him are unique
and personal. Accordingly, Executive may not assign any of his rights or delegate any of his duties or obligations under this Agreement. The rights and obligations of Executive under this Agreement shall inure to the benefit of and shall be binding
upon the successors and assigns of Employer. 
  
 17.
Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of Georgia. 
  
 18. Entire Agreement. This Agreement contains the entire understanding of the parties hereto regarding employment of Executive, and
supersedes and replaces any prior agreement relating thereto. It may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension, or discharge is sought.

  
 [Signature Page to Follow] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

  

	 	 	“BANK”	 	 
		
	 	 	 FIRST NATIONAL BANK OF DECATUR COUNTY

         (PROPOSED)

		
	By:	 	 /s/ Charles W. Whittaker

	 	 	Charles A. Whittaker, Chairman	 	 
		
	By:	 	 /s/ John A. Dowdy

	 	 	John A. Dowdy, Assistant Secretary	 	 
			
	 	 	“COMPANY”	 	 
			
	 	 	BAINBRIDGE BANCSHARES, INC.	 	 
		
	By:	 	 /s/ Charles W. Whittaker

	 	 	Charles A. Whittaker, Chairman	 	 
		
	By:	 	 /s/ John A. Dowdy

	 	 	John A. Dowdy, Assistant Secretary	 	 
			
	 	 	“EXECUTIVE”	 	 
			
	 	 	 /s/ Tracy A. Dixon

	 	(L.S.)
	 	 	Tracy Dixon	 	 

  

 72003 Incentive Stock Option Plan

 Exhibit 10.3 
  
 BAINBRIDGE BANCSHARES, INC. 
  

2003 STOCK OPTION PLAN 
  
 1. Purpose of the Plan 
  
 The purpose of this Bainbridge Bancshares, Inc. 2003 Stock Option Plan (the “Plan”) is to advance the interests of Bainbridge Bancshares, Inc.
(the “Company”), by providing to select key Employees and Directors of the Bank, the Company and their Affiliates the opportunity to acquire Shares and participate in the equity of the Company. By encouraging such stock ownership, the
Company seeks to attract, retain and motivate the best available personnel for positions of substantial responsibility and to provide additional incentive to key Employees and Directors to promote the success of the Company, the Bank and their
Affiliates. 
  
 2. Definitions 
  
 As used herein, the following definitions shall apply. 
  
 (a) “Affiliate” shall mean any “parent corporation” or
“subsidiary corporation” of the Company or the Bank, as such terms are defined in Section 424(e) and (f), respectively, of the Code, and shall also include, as the context requires, the Company and the Bank. 
  
 (b) “Agreement” shall mean a written agreement entered into in
accordance with Paragraph 5(c). 
  
 (c) “Bank” shall
mean First National Bank of Decatur County, a national banking association. 
  
 (d) “Board” shall mean the Board of Directors of the Company. 
  
 (e) “Change in Control” shall mean: (i) an increase in the ownership of, or the holding of, or the power to vote, by any person, or by any
persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), the voting stock of the Bank or the voting stock of the Company, to an amount which is more than 25% of the issued and outstanding
shares thereof; (ii) a change in the ownership of, or possession of, the ability to control the election of a majority of the Bank’s or the Company’s directors; (iii) a change in the ownership of, or possession of, the ability to exercise
a controlling influence over the management or policies of the Bank or the Company, by any person, or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934) (except, in the case of (i),
(ii) and (iii) hereof, a change in the ownership or control of the Bank or its board of directors, by the Company itself, shall not constitute a “Change in Control”); or (iv) during any period of two consecutive years, individuals, who, at
the beginning of such period, constitute the board of directors of the Bank or the Company (in each such case, the “Continuing Directors”), cease for any reason to constitute at least two-thirds thereof, provided that any individual whose
election or nomination for election as a member of the board of directors of the Company was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director; provided, however,
that the sale or transfer of the common stock of the Bank to an intermediate holding company, for the purpose of effecting a corporate reorganization, shall not be deemed a “Change in Control.” For 

  

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purposes of this subparagraph only, the term “person” means an individual, individuals acting in concert or as a “group” (within the
meaning of Section 13(d) of the Securities Exchange Act of 1934), a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed
herein. 
  
