Document:

First Horizon National Corp

Exhibit 10(n) 

FIRST HORIZON NATIONAL
CORPORATION 
2000 NON-EMPLOYEE
DIRECTORS’ DEFERRED 
COMPENSATION STOCK
OPTION PLAN 
(AS AMENDED AND
RESTATED APRIL 20, 2004) 

 

     	1.	
          Purpose. The 2000 Non-Employee
          Directors’ Deferred Compensation Stock Option Plan of the First Horizon
          National Corporation has been adopted to advance the interests of shareholders
          by encouraging non-employee members of the Board of Directors to acquire
          proprietary interests in the Company in the form of Stock Options granted in
          lieu of Retainer/Fees that otherwise would have been paid in cash for serving on
          the Board of Directors or any committee thereof. 

          

     	2.	
          Definitions. As used in the Plan, the
          following terms shall have the respective meanings set forth below: 

          

	 	(a)  	“Board” means
the Board of Directors of the Company.  

          	 	(b) 	
               “Common Stock” means the common stock, par value $0.625 per share
               (appropriately adjusted for subsequent stock splits), of the Company. 

               

          	 	(c) 	
               “Company” means the First Horizon National Corporation, a corporation
               established under the laws of the State of Tennessee. 

               

          	 	(d) 	
               “Deferred Compensation Stock Option” or “Stock Option” means
               a right granted at the election of a Non-Employee Director pursuant to Section
               6. 

               

          	 	(e) 	
               “Disability” means total and permanent disability, which if the
               Participant were an employee of the Company, would be treated as a total and
               permanent disability under the terms of the Company’s long-term disability
               plan for employees, as may be in effect from time to time. 

               

          	 	(f) 	
               “Early Retirement” means retirement from Board service after the age
               of 55 with 120 or more full months of aggregate Board service. 

               

          	 	(g) 	
               “Fair Market Value” means the average of the high and low sales prices
               at which shares of Common Stock are traded, as publicly reported by the Wall
               Street Journal, on the applicable date or, if there were no sales of Common
               Stock reported for such date, the last prior date for which a sale is reported. 

               

          	 	(h) 	
               “Grant Date” means the applicable date, as specified in Section 7, on
               which a Stock Option is granted to a Non — Employee Director by reason of
               an election made pursuant to Section 6. 

               

          	 	(i) 	
               “Non-Employee Director” means a member of the Board who is not an
               employee of the Company or any subsidiary or affiliate of the Company at the
               time such person elects to receive Retainer/Fees in the form of Stock Options. 

               

          	 	(j) 	
               “Normal Retirement” means the date at which any Non-Employee Director
               is no longer qualified to serve on the Board based on the then-current
               retirement age policy contained in the Company’s by-laws or, if not in the
               by-laws, as adopted by the Board. 

               

          	 	(k) 	
               “Participant” means a person who has received one or more Stock
               Options or the legal representative, heir or estate of such person. 

               

          	 	(l) 	
               “Plan” means the 2000 Non-Employee Directors’ Deferred
               Compensation Stock Option Plan. 

               

          	 	(m) 	
               “Retainer/Fees” means the retainer and meeting attendance fees payable
               to a Non-Employee Director for service as member of the Board and/or member of
               any committee of the Board.  

               

	 	(n)  	“1934
Act” means the Securities                Exchange Act of 1934, as amended from time
to time. 

1 

 

  

     	3.	
          Effective Date. The Plan
          shall be effective on the date it is approved by the shareholders of the Company
          and shall remain in effect through the last Grant Date occurring with respect to
          calendar year 2004, unless the Plan is terminated by the Board earlier than such
          date subject to the provisions of Section 11. If shareholder approval is not
          obtained by June 30, 2000, the Plan shall be nullified and all elections to
          receive Stock Options shall be rescinded and all Non-Employee Directors shall
          receive cash equal to all Retainer/Fees that had been the subject of an election
          hereunder. Upon termination of the Plan, the applicable terms of the Plan shall
          continue to apply to all Stock Options which are outstanding on the date the
          Plan is terminated and to any Stock Options which are granted subsequent to such
          date pursuant to Section 11. 

