Document:

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                                                                   EXHIBIT 10.12

                    EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN

                              EXECUTIVE AGREEMENT

     THIS AGREEMENT is made and entered into this 13th day of January, 2000, by
and between Community Trust Bank, a Bank organized and existing under the laws
of the State of Georgia, (hereinafter referred to as the, "Bank"), and Ronnie L.
Austin, an Executive of the Bank (hereinafter referred to as the, "Executive").

     WHEREAS, the Board believes that the Executive's experience, knowledge of
corporate affairs, reputation and industry contacts are of such value, and the
Executive's continued services so essential to the Bank's future growth and
profits, that it would suffer severe financial loss should the Executive
terminate their service with the Bank;

     ACCORDINGLY, the Board has adopted the Community Trust Bank Executive
Supplemental Retirement Plan (hereinafter referred to as the, "Executive Plan")
and it is the desire of the Bank and the Executive to enter into this agreement
which the Bank will agree to make certain payments to the Executive upon the
Executive's retirement and to the Executive's beneficiary(ies) in the event of
the Executive's death pursuant to the Executive Plan;

     FURTHERMORE, it is the intent of the parties hereto that this Executive
Plan be considered an unfunded arrangement maintained primarily to provide
supplemental retirement benefits for the Executive, and to be considered a non-
qualified benefit plan for purposes of the Employee Retirement Security Act of
1974, as amended ("ERISA").  The Executive is fully advised of the Bank's
financial status and has had substantial input in the design and operation of
this benefit plan; and

     NOW THEREFORE, in consideration of services the Executive has performed in
the past and those to be performed in the future, and based upon the mutual
promises and covenants herein contained, the Bank and the Executive agree as
follows:

I.   DEFINITIONS

     A.   Effective Date:
          --------------

          The Effective Date of the Plan shall be January 3, 2000.

     B.   Plan Year:
          ---------

          Any reference to the "Plan Year" shall mean a calendar year from
          January 1st to December 31st.  In the year of implementation, the term
          the "Plan Year" shall mean the period from the Effective Date to
          December 31st of the year of the Effective Date.

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     C.   Retirement Date:
          ---------------

          Retirement Date shall mean retirement from service with the Bank,
          which becomes effective on the first day of the calendar month
          following the month in which the Executive reaches age sixty-five (65)
          or such later date as the Executive may actually retire.

     D.   Termination of Service:
          ----------------------

          Termination of Service shall mean the Executive's voluntary
          resignation of service by the Executive or the Bank's discharge of the
          Executive without cause, prior to the Normal Retirement Age
          [Subparagraph I (J)].

     E.   Pre-Retirement Account:
          ----------------------

          A Pre-Retirement Account shall be established as a liability reserve
          account on the books of the Bank for the benefit of the Executive.
          Prior to the Executive's Retirement Date [Subparagraph I (C)], such
          liability reserve account shall be increased or decreased each Plan
          Year, until the aforestated event occurs, by the Index Retirement
          Benefit [Subparagraph I (F)].

     F.   Index Retirement Benefit:
          ------------------------

          The Index Retirement Benefit for each Executive in the Executive Plan
          for each Plan Year shall be equal to the excess (if any) of the Index
          [Subparagraph I (G)] for that Plan Year over the Cost of Funds Expense
          [Subparagraph I (H)] for that Plan Year, divided by a factor equal to
          1.03 minus the marginal tax rate.

     G.   Index:
          -----

          The Index for any Plan Year shall be the aggregate annual after-tax
          income from the life insurance contract(s) described hereinafter as
          defined by FASB Technical Bulletin 85-4.  This Index shall be applied
          as if such insurance contract(s) were purchased on the Effective Date
          of the Executive Plan.

