Document:

<PAGE>   1
                                                                    EXHIBIT 10.2

STATE OF GEORGIA                )
                                )                 ASSIGNMENT
COUNTY OF CHATHAM               )

         IN CONSIDERATION of the sum of $5,000.00 and other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Robert M. Chu ("Assignor") does hereby transfer and assign to C & S
Bancorporation, Inc., a Georgia corporation ("Assignee"), all of his right,
title and interest in and to that certain Real Estate Contract ("Contract"),
including all attachments and Exhibits, by and between Assignor and Paul Yao
("Seller"), dated June 12, 2001, which is attached hereto and made part hereof
as Exhibit "A".

         Assignor, Assignee and Seller acknowledge and agree that Assignee will
have all rights of Purchaser under the Contract, including, without limitation,
thirty days from June 12, 2001 to inspect the property described in the Contract
("Property"). If during the inspection period, Assignee decides not to purchase
the property for any reason whatsoever, the parties hereto expressly agree that
Assignee shall notify Seller in writing prior to July 12, 2001, and Seller shall
thereupon refund the $5,000.00 earnest money deposit to Assignee. The parties
further acknowledge and agree that in the event Assignee does not so notify
Seller, the Closing shall occur on or before August 1, 2001, in the offices of
Bouhan, Williams & Levy, 447 Bull Street, Savannah, Georgia 31401 at a time
mutually agreeable to Assignee and Seller.

         Seller does hereby consent to and acknowledge this Assignment and all
the terms contained herein.

         IN WITNESS WHEREOF, the parties have executed this Assignment this 14th
day of June, 2001.

C& S Bancorporation, Inc.

By: /s/ Brian R. Foster                            /s/ Robert M. Chu     (L.S.)
    ---------------------------------              ----------------------
        President

                                                   /s/ Paul Yao          (L.S.)
                                                   ----------------------
<PAGE>   2

                  RESIDENTIAL SALES CONTRACT
                  Approved By and For Use of Members
                  SAVANNAH BOARD OF REALTORS(R)

INITIAL,            1.     SUBMISSION OFFER DATE: June 12, 2001.
TIME,
DATE,               2.     THE UNDERSIGNED SELLER(S) agrees to sell and the
CHANGES                    undersigned PURCHASER(S) agrees to buy through
                           N/A, the listing real estate Broker, that certain
                           real property (the property) in _____________ COUNTY,
                           GEORGIA located at 7401 Hodgson Memorial Drive, which
                           property is more fully described in the LEGAL
                           DESCRIPTION set forth below OR attached and made a
                           part hereof:

                                           See Attached Exhibit A

                           Said sale includes all existing lighting fixtures
                           attached thereto, all plumbing, electrical, water
                           heating, heating and air conditioning equipment
                           therein, also all drapery hardware, ceiling fans, and
                           fencing if any and all plants, trees and shrubbery
                           now planted on the premises, and include in the sale
                           will be the items of personal property listed on the
                           attached personal property agreement.

BELOW               3.     THE PURCHASE PRICE of said property shall be Seven
                           Hundred Eight-five Thousand and no/100 DOLLARS
                           $785,000.00 to be paid as follows:

                    4.     PAYMENT METHOD: See attached Exhibit or Addendum
                           (other than cash)

                    [X]  Cash to Seller at Closing
                    [ ]  Conventional Fixed Rate
                    [ ]  Conventional Adjustable Rate
                    [ ]  Loan Assumption - Sales Price Controlling
                    [ ]  Loan Assumption - Equity Controlling
                    [ ]  FHA
                    [ ]  VA
                    [ ]  Other

                    5.     CLOSING COSTS: Closing costs to include, Attorney's
                           fees, intangible tax, recording cost and any costs
                           required by Lender, to be paid by [ ] Seller, [X]
                           Purchaser, [ ] Other. See Special Stipulation # N/A.
                           Seller shall pay Georgia State Transfer Tax. Closing
                           Attorney to be selected by [X] Purchaser [ ] Seller,
                           and subject to lender's approval.
                              Purchaser and Seller mutually agree to close at a
                           time and place designated by Closing Attorney within
                           five (5) working days after notification from the
                           Closing Attorney that the sale is ready to close.

