Document:

<PAGE>

                                                                   EXHIBIT 10.42

                    FORM OF [NON-QUALIFIED] [INCENTIVE] STOCK
                             OPTION AWARD AGREEMENT

                 [SEABRIGHT INSURANCE HOLDINGS, INC. LETTERHEAD]

                                 ______ __, ____

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

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              Re: Grant of [NON-QUALIFIED] [INCENTIVE] Stock Option

Dear ____________:

         SeaBright Insurance Holdings, Inc. (the "Company") is pleased to advise
you that, pursuant to the Company's 2005 Long-Term Equity Incentive Plan (the
"Plan"), the Committee has granted to you an option (the "Option") to acquire
shares of Common Stock, as set forth below, subject to the terms and conditions
set forth herein:

                Number of Option Shares:
                                                        -------------
                Date of Grant:
                                                        -------------
                Exercise Price per Option Share:
                                                        -------------

                Vesting Dates of Option Shares:
                                                        -------------

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

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

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

                Expiration Date of All Option Shares:
                                                        -------------

         [THE OPTION IS NOT INTENDED TO BE AN "INCENTIVE STOCK OPTION" WITHIN
THE MEANING OF SECTION 422 OF THE CODE.] [THE OPTION IS INTENDED TO BE AN
"INCENTIVE STOCK OPTION" WITHIN THE MEANING OF SECTION 422 OF THE CODE. IF THE
OPTION DOES NOT QUALIFY AS SUCH FOR ANY REASON, THEN TO THE EXTENT OF SUCH
NON-QUALIFICATION, THE OPTION SHALL BE REGARDED AS A NON-QUALIFIED STOCK
OPTION.]

         Any capitalized terms used herein and not defined herein have the
meaning set forth in the Plan.

<PAGE>

1.       Option.

         (a) Term. Subject to the terms and conditions set forth herein, the
Company hereby grants to you (or such other persons as permitted by paragraph 5)
an Option to purchase the Option Shares at the exercise price per Option Share
set forth above in the introductory paragraph of this letter agreement (the
"Exercise Price"), payable upon exercise as set forth in paragraph 1(b) below.
The Option shall expire at the close of business on the date set forth above in
the introductory paragraph of this letter agreement (the "Expiration Date"),
which is the tenth anniversary of the date of grant set forth above in the
introductory paragraph of this letter agreement (the "Grant Date"), subject to
earlier expiration as provided under the Plan should your employment or service
with the Company or a Subsidiary terminate. The Exercise Price and the number
and kind of shares of Common Stock or other property for which the Option may be
exercised shall be subject to adjustment as provided under the Plan. For
purposes of this letter agreement, "Option Shares" mean (i) all shares of Common
Stock issued or issuable upon the exercise of the Option and (ii) all shares of
Common Stock issued with respect to the Common Stock referred to in clause (i)
above by way of stock dividend or stock split or in connection with any
conversion, merger, consolidation or recapitalization or other reorganization
affecting the Common Stock.

         (b) Payment of Option Price. Subject to paragraph 2 below, the Option
may be exercised in whole or in part upon payment of an amount (the "Option
Price") equal to the product of (i) the Exercise Price and (ii) the number of
Option Shares to be acquired. Payment of the Option Price shall be made as
provided under the Plan.

         2. Exercisability/Vesting and Expiration.

         (a) Normal Vesting. The Option granted hereunder may be exercised only
to the extent it has become vested. The Option shall vest in as indicated by the
vesting dates of Option Shares set forth in the introductory paragraph of this
letter agreement.

         (b) Normal Expiration. In no event shall any part of the Option be
exercisable after the Expiration Date.

         (c) Effect on Vesting and Expiration of Employment Termination.
Notwithstanding paragraphs 2(a) and (b) above, the special vesting and
expiration rules set forth in the Plan shall apply if your employment or service
with the Company or a Subsidiary terminates prior to the Option becoming fully
vested and/or prior to the Expiration Date.

         3. Procedure for Exercise. You may exercise all or any portion of the
Option, to the extent it has vested and is outstanding, at any time and from
time to time prior to the Expiration Date, by delivering written notice to the
Company in the form attached hereto as Exhibit A, together with payment of the
Option Price in accordance with the provisions set forth in the Plan. The Option
may not be exercised for a fraction of an Option Share.

