Document:

STOCK GRANT AGREEMENT

Exhibit 10.1

STOCK GRANT AGREEMENT

This Grant Agreement ("Grant") is entered into this 9th day of
January, 2006 by and between Freedom Financial Group, Inc., a Delaware
corporation (the "Corporation"), and the following members of
management: Jerald L. Fenstermaker, Daniel F. Graham, and James K. Browne (the "Management
Shareholders"). 

WHEREAS, the Plan of Reorganization of Stevens Financial Group, Inc.,
predecessor in bankruptcy to Freedom Financial Group, Inc. (the
"Corporation") authorized the Board of Directors of the Corporation to
issue up to 1,000,000 shares of Common Stock to members of management of the
Corporation. 

WHEREAS, by a unanimous consent resolution dated February 19, 2003 (the
"2003 Stock Grant"), the Board approved the issuance of 700,000 shares
of Common Stock to Jerald L. Fenstermaker, 200,000 shares to Daniel F. Graham, and 70,000
shares to James K. Browne. The 2003 Stock Grant also granted each Management
Shareholder the right, among others, to receive additional shares of Common
Stock to maintain their voting percentages upon the conversion of the
Corporation's outstanding Preferred Stock into Common Stock. Mr. Fenstermaker's
Employment Agreement dated September 17, 2004 (the "Employment
Agreement") also references his right to protection from dilution of his
shares. 

WHEREAS, the Corporation currently expects to receive bridge loan financing
in the amount of $3,000,000 (the "Bridge Loan"). 

WHEREAS, the Trust Supervision Committee of the Freedom Financial Group I
Statutory Trust (the "Trust"), which holds all of the issued and
outstanding shares of Preferred Stock of the Corporation, is considering action
which may result in the conversion of the Preferred Stock into Common Stock, and
such conversion would entitle the Management Shareholders to additional shares
of Common Stock pursuant to the terms of the 2003 Stock Grant. 

WHEREAS, the compensation committee of the Corporation has negotiated an
agreement with the Management Shareholders whereby they would waive their rights
to receive unrestricted Common Stock in the event of a conversion of the
Preferred Stock, and in consideration thereof would receive restricted Common
Stock subject to the conditions and restrictions set forth herein. 

WHEREAS, the Corporation deems it desirable and in the best interests of the
Corporation to grant the Management Shareholders a total of 962,493 shares of
Common Stock upon the terms set forth herein. 

In consideration of the mutual promises contained herein, the parties agree
as follows: 

1. On January 9, 2006 (the "Grant Date") Jerald L. Fenstermaker shall
be granted 694,583 shares of Common Stock, Daniel F. Graham shall be granted 198,452
shares of Common Stock and James K. Browne shall be granted 69,458 shares of Common
Stock. The shares granted hereunder are sometimes referred to hereinafter as the
"Grant Shares." The shares granted pursuant to the 2003 Stock Grant
are sometimes hereinafter referred to as the "Existing Shares." 

2. All shares of Common Stock issued pursuant to this Grant shall immediately
vest to the Management Shareholders upon the Grant Date. 

3. The Management Shareholders hereby waive their rights (previously referred
to as "anti-dilution protection") to receive unrestricted shares of
Common Stock upon any eventual conversion of the Company's Preferred Stock into
Common Stock. Except as specifically provided in this Agreement, nothing herein
shall be deemed a waiver by the Management Shareholders of any other rights
granted in the 2003 Stock Grant or in Mr. Fenstermaker's Employment Agreement. 

4. The following restrictions will apply to the Grant Shares and/or the
Existing Shares as set forth below. 

    4.1 The Management Shareholders hereby agree to forfeit
all Grant Shares issued to them under this Grant if the Company's outstanding
Preferred Stock is not converted into Common Stock within 18 months of the Grant
Date. 