                    6.     EARNEST MONEY: Broker acknowledges that Purchaser
                           has paid the sum of Five Thousand DOLLARS ($5,000.00)
                           [ ] Cash [X] Check payable to Paul Yao as earnest
                           money which shall be supplied as part payment of the
                           Purchase price of the property
<PAGE>   3

                           at Closing. Said earnest money will be deposited in
                           Broker's escrow account within five (5) working days
                           only after final acceptance of this instrument. In
                           the event the Purchaser shall stop payment of his
                           earnest money check or should the purchaser's earnest
                           money check be dishonored when presented to the bank,
                           then at the Seller's option this agreement may be
                           declared null and void. All parties in this contract
                           agree that the Broker required to deposit the earnest
                           money may deposit the earnest money in an interest
                           bearing account and that said Broker is entitled to
                           the interest earned on such deposit to cover his
                           administrative expenses.

                    7.     TITLE: Seller warrants that he presently has good
                           and marketable title to the property and agrees to
                           convey said property to the Purchaser at closing by
                           General Warranty Deed subject only to leases,
                           easements, restrictions and encumbrances as recorded.
                              In the event leases are specified in this
                           contract, the Purchaser agrees to assume the Seller's
                           responsibility thereunder to the tenant and to the
                           Broker who negotiated such leases. A COPY OF ANY
                           EXISTING LEASE(S) OR RENTAL CONTRACT(S) IS ATTACHED
                           HERETO, and Seller agrees not to modify any existing
                           lease(s) or rental contract(s) between the date of
                           this contract and the date of closing.
                              It is expressly understood and agreed between the
                           parties hereto that TIME IS OF THE ESSENCE of this
                           contract. The sale shall be closed on or before N/A P
                           prior to which time Purchaser shall have the
                           opportunity of having the title examined. Should any
                           legal defect be found in the title, Seller shall be
                           provided with a written statement thereof prior to
                           above said date and given a reasonable time
                           thereafter within which to correct the same; however
                           in no event to exceed sixty (60) days from the date
                           of said notice of defect. Upon the expiration of
                           sixty (60) days, Purchaser has the option to void
                           this contract.
                              Water rents and rentals, ad valorem taxes,
                           Homeowners/Association/Regime fees or other costs
                           required by covenants or restrictions are to be
                           prorated as of the date of closing. The costs of
                           street paving, curbs, or gutters completed or under
                           contract, as of the date of the execution of this
                           Sales Contract shall be paid by the Seller on or
                           before consummation of this sale. Purchaser shall
                           assume the obligation of said paving, curbs or
                           gutters contracted for or completed after the
                           execution hereof.
                              Seller warrants that, as of the date hereof,
                           neither he nor his agent has received any notice
                           issued by any city or other government authority of
                           building code violation concerning the subject
                           property.

                    8.     OCCUPANCY: shall be delivered to Purchaser: [ ] At
                           Closing, [ ] After Closing, but no later than N/A in
                           which event Seller agrees to pay rent to Purchaser at
                           the rate of $______________ per day, beginning the
                           day after closing and continuing until and including
                           the day occupancy is delivered.
                             [ ] Prior to closing, subject to the conditions set
                           forth in the MOVE-IN AGREEMENT attached hereto and
                           made a part hereof.
<PAGE>   4

                    9.     SELLER WARRANTS: Until closing or until possession
                           is delivered, whichever comes first, Seller agrees to
                           maintain heating, air conditioning, sewer, plumbing
                           and electrical systems and any built-in appliances
                           and equipment in normal working order, to keep the
                           roof water-tight, deliver the property with no broken
                           window panes, and to maintain the property and
                           grounds in the same condition as of the date of
                           acceptance of this contract. It is the Seller's
                           responsibility to have utilities operational in order
                           that all inspections may be completed. Purchaser, at
                           his expense, shall have the privilege and
                           responsibility of making inspections of said
                           equipment and systems prior to closing of sale or
                           until possession is delivered, whichever comes first,
                           and shall notify Seller in writing of any defects
                           revealed by such inspections. Purchaser to made
                           inspections at least 48 hours prior to closing. Upon
                           receipt of such written notice, Seller shall (a)
                           immediately cause such defects to be corrected or (b)
                           authorize Purchaser to cause same to be corrected and
                           deduct the cost thereof from the purchase price. If
                           Seller elects to cause the defects to be corrected
                           and is unable to complete such corrections prior to
                           closing an amount equal to one and one-half (1 1/2)
                           times the sum estimated by the Seller's Broker
                           sufficient to complete such corrections shall be
                           withheld from Seller's proceeds at closing and held
                           in escrow by the Closing Attorney until (a) the
                           corrections have been completed or (b) 30 days after
                           closing, the entire amount may be released by the
                           Selling Broker and Closing Attorney and paid to
                           Purchaser to complete such corrections.