         4. Withholding of Taxes.

         (a) Participant Election. Unless otherwise determined by the Committee,
you may elect to deliver shares of Common Stock (or have the Company withhold
Option Shares

                                      -2-
<PAGE>

acquired upon exercise of the Option) to satisfy, in whole or in part, the
amount the Company is required to withhold for taxes in connection with the
exercise of the Option. Such election must be made on or before the date the
amount of tax to be withheld is determined. Once made, the election shall be
irrevocable. The fair market value of the shares to be withheld or delivered
will be the Fair Market Value as of the date the amount of tax to be withheld is
determined.

         (b) Company Requirement. The Company, to the extent permitted or
required by law, shall have the right to deduct from any payment of any kind
(including salary or bonus) otherwise due to you, an amount equal to any
federal, state or local taxes of any kind required by law to be withheld with
respect to the delivery of Option Shares under this letter agreement.

         5. Transferability of Option. You may transfer the Option granted
hereunder only by will or the laws of descent and distribution or to any of your
Family Members by gift or a qualified domestic relations order as defined by the
Code. Unless the context requires otherwise, references herein to you are deemed
to include any permitted transferee under this paragraph 5. The Option may be
exercised only by you; by your Family Member if such person has acquired the
Option by gift or qualified domestic relations order; by the executor or
administrator of the estate of any of the foregoing or any person to whom the
Option is transferred by will or the laws of descent and distribution; or by the
guardian or representative of any of the foregoing; provided that Incentive
Stock Options may be exercised by any guardian or legal representative only if
permitted by the Code and any regulations thereunder.

         6. Conformity with Plan. The Option is intended to conform in all
respects with, and is subject to all applicable provisions of, the Plan (which
is incorporated herein by reference). Inconsistencies between this letter
agreement and the Plan shall be resolved in accordance with the terms of the
Plan. By executing and returning the enclosed copy of this letter agreement, you
acknowledge your receipt of this letter agreement and the Plan and agree to be
bound by all of the terms of this letter agreement and the Plan.

         7. Rights of Participants. Nothing in this letter agreement shall
interfere with or limit in any way the right of the Company to terminate your
employment or other performance of services at any time (with or without Cause),
nor confer upon you any right to continue in the employ or as a director or
officer of, or in the performance of other services for, the Company or a
Subsidiary for any period of time, or to continue your present (or any other)
rate of compensation or level of responsibility. Nothing in this letter
agreement shall confer upon you any right to be selected again as a Plan
participant.

         8. Amendment or Substitution of Option. The terms of the Option may be
amended from time to time by the Committee in its discretion in any manner that
it deems appropriate (including, but not limited to, acceleration of the date of
exercise of the Option); provided that no such amendment shall adversely affect
in a material manner any of your rights under the award without your written
consent.

         9. Successors and Assigns. Except as otherwise expressly provided
herein, all covenants and agreements contained in this letter agreement by or on
behalf of any of the

                                      -3-
<PAGE>

parties hereto shall bind and inure to the benefit of the respective successors
and permitted assigns of the parties hereto whether so expressed or not.

         10. Severability. Whenever possible, each provision of this letter
agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this letter agreement is held to be
prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this letter agreement.

         11. Counterparts. This letter agreement may be executed simultaneously
in two or more counterparts, each of which shall constitute an original, but all
of which taken together shall constitute one and the same letter agreement.

         12. Descriptive Headings. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a part of this
Agreement.

         13. Governing Law. THE VALIDITY, CONSTRUCTION, INTERPRETATION,
ADMINISTRATION AND EFFECT OF THE PLAN, AND OF ITS RULES AND REGULATIONS, AND
RIGHTS RELATING TO THE PLAN AND TO THIS LETTER AGREEMENT, SHALL BE GOVERNED BY
THE SUBSTANTIVE LAWS, BUT NOT THE CHOICE OF LAW RULES, OF THE STATE OF DELAWARE.

         14. Notices. All notices, demands or other communications to be given
or delivered under or by reason of the provisions of this letter agreement shall
be in writing and shall be deemed to have been given when (i) delivered
personally, (ii) mailed by certified or registered mail, return receipt
requested and postage prepaid, (iii) sent by facsimile or (iv) sent by reputable
overnight courier, to the recipient. Such notices, demands and other
communications shall be sent to you at the address specified in this letter
agreement and to the Company at 2101 4th Avenue, Suite 1600, Seattle, Washington
98121, Attn: ____________, or to such other address or to the attention of such
other person as the recipient party has specified by prior written notice to the
sending party.

         15. Entire Agreement. This letter agreement and the terms of the Plan
constitute the entire understanding between you and the Company, and supersede
all other agreements, whether written or oral, with respect to your acquisition
of the Option Shares.