 (f) “Code” shall mean the Internal Revenue
Code of 1986, as amended. 
  
 (g) “Committee” shall
mean, as the case may be, either, a committee appointed by the Board, in accordance with Paragraph 5(a) hereof, or the Board. 
  
 (h) “Common Stock” shall mean the common stock, no par value per share, of the Company. 
  
 (i) “Company” shall mean Bainbridge Bancshares, Inc. 
  
 (j) “Continuous Service” shall mean the absence of any interruption
or termination of service as an Employee or Director of the Company or an Affiliate. Continuous Service shall not be considered interrupted in the case of sick leave, military leave or any other leave or absence approved by the Company or in the
case of transfers between payroll locations of the Company or between the Company, the Bank or an Affiliate. 
  
 (k) “Director” shall mean any member of the Board or of the Board of Directors of an Affiliate. 
  
 (l) “Disinterested Person” shall mean any Non-Employee Director.

  
 (m) “Effective Date” shall mean the date specified
in Paragraph 13 hereof. 
  
 (n) “Employee” shall mean
any person employed by the Company or an Affiliate. 
  
 (o)
“Exercise Price” shall mean the price per Optioned Share at which an Option may be exercised. 
  
 (p) “ISO” means an option to purchase Common Stock which meets the requirements set forth in the Plan, and which is intended to be, and is
identified as, an “incentive stock option” within the meaning of Section 422 of the Code. 
  
 (q) “Market Value” shall mean the fair market value of the Common Stock, as determined under Paragraph 7(b) hereof. 
  
 (r) “Non-Employee Director” means any member of the Board, or of
the Board of Directors of an Affiliate, who is a “non-employee director” within the meaning of Rule 16b-3. 
  
 (s) “Non-ISO” means an option to purchase Common Stock which meets the requirements set forth in the Plan, but which is not intended to be, and
is not identified as, an ISO. 
  
 (t) “Officer” means
any officer of the Company or an Affiliate. 
  
 (u)
“Option” means an ISO and/or a Non-ISO. 
  
 (v)
“Optioned Shares” shall mean Shares subject to an option granted pursuant to this Plan. 
  

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 (w) “Participant” shall mean any person who receives an Option pursuant to the Plan.

  
 (x) “Plan” shall mean the Bainbridge Bancshares,
Inc. 2003 Stock Option Plan. 
  
 (y) “Retirement” means
termination of employment with the Company, other than upon death, Permanent and Total Disability (as defined in Paragraph 8), or for Cause (as defined in Paragraph 8), on or after the date of the 65th birthday of the retiring person, in the case of
an Employee, or on or after the date of the 72nd birthday of the retiring person, in the case of a Director. 
  
 (z) “Rule 16b-3” shall mean Rule 16b-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended. 

 
 (aa) “Shares” means the shares of Common Stock reserved for
issuance under the Plan. 
  
 3. Term of the Plan and Awards

  
 (a) Term of the Plan. The Plan shall continue in
effect for a term of ten (10) years from the Effective Date, unless sooner terminated pursuant to Paragraph 15 hereof. No Option shall be granted under the Plan after ten (10) years from the Effective Date. 
  
 (b) Term of Awards. The term of each Option granted under the Plan
shall be established by the Committee, but shall not exceed ten (10) years from the date of grant; provided, however, that in the case of the grant of an ISO to a Participant who owns shares representing more than 10% of the outstanding Common Stock
of the Company at the time the ISO is granted, the term of such ISO shall not exceed five (5) years. 
  
 4. Shares Subject to the Plan 
  
 Except as otherwise required by the provisions of Paragraph 10 hereof, the aggregate number of Shares issuable pursuant to Awards shall be 100,000 Shares.
Such Shares may either be authorized-but-unissued shares of Common Stock or shares of Common Stock held in treasury. If Awards shall expire, become unexercisable or be forfeited for any reason without having been exercised or become vested in full,
the Optioned Shares shall, unless the Plan shall have been terminated, be available for the grant of additional Awards under the Plan. 
  