                    10.    WOOD INFESTATION REPORT: Seller shall provide at time
                           of closing of this transaction, a report from a pest
                           control operator, licensed by the State of Georgia,
                           certifying freedom from termite and other
                           wood-destroying organisms, said report to be issued
                           under Chapter 620-6-01 of the Rules of Georgia
                           Structural Pest Control Commission. Said inspection
                           will be accepted only if made within thirty (30) days
                           of closing. In the event said inspection reveals
                           termites, other wood-destroying organisms, or
                           structural damage therefrom, subject to Purchaser's
                           option to waive such defect, Seller shall have the
                           option, (a) to correct the problem prior to closing,
                           or (b) to void this contract. In the event Seller
                           elects to void this Contract, Seller will refund
                           Purchaser the earnest money deposit, less credit
                           report, appraisal charges and all other loan
                           processing costs and closing expenses.

                    11.    RISK OF LOSS: Seller warrants that when the sale is
                           consummated the improvements on the property will be
                           in the same condition as they are on the date this
                           contract is signed by Seller, normal wear and tear
                           excepted; however, should the premises be destroyed
                           or substantially damaged by fire or other hazards
                           before the sale is consummated, then at the election
                           of Purchaser; (a) this contract may be canceled, or
                           (b) Purchaser may consummate the sale and receive
                           such insurance proceeds as are paid on the claim of
                           loss. This election is to be exercised within ten
                           (10) days after the Purchaser has been notified in
                           writing by Seller or the amount of the insurance
                           proceeds, if any, that Seller will receive on the
                           claim of loss. Upon any such cancellation, earnest
                           money paid hereunder shall be returned to Purchaser
                           less any deductions for loan processing expenses.
<PAGE>   5

                    12.    HOMEOWNERS FEES: Purchaser acknowledges that
                           homeowner's fees are presently in the amount of
                           $ N/A per ____________ when due. Purchaser shall
                           bear the responsibility of securing a copy of deed
                           restrictions, covenants and by-laws from Closing
                           Attorney on or before closing.

                    13.    BROKERAGE COMPENSATION: The agent in negotiating this
                           contract has rendered a valuable service and Seller
                           agrees to pay a total brokerage commission, at
                           closing, based upon _______% of the total sales
                           price.
                           This contract has been made in cooperation with N/A,
                           a licensed Broker, who will receive a portion of the
                           total brokerage commission as stated above, which is
                           an amount equal to _________% of the total sales
                           price.

                    14.    AGENCY DISCLOSURE: In this transaction, the Listing
                           Broker (if any) has acted as agent for the Seller.
                           The Selling Broker's relationship with the parties to
                           this Agreement is as specified in the attached
                           Exhibit. Either the "Agency Exhibit" or the
                           "Transaction Broker Exhibit" is attached and made a
                           part hereof by reference herein.

                    15.    DEFAULT: Broker is made a party hereto to enable
                           Broker to enforce his commission rights hereunder
                           against the parties herein on the following basis:
                           Seller agrees to pay Broker the full commission when
                           the sale is consummated. In the event the sale is not
                           consummated because of Seller's inability, failure or
                           refusal to perform any of the Seller's covenants
                           herein, then the Seller shall pay the full commission
                           to Broker, and Broker at the option of Purchaser,
                           shall return the earnest money to Purchaser, as
                           herein provided. Purchaser agrees that if Purchaser
                           fails or refuses to perform any of the Purchaser's
                           covenants herein, Purchaser shall forthwith pay
                           Broker the full commission or at the sole option of
                           the Seller, Broker may first apply one-half (1/2) of
                           the earnest money towards the payment of, but not to
                           exceed the full commission and shall pay the balance
                           thereof to Seller as liquidated damages and Seller
                           accepts the balance as Seller's liquidated damages in
                           full settlement of any claim for damages, whereupon
                           Broker shall be released by any and all liability for
                           return of earnest money to Purchaser. Should Seller
                           reject tender by Broker of one-half (1/2) of the
                           earnest money deposit in full settlement for his
                           damages due to Purchaser's default. Seller shall
                           retain all rights at law against Purchaser for his
                           default on this contract and said one-half of the
                           earnest money shall be retained by Broker until the
                           matter is resolved after having paid the other
                           one-half to himself. Purchaser will be responsible
                           for any credit report and appraisal charges. The
                           party(ies) in default shall be responsible for loan
                           processing and closing expenses incurred.

                           In the event the sale is not consummated for reasons
                           other than default of the parties as herein provided,
                           the earnest money deposit is to be refunded to the
                           Purchaser less loan processing costs and closing
                           expenses incurred.
<PAGE>   6

                           If either Purchaser or Seller commits an anticipatory
                           breach or indicates implicitly or actually that such
                           party will not consummate this sale, the defaulting
                           party hereby waives the necessity of tender.