          

     	4.	
          Plan Operation. The Plan
          is intended to meet the requirements of a “formula plan” for purposes
          of Rule 16b-3 under the 1934 Act as currently applicable to the Plan and
          accordingly is intended to be self-governing. To this end the Plan is expected
          to require no discretionary action by any administrative body except as
          contemplated by Section 5(b). However, should any questions of interpretation
          arise, they shall be resolved by the Human Resources Committee of the Board or
          such other Committee as the Board may from time to time designate. The Plan
          shall be interpreted to comply with Rule 16b-3 under the 1934 Act, as then
          applicable to the Company’s employee benefit plans, and any action under
          this Plan that would be inconsistent with the requirements of Rule 16b-3 as then
          applicable shall be null and void. 

          

     	5.	
          Common Stock
          Available for
          Stock Options. 

          

          	 	(a) 	
               A maximum of 400,000 shares of Common Stock may be issued upon the exercise of
               Stock Options granted under the Plan. Shares of Common Stock shall not be deemed
               issued until the applicable Stock Option has been exercised and, accordingly,
               any shares of Common Stock represented by Stock Options which expire unexercised
               or which are canceled shall remain available for issuance under the Plan. For
               purposes of computing the maximum number of shares that may be issued under the
               Plan, if shares are tendered in payment of all or portion of the exercise price,
               then the number of shares issued in connection with such exercise is the number
               of shares subject to option that was exercised, net of the number tendered in
               payment. 

               

          	 	(b) 	
               Any increase in the number of outstanding shares of Common Stock occurring
               through stock splits or stock dividends after the adoption of the Plan shall be
               reflected proportionately in an increase in the aggregate number of shares then
               available for the grant of Stock Options under the Plan, or becoming available
               through the termination or forfeiture of Stock Options previously granted but
               unexercised and in the number subject to Stock Options then outstanding, and a
               proportionate reduction shall be made in the per-share exercise price as to any
               outstanding Stock Options or portions thereof not yet exercised. Any fractional
               shares resulting from such adjustments shall be eliminated. If changes in
               capitalization other than those considered above shall occur, the Board, as it
               deems appropriate to preserve Participant’s benefits and to meet the intent
               of the Plan, may make equitable adjustments to the number of shares available
               under the Plan and covered by outstanding Stock Options and to the exercise
               prices of outstanding Stock Options in the event of any change in capitalization
               or similar action affecting Common Stock. Such actions may include, but are not
               limited to, any combination or exchange of shares, merger, consolidation,
               recapitalization, spin-off or other distribution (other than normal cash
               dividends) of Company assets to shareholders, or any other change affecting the
               Common Stock. 

               

     	6.	
          Elections to
          Receive Stock Options.          Each Non-Employee may make a one-time irrevocable election
          to receive Stock Options under the Plan, provided that such election conforms to
          the following: 

          

          	 	(a) 	
               Each Non-Employee Director serving as of October 20, 1999, must make his or her
               election under the Plan no later than December 31, 1999. Such election, if any,
               shall be applicable to Retainer/Fees otherwise payable to such Non-Employee
               Director for service from January 1, 2000 through December 31, 2004, subject to
               the requirements of Section 9. 

               

2 

 

  

          	 	(b) 	
               Each Non-Employee Director who is newly appointed or elected to the Board after
               October 20, 1999, must make his or her election, if any, under the Plan no later
               than 30 days following the commencement of such person’s Board service.
               Such election, if any, shall be applicable to Retainer/Fees earned by such
               Non-Employee Director from the date of such election (but not before January 1,
               2000) through December 31, 2004, subject to the requirements of Section 9. The
               above notwithstanding, no election under the Plan shall be permitted after June
               30, 2004. 

               

          	 	(c) 	
               In making an irrevocable election to receive Retainer/Fees in the form of Stock
               Options, the Non-Employee Director must designate that the election is for all
               or a specified portion of the Retainer/Fees payable to him or her through
               December 31, 2004. 

               

     7.    
          Effective Grant Dates. 

          	 	(a) 	
               The Grant Dates for Stock Options granted pursuant to an election covered by
               Section 6(a) made by a Non-Employee Director serving on the Board as of October
               20, 1999 for each of the calendar years such election is in effect shall be the
               first business day of July of such calendar year and the first business day of
               January of the following calendar year. 

               

          	 	(b) 	
               The Grant Dates for Stock Options granted pursuant to an election covered by
               Section 6(b) made by a Non-Employee Director elected or appointed to the Board
               after October 20, 1999, shall be: 

               

               	 	(i) 	
                    For the initial Stock Option granted, the earliest calendar date specified by
                    Section 7(a) to occur after such election, or, if then required by Rule 16b-3
                    under the 1934 Act as then applicable to the Plan, the first business day
                    following the last day of the second full calendar quarter of Board service
                    after an election pursuant to Section 6 has been made. 