                                 *  *  *  *  *

                                      -4-

<PAGE>

                 SIGNATURE PAGE TO STOCK OPTION AWARD AGREEMENT

         Please execute the extra copy of this letter agreement in the space
below and return it to the Company to confirm your understanding and acceptance
of the agreements contained in this letter agreement.

                                              Very truly yours,

                                              SEABRIGHT INSURANCE HOLDINGS, INC.

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

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

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

Enclosures:   Extra copy of this letter agreement
              Copy of the Plan

         The undersigned hereby acknowledges having read this letter agreement
and the Plan and hereby agrees to be bound by all provisions set forth herein
and in the Plan.

                                              OPTIONEE

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

Dated as of:
             -------------------

<PAGE>

                                                                       EXHIBIT A

               FORM OF LETTER TO BE USED TO EXERCISE STOCK OPTION

                              --------------------
                                      Date

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Attention:
          -----------------------

         I wish to exercise the stock option granted on _________ and evidenced
by a Stock Option Award Agreement dated as of ___________, to acquire _________
shares of Common Stock of _________, at an option price of $_______ per share.
In accordance with the provisions of paragraph 1 of the Stock Option Award
Agreement, I wish to make payment of the exercise price (please check all that
apply):

               [ ]  in cash
               [ ]  by delivery of shares of Common Stock held by me
               [ ]  by simultaneous sale through a broker

Please issue a certificate for these shares in the following name:

-----------------------------
Name

-----------------------------
Address

                                             Very truly yours,

                                             -----------------------------------
                                             Signature

                                             -----------------------------------
                                             Typed or Printed Name

                                             -----------------------------------
                                             Social Security Number<PAGE>

                                                                    Exhibit 10.1

THE ISSUANCE OF SECURITIES REPRESENTED BY THIS SUBSCRIPTION AGREEMENT HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), OR THE GEORGIA
SECURITIES ACT OF 1973 (THE "GEORGIA ACT"), OR ANY OTHER APPLICABLE STATE LAW,
AND WAS MADE IN RELIANCE UPON THE EXEMPTIONS FROM REGISTRATION AND QUALIFICATION
PROVIDED IN THE ACT AND THE GEORGIA ACT, INCLUDING WITHOUT LIMITATION, SECTION
10-5-9(13) OF THE GEORGIA ACT. THESE SECURITIES CANNOT BE OFFERED, SOLD, OR
OTHERWISE TRANSFERRED UNLESS SUCH TRANSFER IS REGISTERED UNDER SUCH ACTS, OR
EXCEPT AS OTHERWISE PERMITTED PURSUANT TO RULE 144 UNDER THE ACT OR ANOTHER
EXEMPTION FROM REGISTRATION UNDER THE ACT, AND AN OPINION OF LEGAL COUNSEL
REASONABLY ACCEPTABLE TO THE COMPANY IS OBTAINED TO THE EFFECT THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER SUCH ACTS.

                         EBANK FINANCIAL SERVICES, INC.
                             SUBSCRIPTION AGREEMENT

TO:      ebank Financial Services Inc.
         2410 Paces Ferry Road, Suite 190
         Atlanta, Georgia 30339

         Attention:  James L. Box, Chief Executive Officer

Dear Sir:

         The undersigned (the "Subscriber") hereby tenders his subscription to
ebank Financial Services Inc., a Georgia corporation (the "Company"), on the
terms and conditions hereinafter set forth:

1.       SUBSCRIPTION FOR COMMON STOCK

Subscriber hereby irrevocably subscribes for and agrees to purchase the number
of shares of the Company's common stock (the "Common Stock") as indicated below:

Number of shares of Common Stock subscribed for: 462,962 X $1.08 per share =
Total Purchase Price: $499,998.96.

Simultaneously with the execution and delivery by Subscriber of this
Subscription Agreement, Subscriber is delivering to the Company the Total
Purchase Price for the Common Stock in the form of a check payable to "ebank
Financial Services, Inc."

Subscriber acknowledges that the issuance of the Common Stock is not and will
not be registered under the Securities Act of 1933 (the "Act"), or the
securities laws of any state in reliance upon exemptions from registration
contained in those respective laws, and that the Company's reliance

<PAGE>

upon such exemptions is based in part upon Subscriber's representations,
warranties and agreements contained in this Subscription Agreement. Subscriber
acknowledges that this Subscription Agreement constitutes a valid and binding
agreement on the Subscriber but not on the Company until accepted, and that
certificates for the Common Stock will be delivered to Subscriber as soon as
practicable after the Company accepts the Subscription Agreement.