 5. Administration of the Plan 
  
 (a) Administration by Entire Board or Committee. The Plan shall be administered by, either, the Board or by a committee appointed by the Board,
which committee, if appointed, shall consist of not less than two (2) members of the Board who are Disinterested Persons. Members of this committee shall serve at the pleasure of the Board. In the absence at any time of a duly appointed committee,
the Plan shall be administered by the Board. 
  
 (b) Powers of
the Committee. Except as limited by the express provisions of the Plan or by resolutions adopted by the Board, the Committee shall have the sole and complete authority and discretion to (i) select Participants and grant Awards, (ii) determine
the form and content of Awards to be issued and the form of Agreements under the Plan, (iii) interpret the Plan, (iv) prescribe, amend and rescind rules and regulations relating to the Plan, and (v) make other determinations necessary or advisable
for the administration of the Plan. The Committee shall have and may exercise such other 

  

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power and authority as may be delegated to it by the Board from time to time. A majority of the entire Committee shall constitute a quorum and the action of
a majority of the members present at any meeting at which a quorum is present, or acts approved in writing by a majority of the Committee without a meeting, shall be deemed the action of the Committee. 
  
 (c) Agreement. Each Option shall be evidenced by a written agreement
containing such provisions as may be approved by the Committee. Each such Agreement shall constitute a binding contract between the Company and the Participant, and every Participant, upon acceptance of such Agreement, shall be bound by the terms
and restrictions of the Plan and of such Agreement. The terms of each such Agreement shall be in accordance with the Plan, but each Agreement may include such additional provisions and restrictions determined by the Committee, in its discretion,
provided that such additional provisions and restrictions are not inconsistent with the terms of the Plan. In particular, the Committee shall set forth in each Agreement (i) the Exercise Price of an Option, (ii) the number of Shares subject to, and
the expiration date of, the Option, (iii) the manner, time and rate (cumulative or otherwise) of exercise or vesting of such Option, and (iv) the restrictions, if any, to be placed upon such Option, or upon Shares which may be issued upon exercise
of such Option. 
  
 The Chairman of the Committee and such other
officers as shall be designated by the Committee are hereby authorized to execute Agreements on behalf of the Company and to cause them to be delivered to the recipients of Awards. 
  
 (d) Effect of the Committee’s Decisions. All decisions, determinations and interpretations of the Committee
shall be final and conclusive on all persons affected thereby. 
  
 (e) Indemnification. In addition to such other rights of indemnification as they may have, the members of the Committee shall be indemnified by the Company, in connection with any claim, action, suit or proceeding relating to any
action taken or failure to act under or in connection with the Plan or any Option granted hereunder, to the full extent provided for under the Company’s Articles of Incorporation or Bylaws, with respect to the indemnification of Directors.

  
 6. Grant of Options 
  
 (a) General Rule. In its sole discretion, the Committee may grant
Options to Employees and Non-Employee Directors of the Company or its Affiliates. 
  
 (b) Special Rules for ISOs. The aggregate Market Value, as of the date the Option is granted, of the Shares with respect to which ISOs are exercisable for the first time by a Participant during any calendar
year (under all incentive stock option plans, as defined in Section 422 of the Code, of the Company or any present or future Affiliate) shall not exceed $100,000. Notwithstanding the prior provisions of this Paragraph, the Committee may grant
Options in excess of the foregoing limitation, in which case such Options granted in excess of which limitation shall be Options which are Non-ISOs. 
  
 7. Exercise Price for Options 
  
 (a) Limits on Committee Discretion. The Exercise Price as to any particular Option granted under the Plan shall be determined by the Committee but
shall not be less than the Market Value of the Optioned Shares on the date of grant. In the case of a Participant who owns shares of Common Stock representing more than 10% of the Company’s outstanding shares of Common Stock at the time an ISO
is granted, the Exercise Price of such ISO shall not be less than 110% of the Market Value of the Optioned Shares at the time the ISO is granted. 
  

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 (b) Standards for Determining Exercise Price. The Market Value per Share shall be the fair market
value of the Common Stock as determined by the Committee, acting in good faith, under any method consistent with the Code, or Treasury Regulations thereunder, which the Committee shall in its discretion select and apply at the time of the grant of
the Option concerned. Subject to the foregoing, the Committee, in fixing the Market Value per Share, shall have full authority and discretion and be fully protected in doing so. 
  