                    

               	 	(ii) 	
                    For all Stock Options granted subsequent to the initial Stock Option, for each
                    of the calendar years such election is in effect the first business day of each
                    subsequent July of such calendar year and each subsequent January of the
                    following calendar year. 

                    

     	8.	
          Stock Option Grants.
          Stock Options granted under the Plan shall have the following terms and
          conditions: 

          

          	 	(a) 	
               Each Stock Option shall have a per share exercise price equal to 50% of the Fair
               Market Value on the Grant Date. 

               

          	 	(b) 	
               Each Stock Option shall cover the number of shares represented by “A”
               in the following formula: 

               

A = B/C, where 

	 	
B = Amount of Retainer/Fees Earned 
C = 50% of Fair Market Value of one share of Common Stock
on the Grant Date. 

	 	
If
the number of Common Shares resulting from this calculation is not a whole number, the
amount will be rounded up to the next whole number. The “Amount of Retainer/Fees
Earned” for purposes of this calculation shall be such amount as was payable to the
Participant since the prior applicable Grant Date or since January 1, 2000 in the case of
an election pursuant to Section 6(a), or the date of the election (but not before January
1, 2000) in the case of an election pursuant to Section 6(b). 

          	 	(c) 	
               Each Stock Option shall expire on the tenth anniversary of its Grant Date,
               subject to earlier or later expiration in accordance with Section 9. 

               

          	 	(d) 	
               Each Stock Option shall be immediately exercisable upon grant, except, however,
               that the Board may postpone the exercise of a Stock Option during such period of
               time that is deemed reasonably necessary to prevent any acts or omissions that
               the Board reasonably believes could result in the violation of any state or
               federal law. 

               

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	9.  	Termination
of Board Service. 

          	 	(a) 	
               If a Non-Employee Director terminates Board service for any reason (or becomes
               an employee of the Company) prior to a Grant Date upon which he or she would
               otherwise receive a Stock Option under the Plan, no future Stock Options shall
               be granted to him or her and any Retainer/Fees that have been earned, but which
               were to be paid in the form of a Stock Option will be paid in cash instead. 

               

          	 	(b) 	
               If a Participant terminates Board service with less than 120 full months of
               aggregate Board service or prior to Normal or Early Retirement for any reason
               other than death or Disability, all outstanding Stock Options held by such
               Participant shall expire on the first anniversary of such person’s
               termination of Board service. 

               

          	 	(c) 	
               If a Participant terminates Board service due to death, Disability or because of
               Normal or Early Retirement, each outstanding Stock Option held by such
               Participant shall terminate at the earlier of the fifth anniversary of such
               Participant’s termination of Board service or the end of the term of the
               Stock Option. 

               

          	 	(d) 	
               The above notwithstanding, any Stock Option held by a Participant at the time of
               the Participant’s death shall expire on the later of the date provided for
               by Section 9(b) or 9(c), or the first anniversary of the Participant’s
               death. 

               

     	10.	
          Exercise Payment. A
          Stock Option, or portion thereof, may be exercised by written notice of the
          exercise delivered to the Human Resources Committee of the Board, or its
          designee, accompanied by payment of the exercise price. Such payment may be made
          by cash, personal check or Common Stock already owned by the Participant, valued
          at the Fair Market Value on the date of exercise, or a combination of such
          payment methods. As soon as practicable after notice of exercise and receipt of
          full payment for shares of Common Stock being acquired, the Company shall
          deliver a certificate to the Participant representing the Common Stock purchased
          through the Stock Option. 

          

     	11.	
          Termination, Suspension
          and Amendment of
          the Plan. The Board may
          at any time terminate, suspend or amend the Plan, except that the Plan may not
          be amended in any manner which knowingly would: (a) cause the Plan not to comply
          with Rule 16b-3 under the 1934 Act as then applicable to the Company’s
          employee benefit plans; (b) cause Participants not to be deemed
          “non-employee directors” for purposes of Rule 16b-3 under the 1934 Act
          as then applicable to the Company’s employee benefits plans; or (c)
          adversely affect a Participant’s rights under the Plan, without the consent
          of the Participant. If the Plan is terminated or suspended prior to December 31,
          2004, any Retainer/Fees which have been earned but not paid as of the effective
          date of termination of the Plan and which are the subject of an election
          pursuant to Section 6, will be delivered in the form of Stock Options on the
          appropriate Grant Date, notwithstanding that such date is subsequent to the date
          the Plan has otherwise been terminated or suspended. 