          Insurance Company:          Southland Life Insurance Company
          Policy Form:                Flexible Premium Adjustable Life Policy
          Policy Name:                Max UL
          Insured's Age and Sex:      51/Male
          Riders:                     None
          Ratings:                    According to the health of the proposed
                                      insured
          Option:                     Level
          Face Amount:                $1,616,025
          Premiums Paid:              $600,000
          Number of Premium Payments: Single
          Assumed Purchase Date:      January 3, 2000

                                       2
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          If such contracts of life insurance are actually purchased by the
          Bank, then the actual policies as of the dates they were actually
          purchased shall be used in calculations under this Executive Plan.  If
          such contracts of life insurance are not purchased or are subsequently
          surrendered or lapsed, then the Bank shall receive annual policy
          illustrations that assume the above-described policies were purchased
          or had not subsequently surrendered or lapsed, which illustration will
          be received from the respective insurance companies and will indicate
          the increase in policy values for purposes of calculating the amount
          of the Index.

          In either case, references to the life insurance contracts are merely
          for purposes of calculating a benefit.  The Bank has no obligation to
          purchase such life insurance and, if purchased, the Executives and
          their beneficiary(ies) shall have no ownership interest in such policy
          and shall always have no greater interest in the benefits under this
          Executive Plan than that of an unsecured creditor of the Bank.

     H.   Cost of Funds Expense:
          ---------------------

          The Cost of Funds Expense for any Plan Year shall be calculated by
          taking the sum of the amount of premiums for the life insurance
          policies described in the definition of "Index" plus the amount of any
          after-tax benefits paid to any Executive pursuant to the Executive
          Plan (Paragraph II hereinafter) plus the amount of all previous years
          after-tax Costs of Funds Expense, and multiplying that sum by the
          Average After-Tax Cost of Funds [Subparagraph I (K)].

     I.   Change of Control:
          -----------------

          Change of Control shall be as defined in paragraph 10.03, ""Change in
                                                                      ---------
          Control" Defined", of the Employment Agreement between Ronnie Austin
          ----------------          --------------------
          and Community Trust Financial Services Corporation dated January 1,
          1998 (hereinafter referred to as the, "Executive's Employment
          Agreement"), attached hereto, marked as Exhibit "A", and fully
          incorporated herein by reference.

     J.   Normal Retirement Age:
          ---------------------

          Normal Retirement Age shall mean the date on which the Executive
          attains age sixty-five (65).

                                       3
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     K.   Average After-Tax Cost of Funds:
          -------------------------------

          Average After-Tax Cost of Funds means, at any particular time, a
          ratio, the numerator of which is the total interest expense as set
          forth on Schedule RI-Income Statement on the Bank's most recently
          filed Consolidated Report of Condition and Income (the "Call Report")
          and the denominator of which is an amount equal to:  (i) the amount of
          deposits in domestic offices (sum of total of columns A and C from
          Schedule RC-E of the Call Report), plus (ii) the amount of Federal
          funds purchased and securities sold under agreements to repurchase, as
          set forth on Schedule RC-Balance Sheet of the Call Report.

II.  INDEX BENEFITS

     A.   Retirement Benefits:
          -------------------

          Subject to Subparagraph II (D) hereinafter, an Executive who remains
          in the employ of the Bank until the Normal Retirement Age
          [Subparagraph I (J)] shall be entitled to receive the balance in the
          Pre-Retirement Account in ten (10) equal annual installments
          commencing thirty (30) days following the Executive's retirement.  In
          addition to these payments and commencing in conjunction therewith,
          the Index Retirement Benefit [Subparagraph I (F)] for each Plan Year
          subsequent to the Executive's retirement, and including the remaining
          portion of the Plan Year following said retirement, shall be paid to
          the Executive until the Executive's death.

     B.   Termination of Service:
          ----------------------

          Subject to Subparagraph II (D), should an Executive suffer a
          Termination of Service the Executive shall be entitled to receive the
          following percentage of the balance in the Pre-Retirement Account that
          corresponds to the age of the Executive upon the date of said
          termination of service, said amount payable to the Executive in ten
          (10) equal annual installments commencing thirty (30) days following
          the Executive's Normal Retirement Age [Subparagraph I (J)].  In
          addition to these payments and commencing in conjunction therewith,
          the following percentage of the Index Retirement Benefit for each Plan
          Year subsequent to the year in which the Executive attains Normal
          Retirement Age (including the remaining portion of the Plan Year in
          which the Executive attains Normal Retirement Age) that corresponds to
          the age of the Executive at the time of the Executive's termination of
          service, shall be paid to the Executive until the Executive's death.