 8. Exercise of Options 
  
 (a) Generally. Any Option granted hereunder shall be exercisable at such times and under such conditions as shall be permissible under the terms of
the Plan and of the Agreement granted to a Participant; provided, however, that (i) each Participant shall be 100% vested upon death or upon Permanent and Total Disability (as defined in subparagraph (c) below), (ii) each Participant
shall be 100% vested upon Retirement, and (iii) each Participant shall be 100% vested upon the occurrence of a Change in Control event in accordance with Paragraph 9, below. An Option may not be exercised for a fractional Share. 
  
 (b) Procedure for Exercise. A Participant may exercise Options,
subject to provisions relative to its termination and limitations on its exercise, only by (1) written notice to the Company of intent to exercise the Option with respect to a specified number of Shares, and (2) payment to the Company
(contemporaneously with delivery of such notice) in cash, in Common Stock, or a combination of cash and Common Stock, of the amount of the Exercise Price for the number of Shares with respect to which the Option is then being exercised. Each such
notice (and payment where required) shall be delivered, or mailed by prepaid registered or certified mail, to the Treasurer of the Company at the Company’s executive offices. Common Stock utilized in full or partial payment of the Exercise
Price for Options shall be valued at its Market Value at the date of exercise. 
  
 (c) Period of Exercisability. Except to the extent otherwise provided by the Committee in the terms of an Agreement, an Employee or a Director, as the case may be, may exercise an Option only if he has
maintained Continuous Service from the date of the grant of the Option, or within three (3) months after termination of such Continuous Service (but not later than the date on which the Option would otherwise expire), except if the
Participant’s Continuous Service terminates by reason of – 
  
 (i) “Cause” which for purposes hereof shall have the meaning set forth in any unexpired employment or severance agreement between the Participant and the Bank and/or the Company (and, in the absence of any
such agreement, shall mean termination because of the Participant’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of
any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order), in which case the Participant’s rights to exercise such Option shall expire on the date of such termination; 
  
 (ii) Death, in which case, 100% of the outstanding Options
of the deceased Participant, such Options having vested in their entirety as a consequence of the death of the Participant, as provided in subparagraph (a) above, may be exercised within one (1) years from the date of his death (but not later than
the date on which the Option would otherwise expire) by the personal representative of his estate or person or persons to whom his rights under such Option shall have passed by will or by laws of descent and distribution; 
  

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 (iii) Permanent and Total Disability (as such term is defined in Section 22(e)(3) of the
Code), in which case, 100% of the outstanding Options of the Permanently and Totally disabled Participant, such Options having vested in their entirety as a consequence of the Permanent and Total Disability of the Participant, as provided in
subparagraph (a) above, may be exercised within one (1) year from the date of such permanent and total disability (but not later than the date on which the Option would otherwise expire); 
  
 (iv) Retirement, in which case 100% of the outstanding
Options of the retiring Participant, such Options having vested in their entirety as a consequence of the Retirement of the Participant, as provided in subparagraph (a) above, may be exercised within six (6) months from the date of the
Participant’s retirement (but not later than the date on which the Option would otherwise expire); or 
  
 (v) Change in Control, in which case 100% of the outstanding Options of each Participant in the Plan shall become immediately exercisable
in accordance with Paragraph 9, below. 
  
 Notwithstanding the provisions of any
Option which provides for its exercise in installments as designated by the Committee, such Option shall become immediately exercisable upon the vesting of such Option, upon the occurrence of a vesting event set forth in subparagraph (a) above.

  
 (d) Effect of the Committee’s Decisions. The
Committee’s determination of whether a Participant’s Continuous Service has ceased, and the effective date thereof, shall be final and conclusive on all persons affected thereby. 
  
 9. Change in Control 
  
 (a) General Rule. Notwithstanding the provisions of any Option which
provides for the exercise or vesting of stock options in installments, all Options shall be immediately exercisable and fully vested for a period of sixty (60) days, beginning on the date of a Change in Control; provided, however, that
a Change in Control shall not be effected, for purposes of causing a certain Participant’s stock options to vest, with respect, only, to that Participant, when that Participant is the “person,” or is a member of the “group,”
as those terms are defined in Paragraph 2(f) hereof, who, otherwise, would be effecting such Change in Control. At the time of a Change in Control, the Participant shall, at the discretion of the Committee, be entitled to receive cash in an amount
equal to the excess of the Market Value of the Common Stock, subject to such Option over the Exercise Price of such Shares, in exchange for the cancellation of such Options by the Participant. 
  
