Document:

Piedmont Community Bank Group 2006 Stock Option Plan

 EXHIBIT 10.1 
 PIEDMONT COMMUNITY BANK GROUP, INC. 
 2006 STOCK OPTION PLAN 
  

	1.	DEFINITIONS 

  

	 	a.	“Company” – PIEDMONT COMMUNITY BANK GROUP, INC. 

  

	 	b.	“Code” - Internal Revenue Code of 1986, as amended. 

  

	 	c.	“Committee” - the Compensation Committee of the Board of Directors. 

  

	 	d.	“Common Stock” - common voting stock of the Company. 

  

	 	e.	“Board” - voting members of the Board of Directors of the Company. 

  

	 	f.	“Incentive Stock Option or ISO” - an option granted under the Plan which constitutes an “incentive stock option” within the meaning of Section 422 of the
Code. 

  

	 	g.	“Non-Qualified Stock Option or NQSO” - an option granted under the Plan which does not qualify as an ISO. 

  

	 	h.	“Option” - right to purchase shares of Common Stock which may either be an ISO or a NQSO. 

  

	 	i.	“Option Agreement” - formal agreement for each grant with specific terms and conditions not inconsistent with this Plan. 

  

	 	j.	“Optionee”- an eligible person under Section 5 below who has been granted options under this Plan. 

  

	 	k.	“Plan”- Piedmont Community Bank Group, Inc. 2006 Stock Option Plan. 

  

	2.	PURPOSE 

 The purposes of the Plan are: (i) to
assist the Company in securing and retaining key employees and directors of outstanding ability by making it possible to offer them an increased incentive to join or continue in the service of the Company; and (ii) to increase the key
employees’ and directors’ efforts for the Company’s welfare by participating in the ownership and growth of the Company. The Options granted under the Plan may either be Incentive Stock Options or Non-Qualified Stock Options as
specified in the Option Agreement. Any Option that fails to qualify as an ISO shall be a NQSO. 
  

	3.	SHARES SUBJECT TO THE PLAN 

 Subject to adjustments pursuant to the provisions of Section 14, there shall be authorized and reserved for issuance upon the exercise of Options to be granted under the Plan, Two Thousand Seven Ninety Two
(2,792)1 shares of Common Stock. 
  

	 1
	 Adjusted for stock splits as of September 20, 2007.

	4.	ADMINISTRATION 

 The Committee, whose members shall
not be participants in the Plan, will have complete authority to interpret the Plan, make grants, and determine terms and conditions within the context of the Plan. 
  

	5.	ELIGIBILITY 

 The following persons are eligible to
receive Options under the Plan: Full-time key employees and directors of the Company and its qualifying subsidiaries who are selected by the Committee from time to time and who, in the opinion of the Committee, have contributed in the past or who
may be expected to contribute materially in the future to the successful performance of the Company, provided, however, that only full-time key employees shall be entitled to receive incentive stock options. 
  

	6.	GRANTING OF OPTIONS; OPTION EXERCISE PRICE 

 The
Board, upon recommendation of the Committee, may grant Options to full-time key employees and directors of the Company and its qualifying subsidiaries as desirable. Any Option granted hereunder shall have a per share option exercise price at least
equal to the fair market value of a share of the Common Stock on the date of the grant, except as stated in paragraph 10 below. The Option exercise price shall be subject to adjustments in accordance with the provisions of Section 14 herein.

  

	7.	TERM OF OPTION 

 Subject to the provisions of
Section 9 herein, the period during which each Option may be exercised shall be fixed by the Committee at the time such Option is granted, but such period shall expire not later than ten years from the date the Option is granted. 
  

	8.	MANNER OF EXERCISE 

 The Options shall be exercised
by written notice, delivered to the Secretary of the Company and signed by the Optionee or his or her successors stating the number of shares with respect to which the Option is being exercised. Payment in full of the Option price of the said shares
must be made at the time of exercise, and payment may be made in immediately available funds or shares of the Common Stock previously held by the Optionee or a combination. Payment in shares may be made with shares received upon the exercise or
partial exercise of an Option, whether or not involving a series of exercises or partial exercises and whether or not share certificates for such shares surrendered have been delivered to the Optionee. Shares surrendered in payment of the Option
price shall be valued at the fair market value as of the date of the exercise. 
  