                                       4
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                                          Vest Percentage (to a
               Age of Executive             maximum of 100%)
               ----------------             ----------------
               Age 56 or younger                  0%
                      57                         14%
                      58                         28%
                      59                         42%
                      60                         56%
                      61                         70%
                      62                         84%
                      63                         90%
                      64                         95%
                      65 or older               100%

     C.   Death:
          -----

          Should the Executive die prior to having received the balance of the
          Pre-Retirement Account the Executive may be entitled to under the
          terms of this Executive Plan, the entire unpaid balance of the
          Executive's Pre-Retirement Account shall be paid in a lump sum to the
          individual or individuals the Executive may have designated in writing
          and filed with the Bank.  In the absence of any effective designation
          of beneficiary(ies), the unpaid balance shall be paid as set forth
          herein to the duly qualified executor or administrator of the
          Executive's estate.  Said payment due hereunder shall be made the
          first day of the second month following the decease of the Executive.
          Provided, however, that anything hereinabove to the contrary
          notwithstanding, no death benefit shall be payable hereunder if the
          Executive dies on or before the 3rd day of January, 2002.

     D.   Discharge for Cause and Other Termination of this Agreement:
          -----------------------------------------------------------

          Notwithstanding anything herein to the contrary, should the Executive
          be Discharged for Cause at any time, suffer a termination of service
          prior to age fifty-seven (57), or breach any of the provisions of the
          Executive's Employment Agreement, all benefits under this Executive
          Plan shall be forfeited.  The term for "cause" shall be as defined in
          subparagraph 10.01 (c) of the Executive's Employment Agreement.

          The provisions of the Executive's Employment Agreement specifically
          referred to in this Subparagraph II (D) shall be, but are not limited
          to: (i) Paragraph 5, "Confidentiality"; (ii) Paragraph 6,
                                ---------------
          "Solicitation of Customers, Borrowers or Depositors"; (iii)
           --------------------------------------------------
          Paragraph 7, "Non-Interference with Personnel Relations"; (iv)
                        -----------------------------------------
          Paragraph 8, "Notification of Subsequent Employment"; and (v)
                        -------------------------------------
          Paragraph 9, "Covenant Not to Compete".
                        -----------------------

                                       5
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     E.   Death Benefit:
          -------------

          Except as set forth above, there is no death benefit provided under
          this Agreement.

III. RESTRICTIONS UPON FUNDING

     The Bank shall have no obligation to set aside, earmark or entrust any fund
     or money with which to pay its obligations under this Executive Plan.  The
     Executive, their beneficiary(ies), or any successor in interest shall be
     and remain simply a general creditor of the Bank in the same manner as any
     other creditor having a general claim for matured and unpaid compensation.

     The Bank reserves the absolute right, at its sole discretion, to either
     fund the obligations undertaken by this Executive Plan or to refrain from
     funding the same and to determine the extent, nature and method of such
     funding. Should the Bank elect to fund this Executive Plan, in whole or in
     part, through the purchase of life insurance, mutual funds, disability
     policies or annuities, the Bank reserves the absolute right, in its sole
     discretion, to terminate such funding at any time, in whole or in part. At
     no time shall any Executive be deemed to have any lien nor right, title or
     interest in or to any specific funding investment or to any assets of the
     Bank.

     If the Bank elects to invest in a life insurance, disability or annuity
     policy upon the life of the Executive, then the Executive shall assist the
     Bank by freely submitting to a physical exam and supplying such additional
     information necessary to obtain such insurance or annuities.