 (b) Exception to General Rule. Notwithstanding subparagraph (a) of
this Paragraph, in no event may an Option be canceled, in exchange for cash, within the six-month period following the date of its grant. 
  
 10. Effect of Changes in Common Stock Subject to the Plan 
  
 (a) Recapitalizations; Stock Splits, Etc. The number and kind of Shares reserved for issuance under the Plan, and the number and kind of Shares
subject to outstanding Awards (and the 

  

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Exercise Price thereof), shall be proportionately adjusted for any increase, decrease, change or exchange of Shares for a different number or kind of Shares
or other securities of the Company which results from a merger, consolidation, recapitalization, reorganization, reclassification, stock dividend, split-up, combination of Shares, or similar event in which the number or kind of Shares is changed
without the receipt or payment of consideration by the Company. 
  
 (b) Transactions in which the Company is not the Surviving Entity. In the event of (i) the liquidation or dissolution of the Company, (ii) a merger or consolidation in which the Company is not the surviving entity, or (iii) the sale
or disposition of all or substantially all of the Company’s assets (any of the foregoing to be referred to herein as a “Transaction”), all outstanding Awards shall be surrendered. With respect to each Option so surrendered, the
Committee shall, in its sole and absolute discretion, but subject to the vesting requirements of Paragraph 8(a), determine whether the holder of the surrendered Option shall receive: 
  
 (i) for each Share then subject to an outstanding Option, the number and kind of Shares into which each
outstanding Share (other than Shares held by dissenting shareholders) is changed or exchanged, together with an appropriate adjustment to the Exercise Price; or 
  
 (ii) a cash payment (from the Company or the successor corporation), in an amount equal to the Market Value
of the Shares subject to the Option on the date of the Transaction, less the Exercise Price of the Option. 
  
 (c) Special Rule for ISOs. Any adjustment made pursuant to subparagraphs (a) or (b)(i) hereof shall be made in such a manner as not to constitute a
modification, within the meaning of Section 424(h) of the Code, of outstanding ISOs. 
  
 (d) Conditions and Restrictions on New, Additional, or Different Shares or Securities. If, by reason of any adjustment made pursuant to this Paragraph, a Participant becomes entitled to new, additional, or
different Shares of stock or securities, such new, additional, or different Shares of stock or securities shall thereupon be subject to all of the conditions and restrictions which were applicable to the Shares pursuant to the Option before the
adjustment was made. 
  
 (e) Other Issuances. Except as
expressly provided in this Paragraph, the issuance by the Company or an Affiliate of Shares of stock of any class, or of securities convertible into Shares or stock of another class, for cash or property or for labor or services, either upon direct
sale or upon the exercise of rights or warrants to subscribe therefor, shall not affect, and no adjustment shall be made with respect to, the number, class, or Exercise Price of Shares then subject to Awards or reserved for issuance under the Plan.

  
 11. Non-Transferability of Awards 
  
 Awards may not be sold, pledged, assigned, hypothecated, transferred or
disposed of in any manner other than by will or by the laws of descent and distribution, or pursuant to the terms of a “qualified domestic relations order” (within the meaning of Section 414(p) of the Code and the regulations and rulings
thereunder). 
  

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 12. Time of Granting Awards 
  
 The date of grant of an Option shall, for all purposes, be the date on which the Committee makes the determination for
granting such Option. Notice of the determination shall be given to each Participant to whom an Option is so granted within a reasonable time after the date of such grant. 
  
 13. Effective Date 
  
 The effective date of the Plan (the “Effective Date”) shall be the date the Plan is adopted by the Board or the date the Plan is approved by the
shareholders of the Company, whichever is earlier. The Plan must be approved by the affirmative vote, cast either in person or by proxy, of not less than a majority of the Shares entitled to vote at a meeting at which a quorum is present, which
shareholder vote must be taken within twelve (12) months after the date the Plan is adopted by the Board of Directors. Such shareholder vote shall not alter the Effective Date of the Plan. In the event shareholder approval of the adoption of the
Plan is not obtained within the aforesaid twelve (12) month period, then any Options granted in the intervening period shall be void. 
  