 2 

	9.	TERMINATION OF OPTIONS 

 All unexercised Options
will terminate upon the lapse by their terms and, in the case of ISO’s, if earlier, ninety (90) days after the termination of the Optionee’s employment with the Company or a qualifying subsidiary. During such 90-day period, all
unexercised Options may be exercised by the Optionee or his legal representative in the event of death or mental disability. 
  

	10.	LIMITATIONS RELATING TO INCENTIVE STOCK OPTIONS 

 The following limitations apply to Incentive Stock Options: 
  

	 	(a)	ISO’s shall not be granted to any individual pursuant to this Plan, the effect of which would be to permit such person to first exercise ISO’s, in any calendar year, for
the purchase of shares having a fair market value in excess of $100,000 (determined at the time of the grant of the Options). Optionee may exercise ISO’s for the purchase of shares valued in excess of $100,000 (determined at the time of grant
of the Options) in a calendar year, but only if the right to exercise such ISO’s shall have first become available in prior calendar years. 

  

	 	(b)	No ISO shall be granted to an individual who, at the time the ISO is granted, owns more than ten percent (10%) of the combined voting power of all classes of stock of the
Company then outstanding unless, at the time the ISO is granted, the option price is at least one hundred ten percent (110%) of the fair market value of the Common Stock subject to the ISO and the ISO, by its terms, is not exercisable after the
expiration of five (5) years from the date of grant. 

  

	11.	NONTRANSFERABILITY OF OPTIONS; RESTRICTIONS ON ISSUANCE OF COMMON STOCK 

 Options granted under this Plan are nontransferable except by will or by the laws of descent and distribution. No shares shall be delivered pursuant to any exercise of an Option until the requirements of such laws and
regulations, as may be deemed by the Board to be applicable to them, are satisfied and until payment in full as described in Section 8 of the Option price is received by the Company. 
  

	12.	RIGHTS OF OPTIONEE 

 An Optionee will have no rights
as a shareholder until a stock certificate for the Common Stock is issued. Nothing in the Plan, in any Option Agreement or resulting stock ownership, will give to an Optionee any right to continuation of employment. 
  

	13.	OTHER TERMS AND CONDITIONS 

 Any Option granted
hereunder shall contain additional terms which are not inconsistent with the terms of this Plan, as the Board or the Committee deems necessary or desirable. 
  

 3 

	14.	CAPITAL ADJUSTMENTS AFFECTING STOCK 

 In the event
of a capital adjustment resulting from a stock dividend, stock split, reorganization, merger, consolidation, or a combination or exchange of shares, the number of shares of stock subject to this Plan and the number of shares under any Option granted
hereunder shall be adjusted consistent with such capital adjustment. The price of any share under Option shall be adjusted so that there will be no change in the aggregate purchase price payable upon the exercise of any such Option. The granting of
an Option pursuant to this Plan shall not affect in any way the right or power of the Company to make adjustments, reorganizations, reclassifications, or changes of its capital or business structure or to merge, consolidate, dissolve, liquidate or
sell or transfer all or any part of its business or assets. 
 After any merger, consolidation or reorganization of any form involving the
Company as a party thereto involving any exchange, conversion, adjustment or other modification of the outstanding shares of the Company’s Common Stock, each Optionee at the time of such reorganization shall, at no additional cost, be entitled,
upon any exercise of his or her Option, to receive, in lieu of the number of shares as to which such option shall then be so exercised, the number and class of shares of stock or other securities or such other property to which such Optionee would
have been entitled pursuant to the terms of the agreement of merger or consolidation, if at the time of such merger or consolidation, such Optionee had been a holder of record of a number of shares of the Common Stock of the Company equal to the
number of shares as to which such Option shall then be so exercised. Comparable rights shall accrue to each Optionee in the event of successive mergers or consolidations of the character described above. 
 The foregoing adjustments and the manner of their application will be in the sole discretion of the Committee to determine. 
 Anything contained herein to the contrary notwithstanding, upon the dissolution or liquidation of the Company each Option granted under the Plan shall
terminate. 
  

	15.	AMENDMENTS, SUSPENSION OR TERMINATION OF THE PLAN 

 The Board of the Company shall have the right, at any time, to amend, suspend or terminate the Plan; provided, however, no amendments shall be made in the Plan without the approval of the stockholders of the Company which: 
  

	 	(a)	Increase the total number of shares for which Options may be granted under this Plan for all key employees except as provided in Section 14. 