                    16.    ADVICE AND REPRESENTATION WAIVER: Seller acknowledges
                           that he has not relied upon the representations, if
                           any, by Broker (or the agents of Broker) relative to
                           the legal and tax consequences of this contract or
                           the sale of this property, and Purchaser acknowledges
                           that he has not relied upon the advice or
                           representation, if any, by Broker (or agents of
                           Broker) relative to the legal and tax consequences of
                           this contract or the purchase and ownership of the
                           property, the structural condition of the property,
                           the operating condition of electrical, heating, air
                           conditioning, plumbing, water heating systems, and
                           appliances in the property, the availability of
                           utilities to the property, the past or potential
                           effects of rising flood waters on the property or the
                           investment potential or resale value of the property.
                           Seller and Purchaser both acknowledge that if such
                           matters have been of concern to them, they have
                           sought and obtained independent advice relative
                           hereto.

                    17.    ENTIRE AGREEMENT. This contract constitutes the
                           entire agreement between the parties, and shall be
                           binding upon and inure to the benefit of heirs,
                           executors, administrators and assigns of the
                           respective parties hereto. ALL additions or
                           modifications to this contract shall be only in
                           writing and signed by ALL parties and shall become an
                           amendment to this contract. There shall be no verbal
                           agreements of any kind between parties.

                    18.    SPECIAL STIPULATIONS: The following stipulations and
                           any addenda, if in conflict with any printed matter
                           in this Agreement, shall control and take precedence
                           over such printed matter:

                    *      Purchaser has 30 days to examine the property for his
                           use.

                    *      Purchaser has the option to void this contract within
                           this time and the Earnest Money will be refunded.

                    *      This Contract is transferable.

                    19.    IN ACCEPTANCE: This instrument shall become a binding
                           Agreement when written acceptance, or a facsimile
                           (FAX) transmission of acceptance is actually received
                           by Broker, or Agent of Broker, who shall promptly
                           notify his client/customer of such acceptance.
<PAGE>   7

<TABLE>
<S>                                                          <C>
EXECUTED IN THE PRESENCE OF:                                 WITNESS THE HAND AND SEAL OF THE UNDERSIGNED:

                                                             /s/ Robert M. Chu
-----------------------------------------------------        -----------------------------------------------
SELLING COMPANY                                              PURCHASER (SIGNATURE)

-----------------------------------------------------        -----------------------------------------------
PRINT NAME OF BROKER OR REALTOR AGENT                        PURCHASER (SIGNATURE)

                                                             -----------------------------------------------
-----------------------------------------------------        (Print name in which title is desired for
AUTHORIZED AGENT (SIGNATURE)                                 ownership)

                                                             /s/ Paul Yao
-----------------------------------------------------        -----------------------------------------------
______ COMPANY                                               SELLER ((SIGNATURE)

-----------------------------------------------------        -----------------------------------------------
PRINT NAME OF BROKER OR REALTOR AGENT                        SELLER (SIGNATURE)

                                                             -----------------------------------------------
-----------------------------------------------------        (Print name in which title is presently held)
AUTHORIZED AGENT (SIGNATURE)
</TABLE>

ACCEPTANCE DATE:
_____ ABOVE PROPOSITION IS HEREBY ACCEPTED, AT 1:30 O'CLOCK P.M., THIS 12TH DAY
OF JUNE, 2001.

              A contract for sale of realty in Georgia is a legal
              instrument. If not understood, seek competent advice.
<PAGE>   8

                                    EXHIBIT A

                  All that certain lot, tract or parcel of land situate, lying
         and being in the City of Savannah, Chatham County, Georgia Being known
         as parcel Y, containing 0.842 acres, as shown on a plat of a
         recombination of Parcels B, C, and D, being the northern and southern
         portions of the middle one-half of Tract 24, and the northern and
         southern portions of the western one-fourth of Tract 24, Chippewa
         Tract, recombined into parcels X, Y, and Z, Sixth GMD, Savannah,
         Chatham County, Georgia, prepared for Hugh W. Tracy dated November 1,
         1993 and recorded at Plat record Book 5-P, Folio 62, Chatham County
         Records.

                  Said Parcel Y has a frontage of 150 feet to the western side
         of Hodgson Memorial Drive, and a depth westwardly of 244.78 feet along
         Fairmont Avenue, as being bounded as follows: On the North by Fairmont
         Avenue, on the East by Hodgson Memorial Drive, on the South By Lot X,
         as shown on said plat, and on the West by a portion of Lot 33 and by
         Lot 51, Chippewa Terrace Annex Subdivision.