IV.  CHANGE OF CONTROL

     Upon a Change of Control [Subparagraph I (I)], if the Executive
     subsequently suffers a Termination of Service [Subparagraph I (D)], then
     the Executive shall receive the benefits promised in this Executive Plan
     upon attaining Normal Retirement Age, as if the Executive had been
     continuously employed by the Bank until the Executive's Normal Retirement
     Age.  The Executive will also remain eligible for all promised death
     benefits in this Executive Plan.  In addition, no sale, merger, or
     consolidation of the Bank shall take place unless the new or surviving
     entity expressly acknowledges the obligations under this Executive Plan and
     agrees to abide by its terms.

V.   MISCELLANEOUS

     A.   Alienability and Assignment Prohibition:
          ---------------------------------------

          Neither the Executive, nor the Executive's surviving spouse, nor any
          other beneficiary(ies) under this Executive Plan shall have any power
          or right to transfer, assign, anticipate, hypothecate, mortgage,
          commute, modify or

                                       6
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          otherwise encumber in advance any of the benefits payable hereunder
          nor shall any of said benefits be subject to seizure for the payment
          of any debts, judgments, alimony or separate maintenance owed by the
          Executive or the Executive's beneficiary(ies), nor be transferable by
          operation of law in the event of bankruptcy, insolvency or otherwise.
          In the event the Executive or any beneficiary attempts assignment,
          commutation, hypothecation, transfer or disposal of the benefits
          hereunder, the Bank's liabilities shall forthwith cease and terminate.

     B.   Binding Obligation of the Bank and any Successor in Interest:
          ------------------------------------------------------------

          The Bank shall not merge or consolidate into or with another bank or
          sell substantially all of its assets to another bank, firm or person
          until such bank, firm or person expressly agrees, in writing, to
          assume and discharge the duties and obligations of the Bank under this
          Executive Plan.  This Executive Plan shall be binding upon the parties
          hereto, their successors, beneficiaries, heirs and personal
          representatives.

     C.   Amendment or Revocation:
          -----------------------

          It is agreed by and between the parties hereto that, during the
          lifetime of the Executive, this Executive Plan may be amended or
          revoked at any time or times, in whole or in part, by the mutual
          written consent of the Executive and the Bank.

     D.   Gender:
          ------

          Whenever in this Executive Plan words are used in the masculine or
          neuter gender, they shall be read and construed as in the masculine,
          feminine or neuter gender, whenever they should so apply.

     E.   Effect on Other Bank Benefit Plans:
          ----------------------------------

          Nothing contained in this Executive Plan shall affect the right of the
          Executive to participate in or be covered by any qualified or non-
          qualified pension, profit-sharing, group, bonus or other supplemental
          compensation or fringe benefit plan constituting a part of the Bank's
          existing or future compensation structure.

     F.   Headings:
          --------

          Headings and subheadings in this Executive Plan are inserted for
          reference and convenience only and shall not be deemed a part of this
          Executive Plan.

                                       7
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     G.   Applicable Law:
          --------------

          The validity and interpretation of this Agreement shall be governed by
          the laws of the State of Georgia.

     H.   12 U.S.C. (S) 1828(k):
          ---------------------

          Any payments made to the Executive pursuant to this Executive Plan, or
          otherwise, are subject to and conditioned upon their compliance with
          12 U.S.C. (S) 1828(k) or any regulations promulgated thereunder.

     I.   Partial Invalidity:
          ------------------

          If any term, provision, covenant, or condition of this Executive Plan
          is determined by an arbitrator or a court, as the case may be, to be
          invalid, void, or unenforceable, such determination shall not render
          any other term, provision, covenant, or condition invalid, void, or
          unenforceable, and the Executive Plan shall remain in full force and
          effect notwithstanding such partial invalidity.

     J.   Employment:
          ----------

          No provision of this Executive Plan shall be deemed to restrict or
          limit any existing employment agreement by and between the Bank and
          the Executive, nor shall any conditions herein create specific
          employment rights to the Executive nor limit the right of the Employer
          to discharge the Executive with or without cause.  In a similar
          fashion, no provision shall limit the Executive's rights to
          voluntarily sever the Executive's employment at any time.