2.       REPRESENTATIONS, WARRANTIES AND COVENANTS OF SUBSCRIBER

In order to induce the Company to accept this subscription, Subscriber hereby
represents, warrants and agrees as follows:

         2.1 Subscriber represents that he is purchasing the Common Stock for
his own account, with the intention of holding the Common Stock for investment,
with no present intention of either (i) dividing, or allowing others to
participate in, this investment or (ii) reselling or otherwise participating
directly or indirectly in a distribution of, the Common Stock or any part
thereof. Subscriber understands that the Common Stock has not been registered
under the Act or under any state securities law in reliance on representations
contained herein.

         2.2 Subscriber represents that his financial condition is such that he
is not under any present necessity or constraint to dispose of the Common Stock
to satisfy any existing or contemplated debt or undertaking. Subscriber further
understands that he must bear the economic risk of investment in the Company for
an indefinite period (i.e., at the time of the investment, Subscriber has the
ability to afford a complete loss).

         2.3 Subscriber understands that the shares of Common Stock subject
hereto are characterized as "restricted securities" under the federal securities
laws inasmuch as they are being acquired from the Company in a transaction not
involving a public offering and that under such laws and applicable regulations
such Common Stock may be resold without registration under the Act only in
certain limited circumstances. Subscriber acknowledges and agrees that he will
not sell, transfer, or otherwise dispose of the Common Stock unless any such
transfer is registered under the Act, or unless such sale, transfer, or other
disposition would be in compliance with all applicable federal and state
securities laws and regulations and Subscriber provides the Company with a legal
opinion acceptable in form and substance to the Company and the Company's legal
counsel stating that such sale, transfer or other disposition may be made
without registration under the Act and under any other applicable laws and
regulations.

         2.4 Subscriber represents that he either personally or together with
his offeree representative(s), possesses the requisite knowledge and experience
in financial and business matters as to be capable of evaluating the merits and
risks of an investment in the Common Stock.

         2.5 Subscriber represents and acknowledges that Subscriber has been
granted access to, and had the opportunity to review, financial and other
information relating to the Company and all documents, records, and books
pertaining to the Company and the terms and conditions of investment in the
Common Stock, as well as such other information as Subscriber deems necessary or
appropriate as a prudent and knowledgeable investor in evaluating the merits and

<PAGE>

risks of investment in the Common Stock, and that Subscriber understands that
the books and records of the Company will continue to be made available to
Subscriber for inspection upon reasonable notice, during reasonable business
hours, at the principal place of business of the Company, prior to acceptance of
this Subscription Agreement by the Company.

         2.6 Subscriber has a pre-existing business or personal relationship
with the Company or with one or more of the Company's officers, directors, or
controlling persons. Subscriber and his advisers have had a reasonable
opportunity to ask questions of and receive answers from the officers of the
Company, or a person or persons acting on their behalf, concerning the terms and
conditions of this offering, and to obtain additional information, to the extent
possessed or obtainable without unreasonable effort or expense by the officers
of the Company. All such questions have been answered to the full satisfaction
of Subscriber.

         2.7 Subscriber represents that his commitment to all speculative
investments is reasonable in relation to his net worth.

         2.8 Subscriber understands that no federal or state agency or
securities exchange has recommended or endorsed the purchase of the Common
Stock.

         2.9 Subscriber acknowledges that neither the Company, nor any person
acting on its behalf, offered to sell the Common Stock by means of any form of
advertising.

         2.10 Subscriber understands that the Over-the-Counter Bulletin Board on
which the Company's common stock is quoted is not an established market.
Subscriber understands that the transferability of the Common Stock is subject
to the restrictions set forth herein and Subscriber cannot expect to be able to
liquidate his investment in case of an emergency.

         2.11 Subscriber understands that adverse market, economic, or
regulatory events may occur that could lead to a partial or total failure of the
Company, resulting in a partial or total loss of his investment in the Company.