                  Said property has improvements thereon known as 7401 Hodgson
         Memorial Drive, Savannah, Georgia 31406; and being the same property
         conveyed to the U.S. Small Business Administration by Foreclosure Deed
         under power of sale by AmeriBank, N.A. (As attorney-in-fact for Robert
         B. Quattlebaum, III and L. Robert Isaacson), dated May 3, 1994 and
         recorded in Deed Book 166-Z, Folio 600, in Chatham County Records.

TITLE TO PROPERTY NEITHER EXAMINED NOR WARRANTED BY PREPARED OF THIS INSTRUMENT.<PAGE>   1

                                                                    EXHIBIT 10.3

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (this "Agreement"), is made and entered into
as of March 1, 2001 by and among Brian R. Foster, a resident of the State of
Georgia ("Employee"), Citizens & Southern Bank, a proposed Georgia state banking
corporation ("Employer") and C & S Bancorporation, Inc., a Georgia corporation
and sole shareholder of Employer (the "Company").

                                   WITNESSETH:

         WHEREAS, Employer and Employee each deem it necessary and desirable,
for their mutual protection, to execute a written document setting forth the
terms and conditions of their employment relationship;

         NOW, THEREFORE, in consideration of the employment of Employee by
Employer, of the premises and the mutual promises and covenants contained
herein, and of other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:

         1.       Employment and Duties. Employer hereby employs Employee to
serve as Chairman of the Board, President and Chief Executive Officer of
Employer and the Company and to perform such other duties and responsibilities
as customarily performed by persons acting in such capacity. During the term of
this Agreement, Employee will devote his full time and effort to his duties
hereunder. Employee shall perform his duties in Chatham County, Georgia.

<PAGE>   2

         2.       Term. Subject to the provisions of Section 12 of this
Agreement, the period of Employee's employment under this Agreement shall be
deemed to have commenced as of the date hereof and shall continue for a period
of 60 calendar months thereafter (i) unless Employee dies before the end of such
60 months or (ii) Employer is not successful in obtaining final opening
approvals (the "Final Approvals") from the Department of Banking and Finance of
the State of Georgia (the "Georgia Department") and the Federal Deposit
Insurance Corporation (the "FDIC"). In either case, the period of employment
shall continue until the end of the month of Employee's death or the inability
to obtain the Georgia Department's and FDIC's Final Approvals. The period of
employment shall automatically be extended for additional one year terms on each
March 1 without further action by the parties, commencing on March 1, 2006 and
each March 1 thereafter. No such automatic extension shall occur if either party
shall, within 90 days prior to any said anniversary, have given written notice
to the other of its intention that this Agreement shall not be so extended.

         3.       Compensation. For all services to be rendered by Employee
during the term of this Agreement, Employer shall pay Employee in accordance
with the terms set forth in Exhibit A, net of applicable withholdings, payable
in semi-monthly installments.

         4.       Expenses. So long as Employee is employed hereunder, Employee
is entitled to receive reimbursement for, or seek payment directly by Employer
of, all reasonable expenses which are consistent with the normal policy of
Employer in the performance of Employee's duties hereunder, provided that
Employee accounts for such expenses in writing.

                                       2
<PAGE>   3

         5.       Employee Benefits. So long as Employee is employed hereunder,
Employee shall be entitled to participate in the various employee benefit
programs adopted by Employer and the Company from time to time.

         6.       Vacation. Employee shall be entitled to four (4) weeks annual
vacation.

         7.       Confidentiality. In Employee's position as an employee of
Employer, Employee has had and will have access to confidential information,
trade secrets and other proprietary information of vital importance to Employer
and the Company and has and will also develop relationships with customers,
employees and others who deal with Employer or the Company which are of value to
Employer and the Company. Employer requires, as a condition to Employee's
employment with Employer, that Employee agree to certain restrictions on
Employee's use of the proprietary information and valuable relationships
developed during Employee's employment with Employer. In consideration of the
terms and conditions contained herein, the parties hereby agree as follows:

         7.1      Employer and Employee mutually agree and acknowledge that
Employer and the Company may entrust Employee with highly sensitive,
confidential, restricted and proprietary information concerning various Business
Opportunities (as hereinafter defined), customer lists, and personnel matters.
Employee acknowledges that he shall bear a fiduciary responsibility to Employer
and the Company to protect such information from use or disclosure that is not
necessary for the performance of Employee's duties hereunder, as an essential
incident of Employee's employment with Employer.