          

	12. 	Reload
Option Grants. 

	 	
(a)    
Reload Grants.  Automatically upon the compliance by the
                    Participant with the following, the Participant will receive an
additional                     option (a “Reload Option”) at the time and
subject to the terms and                     conditions described in this Section 12(a):
 

               	 	1. 	
                    The Participant must exercise a Stock Option, using the attestation method of
                    exercise to pay all or a portion of the exercise price of the Stock Option.
                    Under the “attestation method” the Participant or other person who
                    holds legal title to shares of Common Stock beneficially owned by the
                    Participant attests to the ownership of a sufficient amount of shares of Common
                    Stock to pay all or a portion of the exercise price of the Stock Option without
                    actually tendering such shares, and as a result the Company issues to the
                    Participant (or defers delivery of) that number of shares equal to the number of
                    shares subject to Stock Option or Reload Option being exercised net of the
                    shares attested to. 

                    

4 

 

  

               	 	2. 	
                    The Participant must not have previously received the grant of a Reload Option
                    in connection with the exercise of a portion of the Stock Option. 

                    

               	 	3. 	
                    The Participant must be a current Director of the Corporation at the time of the
                    exercise of the Stock Option. 

                    

               	 	4. 	
                    There must be at least one year remaining in the term of the Stock Option at the
                    time of its exercise. 

                    

               	 	5. 	
                    The Reload Option will be granted on and as of the time and date of the valid
                    exercise of the Stock Option by the Participant. 

                    

               	 	6. 	
                    The exercise price per share of the Reload Option will be the Fair Market Value
                    of one share of Common Stock on the date of exercise of Stock Option. 

                    

               	 	7. 	
                    The number of shares of Common Stock with respect to which the Reload Option
                    will be granted will be equal to the number of shares attested to by the
                    Participant in payment in all or a portion of the exercise price of the Stock
                    Option. 

                    

               	 	8. 	
                    The Reload Option will be exercisable during a term commencing at the time of
                    the valid exercise of the Stock Option and ending on the same date at the same
                    time as the original term of the Stock Option ends. 

                    

               	 	9. 	
                    No Reload Option will be granted upon the exercise of a Reload Option. 

                    

               	 	10. 	
                    A Participant who has received more than one Stock Option and who otherwise
                    complies with this Section 12(a) will receive a Reload Option with respect to
                    each such Stock Option. 

                    

               	 	11. 	
                    The sale or other transfer of certain of the shares received upon the exercise
                    of a Reload Option will be restricted, as follows: 

                    

     	 	(i) 	
          No restriction will apply to the shares received upon the exercise of a Reload
          Option if the Reload Option was granted in connection with the exercise of an
          option in which the Participant elected to defer receipt of shares. 

          

     	 	(ii) 	
          Subject to (v), the restriction will apply to that number of shares received
          upon the exercise of a Reload Option equal to the product of x times y times z
          divided by w, where “x” is the number of shares received upon the
          exercise of the Reload Option, “y” is .50, “z” is the
          difference between the fair market value of one share at the time of exercise
          minus the exercise price of one share, and “w” is the fair market
          value of one share at the time of exercise. 

          

     	 	(iii) 	
          The restriction period will last until the earliest to occur of the following:
          five years following the exercise of the Reload Option, death, disability,
          Normal Retirement, Early Retirement, a change in control as defined in the
          Company’s 1997 Employee Stock Option Plan or termination of service as a
          director for any reason. 

          

     	 	(iv) 	
          During the restriction period the Participant cannot sell or otherwise transfer
          the shares, and the shares either will be legended accordingly or will be held
          in book-entry form by the Company’s transfer agent with appropriate
          limitations on transfer ability in place. 

          

     	 	(v) 	
          In the event that the Participant determines to sell shares of Common Stock to
          pay the taxes associated with the exercise of a Reload Option, then 50% of the
          shares so sold to pay the taxes may be shares that otherwise would be restricted
          pursuant to the provisions hereof. 

          

5 

 

  

	 	
(b)
    General. The term “Stock
Option” as used in Sections                     2(k), 3 (the last sentence), 5,
8(d), 9(b), 9(d), 10 and 12 shall be deemed to                     include a “Reload
Option” for all purposes of such Sections. 