         2.12 Subscriber understands that there will be placed on the
certificates for the Common Stock a legend substantially in conformance with the
following language:

         THE ISSUANCE OF SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), OR THE GEORGIA
         SECURITIES ACT OF 1973 (THE "GEORGIA ACT"), OR ANY OTHER APPLICABLE
         STATE LAW, AND WAS MADE IN RELIANCE UPON THE EXEMPTIONS FROM
         REGISTRATION AND QUALIFICATION PROVIDED IN THE ACT AND THE GEORGIA ACT,
         INCLUDING WITHOUT LIMITATION, SECTION 10-5-9(13) OF THE GEORGIA ACT.
         THESE SECURITIES CANNOT BE OFFERED, SOLD, OR OTHERWISE TRANSFERRED
         UNLESS SUCH TRANSFER IS REGISTERED UNDER SUCH ACTS, OR EXCEPT AS
         OTHERWISE PERMITTED PURSUANT TO RULE 144 UNDER THE ACT OR ANOTHER
         EXEMPTION FROM REGISTRATION UNDER THE ACT, AND AN OPINION OF LEGAL
         COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY IS

<PAGE>

         OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
         SUCH ACTS.

         2.13 The information provided in the Investor Questionnaire to the
Company by the Subscriber about the Subscriber is true and correct as of the
date hereof, and Subscriber agrees to advise the Company prior to its acceptance
of this subscription of any material change in any such information. Subscriber
agrees that the representations and warranties of Subscriber set forth in this
Section 2 shall survive the acceptance of this subscription, in the event that
such subscription is accepted.

         2.14 Subscriber is an individual, is a citizen of the United States and
a resident of the State of Georgia. If Subscriber's residence changes to a state
other than the state indicated by Subscriber before Subscriber purchases the
Common Stock and before the Common Stock certificates are delivered to
Subscriber, Subscriber covenants and agrees to properly notify the Company.

         2.15 When executed by Subscriber, this Subscription Agreement
(including these representations and warranties) will constitute a valid and
binding obligation of Subscriber, enforceable in accordance with its terms.

         2.16 Subscriber understands and agrees that there is no minimum number
of shares that must be sold in this offering. Proceeds from this offering will
be immediately available to us regardless of the number of shares we sell.

         2.17 Subscriber understands and agrees that the subscription set forth
herein will not be binding upon the Company until it is accepted by the Company,
that acceptance of any or all subscriptions is within the sole discretion of the
Company, and that the Company may choose to accept or reject any or all
subscriptions, including this subscription, for any reason or no reason, in its
sole discretion.

         2.18 Subscriber represents and warrants to the Company that Subscriber
currently "beneficially owns" (as such term is defined below) securities of the
Company as follows: 42,583 shares of Common Stock; 80,000 shares of Series A
Preferred Stock; and warrants to purchase an aggregate of 40,000 shares of
Common Stock.

Subscriber represents and warrants to the Company that no member of Subscriber's
"immediate family" (as such term is defined below) beneficially owns securities
of the Company except as follows: Subscriber's brother owns 7,742 shares of
Common Stock, 34,000 shares of Series A Preferred Stock and warrants to purchase
an aggregate of 17,000 shares of Common Stock.

If Subscriber's beneficial ownership of the Company's securities changes before
Subscriber purchases the Common Stock, Subscriber covenants and agrees to
promptly notify the Company.

The terms "beneficially owns" and "beneficial ownership" as used in this
Subscription Agreement shall have the meaning set forth in Regulation 13d-3
under the Securities Exchange Act of 1934, as amended.

<PAGE>

The term "immediate family" means a person's spouse, father, mother, children,
brothers, sisters and grandchildren; the father, mother, brothers and sisters of
a person's spouse; and the spouse of the person's child, brother or sister.

3.       INDEMNIFICATION

Subscriber hereby agrees to indemnify and hold harmless the Company and the
directors, managers, members, officers, employees and agents of the Company from
any and all loss, damage, liability or costs (including attorneys' fees) due to,
or arising out of, any breach of any representation or warranty of Subscriber
contained in this Subscription Agreement.

4.       GOVERNING LAW AND INTERPRETATION

This Subscription Agreement shall be construed in accordance with and governed
by the laws of the State of Georgia, without regard to the principles of
conflict of law. This Subscription Agreement constitutes the full and entire
agreement and understanding of the parties to this Subscription Agreement with
respect to the subjects hereof and supersedes all previous discussions and
agreements, if any, of the parties hereto with respect to the subject matter of
this Subscription Agreement. No party shall be liable for or be bound in any
other manner by any representations, warranties, covenants or agreements except
as specifically set forth in this Subscription Agreement.

5.       NOTICES

The address of record for Subscriber maintained by the Company for all purposes
of this Subscription Agreement and the Common Stock shall be that address set
forth beneath Subscriber's signature on this Subscription Agreement. Subscriber
may change his address of record only by notifying the Company in the manner
prescribed herein. Any notice under this Agreement or with respect to the Common
Stock shall be in writing and shall be deemed to have been sufficiently given or
served and effective for all purposes when presented personally or five days
after deposit with the United States Postal Service, by registered or certified
mail, postage pre-paid, addressed to the Company at its principal place of
business and to Subscriber at the address of record maintained by the Company
with respect to Subscriber.