                                       3
<PAGE>   4

         7.2      For the purposes of this Section 7, the following definitions
shall apply:

                  7.2.1    "Trade Secret" shall mean the identity and addresses
         of customers of Employer or the Company, the whole or any portion or
         phase of any scientific or technical information, design, process,
         procedure, formula or improvement that is valuable and secret (in the
         sense that it is not generally known to competitors of Employer or the
         Company) and which is defined as a "trade secret" under Georgia law
         pursuant to the Georgia Trade Secrets Act.

                  7.2.2    "Confidential Information" shall mean any data or
         information, other than Trade Secrets, which is material to Employer or
         the Company and not generally known by the public. Confidential
         Information shall include, but not be limited to, Business
         Opportunities of Employer or the Company (as hereinafter defined), the
         details of this Agreement, Employer's or the Company's business plans
         and financial statements and projections, information as to the
         capabilities of Employer's or the Company's employees, their respective
         salaries and benefits and any other terms of their employment and the
         costs of the services Employer or the Company may offer or provide to
         the customers it serves, to the extent such information is material to
         Employer or the Company and not generally known by the public.

                  7.2.3    "Business Opportunities" shall mean any specialized
         information or plans of Employer or the Company concerning the
         provision of financial services to the public, together with all
         related information concerning the specifics of any contemplated

                                       4
<PAGE>   5

         financial services regardless of whether Employer has contacted or
         communicated with such target person or business.

                  7.2.4    Notwithstanding the definitions of Trade Secrets,
         Confidential Information, and Business Opportunities set forth above,
         Trade Secrets, Confidential Information, and Business Opportunities
         shall not include any information:

                  (i)      that is or becomes generally known to the public;

                  (ii)     that is already known by Employee or is developed by
         Employee after termination of employment through entirely independent
         efforts;

                  (iii)    that Employee obtains from an independent source
         having a bona fide right to use and disclose such information;

                  (iv)     that is required to be disclosed by law, except to
         the extent eligible for special treatment under an appropriate
         protective order; or

                  (v)      that Employer's or the Company's Board of Directors
         approves for release.

         7.3      Employee shall not, without the prior approval of Employer's
or the Company's Board of Directors, during his employment with Employer and for
so long thereafter as the information or data remain Trade Secrets, use or
disclose, or negligently permit any unauthorized person who is not an employee
of Employer or the Company to use, disclose, or gain access to, any Trade
Secrets.

                                       5
<PAGE>   6

         7.4      Employee shall not, without the prior written consent of
Employer or the Company, during his employment with Employer and for a period of
24 months thereafter as long as the information or data remain competitively
sensitive, use or disclose, or negligently permit any unauthorized person who is
not employed by Employer or the Company to use, disclose, or gain access to, any
Confidential Information to which the Employee obtained access by virtue of his
employment with Employer, except as provided in Section 7.2 of this Agreement.

         8.       Observance of Security Measures. During Employee's employment
with Employer, Employee is required to observe all security measures adopted to
protect Trade Secrets, Confidential Information and Business Opportunities.

         9.       Return of Materials. Upon the request of Employer or the
Company and, in any event, upon the termination of his employment with Employer,
Employee shall deliver to Employer all memoranda, notes, records, manuals or
other documents, including all copies of such materials containing Trade Secrets
or Confidential Information, whether made or compiled by Employee or furnished
to him from any source by virtue of his employment with Employer.

         10.      Severability. Employee acknowledges and agrees that the
covenants contained in Sections 7 through 9 and Section 14 of this Agreement
shall be construed as covenants independent of one another and distinct from the
remaining terms and conditions of this Agreement, and severable from every other
contract and course of business by and among Employer, the Company and Employee,
and that the existence of any claim, suit or action by Employee against Employer
and/or the Company, whether predicated upon this Agreement or

                                       6
<PAGE>   7

any other agreement, shall not constitute a defense to Employer's or the
Company's enforcement of any covenant contained in Sections 7 through 9 and
Section 14 of this Agreement.

         11.      Specific Performance. Employee acknowledges and agrees that
the covenants contained in Sections 7 through 9 and Section 14 of this Agreement
shall survive any termination of employment, as applicable, with or without
Cause (as hereinafter defined), at the instigation or upon the initiative of any
party. Employee further acknowledges and agrees that the ascertainment of
damages in the event of Employee's breach of any covenant contained in Sections
7 through 9 and Section 14 of this Agreement would be difficult, if at all
possible. Employee therefore acknowledges and agrees that Employer and the
Company shall be entitled in addition to and not in limitation of any other
rights, remedies, or damages available to Employer and the Company in
arbitration, at law or in equity, upon submitting whatever affidavit the law may
require, and posting any necessary bond, to have a court of competent
jurisdiction enjoin Employee from committing any such breach.

