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                                                                    EXHIBIT 10.6

                          FIDELITY SOUTHERN CORPORATION

                         EXECUTIVE CONTINUITY AGREEMENT

      This Executive Continuity Agreement (this "Agreement') is made as of March
17, 2005, between Fidelity Southern Corporation ("Fidelity Southern") and Bank
(together with Fidelity Southern collectively referred to as "Fidelity") and M.
Howard Griffith, Jr. (the "Executive").

      The purpose of this Agreement is to encourage the Executive to continue
employment with Fidelity after a Change of Control of Fidelity Southern or Bank
by providing reasonable employment security to the Executive and to recognize
the prior service of the Executive in the event of termination of employment
under defined circumstances after any such Change of Control. This Agreement
supersedes and replaces all prior similar written and oral agreements between
the Executive and Fidelity and is in addition to any employment agreement
entered into between Fidelity and the Executive on or after the date hereof.

      Section 1.  Definitions. For purposes of this Agreement:

            (a)   "Affiliate" means any entity that is, directly or indirectly
                  through one or more intermediaries, controlled by Fidelity
                  Southern or the Bank, as the case may be.

            (b)   "Annual Base Salary" shall have the meaning set forth in
                  Section 3.

            (c)   "Bank" shall mean Fidelity Bank and the successors of all or
                  substantially all of its business.

            (d)   "Beneficiary" means the person or entity designated by the
                  Executive, by a written instrument delivered to Fidelity
                  Southern, to receive any benefits payable under this Agreement
                  in the event of the Executive's death. If the Executive fails
                  to designate a Beneficiary, or if no beneficiary survives the
                  Executive, such Benefits on the death of the Executive will be
                  paid to the Executive's estate.

            (e)   "Board" means the Board of Directors of Fidelity Southern.

            (f)   "Cause" means:

                  (1)   The willful and continued failure by the Executive to
                        substantially perform the material duties of the
                        Executive with Fidelity and/or any Affiliate (other than
                        any such failure resulting from the disability of the
                        Executive) for a continuous period of three months,
                        after a written demand for such performance is delivered
                        to the Executive at the direction of the Board by the
                        Chief Executive Officer of Fidelity Southern or by any
                        person designated by the board of Fidelity Southern or
                        the Bank, which written demand specifically identifies
                        the material duties of which Fidelity believes that the
                        Executive has not substantially performed; or

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                  (2)   The willful engaging by the Executive in gross
                        misconduct materially and demonstrably injurious to
                        Fidelity. No act, or failure to act, on the Executive's
                        part shall be considered "willful" unless done, or
                        omitted to be done, by Executive in the absence of good
                        faith and without a reasonable belief that the action or
                        failure to act of the Executive was in the best interest
                        of Fidelity or any Affiliates.

            (g)   "Change of Control" means the occurrence hereafter of any
                  event described in (1), (2) or (3) below.

                  (1)   Any "person" (as such term is used in Sections 13(d)(3)
                        or 14(d)(2) of the Securities Exchange Act of 1934, as
                        amended, the "Act) acquires "beneficial ownership" (as
                        such term is defined in Rule 13d-3 promulgated under the
                        Act), directly or indirectly, of equity securities of
                        Fidelity Southern or the Bank representing more than
                        fifty percent (50%) of the combined voting power
                        represented by the outstanding voting securities of
                        Fidelity Southern or the Bank, as the case may be
                        ("Voting Power").

                  (2)   Individuals who constitute the membership of the Board
                        or the board of the Bank on the date of this Agreement
                        (each being hereinafter referred to as the "Incumbent
                        Board') cease at any time hereafter, to constitute at
                        least a majority of the Board or the board of the Bank,
                        provided that any director whose nomination was approved
                        by a majority of the Incumbent Board will be considered
                        a member of the Incumbent Board, excluding any such
                        individual not otherwise a member of the Incumbent Board
                        whose initial assumption of office is in connection with
                        an actual or threatened election contest relating to the
                        election of the directors of Fidelity Southern or the
                        Bank.

                  (3)   The effective date of a complete liquidation or
                        dissolution of Fidelity Southern or the Bank, or of the
                        sale or other disposition of all or substantially all of
                        the assets of Fidelity Southern or the Bank, as approved
                        by the shareholders of Fidelity Southern or the Bank, as
                        the case may be, or the acquisition by a person, other
                        than Fidelity Southern, of beneficial ownership,
                        directly or indirectly, of equity securities of the Bank
                        representing more than fifty percent (50%) of the
                        combined voting power represented by the Bank's then
                        outstanding voting securities.

                        If a Change of Control occurs on account of a series of
                        transactions, the Change of Control is deemed to have
                        occurred on the date of the last of such transactions
                        which results in the Change of Control.

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            (h)   "Change of Control Period" shall have the meaning set forth in
                  Section 4(a).

            (i)   "Code" means the Internal Revenue Code of 1986, amended.