6.       COUNTERPARTS

This Subscription Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument. Facsimile transmission of signatures
shall be deemed originals.

7.       MISCELLANEOUS

         7.1 Subscriber agrees not to transfer or assign this Subscription
Agreement, or any of Subscriber's interest herein, to any other person, and
further agrees that the transfer or assignment

<PAGE>

of the Common Stock shall be made only in accordance with this Subscription
Agreement, the Act and any other applicable laws and regulations.

         7.2 Notwithstanding any of the representations, warranties,
acknowledgments, or agreements made herein by Subscriber, Subscriber does not
hereby or in any other manner waive any rights granted to Subscriber under
applicable federal or state securities laws.

         7.3 Within five days after the receipt of a written request from an
officer of the Company, Subscriber agrees to provide such information and to
execute and deliver such documents as reasonably may be necessary to comply with
any and all laws and regulations to which the Company is subject.

         7.4 The representations and warranties of Subscriber set forth herein
shall survive the sale of the Common Stock to Subscriber pursuant to this
Subscription Agreement.

         7.5 Each party hereto shall execute and deliver such additional
documents as may reasonably be necessary or desirable to consummate the
transactions contemplated by this Subscription Agreement.

         7.6 Whenever possible, each provision of this Subscription Agreement
shall be interpreted in such a manner as to be effective and valid under
applicable law, but if any provision of this Subscription Agreement shall be
prohibited by or invalid under applicable law, such provisions shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of the
Subscription Agreement.

         7.7 For a term of one (1) year following the execution by Subscriber of
this Subscription Agreement, Subscriber will not make any public disclosures
about, and agrees to hold in trust and strictest confidence, any Confidential
Information (as that term is defined herein) provided to Subscriber by the
Company and Subscriber agrees not to use, reproduce, distribute, disclose or
otherwise disseminate the Confidential Information; provided however, that
Subscriber may disclose any of the Confidential Information (i) to any of its
legal and professional advisors so long as such advisors are made aware of and
agree to comply with the provisions of this Section 7.7, (ii) to any relevant
governmental agencies but only if and to the extent necessary to implement and
consummate the terms of this Subscription Agreement; or (iii) if legally
compelled (by deposition, interrogatory, request for production of documents,
subpoena, civil investigative demand or similar process) to disclose any of the
Confidential Information, and in such case, only after prior written notice to
the Company so that Company may seek a protective order or other appropriate
remedy. Subscriber agrees not to purchase or sell securities of the Company for
as long as the Confidential Information remains material and nonpublic, other
than as may be permitted by applicable law. "Confidential Information" means
information and the compilation of information related to the operation and
business of the Company which derives economic value, actual or potential, from
not being generally known to or readily ascertainable by other persons who can
obtain economic value from its disclosure or use, including without limitation,
the existence and/or contents of this Subscription Agreement or the transactions
contemplated by this Subscription Agreement.

<PAGE>

         7.8 SUBSCRIBER AGREES THAT SUBSCRIBER MAY NOT CANCEL, TERMINATE, OR
REVOKE THIS SUBSCRIPTION AGREEMENT (EXCEPT AS OTHERWISE SPECIFICALLY PERMITTED
UNDER APPLICABLE STATE SECURITIES LAWS), AND THAT THIS SUBSCRIPTION AGREEMENT
SHALL SURVIVE THE DEATH OR DISSOLUTION OF SUBSCRIBER AND SHALL BE BINDING UPON
SUBSCRIBER'S HEIRS, EXECUTORS, ADMINISTRATORS, SUCCESSORS, AND ASSIGNS.

         IN WITNESS WHEREOF, the undersigned has executed this Subscription
Agreement as of December 28, 2004.

/s/  Tommy Jack Duncan
----------------------------------------
         (SUBSCRIBER SIGNATURE)

Name:    Tommy Jack Duncan
         -------------------------------

Address: 417 Pullian Lane
         -------------------------------
         Royston, Georgia 30662
         -------------------------------

ACCEPTED AS OF:
December 28, 2004:

ebank Financial Services, Inc.

By: /s/ James L. Box
    -------------------------------------------------------------------

Name:    James L. Box
      --------------------------------------------------------

Title: Chief Executive Officer
       -------------------------------------------------------

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