  

	 	(b)	Change the minimum purchase price for the optioned shares except as provided in Section 14. 

  

 4 

	 	(c)	Affect outstanding Options or any unexercised rights thereunder except as provided in Section 14. 

  

	 	(d)	Extend the option period provided in Section 7. 

  

	 	(e)	Extend the termination date of the Plan. 

  

	16.	EFFECTIVE DATE 

 The Plan shall take effect on
April 26, 2006, and shall terminate on February 15, 2015. No Options may be granted under the Plan after its termination date, but any Option granted prior thereto may be exercised in accordance with its terms. The Plan and all Options
granted pursuant to it are subject to all laws, approvals, requirements and regulations of any governmental authority which may be applicable thereto and, notwithstanding any provisions of the Plan or Option Agreement, the holder of an Option shall
not be entitled to exercise his or her Option nor shall the Company be obligated to issue any shares to the holder if such exercise or issuance shall constitute a violation by the holder or the Company of any provisions of any such approval
requirements, law or regulations. 
  

	17.	REGULATION 

 The Company’s regulators may
direct the Company to require plan participants to exercise or forfeit their stock rights if the Company’s capital falls below the minimum requirements, as determined by the regulators. 
  

 5Employment agreement with R. Drew Hulsey, Jr.

 EXHIBIT 10.2 
 SECOND AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
 THIS SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into on the 16th day of February, 2005, by
and between PIEDMONT COMMUNITY BANK, a bank organized under the laws of the State of Georgia (the “Bank”), and ROBERT D. HULSEY, JR. (hereinafter “Executive”). 
 W I T N E S S E T H: 
 WHEREAS, the Bank and Executive are parties to that certain Amended and Restated Employment Agreement dated August 12, 2003 (the “First Amended and Restated Employment Agreement”) and now desire to amend and restate
the First Amended and Restated Employment Agreement by executing this Agreement to replace the First Amended and Restated Employment Agreement and all prior oral and written employment agreements between the Bank and Executive; and 
 WHEREAS, in addition to the amended and restated provisions contained in this Agreement, the parties desire to amend and restate Executive’s
stock option grant, which was originally contained in Section 3(C) of the First Amended and Restated Employment Agreement, by removing the provisions relating to the stock option grant from this Agreement and instead executing a separate
amended and restated stock option grant agreement of even date herewith (the “Stock Option Agreement”); 
 NOW, THEREFORE,
for and in consideration of the mutual premises and covenants herein contained, the parties hereto agree that this Agreement and the Stock Option Agreement shall replace any existing employment agreements between the parties and agree as follows:

 1. EMPLOYMENT. For the Term of Employment, as hereinafter defined, the Bank agrees to employ Executive as its Chief Executive
Officer, and Executive agrees to accept such employment and to perform such duties and functions as the Board of Directors of the Bank may assign to Executive from time to time, but only administrative and managerial functions commensurate with
Executive’s past experience and performance level. Executive agrees to devote his full business time, attention, skill and efforts to the business of the Bank, and shall perform his duties in a trustworthy and businesslike manner, all for the
purpose of advancing the interests of the Bank. 
 2. TERM OF EMPLOYMENT. The “Term of Employment” referred to in
Section 1 hereof and hereinafter shall be deemed to have commenced as of the date first above mentioned and shall continue for a period of two (2) years, unless sooner terminated pursuant to this Agreement, and shall include any extension
of the period of employment in accordance with this paragraph. The period of employment shall automatically be extended without further action 

 
by the parties for an additional one (1) day for each day that passes during the Term of Employment, unless (i) either party shall have served
written notice upon the other of its intention that this Agreement shall not be extended (in which case no further extensions shall apply from the date of such written notice forward), or (ii) the Executive’s employment hereunder shall
have been terminated pursuant to Section 4 hereof. 
 3. COMPENSATION. 
 3.1 Base Salary. During the Term of Employment, Executive shall be paid an annual base salary (hereinafter “Base Salary”)
of $130,000, which shall be paid in equal installments in accordance with the Bank’s normal pay practices, but not less frequently than monthly. Executive’s salary shall be reviewed by the Board of Directors of the Bank annually and
Executive shall be entitled to receive annually an increase (but in no event a decrease) in such amount, if any, as may be determined by the Board of Directors of the Bank. 
 3.2 Management Incentives and Discretionary Bonuses. During the Term of Employment, the Executive shall be entitled, in an
equitable manner based on the terms of any bonus and incentive plans that have been approved or may, from time to time, be approved by the Board of Directors, with all other key management personnel of the Bank, to such incentives and discretionary
bonuses as may be authorized, declared and paid by the Board of Directors to the Bank’s key management employees. The incentive compensation shall be based on meeting or exceeding the attainment of certain criteria to be established by the
Board of Directors. In determining whether to grant incentive compensation, the Board of Directors shall consider factors such as the Bank’s profitability, its asset quality, its compliance with laws and regulations, and its loan quality.