            (j)   "Commencement Date" shall have the meaning set forth in
                  Section 3(a).

            (k)   "Compensation" means the total compensation paid to the
                  Executive by Fidelity Southern, the Bank and/or by any
                  Affiliate which is or will be reportable as income under the
                  Code on Internal Revenue Service Form W-2, (i) plus any amount
                  contributed by the Executive pursuant to a salary reduction
                  agreement, which is not includible in gross income under Code
                  Sections 125 or 402(a) (8) or under any other program that
                  provides for pre-tax salary reductions and compensation
                  deferrals; (ii) plus any amount of the Executive's
                  compensation which is deferred under any plan or program of
                  Fidelity; and (iii) reduced by any income reportable on Form
                  W-2 that is attributable to the exercise of any stock option.

            (l)   "Disability" means a complete inability of the Executive
                  substantially to perform the employment duties for Fidelity
                  Southern or Bank or any Affiliate for a period of at least one
                  hundred and eighty (180) consecutive days.

            (m)   "Employment Period" shall have the meaning set forth in
                  Section 3(a).

            (n)   "Final Compensation" means the highest of (i) the Executive's
                  Compensation for the 12 full calendar months immediately
                  preceding the Change of Control; or (ii) the Executive's
                  annual base salary rate payable by Fidelity Southern, the Bank
                  and any Affiliate, in effect immediately preceding the Change
                  of Control; or (iii) the Executive's aggregate annual base
                  salary as set by Fidelity Southern, the Bank and any
                  Affiliate, effective at any time during the Employment Period.

            (o)   "Good Reason" will exist with respect to the Executive if,
                  without the Executive's express written consent the following
                  events occur after a Change of Control which are not corrected
                  within thirty (30) days after receipt of written notice from
                  Executive to Fidelity Southern:

                  (1)   there is a material change in the Executive's position
                        or responsibilities (including reporting
                        responsibilities) which, in the Executive's reasonable
                        judgment, represents an adverse change from the
                        Executive's status, title, position or responsibilities
                        immediately prior to the Change of Control;

                  (2)   the assignment to the Executive of any duties or
                        responsibilities which are inconsistent with the
                        position or responsibilities of the Executive
                        immediately prior to the Change of Control;

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                  (3)   any removal of the Executive from or failure to
                        reappoint or reelect the Executive to any of the
                        positions the Executive held immediately prior to the
                        Change of Control;

                  (4)   there is a reduction in the Executive's rate of annual
                        base salary or a change in the manner the incentive
                        compensation of the Executive is calculated and such
                        change will result in a reduction of the incentive
                        compensation of Executive;

                  (5)   the requiring of the Executive to relocate his principal
                        business office of the Executive to any place outside a
                        fifteen (15) mile radius from the Executive's current
                        place of employment in Atlanta, Georgia, (reasonable
                        required travel on Fidelity's business which is
                        materially greater than such travel requirements prior
                        to the Change of Control shall not constitute a
                        relocation of the Executive's principal business
                        office);

                  (6)   the failure of Fidelity to continue in effect any
                        Compensation, Welfare Plan or Individual Life Insurance
                        Policy in which the Executive is participating
                        immediately prior to the Change of Control without
                        substituting plans providing the Executive with
                        substantially similar or greater benefits, or the taking
                        of any action by Fidelity which would materially and
                        adversely affect the Executive's participation in or
                        materially reduce the Executive's benefits under any of
                        such plans or deprive the Executive of any material
                        fringe benefit enjoyed by the Executive immediately
                        prior to the Change of Control; or

                  (7)   the material breach of any provision of this Agreement
                        which is not timely connected by Fidelity upon thirty
                        (30) days prior written notice from the Executive.

            (p)   "Individual Life Insurance Policy" means the Flexible Premium
                  Adjustable Life Insurance, Universal Life policy issued by
                  Great-West Life & Annuity Insurance Company ("Great-West") in
                  the face amount of $500,000 payable to beneficiaries
                  designated by the Executive or his estate or trust in lieu
                  thereof.

            (q)   "Salary Continuance Benefit" means the benefit provided in
                  Section 4(b).

            (r)   "Severance Benefit" means a Salary Continuance Benefit and/or
                  a Welfare Continuance Benefit.

            (s)   "Severance Period" means the period beginning on the date the
                  Executive's employment is terminated by Fidelity Southern,
                  Fidelity Bank or any Affiliate, other than for Cause,
                  Disability or death, or by Executive for Good Reason and
                  ending on the date twelve (12) months thereafter.

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            (t)   "Voting Power" shall have the meaning set forth in Section
                  1(g)(1).

            (u)   "Welfare Continuance Benefit" means the benefit provided in
                  Section 4(c).

