Document:

Director and Executive Officer Compensation Summary

 EXHIBIT 10.1 
  
 BANCTRUST FINANCIAL GROUP, INC. 
 DIRECTOR AND EXECUTIVE OFFICER COMPENSATION SUMMARY 
  
 Director Compensation Summary 
  
 Set forth below is a summary of the compensation arrangements between BancTrust Financial Group, Inc. (the “Company”) and its directors who are not full-time employees of the Company or one of its subsidiaries. Directors who are
full-time employees of the Company or one of its subsidiaries receive no separate or additional compensation for their service as a director. 
  
 2005 Annual Retainer 
  
 $10,300.00 paid annually. 
  
 Meeting Fees 
  
 A director of the Company is paid $750.00 for each meeting of the Board of Directors he attends. For each meeting in which a director participates by
teleconference, a director receives $375.00 
  
 Certain of our
directors serve on the boards of our subsidiary banks and trust company. The meeting fees for each of those boards are as follows: 
  
 BankTrust (Alabama), referred to as the “Mobile Bank,” pays $500.00 for each board meeting attended and $250.00 for each board meeting in which
a director participates by teleconference. 
  
 BankTrust of
Alabama, referred to as the “Eufaula Bank,” pays $200.00 for each board meeting attended, whether in person or by teleconference. The Eufaula Bank pays each board member a $2,000.00 annual retainer. 
  
 BankTrust (Florida), referred to as the “Florida Bank,” pays
$200.00 for each board meeting attended, whether in person or by teleconference. The Florida Bank pays each board member a $3,200.00 annual retainer. 
  
 BancTrust Company, Inc., referred to as the “Trust Company,” pays $300.00 for each board meeting attended and $150.00 for each board meeting in
which a director participates by teleconference. 

 Committee Meeting Fees 
  

Members of the Company’s board committees are paid $400.00 for each committee meeting attended and $200.00 for committee meetings in which the
director participates by teleconference. Additional fees have at times been paid to committee members for multi-day meetings and the consideration of extraordinary transactions that require considerably more meeting or preparation time than what is
usually expected. 
  
 Directors of our subsidiaries are paid fees
as follows for the attendance of committee meetings: 
  
 The
Mobile Bank pays its committee members $300.00 for each committee meeting attended and $150.00 for each committee meeting in which the director participates by teleconference. 
  
 The Eufaula Bank pays its committee members $50.00 per meeting attended, except for audit committee members and advisory
board members who are paid $100.00 for each committee meeting attended, whether in person or by teleconference. 
  
 The Florida Bank pays its committee members $100.00 for each committee meeting attended, whether in person or by teleconference. 
  
 The Trust Company does not pay its directors for committee meetings.

  
 Deferred Compensation 
  
 A director of the Company may direct that the payment of all or any portion
of the cash compensation that would otherwise be payable to him or her be credited to an account which will acquire, or be “deemed” to be an investment in, the Company’s common stock. The director may elect to receive a distribution
of shares held for the director when his or her service on the Board terminates in a lump sum or in a series of annual or quarterly installments over five (5) years. Dividends paid on the shares held in this plan are accumulated and reinvested in
BancTrust common stock. 
  
 Equity Incentives 
  
 Each director is eligible to participate in the Company’s 2001
Incentive Compensation Plan. No options or equity awards, other than as described elsewhere herein, have been awarded to directors, under the 2001 Incentive Compensation Plan or otherwise, in 2005. 
  
 2005 Stock Grant 
  
 In January 2005, each director serving at the end of 2004, in recognition of the accomplishments made in 2004, particularly
the successful integration of CommerceSouth, Inc., was granted 500 shares of the Company’s common stock. 
  

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 Executive Officer Compensation Summary 
  
 Salary 
  
 The following base salaries have been approved for payment to those persons who are serving as the Company’s executive officers for 2005. 

 

						
	 Name

	  	 Title

	  	Salary

	 W. Bibb Lamar, Jr.
	  	President and Chief Executive Officer of the Company; Chief Executive Officer and Chairman of the Mobile Bank.	  	$	304,500
			
	 Michael D. Fitzhugh
	  	Executive Vice President of the Company; President and Chief Operating Officer of the Mobile Bank.	  	$	168,000
			
	 F. Michael Johnson
	  	Chief Financial Officer, Executive Vice President and Secretary of the Company; Executive Vice President and Cashier of the Mobile Bank.	  	$	162,750
			
	 Bruce C. Finley, Jr.
	  	Senior Lending Officer of the Company; Executive Vice President of the Mobile Bank.	  	$	126,000

  
 Caulie T. Knowles,
III, was an executive officer of the Company at the beginning of 2005, and was a named executive officer of the Company in its 2005 Proxy Statement; however, Mr. Knowles resigned all of his positions with the Company and its subsidiaries, except his
position as a director of the Florida Bank, effective June 1, 2005. His salary was set at $172,000 for 2005. 
  