     K.   Employment Agreement:
          --------------------

          Ronnie Austin and Community Trust Financial Services Corporation are
          parties to an Employment Agreement dated January 1, 1998.  Said
          Employment Agreement is attached hereto, marked as Exhibit "A", and
          fully incorporated herein by reference.

VI.  ERISA PROVISION

     A.   Named Fiduciary and Plan Administrator:
          --------------------------------------

          The "Named Fiduciary and Plan Administrator" of this Executive Plan
          shall be Community Trust Bank until its resignation or removal by the
          Board.  As Named Fiduciary and Plan Administrator, the Bank shall be
          responsible for the management, control and administration of the
          Executive Plan.  The Named Fiduciary may delegate to others certain
          aspects of the management and operation responsibilities of the
          Executive

                                       8
<PAGE>

          Plan including the employment of advisors and the delegation of
          ministerial duties to qualified individuals.

     B.   Claims Procedure and Arbitration:
          --------------------------------

          In the event a dispute arises over benefits under this Executive Plan
          and benefits are not paid to the Executive (or to the Executive's
          beneficiary(ies) in the case of the Executive's death) and such
          claimants feel they are entitled to receive such benefits, then a
          written claim must be made to the Named Fiduciary and Plan
          Administrator named above within sixty (60) days from the date
          payments are refused.  The Named Fiduciary and Plan Administrator
          shall review the written claim and if the claim is denied, in whole or
          in part, they shall provide in writing within sixty (60) days of
          receipt of such claim its specific reasons for such denial, reference
          to the provisions of this Executive Plan upon which the denial is
          based and any additional material or information necessary to perfect
          the claim.  Such written notice shall further indicate the additional
          steps to be taken by claimants if a further review of the claim denial
          is desired.  A claim shall be deemed denied if the Named Fiduciary and
          Plan Administrator fail to take any action within the aforesaid sixty-
          day period.

          If claimants desire a second review they shall notify the Named
          Fiduciary and Plan Administrator in writing within sixty (60) days of
          the first claim denial.  Claimants may review this Executive Plan or
          any documents relating thereto and submit any written issues and
          comments it may feel appropriate.  In their sole discretion, the Named
          Fiduciary and Plan Administrator shall then review the second claim
          and provide a written decision within sixty (60) days of receipt of
          such claim.  This decision shall likewise state the specific reasons
          for the decision and shall include reference to specific provisions of
          the Plan Agreement upon which the decision is based.

          If claimants continue to dispute the benefit denial based upon
          completed performance of this Executive Plan or the meaning and effect
          of the terms and conditions thereof, then claimants may submit the
          dispute to an Arbitrator for final arbitration as more fully set forth
          in paragraph 15, "Arbitration", of the Executive's Employment
                            -----------
          Agreement.

VII.   TERMINATION OR MODIFICATION OF AGREEMENT BY REASON OF CHANGES IN THE LAW,
       RULES OR REGULATIONS

       The Bank is entering into this Agreement upon the assumption that certain
       existing tax laws, rules and regulations will continue in effect in their
       current form. If any said assumptions should change and said change has a
       detrimental effect on this Executive Plan, then the Bank reserves the
       right to terminate or modify this Agreement accordingly. Upon a Change of
       Control [Subparagraph I (I)], this paragraph shall become null and void
       effective immediately upon said Change of Control.

                                       9
<PAGE>

     IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully
read this Agreement and executed the original thereof on the 13th day of
January, 2000, and that, upon execution, each has received a conforming copy.

                                      COMMUNITY TRUST BANK
                                         Hiram, Georgia

/s/ Angel Byrd                        By: /s/ William A. Foster, III
----------------------------------        ----------------------------------
Witness                                                               Title

/s/ T. E. Durham, Jr.                     /s/ Ronnie L. Austin
----------------------------------        ----------------------------------
Witness                                   Ronnie L. Austin

                                       10<PAGE>

                                                                   EXHIBIT 10.13

                                LIFE INSURANCE

                     ENDORSEMENT METHOD SPLIT DOLLAR PLAN

                                   AGREEMENT

Insurer:                           Southland Life

Policy Number:                     0660000015

Bank:                              Community Trust Bank

Insured:                           Ronnie L. Austin

Relationship of Insured to Bank:   Executive

The respective rights and duties of the Bank and the Insured in the above-
referenced policy shall be pursuant to the terms set forth below:

I.   DEFINITIONS

     Refer to the policy contract for the definition of all terms in this
     Agreement.