            (v)   "Welfare Plan" means any medical, prescription, dental,
                  disability, salary continuation, employee life, accidental
                  death, travel accident insurance or any other welfare benefit
                  plan, as defined in Section 3(l) of the Employee Retirement
                  Income Security Act of 1974, as amended ("ERISA") made
                  available by Fidelity Southern, the Bank or any Affiliate in
                  which the Executive is eligible to participate; provided,
                  however, that the term "Welfare Plan" shall not include the
                  Individual Life Insurance Policy.

      Section 2.  Employment After Change of Control.

      If the Executive is employed by Fidelity Southern, the Bank or an
      Affiliate on the Commencement Date, such employer will continue to employ
      the Executive for the Employment Period.

      Section 3.  Compensation During Employment Period.

            (a)   During the period commencing one year prior to a Change of
                  Control ("Commencement Date") and ending upon the earlier of
                  (i) one year after a Change of Control or (ii) upon
                  termination of employment of Executive for any reason by
                  Executive or by Fidelity Southern or the Bank or any Affiliate
                  ("Employment Period"), the Executive will receive an annual
                  base salary ("Annual Base Salary"), at least equal to the
                  greater of (i) the annual base salary payable to the Executive
                  by Fidelity Southern, the Bank and/or Affiliates in respect of
                  the twelve full calendar month period immediately preceding
                  the Commencement Date or (ii) the annual base salary rate of
                  the Executive payable on and after the Commencement Date and
                  prior to the Change of Control. During the Employment Period,
                  the Annual Base Salary will be increased at any time and from
                  time to time so as to be substantially consistent with
                  increases in base salaries generally awarded in the ordinary
                  course of business to other peer executives of Fidelity
                  Southern, the Bank and Affiliates. Any increase in Annual Base
                  Salary will not serve to limit or reduce any other obligation
                  to the Executive under this Agreement. The Annual Base Salary
                  in effect on the Commencement Date will not be reduced
                  thereafter nor shall any such increase during the Employment
                  Period be reduced thereafter.

            (b)   During the Employment Period, the Executive will be entitled
                  to participate in all incentive plans (including, without
                  limitation, stock option, stock purchase, savings,
                  supplemental medical and retirement plans) and other programs
                  and practices applicable generally to other peer executives of
                  Fidelity Southern, the Bank or any Affiliates, but in no event
                  will such plans and other programs, practices, including
                  policies to

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                  provide the Executive with incentive opportunities, savings
                  opportunities and retirement and other benefit opportunities,
                  in each case, less favorable, in the aggregate, than those
                  provided by Fidelity Southern, the Bank or any Affiliates for
                  the Executive under such plans, practices, policies and
                  program as in effect at any time on and after the Commencement
                  Date and prior to the Change of Control.

            (c)   In addition the method of the calculation of the Executive's
                  total incentive compensation for each fiscal year, or part
                  thereof, during the Employment Period will not be changed in
                  any manner which will result in less total incentive
                  compensation being paid or payable to Executive by Fidelity
                  Southern, the Bank and Affiliates in respect of the Employment
                  Period (or any portion thereof) from the maximum amount that
                  would have been paid using the method of calculating incentive
                  compensation under the incentive compensation programs in
                  effect on and after the Commencement Date and prior to the
                  Change of Control. The parties agree that Executive shall be
                  entitled to incentive compensation for services rendered
                  during part of a fiscal year regardless of the reason for the
                  termination of employment of Executive.

            (d)   During the Employment Period the Executive and the eligible
                  Members of the Executive's family ("Dependents") who
                  participated (or otherwise provided coverage) on the
                  Commencement Date and continue to be eligible for
                  participation in any Welfare Plan, will receive all such
                  benefits under the Welfare Plans to the extent applicable
                  generally to other peer executives of Fidelity Southern, the
                  Bank and Affiliates similarly situated, but in no event will
                  the Welfare Plans provide benefits for the Executive and
                  Beneficiaries that are less favorable, in the aggregate, than
                  the most favorable benefits provided under the Welfare Plans
                  in effect at any time during the Employment Period.

            (e)   During the Employment Period, Fidelity Southern will maintain
                  in place the Individual Life Insurance Policy.

            (f)   During the Employment Period, the Executive will be entitled
                  to fringe benefits in accordance with the most favorable
                  plans, practices, programs and policies of Fidelity Southern,
                  the Bank and any Affiliate in effect for which the Executive
                  qualifies or qualified at any time during the Employment
                  Period including, if more favorable to the Executive, as in
                  effect at any time on or after the Change of Control with
                  respect to other peer executives of Fidelity Southern, the
                  Bank or any Affiliate.

      Section 4.  Benefits Upon Termination of Employment.