         12.      Termination.

         12.1     During the term of this Agreement, Employee's employment,
including without limitation, all compensation, salary, expenses reimbursement,
and employee benefits may be terminated (i) at the election of Employer for
Cause; (ii) at Employee's election upon Employer's breach of any material
provision of this Agreement; (iii) upon Employee's death; or (iv) at the
election of either party, upon Employee's disability resulting in an inability
to perform the duties described in Section 1 of this Agreement for a period of
90 consecutive days.

                                       7
<PAGE>   8

         12.2     As used in this Agreement, "Cause" shall mean (i) conduct by
Employee that amounts to fraud, material dishonesty, gross negligence or willful
misconduct in the performance of his duties hereunder; (ii) the conviction (from
which no appeal may be, or is, timely taken) of Employee of a felony; (iii)
initiation of suspension or removal proceedings against Employee by federal or
state regulatory authorities acting under lawful authority pursuant to
provisions of federal or state law or regulation which may be in effect from
time to time; (iv) knowing violation of federal or state banking laws or
regulations; or (v) refusal to perform a duly authorized directive of Employer's
Board of Directors.

         12.3     No termination for Cause shall be effective unless it is
approved by a two-thirds (2/3) vote of Employer's Board of Directors, excluding
the vote, if any, of Employee.

         12.4     If this Agreement is terminated either pursuant to Cause,
Employee's death or Employee's disability, Employee shall receive no further
compensation or benefits, other than Employee's salary and other compensation as
accrued through the date of such termination.

         12.5     Notwithstanding any provisions hereof to the contrary, if
there occurs a Change in Control (as defined on Exhibit B) of the Employer or
the Company, Employee shall be entitled for a period of 90 days after the date
of closing of the transaction effecting such Change in Control to deliver to the
Employee or the Company written notice of termination of this Agreement
whereupon Employer shall pay Employee a lump sum cash payment in an amount equal
to the product of two times Employee's then current compensation and benefits
from Employer, including salary, bonuses, all perquisites, and all other forms
of compensation paid to Employee however characterized for the fiscal year
during the term of this Agreement for which such compensation was highest. This
payment shall be paid to Employee by Employer within 30 days after the delivery
of such notice of termination by Employee to Employer.

                                       8
<PAGE>   9

         13.      Notices. All notice provided for herein shall be in writing
and shall be deemed to be given when delivered in person or deposited in the
United States Mail, registered or certified, return receipt requested, with
proper postage prepaid and addressed as follows:

         Employer and Company:      C & S Bancorporation, Inc.
                                    P.O. Box 1248
                                    Savannah, Georgia 31402-1248
                                    Attn: Mr. William M. Austin,
                                    Executive Vice President

         Employee:                  Mr. Brian R. Foster
                                    305 East Charleston Street
                                    Savannah, Georgia

         14.      Covenant Not to Compete, Not to Solicit and Not to Hire.

                  14.1     For purposes of this Section 14, Employer and
Employee conduct the following business in the following geographic areas:

                           14.1.1   Employer is engaged in the business of
                  transacting business as a bank which accepts deposits, makes
                  loans, cashes checks and otherwise engages in the business of
                  banking (collectively, the "Business of Employer").

                           14.1.2   Employer currently conducts business from
                  its office located at 401 Mall Boulevard, Suite 101 B
                  Savannah, Georgia (the "Main Office").

                           14.1.3   Employee has established business
                  relationships and performs the duties described in Section 1
                  of this Agreement in the geographic area covered by

                                        9
<PAGE>   10

                  a circle having a radius of 100 miles from the Main Office,
                  and will work primarily in such area while in the employ of
                  Employer.

         14.2     Employee covenants and agrees that for a period of two years
after the termination of this Agreement for any reason other than non-renewal of
this Agreement by Employer or the Company on any anniversary date or pursuant to
Section 12.1(ii) of this Agreement, Employee shall not, directly or indirectly,
as principal, agent, trustee, consultant or through the agency of any financial
institution, corporation, partnership, association, trust or other entity or
person, on Employee's own behalf or for others, provide the duties described in
Section 1 of this Agreement for any entity or person conducting the Business of
Employer within the geographic area covered by a circle having a radius of 50
miles from the Main Office.

         14.3     During the term of this Agreement and for a period of two
years after the termination of this Agreement for any reason other than
non-renewal of this Agreement by Employer or the Company on any anniversary date
or pursuant to Section 12.1(ii) of this Agreement, Employee will not enter into,
and will not participate in, any plan or arrangement to cause any employee of
Employer to terminate his or her employment with Employer, and, Employee agrees
that for a period of at least two years after the termination of employment by
any employee of Employer, Employee will not hire such employee in connection
with any business initiated by Employee or any other person, firm or
corporation. Employee further agrees that information as to the capabilities of
Employer's employees, their salaries and benefits, and any other terms of their
employment is Confidential Information and proprietary to Employer.