     13.    
          General Provisions. 

          	 	(a) 	
               Stock Options shall not be transferable or assignable other than by (a) will or
               the laws of descent and distribution, or (b) to the extent permitted by Rule
               16b-3 under the 1934 Act as then applicable to the Company’s employee
               benefits plans, by gift or other transfer to any “family member” of a
               Non-Employee Director as the term “family member” is defined in the
               instructions to Form S-8 promulgated by the Securities and Exchange Commission. 

               

          	 	(b) 	
               Stock Options shall be evidenced by written agreements or such other appropriate
               documentation prescribed by the Human Resources Committee of the Board or its
               designee. 

               

          	 	(c) 	
               Neither the Plan nor the granting of Stock Options nor any other action taken
               pursuant to the Plan, shall constitute or be evidence of any agreement or
               understanding, express or implied, that the Company shall retain the services of
               a Participant for any period of time or at any particular rate of compensation
               as a member of the Board. Nothing in the Plan shall in any way limit or affect
               the right of the Board or the shareholders of the Company to remove any
               Participant from the Board or otherwise terminate his or her service as a member
               of the Board. 

               

          	 	(d) 	
               The validity, construction and effect of the plan and any such actions taken
               under or relating to the Plan shall be determined in accordance with the laws of
               the State of Tennessee and applicable federal law. 

               

[Reflects 4-20-04 Company
name change.] 

6First Horizon National Corp

Exhibit 10(s) 

FIRST
HORIZON NATIONAL CORPORATION 

2002 BANK DIRECTOR AND ADVISORY BOARD MEMBER DEFERRAL PLAN  
(as amended and restated April
20, 2004) 

             1.       
          Purpose. The First Horizon National Corporation Bank Director and
          Advisory Board Member Deferral Plan (“Plan”) is designed to attract
          and retain directors of bank affiliates of First Horizon National Corporation
          (“Company”) and advisory board members of First Tennessee Bank
          National Association (“Bank”), as described in Section 5 herein, of
          outstanding ability by providing an attractive method to defer compensation by
          allowing participants to elect to receive stock options on shares of the common
          stock of the Company, the parent company of the Bank and the bank affiliates, in
          lieu of fees. 

             2.       
          Effective Date and Duration of Plan.
          The Plan shall become effective when approved by the Board of Directors of the
          Company (” Board of Directors”). No options may be granted under the
          Plan after the first business day of January 2007. The term of options granted
          on or before such date may, however, extend beyond that date. 

             3.       
          Shares Subject to Plan. Subject to adjustment as
          provided in Section 9 herein, the shares issuable under the Plan upon the
          exercise of stock options shall not exceed in the aggregate 200,000 shares of
          the common stock, par value $0.625 (as adjusted for stock splits), of the
          Company. Such shares may be provided from shares purchased in the open market or
          privately or by the issuance of previously authorized but unissued shares. If
          any options previously granted under the Plan for any reason lapse or are
          forfeited, the shares subject to such option shall be restored to the total
          number available for grant. 

             4.       
          Administration of Plan. The Plan shall be administered by a
          committee (the “Committee”) whose members shall be appointed from time
          to time by, and shall serve at the pleasure of, the Board of Directors. In
          addition, all members shall be directors of the Company and shall meet the
          definitional requirements for “non-employee director” (with any
          exceptions therein permitted) contained in the then current SEC Rule 16b-3 or
          any successor provision. Subject to the provisions of the Plan, the Committee is
          granted the authority to interpret the Plan, adopt such rules of procedure as it
          may deem proper, and make all other determinations necessary or advisable for
          the administration of the Plan; provided, however, the Committee shall have no
          discretion to make awards under the Plan. The Plan provides for the automatic,
          non-discretionary grant of stock options to eligible Participants (hereinafter
          defined) who elect to participate in the Plan. 

             5.       
          Participation in Plan. All directors of bank affiliates
          (whether currently existing or hereafter acquired or formed) of the Company who
          are not salaried employees of the Company or any subsidiary of the Company and
          who are not directors of the Company or the Bank and all advisory board members
          of the Bank who are members of Regional or Community Bank Advisory Boards who
          are not salaried employees of the Company or any subsidiary of the Company and
          who are not directors of the Company or Bank (“Participant”) are
          eligible to participate in the Plan. Participation shall commence on the first
          day of the month (but not before January 1, 2002) following receipt by the
          Committee or its designee of an irrevocable election to receive stock options in
          lieu of all retainers, if any, of any kind, including bonuses, and all
          attendance fees to be earned on and after such day and prior to January 1, 2007. 