            (a)   Provided the Executive executes a "Release" (as defined below)
                  and does not revoke such Release, the Executive will be
                  entitled to a Salary Continuance Benefit and a Welfare
                  Continuance Benefit as hereafter set

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                  forth if (i) the employment of the Executive with Fidelity
                  Southern, the Bank or any Affiliate is terminated by Fidelity
                  Southern, the Bank or any Affiliate, other than for Cause,
                  Disability or death, during the period commencing upon the
                  Commencement Date and ending one year after a Change of
                  Control ("Change of Control Period"); or (ii) the Executive
                  terminates his employment with Fidelity Southern, the Bank or
                  any Affiliate for Good Reason during the Change of Control
                  Period. Any termination by the Executive will be communicated
                  by Notice of Termination to Fidelity Southern given in
                  accordance with Section 23(b). For purposes of this Agreement,
                  a "Notice of Termination" means a written notice which (i)
                  indicates the specific termination provision in this Section
                  relied upon; (ii) to the extent applicable, sets forth in
                  reasonable detail the facts and circumstances claimed to
                  provide a basis for termination of the Executive's employment
                  under the provision so indicated; and (iii), if applicable,
                  indicates the date of termination, which shall not be more
                  than 30 days and more than 60 days after the giving of such
                  notice. The term "Release" means a general release that
                  releases Fidelity Southern, the Bank, their Affiliates,
                  shareholders, directors, officers, employees, employee benefit
                  plans, representatives, and agents and their successors and
                  assigns from any and all employment related claims the
                  Executive or the Executive's successors and beneficiaries
                  might then have against them (excluding any claims for vested
                  benefits under any employee pension plan of Fidelity Southern,
                  the Bank or the Affiliates).

            (b)   The Salary Continuance Benefit will be the excess of (i) the
                  Executive's Final Compensation over (ii) the aggregate amount
                  payable under Section 14. The Salary Continuance Benefit will
                  be payable in twenty four (24) equal semi-monthly installments
                  commencing on the 15th or last day of the month immediately
                  following the date of termination of employment, whichever
                  date occurs first, and then continuing on the 15th and last
                  day of each calendar month thereafter until all such
                  installments are paid. The Salary Continuance Benefit will be
                  made net of all required Federal and State withholding taxes
                  and similar required withholdings and authorized deductions.
                  The Salary Continuance Benefit shall be payable to the estate
                  of the Executive upon the death of the Executive after the
                  amounts become payable.

            (c)   During the Severance Period, the Executive and the Executive's
                  Dependents will continue to be covered by all Welfare Plans in
                  which the Executive or Dependents were participating
                  immediately prior to the date of the Executive's termination
                  of employment, subject to the eligibility requirements of such
                  Welfare Plans on the date of termination of employment (the
                  "Welfare Continuance Benefit"). Any changes to any Welfare
                  Plan during the Severance Period will be applicable to the
                  Executive and Dependents as if he continued to be an employee
                  of Fidelity Southern, the Bank or any Affiliate. Fidelity
                  Southern or the Bank will

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                  pay or they shall cause an Affiliate to pay, all or a portion
                  of the cost of the Welfare Continuance Benefit for the
                  Executive and Dependents under the Welfare Plans on the same
                  basis as applicable, from time to time, to active employees
                  covered under the Welfare Plans and the Executive will pay any
                  additional costs comparable to those costs paid by active
                  executives. If such participation in any one or more of the
                  Welfare Plans included in the Welfare Continuance Benefit is
                  not possible under the terms of the Welfare Plan or any
                  provision of law would create any adverse tax effect for the
                  Executive or Fidelity Southern the Bank or any Affiliate due
                  to such participation, Fidelity Southern or the Bank will
                  provide or will cause an Affiliate to provide substantially
                  identical benefits directly or through an insurance
                  arrangement or pay the Executive's costs for such Welfare Plan
                  if continued by Executive, including as permitted under ERISA.
                  The Welfare Continuance Benefit as to any Welfare Plan will
                  cease if and when the Executive has obtained coverage under
                  one or more welfare benefit plans of a subsequent employer
                  that provide for equal or greater benefits to the Executive
                  and Dependents with respect to the specific type of benefit
                  provided under the applicable Welfare Plan.

            (d)   Fidelity Southern shall maintain the Individual Life Insurance
                  Policy only after termination of the Executive's employment
                  due to "retirement" (as such term is determined by the Board).

            (e)   If the Executive violates any of the undertakings set forth in
                  Sections 10, 11, 12 and 13 of this Agreement after termination
                  of his employment, any additional compensation and benefits
                  under this Section 4 shall cease; except that the benefits
                  under Section 4(d) shall continue to be available under the
                  terms of the Individual Life Insurance Policy to the extent
                  set forth in Section 4(d).