II.  POLICY TITLE AND OWNERSHIP

     Title and ownership shall reside in the Bank for its use and for the use of
     the Insured all in accordance with this Agreement.  The Bank alone may, to
     the extent of its interest, exercise the right to borrow or withdraw on the
     policy cash values.  Where the Bank and the Insured (or assignee, with the
     consent of the Insured) mutually agree to exercise the right to increase
     the coverage under the subject Split Dollar policy, then, in such event,
     the rights, duties and benefits of the parties to such increased coverage
     shall continue to be subject to the terms of this Agreement.

III. BENEFICIARY DESIGNATION RIGHTS

     The Insured (or assignee) shall have the right and power to designate a
     beneficiary or beneficiaries to receive the Insured's share of the proceeds
     payable upon the death of the Insured, and to elect and change a payment
     option for such beneficiary, subject to any right or interest the Bank may
     have in such proceeds, as provided in this Agreement.
<PAGE>

IV.  PREMIUM PAYMENT METHOD

     The Bank shall pay an amount equal to the planned premiums and any other
     premium payments that might become necessary to keep the policy in force.

V.   TAXABLE BENEFIT

     Annually the Insured will receive a taxable benefit equal to the assumed
     cost of insurance as required by the Internal Revenue Service.  The Bank
     (or its administrator) will report to the Insured the amount of imputed
     income each year on Form W-2 or its equivalent.

VI.  DIVISION OF DEATH PROCEEDS

     Subject to Paragraphs VII and IX herein, the division of the death proceeds
     of the policy is as follows:

     A.   Should the Insured be employed by the Bank and die on or before the
          3rd day of January, 2002, the Insured's beneficiary(ies), designated
          in accordance with Paragraph III, shall be entitled to an amount equal
          to one hundred percent (100%) of the net at risk insurance portion of
          the proceeds.  The net at risk insurance portion is the total proceeds
          less the cash value of the policy.

     B.   Should the Insured be employed by the Bank and die subsequent to the
          3rd day of January, 2002, the Insured's beneficiary(ies), designated
          in accordance with Paragraph III, shall be entitled to an amount equal
          to eighty percent (80%) of the net at risk insurance portion of the
          proceeds.  The net at risk insurance portion is the total proceeds
          less the cash value of the policy.

     C.   Should the Insured not be employed by the Bank at the time of his or
          her death and die on or before the 3rd day of January, 2002, the
          Insured's beneficiary(ies), designated in accordance with Paragraph
          III, shall be entitled to the percentage as set forth hereinbelow of
          the proceeds described in Subparagraph VI (A) above that corresponds
          to the age of the Insured at the time that he terminated service with
          the Bank.  Should the Insured not be employed by the Bank at the time
          of his or her death and die subsequent to the 3rd day of January,
          2002, the Insured's beneficiary(ies) shall be entitled to the
          following percentage of the proceeds described in Subparagraph VI (B)
          hereinabove:

                                       2
<PAGE>

                                       Vested Percentage
               Age of Executive      (to a maximum of 100%)
               ----------------      ----------------------

               Age 56 or younger                 0%
               57                                14%
               58                                28%
               59                                42%
               60                                56%
               61                                70%
               62                                84%
               63                                90%
               64                                95%
               65 or older                      100%

      D.   The Bank shall be entitled to the remainder of such proceeds.

      E.   The Bank and the Insured (or assignees) shall share in any interest
           due on the death proceeds on a pro rata basis as the proceeds due
           each respectively bears to the total proceeds, excluding any such
           interest.