 No other compensation provided for in this Agreement shall be deemed a substitute for the Executive’s right to such
incentives and discretionary bonuses when and as declared by the Board. 
 3.3 Additional Benefits. During the Term of
Employment, Executive shall be provided with such employee benefits and benefit levels, including term life insurance in an amount at least equal to three times Executive’s Base Salary, disability insurance and membership in social,
professional and civic clubs which the Board of Directors in its discretion determines to be in keeping with a level commensurate with a bank in a similar environment. Executive shall also be entitled to group health and dental insurance that covers
Executive and Executive’s spouse and minor children. These benefits shall be provided and maintained at a level of not less than what is in effect at the time this Agreement is executed. 
 Throughout the Term of Employment, Executive shall also be entitled to reimbursement for reasonable business expenses incurred by him in
the performance of his duties hereunder, including reasonable expenses for attending periodic meetings of trade associations for Executive and his spouse. 
 During the Executive’s Term of Employment hereunder, Executive shall receive four (4) weeks paid vacation during each year of employment. 

 4. TERMINATION. 
 4.1 Death or Disability. This Agreement may be terminated before the expiration of the Term of Employment upon the occurrence of
any one of the following events: 
 (a) Upon Executive’s death, this Agreement shall terminate immediately. Any salary
and any other amounts that may be due Executive from Bank at the time of his death (whether pursuant to benefits plans or otherwise) shall be paid to the executor or administrator of his estate. 
 (b) The Bank may terminate this Agreement upon Executive’s “Total Disability.” As used in this Agreement, “Total
Disability” means any physical or mental disorder that renders Executive incapable of performing his normal duties and services under this Agreement for a period of one hundred twenty (120) days in any consecutive twelve (12) month
period, as determined by a licensed physician selected by mutual agreement of the Bank and the Executive or the Executive’s legal representative. If this Agreement is terminated as a result of the Executive’s “Total Disability,”
the Executive’s compensation hereunder shall terminate and the Executive shall be paid an amount equal to one month’s pay for each year employed by the Bank, provided, however, that the maximum payment shall be Executive’s then
current Base Salary. The Executive’s compensation, title and status shall continue during any such period of disability until the date of termination except that the Bank may provide disability insurance to cover the Executive during any part
of such disability period and the Bank’s obligation for the Executive’s compensation for any such period shall be reduced by the amount of any such insurance proceeds which the Executive receives. 
 4.2 For Cause. This Agreement may be terminated by the Board of Directors of the Bank for “Cause” for any of the
following reasons: 
 (a) willful and material failure of Executive to follow reasonable written instructions or policies of
the Board of Directors of the Bank; 
 (b) gross negligence or willful misconduct of Executive materially damaging to the
business of the Bank; 
 (c) conviction of Executive of a crime involving breach of trust, moral turpitude, theft or fraud;

 (d) the continued and material failure by the Executive to perform substantially his duties other than any failure
resulting from incapacity due to physical or mental illness; 
 (e) willful commission of (i) acts involving dishonesty
or fraud or (ii) acts causing harm to the Bank; 

 (f) a willful misrepresentation by the Executive to the stockholders or the Board of
Directors of the Bank which causes substantial injury to the Bank; or 
 (g) a request by any state or federal authority
regulating the Bank that the Executive be removed from his office as Chief Executive Officer of the Bank. 
 For purposes of this Agreement, no act, or
failure to act, on the part of the Executive shall be considered “willful” unless done, or omitted to be done, by him not in good faith and without reasonable belief that his action or omission was in the best interest of the Bank and the
stockholders of the Bank. The Bank shall notify the Executive in writing of the specific reasons for the termination for “Cause” and the Executive will be allowed thirty (30) days to reply in writing to the accusation before any
termination for “Cause”. If the Employee is terminated for “Cause,” he shall receive only his salary and any other amounts due to him from the Bank (whether pursuant to benefit plans or otherwise) through the date of termination.