    4.2 The Management Shareholders hereby agree to forfeit
all Grant Shares issued to them under this Grant if the Company has not raised
additional debt and/or equity financing in an amount not less than $10,000,000
within 36 months of the Grant Date. 

    4.3 Each Management Shareholder, individually, hereby
agrees to forfeit all Grant Shares issued to him under this Grant if such
Management Shareholder's employment is terminated by his action or by the
Company's action for any reason prior to lapse or satisfaction of Sections 4.1
and 4.2. 

    4.4 If the Grant Shares are forfeited pursuant to either
of these Sections 4.1 or 4.2, then the anti-dilution rights of the Shareholders
shall be deemed fully reinstated, as if they had never been waived, but if the
Grant Shares are forfeited pursuant to Section 4.3, no reinstatement shall
occur. 

5. With respect to the Existing Shares, the Management Shareholders hereby
agree to relinquish any rights to receive dividends or proceeds from the
liquidation of the Company until the receipt by the Company of additional debt
and/or equity financing in an amount not less than $10,000,000. 

6. With respect to the Grant Shares, the Management Shareholders hereby agree
to relinquish any rights to receive dividends or proceeds from the liquidation
of the Company until the receipt by the Company of additional debt and/or equity
financing in an amount not less than $10,000,000. 

7. The Management Shareholders hereby agree to the following limitations on
the sale, by any means, of their Existing Shares and/or their Grant Shares as
set forth below: 

    7.1 The Management Shareholders will not sell any Grant
Shares so long as any risk of forfeiture exists under Sections 4.1 or 4.2. 

    7.2 The Management Shareholders will not sell any Existing
Shares or any Grant Shares so long as the restriction on the right to receive
dividends or proceeds from liquidation continues under Sections 5 or 6. 

    7.3 Except as provided in Section 8 or Section 11, the
Management Shareholders will not sell any Existing Shares or any Grant Shares
prior to thirty-six (36) months from the Grant Date. 

8. Notwithstanding the foregoing, so long as all of the Company's outstanding
Preferred Stock has been converted into Common Stock, then Management
Shareholders shall have the right to sell, at their option, free and clear of
any encumbrance or restriction created by this or any other agreement with the
Company, up to the number of shares as indicated: 

    8.1 At any time after the Company raises additional
long-term debt and/or equity financing in an amount not less than $10,000,000
(excluding the Bridge Loan), each Management Shareholder may sell, assuming full
compliance with all relevant Securities laws, all of their Existing Shares plus
up to one-half of their Grant Shares. 

    8.2 At any time after the Company raises additional
long-term debt and/or equity financing so that the aggregate amount including
that raised in Section 8.1 is not less than $15,000,000, each Management
Shareholder may sell, assuming full compliance with all relevant Securities
laws, all of their Existing Shares and all of their Grant Shares. 

9. Each Management Shareholder further agrees that for a period of six
months after the Company receives not less than $10,000,000 in additional debt
and/or equity financing, none will sell any Existing Shares or Grant Shares. 

10. So long as a Management Shareholder retains ownership of the Grant Shares
and no event of forfeiture has occurred, the Management Shareholder shall have
the unrestricted right to vote such shares. 

11. Notwithstanding the foregoing, the Management Shareholders shall have the
right to sell, at their option, any or all shares owned by them at any time
after the first to occur of: 

    11.1 A change in control of the Company (excluding any
change in control that results from the conversion of the Preferred Stock into
Common Stock); or 

    11.2 The death or total and presumably permanent
disability of a Management Shareholder. 

12. Miscellaneous Provisions. 

    12.1 This Agreement shall be governed by and shall be
interpreted and enforced in accordance with the laws of the state of Delaware. 

    12.2 No amendment to this Agreement shall be valid unless
made in writing and executed by the parties hereto. 

    12.3 This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which shall
constitute one in the same document. 

    12.4 All notices required or permitted hereunder shall be
given in writing by hand delivery, by express delivery, or be registered or
certified U.S. mail, postage prepaid to the address provided to the other party
for delivery of such notices, as may be provided in writing from time to time. 