VII.  DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY

      The Bank shall at all times be entitled to an amount equal to the policy's
      cash value, as that term is defined in the policy contract, less any
      policy loans and unpaid interest or cash withdrawals previously incurred
      by the Bank and any applicable surrender charges. Such cash value shall be
      determined as of the date of surrender or death as the case may be.

VIII. RIGHTS OF PARTIES WHERE POLICY ENDOWMENT OR ANNUITY ELECTION EXISTS

      In the event the policy involves an endowment or annuity element, the
      Bank's right and interest in any endowment proceeds or annuity benefits,
      on expiration of the deferment period, shall be determined under the
      provisions of this Agreement by regarding such endowment proceeds or the
      commuted value of such annuity benefits as the policy's cash value. Such
      endowment proceeds or annuity benefits shall be considered to be like
      death proceeds for the purposes of division under this Agreement.

IX.   TERMINATION OF AGREEMENT

      This Agreement shall terminate upon the occurrence of any one of the
      following:

                                       3
<PAGE>

     1.   The Insured shall terminate service with the Bank prior to attaining
          age fifty-seven (57); or

     2.   The Insured shall breach any provision of the Employment Agreement
                                                        --------------------
          between Ronnie Austin and Community Trust Financial Services
          Corporation dated January 1, 1998 (hereinafter referred to as the,
          "Executive's Employment Agreement"); or

     3.   The Insured shall be discharged from employment with the Bank for
          cause.  The term for "cause" shall be as defined in subparagraph 10.01
          (c), "Grounds for Termination", of the Executive's Employment
                -----------------------
          Agreement; or

     4.   Surrender, lapse, or other termination of the Policy by the Bank.

     Upon such termination, the Insured (or assignee) shall have a fifteen (15)
     day option to receive from the Bank an absolute assignment of the policy in
     consideration of a cash payment to the Bank, whereupon this Agreement shall
     terminate.  Such cash payment referred to hereinabove shall be the greater
     of:

     1.  The Bank's share of the cash value of the policy on the date of such
         assignment, as defined in this Agreement; or

     2.  The amount of the premiums which have been paid by the Bank prior to
         the date of such assignment.

     If, within said fifteen (15) day period, the Insured fails to exercise said
     option, fails to procure the entire aforestated cash payment, or dies, then
     the option shall terminate, and the Insured (or assignee) agrees that all
     of the Insured's rights, interest and claims in the policy shall terminate
     as of the date of the termination of this Agreement.

     The Insured expressly agrees that this Agreement shall constitute
     sufficient written notice to the Insured of the Insured's option to receive
     an absolute assignment of the policy as set forth herein.

     Except as provided above, this Agreement shall terminate upon distribution
     of the death benefit proceeds in accordance with Paragraph VI above.

X.   INSURED'S OR ASSIGNEE'S ASSIGNMENT RIGHTS

     The Insured may not, without the written consent of the Bank, assign to any
     individual, trust or other organization, any right, title or interest in
     the subject policy nor any rights, options, privileges or duties created
     under this Agreement.

                                       4
<PAGE>

XI.   AGREEMENT BINDING UPON THE PARTIES

      This Agreement shall bind the Insured and the Bank, their heirs,
      successors, personal representatives and assigns.

XII.  ERISA PROVISIONS

      The following provisions are part of this Agreement and are intended to
      meet the requirements of the Employee Retirement Income Security Act of
      1974 ("ERISA"):

      A.  Named Fiduciary and Plan Administrator.
          ---------------------------------------

      The "Named Fiduciary and Plan Administrator" of this Endorsement Method
      Split Dollar Agreement shall be Community Trust Bank until resignation or
      removal by the Board of Directors. As Named Fiduciary and Plan
      Administrator, the Bank shall be responsible for the management, control,
      and administration of this Split Dollar Plan as established herein. The
      Named Fiduciary may delegate to others certain aspects of the management
      and operation responsibilities of the Plan, including the employment of
      advisors and the delegation of any ministerial duties to qualified
      individuals.