 4.3 Without Cause or for Good Reason. The Bank may immediately terminate this Agreement at any time “without
Cause” by giving the Executive written notice of the termination date. Executive may immediately terminate this Agreement at any time upon the occurrence of Good Reason (as defined below) by giving the Bank written notice of the termination
date. If this Agreement is terminated pursuant to this Section 4.3 (i) the Executive shall be paid severance compensation in an amount equal to two (2) times his annual “Base Salary” (as defined in Section 3.1) then in
effect which shall be paid over a twenty-four (24)-month period commencing from the termination date in such installments and intervals as if the Executive had remained employed, and (ii) any other amounts owing to the Executive by the Bank
under this Agreement at such termination date, which amounts shall be paid within a reasonable time after such termination date. If this Agreement is terminated by the Bank without Cause or by Executive for Good Reason, the Bank will continue all
insurance benefits in effect at such termination for the Executive and his dependents with the Bank paying the same amount of premiums on behalf of the Executive and his dependents as when the Executive was employed for a period of twenty-four
(24) months from the termination date or until such time as the Executive is employed by another employer (which shall exclude self-employment), whichever period of time is shorter. Anything in this Agreement to the contrary notwithstanding,
upon a termination pursuant to this Section 4.3, Executive’s sole rights and remedies against the Bank arising out of any such termination of his employment hereunder are to receive the severance compensation and the other amounts and
benefits as are explicitly set forth in this Section 4.3. All of the provisions of this Section 4.3 shall be subject to the provisions of Section 5 below. 
 For purposes of this Section 4.3, “Good Reason” shall mean: 
 (i) without the
written consent of Executive, a change in Executive’s status, title, position or responsibilities (including reporting responsibilities) which, in Executive’s reasonable judgment, represents an adverse change from his status, title,
position or responsibilities as described in Section 1 of this Agreement; the assignment to Executive of any office or duties which, in Executive’s reasonable judgment, are inconsistent in any material respect with Executive’s
position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as described in Section 1 of this Agreement; or any other action by the Bank which, in Executive’s reasonable judgment, results
in a diminution in such position or authority; 

 (ii) a reduction by the Bank in Executive’s Base Salary and benefits as in effect on
the Effective Date or as the same may be increased from time to time; 
 (iii) the Bank’s requiring Executive, without
his consent, to be based at any office or location other than in Gray, Georgia; or 
 (iv) the material breach of this
Agreement by the Bank. 
 5. CHANGE IN CONTROL OF THE BANK. In the event of a “Change in Control” of the Bank during the
Term of Employment, as defined herein, Executive shall be entitled to receive incentive compensation in an amount equal to one hundred fifty percent (150%) of his Base Salary then in effect, which shall be paid in a lump sum at the closing of a
transaction resulting in a Change in Control. In addition, all incentives contemplated by Section 3.2 shall be immediately due and payable upon the occurrence of a Change in Control. 
 For purposes of this Section 5, “Change in Control” of the Bank shall mean: 
 (i) any transaction, whether by merger, consolidation, asset sale, tender offer, reverse stock split or otherwise, which results in the
acquisition of beneficial ownership (as such term is defined under rules and regulations promulgated under the Securities Exchange Act of 1934, as amended) by any person or entity or any group of persons or entities acting in concert, with the
exception of the Bank’s Board of Directors or the Bank’s shareholders, of 50% or more of the outstanding shares of common stock of the Bank; 
 (ii) the sale of all or substantially all of the assets of the Bank; or 
 (iii) the
liquidation of the Bank. 
 6. NONCOMPETE AND NON-SOLICITATION COVENANTS. 
 6.1 Definitions. In this Agreement the following terms shall have the meanings set forth below: 
 (a) “Affiliate” shall be used to indicate a relationship to a specified person, firm, corporation, partnership, association or
entity, and shall mean any person, firm, corporation, partnership, association or entity that, directly or indirectly or through one or more intermediaries, controls, is controlled by or is under common control with such person, firm, corporation,
partnership, association or entity. 
 (b) “Applicable Period” shall mean twelve (12) months following the
effective date of the termination of this Agreement. 
 (c) “Area” shall mean the geographic area within twenty-five
(25) miles of the Bank’s location in Gray, Georgia. 