 Bonus 
  
 Each executive
officer is also eligible to participate in the Company’s cash bonus plan. Any bonus earned is typically determined and paid in the first quarter of the year following the year in which the bonus is earned. Annual cash awards are based on a
percentage of base salary. At the beginning of the year, the incentive level of participation is established as a percent of salary for each participant, and individual performance objectives are set. Weights and ranges are set that support the
Company’s strategy, operating plans, and/or job assignment. There is no guarantee of a payout, or of a minimum payout. Performance below threshold on a particular objective earns no payout for that objective. Also, circuit breakers in the plan
can cause incentive payouts to be cancelled. The Board has final discretion as to what, if any, payments are made. 
  

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 In January 2005, the Company awarded bonuses to its executive officers for 2004 as follows: 

 

				
	 Name

	  	Bonus

	 W. Bibb Lamar, Jr.
	  	$	126,672
	 Michael D. Fitzhugh
	  	$	41,016
	 F. Michael Johnson
	  	$	48,639
	 Bruce C. Finley, Jr.
	  	$	30,580
	 Caulie T. Knowles, III
	  	$	64,893

  
 Perquisites 
  
 We furnish each of Messrs. Lamar, Fitzhugh, Johnson and Finley with an
automobile, and we pay country club and other club dues and related expenses for each of them. The aggregate amount of this compensation annually has never exceeded the lesser of $50,000 or 10% of total annual salary and bonus for any executive
officer. 
  
 Equity Based Incentives 
  
 The Company’s executive officers are eligible to participate in the
Company’s 2001 Incentive Compensation Plan. The Company is working with a compensation consultant on a long-term incentive plan to tie equity compensation to the achievement of specific individual and Company goals. That plan has not yet been
implemented; however, in January of 2005, the Company’s board of directors approved restricted stock awards under the 2001 Incentive Compensation Plan to its executive officers as follows: 
  

			
	 Name

	  	Number of Shares Awarded

	 W. Bibb Lamar, Jr.
	  	6,000
	 Michael D. Fitzhugh
	  	3,000
	 F. Michael Johnson
	  	3,000
	 Bruce C. Finley, Jr.
	  	1,000

  
 These awards were
evidenced by agreements that provide that if a grantee terminates employment for any reason other than death, disability or retirement prior to January 19, 2008, 
  

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 the restricted shares would be forfeited. In the event of death, disability or retirement during the restricted period, a
prorated portion of the shares would be forfeited, based on the number of months that elapsed from January 19, 2005 until the event and the total restriction period of 36 months. Mr. Knowles was awarded 3,000 shares of restricted stock, which were
forfeited upon his resignation. 
  
 Change in Control Agreements

  
 The Mobile Bank has entered into Change in Control
Compensation Agreements (the “Agreements”) with Mr. Lamar, Mr. Johnson, Mr. Fitzhugh and Mr. Finley. These Agreements provide that if Mr. Lamar, Mr. Johnson, Mr. Fitzhugh or Mr. Finley is terminated other than for cause (as defined in the
Agreements) following a change in control, or if his assigned duties or responsibilities are diminished such that they are inconsistent with his present position, he will be entitled to receive a cash payment equal to three times his average annual
earnings (as defined in the Agreements) in the case of Mr. Lamar and Mr. Johnson, one and one-half times his average annual earnings in the case of Mr. Fitzhugh and equal to his average annual earnings in the case of Mr. Finley. Certain other
existing employee benefits are also available to each of Mr. Lamar, Mr. Johnson, Mr. Fitzhugh and Mr. Finley under terms of these Agreements for a period after termination of three years for Mr. Lamar and Mr. Johnson, eighteen months for Mr.
Fitzhugh and twelve months for Mr. Finley. These Agreements automatically renew each calendar year unless terminated by the Mobile Bank at least 90 days prior to any December 31. 
  
 Benefits 
  
 The executive officers are also eligible to participate in the Company’s and its subsidiaries’ broad based benefit programs generally available
to employees of the Company and its subsidiaries, including the applicable retirement plans and health, disability and life insurance programs. 
  
 Supplemental Retirement Plan 
  
 In addition to participation in our generally available retirement plans, Mr. Lamar and Mr. Johnson participate in the Mobile Bank’s Supplemental
Retirement Plan, which is designed to supplement the benefits payable under our Pension Plan for certain key employees selected by the Board of Directors. Each participant was a participant in a pension plan of another bank prior to his employment
with the Mobile Bank, and the Supplemental Plan is designed to afford the participant the same pension he or she would receive under our Pension Plan if he or she had been employed by the Mobile Bank for his or her entire banking career, reduced by
the benefits actually payable to him or her under our Plan and any retirement benefits payable to him or her under any plan of another bank. Benefits for total and permanent disability are supplemented in the same manner. 
  