 14. Modification of Awards 
  
 At any time, and from time to time, the Board may authorize the Committee to direct execution of an instrument providing for the modification of any
outstanding Option, provided no such modification shall confer on the holder of such Option any right or benefit which could not be conferred on him by the grant of a new Option at such time, or impair the Option without the consent of the holder of
the Option, or revise the terms of the Option, including the exercise price at which the Option was granted. 
  
 15. Amendment and Termination of the Plan 
  
 With respect to any shares of stock at the time not subject to an Option under the Plan, the Board may at any time and from time to time, terminate,
modify or amend the Plan in any respect, except that no such modification or amendment shall be made absent the approval of the shareholders of the Company to: (i) increase the number of shares for which Options may be granted under the Plan; (ii)
extend the period during which Options may be granted or exercised; (iii) change the class of persons eligible for awards of Options; or (iv) otherwise materially modify the requirements as to eligibility for participation in the Plan. The
Company’s Board of Directors may also suspend the granting of Options pursuant to the Plan at any time and may terminate the Plan at any time; provided, however, no such suspension or termination shall modify or amend any Option granted before
such suspension or termination, unless the affected participant consents in writing to such modification or amendment or there is a dissolution or liquidation of the Company. 
  
 16. Conditions Upon Issuance of Shares 
  
 (a) Compliance with Securities Laws. Shares of Common Stock shall not be issued with respect to any Option unless the
issuance and delivery of such Shares shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, any applicable state securities law, and
the requirements of any stock exchange upon which the Shares may then be listed. The Plan is intended to comply with Rule 16b-3, and any provision of the Plan which the Committee determines in its sole and absolute discretion to be inconsistent with
said rule shall, to the extent of such inconsistency, be inoperative and null and void, and shall not affect the validity of the remaining provisions of the Plan. 
  

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 (b) Special Circumstances. The inability of the Company to obtain approval from any regulatory
body or authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder shall relieve the Company of any liability with respect to the non-issuance or non-sale of such Shares. As a condition to
the exercise of an Option, the Company may require the person exercising the Option to make such representations and warranties as may be necessary to assure the availability of an exemption from the registration requirements of federal or state
securities law. 
  
 (c) Committee Discretion. The Committee
shall have the discretionary authority to impose in Agreements such restrictions on Shares as it may deem appropriate or desirable, including, but not limited to, the authority to impose a right of first refusal or to establish repurchase rights, or
both of these restrictions. 
  
 17. Reservation of Shares

  
 The Company, during the term of the Plan, will reserve
and keep available a number of Shares sufficient to satisfy the requirements of the Plan. 
  
 18. Withholding Tax 
  
 The Company’s obligation to deliver Shares upon exercise of Options (or such earlier time that the Participant makes an election under Section 83(b) of the Code) shall be subject to the Participant’s satisfaction of all applicable
federal, state and local income and employment tax withholding obligations. The Committee, in its discretion, may permit the Participant to satisfy the obligation, in whole or in part, by irrevocably electing to have the Company withhold the Shares,
or to deliver to the Company the Shares that he already owns, having a value equal to the amount required to be withheld. The value of Shares to be withheld, or delivered to the Company, shall be based on the Market Value of the Shares on the date
the amount of tax to be withheld is to be determined. As an alternative, the Company may retain, or sell without notice, a number of such Shares sufficient to cover the amount required to be withheld. 
  
 19. No Employment or Other Rights 
  
 In no event shall a Participant’s eligibility to participate in, or
actual participation in, the Plan create or be deemed to create any legal or equitable right of the Participant, or any other party, to continue service with the Company, the Bank, or any Affiliate of such corporations. No Participant shall have a
right to be granted an Option or, having received an Option, the right to again be granted an Option; however, a Participant who has been granted an Option may, if otherwise eligible, be granted an additional Option or Awards. 
  
 20. Governing Law 
  
 The Plan shall be governed by, and construed in accordance with, the laws of
the State of Georgia, except to the extent that federal law shall be deemed to apply. 
  

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