FREEDOM FINANCIAL GROUP, INC., a Delaware corporation

By: /s/ Jerald L. Fenstermaker    

    Jerry Fenstermaker, President 

By: /s/ Robert T. Chancellor    

    Robert T. Chancellor, Chair of the Compensation Committee 

/s/ Jerald L. Fenstermaker    

JERALD L. FENSTERMAKER 

/s/ Daniel F. Graham             

DANIEL F. GRAHAM 

/s/ James K. Browne             

JAMES K. BROWNEFirst Amendment to the CapitalBank Salary Continuation Agreement

    EXHIBIT
      10.49

     

    FIRST
      AMENDMENT

    TO
      THE

    CAPITALBANK

    SALARY
      CONTINUATION AGREEMENT

    

    DATED
      OCTOBER 17, 2002

    FOR
      

    STEVE
      O. WHITE

    

    

    THIS
      AMENDMENT is adopted this 10th day of January, 2006, by and between CAPITALBANK,
      a state-chartered commercial bank located in Greenwood, South Carolina (the
      “Company”) and STEVE O. WHITE (the “Executive”).

     

    The
      Company and the Executive executed the Salary Continuation Agreement (the
“Agreement”) on October 17, 2002. Pursuant
      to Article 7 of the Agreement the undersigned hereby amend the Executive’s
      Agreement as follows:

    

    Article
      1.1 of the Agreement shall be deleted in its entirety and replaced by Article
      1.1 below:

    

    1.1 “Benefit
      Amount”
      means
      Twenty Thousand Five Hundred and Fifteen Dollars ($20,515) as of May 1, 2005.
      Commencing at the end of each Plan Year thereafter, the Benefit Amount shall
      be
      increased four percent (4%) from the previous Plan Year.

    

    Article
      1.8 of the Agreement shall be deleted in its entirety and replaced by Article
      1.8 below:

    

    1.8
       “Normal
      Retirement Age”
      means
      the August 31st
      immediately following the Executive’s 61st
      birthday.

    

    The
      Company and the Executive expressly intend that the change to the Normal
      Retirement Age contained in this First Amendment to the Agreement constitute
      a
      new payment election with respect to the time of payment of the amounts deferred
      as permitted by the Transitional Relief included in Part XI.C. of the Preamble
      to the Proposed Treasury Regulations published at 70 Federal Register 57930,
      pages 57954-57955 (October 4, 2005) (the “Transitional Relief”). The Company
      shall have the authority to amend the Plan and any election made hereunder,
      retroactively if necessary, in order to effectuate the Company’s and the
      Executive’s intent to satisfy the requirements of the Transitional Relief and to
      defer compensation as governed by applicable federal law, including but not
      limited to Internal Revenue Code Section 409A.

    

    By
      signing below, Executive elects to receive the Normal Retirement Benefit under
      the Agreement, as amended, as of his Normal Retirement Age, as such term is
      defined by this First Amendment to the Agreement. Executive understands that
      this election is conditioned upon Executive’s continued employment with the
      Company until Executive’s Normal Retirement Age. Executive’s entitlement to any
      Early Termination Benefit attributable to his termination of employment prior
      to
      his Normal Retirement Age shall be governed by and subject to the terms of
      the
      Agreement, as amended from time to time. 

    

    IN
      WITNESS OF THE ABOVE,
      the
      Executive and the Company hereby consent to this First Amendment.

     

    
      
        	
                 

                Executive:

                 

              	 	
                 

                CAPITALBANK

                 

              	 
	 	 	 	 
	
                /s/
                  Steve O. White 
                  

                

              	 	
                By:
                  /s/ Wayne Q. Justesen 
                  

                

              	 
	
                Steve
                  O. White

              	 	
                Title:
                  Chairman, Compensation Committee

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