             6.       
          Non-statutory Stock Options. All options granted under the
          Plan shall be non-statutory stock options not intended to qualify as incentive
          stock options under Section 422A of the Internal Revenue Code of 1986, as
          amended. 

             7.       
          Terms, Conditions, and Form of Options. Each option granted under the Plan shall have the following
          terms and conditions and shall be evidenced by appropriate documentation
          prescribed by the Committee or its designee (for all purposes under the Plan, in
          the absence of an express designation by the Committee, the Company’s
          Executive Vice President-Employee Services is deemed to be the Committee’s
          designee): 

-1- 

 

  

             (a)       
          Option Grant Dates. Options shall be granted automatically on the first business
          day of each January and July subsequent to the first day of participation to
          each eligible Participant who is participating in the Plan. 

             (b)       
          Option Formula. The number of shares subject to option grant to an eligible
          Participant shall be equal to the nearest whole number of shares computed in
          accordance with the following formula:  

Number of shares = A/B,
where 

 

	 	A=	Retainer,
if any, and attendance fees earned during the two consecutive quarters preceding the
option grant date. (For the initial grant, only retainer and attendance fees earned on or
subsequent to the first day of participation shall be included in the computation.)  

	 	B=	One
half of the fair market value of one share of Company common stock on the option grant
date.  

             (c)       
          Option Price. The option price per share to be paid by the
          Participant to the Company upon the exercise of the option shall be 50 percent
          of the fair market value of a share on the option grant date. “Fair Market
          Value” for purposes of the Plan shall be the mean between the high and low
          sales prices at which shares of Company common stock were sold on the valuation
          day on the New York Stock Exchange or, if there were no sales on that date, then
          on the last day prior to the valuation day during which there were sales. In the
          event that this method of valuation is not practicable, then the Committee in
          its discretion shall establish the method by which fair market value shall be
          determined. 

             (d)       
          Non-transferability. Each option granted under the Plan shall be
          non-transferable other than by will or by the laws of descent and distribution,
          subject to Section 7(k) hereof, and each option may be exercised during the
          lifetime of the grantee only by him or her or by his or her guardian or legal
          representative. 

             (e)       
          Option Term. Each option granted under the Plan shall be
          exercisable only during a term commencing on the option grant date and ending
          (unless the option shall have terminated earlier under other provisions of the
          Plan) on the month and day in the 10th year following the year of grant
          corresponding to the day before the month and day on which the option was
          granted. 

             (f)       
          Exercise of Options. Options shall be exercised by
          delivering, mailing or transmitting to the Committee or its designee: (1) A
          notice, in the form, by the method, and at times prescribed by the Committee,
          specifying the number of shares to be purchased; (2) A check or money order
          payable to the Company for the full option price. In addition, in its sole
          discretion the Committee may determine that it is an appropriate method of
          payment for grantees to pay for any shares subject to an option by delivering a
          properly executed exercise notice together with a copy of irrevocable
          instructions to a broker to deliver promptly to the Company the amount of sale
          or loan proceeds to pay the purchase price (a “cashless exercise”). To
          facilitate the foregoing, the Company may enter into agreements for coordinated
          procedures with one or more brokerage firms. Upon receipt of such notice of
          exercise of a stock option and upon payment of the option price by a method
          other than a cashless exercise, the Company shall promptly deliver to the
          grantee a certificate or certificates for the shares purchased, without charge
          to him or her for issue or transfer tax. 

             (g)       
          Postponements. The Committee may postpone any exercise of an option for
          such period of time as the Committee in its discretion reasonably believes
          necessary to prevent any acts or omissions that the Committee reasonably
          believes will be or will result in the violation of any state or federal law;
          and the Company shall not be obligated by virtue of any provision of the Plan or
          the terms of any prior grant of an option to recognize the exercise of an option
          or to sell or issue shares during the period of such postponement. Any such
          postponement shall automatically extend the time within which the option may be
          exercised, as follows: The exercise period shall be extended for a period of
          time equal to the number of days of the postponement, but in no event shall the
          exercise period be extended beyond the last day of the postponement for more
          days than there were remaining in the option exercise period on the first day of
          the postponement. Neither the Company nor Bank nor any of the bank affiliates
          nor any of their directors or officers shall have any obligation or liability to
          the grantee of an option or to a successor with respect to any shares as to
          which the option shall lapse because of such postponement. 