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 ADDITIONAL INFORMATION 
  
 The foregoing information is summary in nature. Additional information regarding the Company’s compensation of its
directors and its named executive officers has been included in the Company’s Proxy Statement for its 2005 Annual Meeting of Shareholders, which was filed with the Securities and Exchange Commission on April 8, 2005. 
  

 6Incentive Compensation Plan Restricted Stock Award Agreement

 EXHIBIT 10.2 
  
 BANCTRUST FINANCIAL GROUP, INC. 
 2001 INCENTIVE COMPENSATION PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
  
 This RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), made and
entered into as of the              day of
                            , 20     (the “Grant Date”)
[pursuant to the Plan, this needs to be the date the Board approves the grant], by and between                      (the
“Participant”) and BancTrust Financial Group, Inc., an Alabama corporation (the “Company”), sets forth the terms and conditions of a Restricted Stock Award issued pursuant to the Company’s 2001 Incentive Compensation Plan
(the “Plan”) and this Agreement. Any capitalized terms used but not defined herein shall have the meaning prescribed in the Plan. 
  
 1. Grant and Vesting of Restricted Stock. 
  
 (a) Subject to the provisions of this Agreement and to the provisions of the Plan, the Company hereby grants to the Participant
                     shares of restricted Common Stock (the “Restricted Stock”). The period during which the Restricted Stock is not
vested and is subject to Transfer Restrictions is referred to herein as the “Restriction Period.” The Restricted Stock is granted as of the Grant Date pursuant to, and subject to the terms and conditions of, the Plan. 
  
 (b) Subject to the terms and conditions of this Agreement, the Restricted
Stock shall vest and no longer be subject to any Transfer Restrictions hereunder, so long as the Participant has remained continuously employed by the Company from the Grant Date through the
                     anniversary of the Grant Date. 
  

(c) If the Participant ceases to be employed by the Company or any of its Subsidiary Corporations during the Restriction Period as a result of
Retirement, Permanent Disability, or death, the extent to which restrictions shall be deemed to have lapsed shall be determined by the Board of Directors by multiplying the number of shares of Restricted Stock which are unvested by a fraction, the
numerator of which is the full number of calendar months the Participant is employed during the Restriction Period and the denominator of which is the total number of full calendar months in the Restriction Period. If the Participant ceases to be
employed by the Company or any of its Subsidiary Corporations for any reason other than as described in the preceding sentence, he or she shall be deemed not to have satisfied the restrictions associated with the Restricted Stock Award and shall
forfeit any unvested shares, unless the Board of Directors determines otherwise in its sole discretion (in which even the extent to which restrictions will be deemed to have lapsed shall not exceed the amount determined pursuant to the preceding
sentence). 
  
 (d) In the event of a dissolution or complete
liquidation of the Company, or a merger, consolidation or other Reorganization in which the Company is not the surviving or resulting corporation, the Restricted Stock shall immediately and fully vest and no longer be subject to any Transfer
Restrictions hereunder. 

 (e) For purposes of this Agreement, employment with the Company shall include employment with the
Company’s affiliates and its successors. Nothing in this Agreement or the Plan shall confer upon the Participant any right to continue in the employ of the Company or any of its affiliates or interfere in any way with the right of the Company
or any such affiliates to terminate the Participant’s employment at any time. 
  
 2. Issuance of Shares. 
  
 Certificates
representing the shares of Restricted Stock shall be issued and held by the Company or its designee in escrow and shall remain in the custody of the Company until their delivery to the Participant or the Participant’s estate pursuant to this
Agreement and the Plan. Alternatively, such certificates may, in the Board of Directors’ discretion, be delivered to the Participant. Such certificates shall bear a legend noting the existence of the Transfer Restrictions. Subject to Section 8
(pertaining to the withholding of taxes), as soon as practicable after the restrictions on the Restricted Stock expire (provided there has been no prior forfeiture of the Restricted Stock pursuant to the terms of this Agreement and the Plan and
further provided that the Participant delivers to the Company or its transfer agent any such certificates which were delivered to the Participant), the Company shall issue (or cause to be delivered) to the Participant one or more unlegended stock
certificates in respect of the Restricted Stock. The Company currently has an effective registration statement on file with the Securities and Exchange Commission with respect to the Restricted Stock. 
  
 3. Nontransferability of the Restricted Stock. 
  
 Prior to the vesting date thereof, the Restricted Stock shall not be
transferable by the Participant, directly or indirectly, by means of sale, assignment, exchange, hypothecation, encumbrance, pledge or otherwise (such restrictions, the “Transfer Restrictions”). 
  
 4. Rights as a Shareholder. 
  
 Except as otherwise specifically provided in this Agreement and the Plan,
during the Restriction Period the Participant shall have all the rights of a shareholder with respect to the Restricted Stock, including without limitation the right to vote the Restricted Stock and the right to receive any dividends with respect
thereto. 
  