            (f)   (i)   Fidelity Southern shall engage the independent
                        accounting firm regularly utilized by Fidelity Southern
                        ("Accounting Firm") to provide to Fidelity Southern and
                        Executive, at Fidelity Southern's expense, a
                        determination of whether any compensation payable to
                        Executive pursuant to this Agreement (alone or when
                        added to all other compensation paid or payable to the
                        Executive by Fidelity, the Bank or any Affiliate) during
                        the Severance Period constitutes a "parachute payment"
                        ("Parachute Payment") as defined in Section 280G of the
                        Internal Revenue Code of 1986, as amended (the "Code").
                        If the Accounting Firm determines that any such
                        compensation payable to Executive constitutes a
                        Parachute Payment, the Accounting Firm shall also
                        determine: (A) the amount of the excise tax to be
                        imposed under Section 4999 of the Code; (B) whether
                        Executive would realize a greater amount after Federal
                        and Georgia income taxes (assuming the highest marginal
                        rates then in effect apply) if such compensation payable
                        to Executive were reduced (assuming latest payments are
                        reduced

__________
Executive

_________________
Fudekuty Southern

__________
Bank

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                        first) so that no amount payable to Executive hereunder
                        (alone or when added to all other compensation paid or
                        payable to the Executive by Fidelity, the Bank or any
                        Affiliate) constitutes a Parachute Payment than the
                        Executive would realize after Federal and Georgia income
                        taxes (assuming the highest marginal rates then in
                        effect apply) and after imposition of the excise tax
                        under Section 4999 of the Code if the amounts payable to
                        Executive hereunder were not so reduced; and (C), if the
                        Accounting Firm determines in (B) above that Executive
                        would realize a higher amount if the compensation
                        payable to Executive were so reduced, the amount of the
                        reduced benefit. All determinations shall be made on a
                        present value basis. The Accounting Firm shall provide
                        to Fidelity Southern and to Executive a written report
                        of its calculations and determinations hereunder as soon
                        as practicable. No later than fifteen (15) days
                        following receipt by Executive of the report from the
                        Accounting Firm, Executive will notify Fidelity Southern
                        in writing of any disagreement with said report, and, in
                        such case, Fidelity Southern shall direct the Accounting
                        Firm to promptly discuss its determinations with an
                        accountant or other counsel designated by Executive in
                        Executive's written notice and seek to reach an
                        agreement regarding same no later than fifteen (15) days
                        after receipt of the Executive's notice, with Fidelity
                        Southern and Executive, each bearing the cost of their
                        own accountants, counsel and other advisers. If no
                        agreement can be reached, the matter shall be promptly
                        submitted to binding arbitration under the rules of the
                        American Arbitration Association before a single
                        arbitrator in Atlanta, Georgia. The determinations so
                        made shall be binding on the parties. If it is
                        determined hereunder that Executive would realize a
                        greater amount after Federal and Georgia income taxes
                        (assuming the highest marginal rates then in effect
                        apply) if the compensation payable to Executive pursuant
                        to this Agreement were reduced (assuming latest payments
                        are reduced first) so that no amount payable to
                        Executive hereunder constitutes a Parachute Payment,
                        then the amounts payable to Executive pursuant to this
                        Agreement shall be so reduced.

                  (ii)  As a result of the uncertainty in the application of
                        Sections 280G and 4999 of the Code, it is possible that
                        amounts will have been paid or distributed to the
                        Executive that should not have been paid or distributed
                        under this Section 4(e) ("Overpayments"), or that
                        additional amounts should be paid or distributed to the
                        Executive under this Section 4(e) ("Underpayments"). If
                        based on either the assertion of a deficiency by the
                        Internal Revenue Service against Fidelity or the
                        Executive, which assertion has a high probability of
                        success, or controlling precedent or substantial
                        authority, an Overpayment has been made, that
                        Overpayment will be treated for

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                        all purposes as a loan ab initio that the Executive must
                        repay to Fidelity immediately together with interest at
                        the applicable Federal rate under Section 7872 of the
                        Code; provided, however, that no loan will be deemed to
                        have been made and no amount will be payable by the
                        Executive to Fidelity unless, and then only to the
                        extent that, the deemed loan and payment would either
                        reduce the amount on which the Executive is subject to
                        tax under Section 4999 of the Code or generate a refund
                        of tax imposed under Section 4999 of the Code. If based
                        upon controlling precedent or substantial authority, an
                        Underpayment has occurred, the amount of that
                        Underpayment will be paid to the Executive promptly by
                        Fidelity. Whether an Overpayment or Underpayment has
                        occurred may be determined in substantially the same
                        manner as the original determination.

                  (iii) Fidelity and the Executive shall each provide the
                        Accounting Firm access to and copies of any books,
                        records and documents in the possession of Fidelity or
                        Executive, as the case may be, reasonably requested by
                        the Accounting Firm, and otherwise cooperate with the
                        Accounting Firm in connection with the preparation and
                        issuance of the determinations and calculations
                        contemplated by this Section 4(e).

                  (iv)  The federal, state and local income or other tax returns
                        filed by Executive shall be prepared and filed on a
                        consistent basis with the determination with respect to
                        the excise tax payable by Executive. The Executive, at
                        the request of Fidelity, shall provide Fidelity true and
                        correct copies (with any amendments) of his federal
                        income tax return as filed with the Internal Revenue
                        Service and corresponding state and local tax returns,
                        if relevant, as filed with the applicable taxing
                        authority, and such other documents reasonably requested
                        by Fidelity, evidencing such conformity.