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             (h)       
          Certificates. The stock certificate or certificates to be delivered under
          this Plan may, at the request of the grantee, be issued in his or her name or,
          with the consent of the Company, the name of another person as specified by the
          grantee. 

             (j)       
          Taxes. The Company may defer making payment or delivery of any benefits
          under the Plan if any withholding tax is payable until the grantee tenders the
          amount of the withholding tax due. 

             (j)       
          Exercise of Option on Termination as
          a Bank Director/Advisory Board Member. If the
          grantee of an option shall cease, for a reason other than his or her death,
          disability or retirement (defined for purposes hereof as any termination, not
          caused by death or disability, after 10 years of service as a bank director or
          advisory board member, as the case may be), to be a bank director or advisory
          board member, as the case may be, the option shall terminate one year after such
          termination, unless it terminates earlier under other provisions of the Plan. If
          a person to whom an option has been granted shall retire or become disabled, the
          option shall terminate three years after the date of retirement or disability,
          unless it terminates earlier under the Plan. Such exercise shall be subject to
          all applicable conditions and restrictions prescribed in Section 7 hereof. 

             (k)       
          Exercise of Option After Death of Bank Director/Advisory Board Member. If the grantee of an
          option shall die while serving as a bank director or advisory board member, as
          the case may be, or within three months after termination as a bank director or
          advisory board member, as the case may be, and if the option was in effect at
          the time of his or her death, the option may, until the expiration of three
          years from the date of death of the grantee or until the earlier expiration of
          the term of the option, be exercised by the successor of the deceased grantee.
          Such exercise shall be subject to all applicable conditions and restrictions
          prescribed in Section 7 hereof. “Successor” means the legal
          representative of the estate of a deceased grantee or the person or persons who
          shall acquire the right to exercise an option by bequest or inheritance or by
          reason of the death of the grantee. 

             8.       
          Limitation of Rights. No person shall have any rights as a
          shareholder by virtue of a stock option granted to him or her except with
          respect to shares actually issued to him or her, and issuance of shares shall
          confer no retroactive right to dividends. Neither the Plan nor the grant of an
          option nor any other action taken pursuant to the Plan shall constitute or be
          evidence of any agreement or understanding, express or implied, that the Bank or
          the bank affiliate, as applicable, will retain a bank director or advisory board
          member for any period of time or for any particular compensation. 

             9.       
          Adjustment for Changes in Capitalization. Any
          increase in the number of outstanding shares of common stock of the Company
          occurring through stock splits or stock dividends after the adoption of the Plan
          shall be reflected proportionately (1) in an increase in the aggregate number of
          shares then available for the grant of options under the Plan, or becoming
          available through the termination or forfeiture of options previously granted
          but unexercised and (2) in the number subject to options then outstanding, and a
          proportionate reduction shall be made in the per-share option price as to any
          outstanding options or portions thereof not yet exercised. Any fractional shares
          resulting from such adjustments shall be eliminated. If changes in
          capitalization other than those considered above shall occur, the Board of
          Directors shall make such adjustments in the number and class of shares for
          which options may thereafter be granted, in the number and class of shares
          remaining subject to options previously granted, and in the per-share option
          price as the Board in its discretion may consider appropriate, and all such
          adjustments shall be conclusive. 

             10.       
          Termination, Suspension or Modification of  Plan. The Board of Directors may at any time terminate, suspend or modify
          the Plan, except that the Board of Directors shall not amend the Plan in
          violation of law. No termination, suspension or modification of the Plan (which
          terms do not include the postponement of the exercise of an option) shall
          adversely affect any right acquired by any grantee, or by any successor of a
          grantee, under the terms of an option granted before the date of such
          termination, suspension or modification, unless such grantee or successor shall
          consent; but it shall be conclusively presumed that any adjustment for changes
          in capitalization as provided in Section 9 does not adversely affect any such
          right. 

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             11.       
          Application of Proceeds. The proceeds received by the
          Company from the sale of its shares under the Plan will be used for general
          corporate purposes. 

             12.       
          Governing Law. The Plan and all determinations thereunder shall be
          governed by and construed in accordance with the laws of the State of Tennessee. 

[Reflects 4-20-04 Company
name change.] 

-4-

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