 (d) “Competing Business” shall mean a federally insured financial institution.

 6.2 Agreement Not to Compete. The Executive hereby agrees that during his employment by the Bank, and for the
Applicable Period thereafter, he will not (except on behalf of, or with the prior written consent of, the Bank) for a Competing Business located within the Area, either directly or indirectly, on his own behalf, or in the service or on behalf of
others, as a principal, partner, officer, director, manager, supervisor, administrator, consultant, executive employee or in any other capacity which involves the duties and responsibilities similar to those undertaken for the Bank as described in
Section 1, work for, engage or participate in any such Competing Business, or control or own (other than ownership of less than five percent (5%) of the outstanding voting securities of an entity whose voting securities are traded on a
national securities exchange or quoted on the National Association of Securities Dealers, Inc. Automated Quotation System), a beneficial interest in, any Competing Business. 
 6.3 Agreement Not to Solicit Customers. The Executive agrees that during his employment by the Bank and for the Applicable Period
thereafter, he will not, without the prior written consent of the Bank, either directly or indirectly, on his own behalf or in the service or on behalf of others, solicit, divert or appropriate, or attempt to solicit, divert or appropriate, to any
Competing Business any customer or client or actively sought prospective customer or client of the Bank or any Affiliate located in the Area who was serviced by or under the supervision of the Executive in the course of his employment within the one
(1) year period immediately prior to the termination of the Executive’s employment with the Bank. 
 6.4
Agreement Not to Solicit Employees. The Executive agrees that during his employment by the Bank and for the Applicable Period thereafter, he will not, either directly or indirectly, on his own behalf or in the service or on behalf of others,
solicit, divert or hire away, or attempt to solicit, divert or hire away, any person employed by the Bank or any of its Affiliates, whether or not such employee is a full-time, a part-time or a temporary employee and whether or not such employment
is pursuant to a written agreement and whether or not such employment is for a determined period or is at will. 
 7. OWNERSHIP AND
PROTECTION OF PROPRIETARY INFORMATION. 
 7.1 Definitions. The following capitalized terms used in this
Section 7 shall have the meanings assigned to them below, which definitions shall apply to both the singular and the plural forms of such terms: 
 “Confidential Information” means all information regarding the Bank, its activities, business or clients that is the subject of reasonable efforts by the Bank to maintain its confidentiality and that
is not generally disclosed by practice or authority to persons not employed by the Bank, but that does not rise to the level of a Trade Secret. “Confidential Information” shall include, but is not limited to, financial plans and data
concerning the Bank; management planning information; business plans; operational methods; market studies; marketing plans or strategies; product development techniques or plans; customer lists; details of 

 
customer contracts; current and anticipated customer requirements; past, current and planned research and development; business acquisition plans; and new
personnel acquisition plans. “Confidential Information” shall not include information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right or
privilege of the Bank. This definition shall not limit any definition of “confidential information” or any equivalent term under state or federal law. 
 “Trade Secret” means all information, without regard to form, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a
technique, a drawing, a process, financial data, financial plans, product plans, distribution lists or a list of actual or potential customers, advertisers or suppliers which is not commonly known by or available to the public and which information:
(A) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (B) is the subject of
efforts that are reasonable under the circumstances to maintain its secrecy. Without limiting the foregoing, Trade Secret means any item of confidential information that constitutes a “trade secret(s)” under the common law or statutory law
of the State of Georgia. 
 7.2 Restriction on Disclosure and Use of Confidential Information and Trade Secrets.
Executive understands and agrees that the Confidential Information and Trade Secrets constitute valuable assets of the Bank and its affiliated entities, and may not be converted to Executive’s own use. Accordingly, Executive hereby agrees that
Executive shall not, directly or indirectly, at any time during the Term of Employment and a period extending one year thereafter (the “Restricted Period”) reveal, divulge, or disclose to any person not expressly authorized by the Bank any
Confidential Information, and Executive shall not, directly or indirectly, at any time during the Restricted Period use or make use of any Confidential Information in connection with any business activity other than that of the Bank. Throughout the
term of this Agreement and at all times after the date that this Agreement terminates for any reason, Executive shall not directly or indirectly transmit or disclose any Trade Secret of the Bank to any Person, and shall not make use of any such
Trade Secret, directly or indirectly, for himself or for others, without the prior written consent of the Bank. The parties acknowledge and agree that this Agreement is not intended to, and does not, alter either the Bank’s rights or
Executive’s obligations under any state or federal statutory or common law regarding trade secrets and unfair trade practices. 
 Anything herein to the contrary notwithstanding, Executive shall not be restricted from disclosing or using Confidential Information or Trade Secrets that are required to be disclosed by law, court order or other legal process; provided,
however, that in the event disclosure is required by law, Executive shall provide the Bank with prompt notice of such requirement so that the Bank may seek an appropriate protective order prior to any such required disclosure by Executive.