 5. Adjustments. 
  
 In the event of a change in corporate capitalization (including, without
limitation, a change in the number of shares of Common Stock outstanding), such as a stock split or a corporate transaction such as a merger, consolidation, separation, spin-off (or other distribution of stock or property of the Company), any
reorganization or any partial or complete liquidation of the Company, the shares of Restricted Stock granted hereby shall be treated in the same manner as other shares of Common Stock. 
  

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 6. Payment of Fees and Other Expenses. 
  
 The Company agrees to pay any and all and expenses necessarily incurred by the Company in connection with the issuance of
the Restricted Stock. 
  
 7. Validity of Share Issuance. 
  
 The shares of Restricted Stock have been duly authorized by all necessary
corporate action of the Company and are validly issued, fully paid and non-assessable. 
  
 8. Taxes and Withholding. 
  
 No later than the
date as of which an amount first becomes includible in the gross income of the Participant for federal income tax purposes with respect to any Restricted Stock, the Participant shall pay to the Company, or make arrangements satisfactory to the
Company regarding the payment of, all federal, state, local and foreign taxes that are required by applicable laws and regulations to be withheld with respect to such amount. Notwithstanding anything to the contrary contained herein, the Participant
may discharge this withholding obligation by directing the Company to withhold shares of Restricted Stock with a value on a vesting date equal to the minimum withholding obligation in connection with such vesting. The Company shall, to the extent
permitted by law, have the right to deduct any such taxes from the delivery of the Restricted Stock that gives rise to the withholding requirement. 
  
 9. Notices. 
  
 All notices and other communications under this Agreement shall be in writing and shall be given by hand delivery to the other party or overnight courier,
or registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  
 (a) if to the Participant, to the address last provided by the Participant to the Company’s Human Resources Department; 
  
 (b) if to the Company: 
  

	
	 BancTrust Financial Group, Inc.

	 100 St. Joseph Street

	 Mobile, Alabama 36602

	 Attention:
                                       
 

  
 10. Laws Applicable to
Construction. 
  
 The interpretation, performance and
enforcement of this Agreement shall be governed by the laws of the State of Alabama without reference to principles of conflict of laws, as applied to contracts executed in and performed wholly within the State of Alabama. 
  

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 11. Successors, Assigns and Transferees. 
  
 This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and each of their respective
successors and assigns (including, upon the death of the Participant, the Participant’s estate). 
  
 12. Administration. 
  
 The authority to manage and control the operation and administration of this Agreement shall be vested in the Board of Directors, and the Board shall have all powers with respect to this Agreement as it has with respect to the Plan.

  
 13. Incorporation of Plan. 
  
 All terms and conditions of the Plan are incorporated herein and made part
hereof as if stated herein. The Participant may obtain a copy of the Plan from the office of the Senior Vice President of Human Resources of the Company. 
  
 14. Not an Employment Contract. 
  
 Neither this Agreement nor the issuance of any Restricted Stock shall confer on the Participant any right with respect to continuance of employment or
other service with the Company or any Subsidiary Corporation, nor shall they interfere in any way with any right the Company or any Subsidiary Corporation would otherwise have to terminate or modify the terms of the Participant’s employment or
other service at any time. 
  
 15. Integration. 
  
 This Agreement and the other documents referred to herein, including without
limitation the Plan, or delivered pursuant hereto, which form a part hereof contain the entire understanding of the parties with respect to their subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants
or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement, including without limitation the Plan, supersedes all prior agreements and understandings between the parties with respect to its
subject matter. 
  
 16. Counterparts. 
  
 This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but which together constitute one and the same instrument. Notwithstanding the foregoing, any duly authorized officer of the Company may execute this Agreement by providing an appropriate facsimile signature, and any
counterpart or amendment hereto containing such facsimile signature shall for all purposes be deemed an original instrument duly executed by the Company. 
  

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 17. Modification; Waiver. 
  
 No provision of this Agreement may be amended, modified, or waived unless such amendment or modification is agreed to in
writing and signed by the Participant and by a duly authorized officer of the Company, and such waiver is set forth in writing and signed by the party to be charged. No waiver by either party hereto at any time of any breach by the other party
hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
  
 IN WITNESS WHEREOF, the Participant has executed this Agreement on the
Participant’s own behalf, thereby representing that the Participant has carefully read and understands this Agreement and the Plan, and the Company has caused this Agreement to be executed in its name and on its behalf, all as of the date first
written above. 
  

			
	 By:
	 	  

	Name:	 	  

	
	BANCTRUST FINANCIAL GROUP, INC.
		
	By:	 	  

	 	 	W. Bibb Lamar, Jr.
	 	 	President and Chief Executive Officer

  

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