      Section 5.  Outplacement Services.

      If the Executive is entitled to a Severance Benefit under Section 4, the
      Executive also will be entitled in addition to receive complete
      outplacement services, including job search, interview skill services, job
      retaining and education and resume preparation, paid by Fidelity Southern
      up to a total cost of $20,000. The services will be provided by a
      nationally or regionally recognized outplacement organization selected by
      the Executive with the approval of Fidelity Southern (which approval will
      not be unreasonable withheld). The services will be provided for up to two
      (2) years after the Executive's termination of employment or until
      Executive obtains full-time employment, whichever occurs first.

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      Section 6.  Death.

         If the Executive dies while receiving a Welfare Continuation Benefit,
         the Executive's Dependents will continue to be covered under all
         applicable Welfare Plans during the remainder of the Severance Period.

      Section 7.  Setoff.

            (a)   Except as otherwise provided in Section 7(c) below, payment of
                  a Severance Benefit will be in addition to any other amounts
                  otherwise then currently payable to the Executive, including
                  any accrued but unpaid vacation pay or deferred compensation.
                  No payments or benefits payable to or with respect to the
                  Executive pursuant to this Agreement will be reduced by any
                  amount the Executive may earn or receive from employment with
                  another employer or from any other source. In no event will
                  the Executive be obligated to seek other employment or take
                  any other action by way of mitigation of the amounts payable
                  to the Executive under any of the provisions of this Agreement
                  and, except as provided in the last sentence of Section 4(c)
                  with respect to the Welfare Continuation Benefit or in Section
                  5 with respect to outplacement services, such amounts will not
                  be reduced whether or not the Executive obtains other
                  employment.

            (b)   Nothing in this Agreement will limit or otherwise affect such
                  rights as the Executive may have under any other contract or
                  agreement with Fidelity Southern, the Bank or Affiliates.
                  Amounts which constitute vested benefits or which the
                  Executive is otherwise entitled to receive under any plan,
                  policy, practice or program of or any contract or agreement
                  (collectively, "programs") with Fidelity Southern, the Bank or
                  Affiliates at or subsequent to the Executive's termination of
                  employment will be payable in accordance with such program.

            (c)   The total amount payable hereunder for Salary Continuation
                  Benefits and consideration for the non-compete,
                  non-solicitation and non-disclosure provisions (as set forth
                  in Section 14) shall not exceed the Executive's Final
                  Compensation. Fidelity Southern, the Bank or an Affiliate and
                  Executive may be parties to other agreements, policies, plans,
                  programs or arrangements relating to the Executive's
                  employment. This Agreement shall be construed and interpreted
                  so that the Salary Continuance Benefit, Welfare Continuance
                  Benefit and other payments (including, but not limited to,
                  payments described in Section 14 below) hereunder are paid or
                  made available only to the extent that similar amounts are not
                  paid or made available to the Executive under any other
                  similar agreements, policies, plans, programs or arrangements.
                  Without limiting the foregoing, any Salary Continuance
                  Benefit, Welfare Continuance Benefit and other payments
                  (including, but not limited to, payments described in Section
                  14 below) payable under this Agreement shall be reduced by any

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                  other compensation, severance pay, continued welfare benefits,
                  non-compete payments or other similar amounts that the
                  Executive receives under any employment or employment-related
                  agreement with Fidelity Southern, the Bank or any Affiliate
                  and under any other similar agreements, policies, plans,
                  programs or arrangements covering the Executive with respect
                  to Fidelity Southern, the Bank or any Affiliate; it being the
                  intent of both the Executive and Fidelity Southern, the Bank
                  or any Affiliate not to provide to the Executive any
                  duplicative payments, severance pay or welfare benefits
                  hereunder.

            (d)   To the extent that federal, state or local law requires
                  Fidelity Southern, the Bank or an Affiliate to provide notice
                  and/or make a payment to the Executive because of involuntary
                  termination of employment, the severance pay available under
                  this Agreement for periods for which the Executive is not
                  required to report to work shall be reduced, but not below
                  zero, by the amount of any such mandated payments.

      Section 8.  No Interest in Benefit.

      No interest of the Executive or any Beneficiary, or any right to receive
      any payment or distribution hereunder, will be subject in any manner to
      sale, transfer, assignment, pledge, attachment, garnishment, or other
      alienation or encumbrance of any kind, nor may such interest or right to
      receive a payment or distribution be taken, voluntarily or involuntarily,
      for the satisfaction of the obligation or debts of, or other claims
      against, the Executive or Beneficiary, including claims for alimony,
      support, separate maintenance, and claims in bankruptcy proceedings.

      Section 9.  Benefits Unfunded.