                                       10
<PAGE>   11

         14.4     Employee and Employer shall periodically amend this Agreement
by updating the address referenced in Section 14.1.2 of this Agreement so that
it at all times lists the then current geographic area served by Employer for
which Employee performs the duties described in Section 1 of this Agreement.

         14.5     Notwithstanding any provision herein to the contrary, the
covenant not to compete and not to solicit set forth in Sections 14.2 and 14.3
shall be null and void in the event either (i) this Agreement is not renewed by
Employer or the Company on any anniversary date or (ii) terminated by Employee
pursuant to Section 12.1 (ii) of this Agreement.

         15.      Miscellaneous.

         15.1     This Agreement, together with Exhibit A, constitutes and
expresses the whole agreement of the parties in reference to the employment of
Employee by Employer, and there are no representations, inducements, promises,
agreements, arrangements, or undertakings oral or written, between the parties
other than those set forth herein.

         15.2     This Agreement shall be governed by the laws of the State of
Georgia.

         15.3     Should any clause or any other provision of this Agreement be
determined to be void or unenforceable for any reason, such determination shall
not affect the validity or enforceability of any clause or provision of this
Agreement, all of which shall remain in full force and effect.

         15.4     Time is of the essence in this Agreement.

         15.5     This Agreement shall be binding upon and enure to the benefit
of the par-ties hereto and their successors and assigns. This Agreement shall
not be assignable by Employee without the prior written consent of Employer.

                                       11
<PAGE>   12

         15.6     This Agreement may be executed in multiple counterparts, each
of which shall be deemed an original and all of which taken together shall
constitute but a single instrument.

                   [Balance of page intentionally left blank.]

                                       12
<PAGE>   13

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first written above.

                                    "Employee"

                                    /s/ Brian R. Foster                   (SEAL)
                                    --------------------------------------
                                    Brian R. Foster

                                    "Employer"

                                    CITIZENS & SOUTHERN BANK, a proposed
                                    Georgia State Banking Corporation

                                    By: /s/ William M. Austin
                                        ----------------------------------------
                                    Title: Executive Vice President

                                    "Company"

                                    C & S BANCORPORATION, INC.

                                    By: /s/ William M. Austin
                                        ----------------------------------------
                                    Title: Executive Vice President

                                       13
<PAGE>   14

                                    Exhibit A
                      to Employment Agreement By and Among
            Brian R. Foster, Citizens & Southern Bank (Proposed) and
                           C & S Bancorporation, Inc.

                              Employee Compensation

Capitalized terms used herein and not defined shall have the meanings set forth
in the Employment Agreement.

BASE SALARY: $175,000.00 per year subject to annual increases in an amount equal
to such amount as the Board of Directors in its discretion shall determine to be
appropriate under the circumstances of not less than five (5%) per cent per
year.

OPTION PLANS: Subject to shareholder approval of that certain incentive stock
option plan of C & S Bancorporation, Inc. (the "Company"), ten year incentive
stock options ("ISOs") to acquire up to 75,000 shares of the Company's common
stock, with such number not to exceed five (5%) per cent of the number of shares
outstanding following completion of the initial offering of the Company's common
stock. Granted at the initial offering price of the Company's common stock,
vesting over 5 years, 40% after year 1, and at 20% per year for each of the next
three (3) years of continued employment thereafter.

BONUS: Payable each January, in an amount approved by the Bank's Board of
Directors.

AUTO ALLOWANCE: $600.00 per month.

CLUB MEMBERSHIP: Initiation fee and monthly dues for Savannah Golf Club, or its
equivalent, and monthly dues for The Chatham Club, or its equivalent.

INSURANCE: Employee's and his dependents' health, hospitalization, and dental,
any other insurance plans as adopted by the Bank's Board of Directors for
employees of the Bank.

                                       14
<PAGE>   15

                                    Exhibit B
                      to Employment Agreement By and Among
            Brian R. Foster, Citizens & Southern Bank (Proposed) and
                           C & S Bancorporation, Inc.

"CHANGE IN CONTROL" shall mean:

         (a)      in any transaction, whether by merger, consolidation, asset
                  sale, tender offer, reverse stock split, or otherwise, which
                  results in the acquisition or 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, of 50% or more of the outstanding shares of common
                  stock of the Company;

         (b)      the sale of all or substantially all of the assets of the
                  Company or the Employer; or

         (c)      the liquidation of the Employer or the Company.

                                       15

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