      B.  Funding Policy.
          --------------

      The funding policy for this Split Dollar Plan shall be to maintain the
      subject policy in force by paying, when due, all premiums required.

      C.  Basis of Payment of Benefits.
          ----------------------------

      Direct payment by the Insurer is the basis of payment of benefits under
      this Agreement, with those benefits in turn being based on the payment of
      premiums as provided in this Agreement.

      D.  Claim Procedures.
          ----------------

      Claim forms or claim information as to the subject policy can be obtained
      by contacting The Benefit Marketing Group, Inc. (770-952-1529). When the
      Named Fiduciary has a claim which may be covered under the provisions
      described in the insurance policy, they should contact the office named
      above, and they will either complete a claim form and forward it to an
      authorized representative of the Insurer or advise the named Fiduciary
      what further requirements are necessary. The Insurer will evaluate and
      make a decision as to payment. If the claim is payable, a benefit check
      will be issued in accordance with the terms of this Agreement.

                                       5
<PAGE>

      In the event that a claim is not eligible under the policy, the Insurer
      will notify the Named Fiduciary of the denial pursuant to the requirements
      under the terms of the policy. If the Named Fiduciary is dissatisfied with
      the denial of the claim and wishes to contest such claim denial, they
      should contact the office named above and they will assist in making
      inquiry to the Insurer. All objections to the Insurer's actions should be
      in writing and submitted to the office named above for transmittal to the
      Insurer.

XIII. GENDER

      Whenever in this Agreement words are used in the masculine or neuter
      gender, they shall be read and construed as in the masculine, feminine or
      neuter gender, whenever they should so apply.

XIV.  INSURANCE COMPANY NOT A PARTY TO THIS AGREEMENT

      The Insurer shall not be deemed a party to this Agreement, but will
      respect the rights of the parties as herein developed upon receiving an
      executed copy of this Agreement. Payment or other performance in
      accordance with the policy provisions shall fully discharge the Insurer
      for any and all liability.

XV.   CHANGE OF CONTROL

      Change of Control shall be as defined in paragraph 10.03, ""Change in
                                                                 ----------
      Control" Defined", of the Executive's Employment Agreement.  Upon a Change
      ----------------
      of Control, if the Insured's employment is subsequently terminated, except
      for cause, then the Insured shall be one hundred percent (100%) vested in
      the benefits promised in this Agreement and, therefore, upon the death of
      the Insured, the Insured's beneficiary(ies) (designated in accordance with
      Paragraph III) shall receive the death benefit provided herein as if the
      Insured had died while employed by the Bank [See Subparagraphs VI (A) &
      (B)].

XVI.  AMENDMENT OR REVOCATION

      It is agreed by and between the parties hereto that, during the lifetime
      of the Insured, this Agreement may be amended or revoked at any time or
      times, in whole or in part, by the mutual written consent of the Insured
      and the Bank.

XVII. EFFECTIVE DATE

      The Effective Date of this Agreement shall be January 3, 2000.

XVIII. SEVERABILITY AND INTERPRETATION

                                       6
<PAGE>

     If a provision of this Agreement is held to be invalid or unenforceable,
     the remaining provisions shall nonetheless be enforceable according to
     their terms.  Further, in the event that any provision is held to be over
     broad as written, such provision shall be deemed amended to narrow its
     application to the extent necessary to make the provision enforceable
     according to law and enforced as amended.

XIX. APPLICABLE LAW

     The validity and interpretation of this Agreement shall be governed by the
     laws of the State of Georgia.

Executed at Hiram, Georgia this 13th day of January, 2000.

                                    COMMUNITY TRUST BANK
                                    Hiram, Georgia

/s/ Angel Byrd                    By:    /s/ William A. Foster, III
------------------------------        -----------------------------------------
Witness - Angel Byrd                  William A. Foster, III - Chairman

/s/ T. E. Durham, Jr.                    /s/ Ronnie L. Austin
------------------------------        -----------------------------------------
Witness - T. E. Durham, Jr.           Ronnie L. Austin

                                       7

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