      All rights under this Agreement of the Executive and Beneficiaries will at
      all times be entirely unfunded, and no provision will at any time be made
      with respect to segregating any assets of Fidelity or any Affiliate for
      payment of any amounts due hereunder. The Executive and Beneficiaries will
      have only the rights of general unsecured creditors of Fidelity.

      Section 10. Covenant Not to Compete.

      The Executive agrees that during his employment with Fidelity Southern or
      Bank and for a period of twelve (12) months after termination of the
      Executive's employment with Fidelity Southern or Bank for any reason, that
      the Executive shall not, on his own behalf or on another's behalf, work in
      any management or executive capacity in the business of providing banking
      or banking related services. This restriction shall apply only within a
      50-mile radius of 3490 Piedmont Road, Atlanta, Georgia 30305. The
      Executive agrees that because of the nature of Fidelity Southern's and
      Bank's business, the nature of the Executive's job responsibilities, and
      the nature of the Confidential Information and Trade Secrets of Fidelity
      Southern and Bank which Fidelity Southern and Bank will give the Executive
      access to, any breach of this provision by the Executive would result in
      the

                                       12

<PAGE>

      inevitable disclosure of Fidelity Southern's and Bank's Trade Secrets and
      Confidential Information to its direct competitors.

      Section 11. Non-Solicitations of Customers.

      Executive agrees that during his employment with Fidelity Southern or Bank
      and for a period of twelve (12) months after termination of his employment
      with Fidelity Southern or Bank for any reason, Executive will not will not
      directly or indirectly solicit, contact, call upon, communicate with or
      attempt to communicate with any client or customer of Fidelity Southern or
      Bank for the purpose of providing banking or banking related services.
      This restriction shall apply only to any client or customer of Fidelity
      Southern or Bank with whom Executive had material contact during the last
      twelve months of Executive's employment with Fidelity Southern or Bank.
      "Material contact" means interaction between Executive and the client or
      customer which takes place to further the business relationship. "Clients"
      and "customers" include, but are not limited to, depositors and commercial
      loan customers.

      Section 12. Non-Solicitations of Employees.

      Executive agrees that during his employment with Fidelity Southern or Bank
      and for a period of twelve (12) months after termination of his employment
      with Fidelity Southern or Bank for any reason, Executive will not recruit,
      hire or attempt to recruit or hire, directly or by assisting others, any
      other employee of Fidelity Southern or Bank with whom Executive had
      material contact during Executive's employment with Fidelity Southern or
      Bank. This restriction shall apply only to recruiting, hiring or
      attempting to recruit or hire any employee for the purpose of working in
      the business of providing banking or banking related services.

      Section 13. Confidentiality, Proprietary Information and Inventions.

            (a)   During the term of Executive's employment with Fidelity
                  Southern or Bank, and at all times thereafter, Executive shall
                  not use or disclose to others, without the prior written
                  consent of Fidelity Southern and Bank, any Trade Secrets (as
                  hereinafter defined) of Fidelity Southern or Bank, or any
                  subsidiary thereof or any of their customers, except for use
                  or disclosure thereof in the course of the business of
                  Fidelity Southern or Bank (or that of any subsidiary), and
                  such disclosure shall be limited to those who have a need to
                  know.

            (b)   During the term of Executive's employment with Fidelity
                  Southern or Bank, and for twelve (12) months after termination
                  of his employment with Fidelity Southern or Bank for any
                  reason, Executive shall not use or disclose to others, without
                  the prior written consent of Fidelity Southern and Bank, any
                  Confidential Information (as hereinafter defined) of Fidelity
                  Southern or Bank, or any subsidiary thereof or any of their
                  customers, except for use or disclosure thereof in the course
                  of the

                                       13

<PAGE>

                  business of Fidelity Southern or Bank (or that of any
                  subsidiary), and such disclosure shall be limited to those who
                  have a need to know.

            (c)   Upon termination of employment with Fidelity Southern or Bank
                  for any reason, Executive shall not take with him any
                  documents or data of Fidelity Southern or Bank or any
                  subsidiary or of any customer thereof or any reproduction
                  thereof and agrees to return any such documents and data in
                  his possession at that time.

            (d)   Executive agrees to take reasonable precautions to safeguard
                  and maintain the confidentiality and secrecy and limit the use
                  of all Trade Secrets and Confidential Information of Fidelity
                  Southern, Bank and all subsidiaries and customers thereof.

            (e)   Trade Secrets shall include only such information constituting
                  a "Trade Secret" within the meaning of subsection 10-1-761(4)
                  of the Georgia Trade Secrets Act of 1990, including as
                  hereafter amended. Confidential Information shall include all
                  information and data which is protectable as a legal form of
                  property or non-public information of Fidelity Southern or
                  Bank or their customers, excluding any information or data
                  which constitutes a Trade Secret.