 7.3 Return of Property. Upon request by the Bank, and in any event upon termination of the employment of the
Executive with the Bank for any reason, the Executive will promptly deliver to the Bank all property belonging to the Bank, including, without limitation, all Confidential Information and all Trade Secrets (and all physical embodiments thereof) then
in his custody, control or possession. 

 7.4 Termination. The Executive shall maintain and observe the obligations of
confidentiality contained in this Agreement with respect to Confidential Information during the term of his employment with the Bank and at all times following the termination of such employment for any reason whatsoever. 
 8. INJUNCTIVE RELIEF. The Executive agrees that the covenants and agreements contained in Sections 6 and 7 of this Agreement, and the subsections
of these Sections, are of the essence of this Agreement; that each of such covenants is reasonable and necessary to protect and preserve the interests and properties of the Bank and the business of the Bank; that the Bank is engaged in the business
of the Bank throughout the Area; that irreparable loss and damage will be suffered by the Bank should the Executive breach any of such covenants and agreements; and that, in addition to other remedies available to it, the Bank shall be entitled to
both temporary and permanent injunctions to prevent a breach or contemplated breach by the Executive of any of such covenants or agreements. 
 9. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between the parties hereto regarding employment of Executive, and supersedes and replaces any prior agreement between the parties. 
 10. ASSIGNMENT. Neither of the parties hereto may assign this Agreement without the prior written consent of the other party hereto. 

11. SEVERABILITY. Each section and subsection of this Agreement constitutes a separate and distinct understanding, covenant and provision
hereof. In the event that any provision of this Agreement shall finally be determined to be unlawful, such provision shall be deemed to be severed from this Agreement, but every other provision of this Agreement shall remain in full force and
effect. 
 12. GOVERNING LAW. This Agreement shall in all respects be interpreted, construed and governed by and in accordance with
the laws of the State of Georgia. 
 13. RIGHTS OF THIRD PARTIES. Nothing herein expressed or implied is intended to or shall be
construed to confer upon or give to any person, firm or other entity, other than the parties hereto and their permitted assigns, any rights or remedies under or by reason of this Agreement. 
 14. AMENDMENT. This Agreement may not be amended orally but only by an instrument in writing duly executed by the parties hereto. 
 15. NOTICES. Any notice or other document or communication permitted or required to be given to Executive pursuant to the terms hereof shall be
deemed given if personally delivered to Executive or sent to him postage prepaid, by registered or certified mail, at ___________________________________________, or at any such other address as 

 
Executive shall have notified the Bank in writing. Any notice or other document or other communication permitted or required to be given to the Bank pursuant
to the terms hereof shall be deemed given if personally delivered or sent to the Bank, postage prepaid, by registered or certified mail, at 110 Highway 18 Connector, P.O. Box 1669, Gray, Georgia 31032, or at such other address as the Bank shall have
notified Executive in writing. 
 16. WAIVER. The waiver by either party hereto of a breach of any provision of this Agreement by the
other shall not operate or be construed as a waiver of any subsequent breach of the same or any other provision of this Agreement by the breaching party. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written. 
  

											
		 		 	PIEDMONT COMMUNITY BANK	 	
				
	[BANK SEAL]	 		 		 	
					
		 		 		 	By:	 	 /s/

		 		 		 	Name: 	 		 	
		 		 		 	Title: 	 		 	
				
	Attest:	 		 		 	
					
	 /s/
	 		 		 		 	
	Secretary	 		 		 		 	
				
		 		 	EXECUTIVE	 	
				
		 		 		 	
						
		 		 		 	By:	 	 /s/ R. Drew Hulsey
	 	 (SEAL)
		 		 		 		 	 Robert D. Hulsey, Jr.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]