            (f)   Trade Secrets and Confidential Information shall not include
                  any information (A) which becomes publicly known through no
                  fault or act of Executive; (B) is lawfully received by
                  Executive from a third party after termination of employment
                  without a similar restriction regarding confidentiality and
                  use and without a breach of this Agreement; or (C) which is
                  independently developed by Executive and entirely unrelated to
                  the business of providing banking or banking related services.

            (g)   Executive agrees that any and all information and data
                  originated by Executive while employed by Fidelity Southern or
                  Bank and, where applicable, by other employees or associates
                  under Executive's direction or supervision in connection with
                  or as a result of any work or service performed under the
                  terms of Executive's employment, shall be promptly disclosed
                  to Fidelity Southern and Bank, shall become Fidelity Southern
                  and/or Bank's property, and shall be kept confidential by
                  Executive. Any and all such information and data, reduced to
                  written, graphic, or other tangible form and any and all
                  copies and reproduction thereof shall be furnished to Fidelity
                  Southern and Bank upon request and in any case shall be
                  returned to Fidelity Southern and Bank upon termination of
                  Executive's employment with Fidelity Southern or Bank.

            (h)   Executive agrees that Executive will promptly disclose to
                  Fidelity Southern and Bank all inventions or discoveries made,
                  conceived, or for the first time reduced to practice in
                  connection with or as a result of the work and/or services
                  Executive performs for Fidelity Southern or Bank.

                                       14

<PAGE>

            (i)   Executive agrees that he will assign the entire right, title,
                  and interest in any such invention or inventions and any
                  patents that may be granted thereon in any country in the
                  world concerning such inventions to Fidelity Southern and
                  Bank. Executive further agrees that Executive will, without
                  expense to Fidelity Southern or Bank, execute all documents
                  and do all acts which may be necessary, desirable, or
                  convenient to enable Fidelity Southern and Bank, at its
                  expense, to file and prosecute applications for patents on
                  such inventions, and to maintain patents granted thereon.

      Section 14. Consideration for Non-Compete, Non-Solicitation and
                  Non-Disclosure Provisions.

      In consideration of the Executive's undertakings set forth in Sections 10,
      11, 12 and 13 above, with respect to periods after termination of
      employment, Fidelity Southern or Bank will pay the Executive a total
      amount equal to forty percent (40%) of his Annual Base Salary in effect
      immediately prior to the termination of employment, payable in twenty four
      (24) equal semi-monthly installments commencing on the 15th or last day of
      the month immediately following the date of termination of employment,
      whichever date occurs first, and continuing on the 15th and last day of
      each calendar month thereafter until all such installments are paid. If
      the Executive violates any of the undertakings set forth in Sections 10,
      11, 12 and 13 of this Agreement, the Executive waives and forfeits any and
      all rights to any further payments under this Agreement, including but not
      limited to, any additional payments, compensation or Severance Benefits he
      may otherwise be entitled to receive under this Agreement.

      Section 15. Specific Performance.

      Because of Executive's knowledge and experience, Executive agrees that
      Fidelity Southern, the Bank and Affiliates shall be entitled to specific
      performance, an injunction, temporary injunction or other similar
      equitable relief in addition to all other rights and remedies it might
      have for any violation of the undertakings set forth in Sections 10, 11,
      12 or 13 of this Agreement. In any such court proceeding or arbitration,
      Executive will not object thereto and claim that monetary damages are an
      adequate remedy.

      Section 16. Indemnification of Executive.

      Fidelity Southern, the Bank or Affiliates shall indemnify Executive and
      shall advance reasonable reimbursable expenses incurred by Executive in
      any proceeding against Executive, including a proceeding brought by or in
      the right of Fidelity Southern, the Bank or any Affiliate, as a director
      or officer of Fidelity Southern, the Bank or any Affiliate thereof, except
      claims and proceedings brought by Fidelity Southern, the Bank or any
      Affiliate against Executive, to the fullest extent permitted under the
      Georgia Business Corporation Code, and the Articles of Incorporation and
      By-Laws of Fidelity Southern, the Bank or any applicable Affiliate, as
      such Code, Articles or By-Laws may be amended from time to time hereafter.

                                       15

<PAGE>

      Section 17. Applicable Law.

      This Agreement will be construed and interpreted in accordance with the
      laws of the State of Georgia without reference to its conflict of laws
      rules.

      Section 18. No Employment Contract.

      Nothing contained in this Agreement shall be construed to be an employment
      contract between the Executive and Fidelity.

      Section 19. Severability.

      In the event any provision of this Agreement is held illegal or invalid,
      the remaining provisions of this Agreement will not be affected thereby.

      Section 20. Successors.

            (a)   The Agreement will be binding upon and inure to the benefit of
                  the Fidelity Southern, the Bank, Affiliates, the Executive and
                  their respective heirs, representatives and successors.

            (b)   Fidelity Southern and Bank will require any successor (whether
                  direct or indirect, by purchase, merger, consolidation or
                  otherwise) to all or substantially all of the business and/or
                  assets of Fidelity Southern, the Bank or Affiliates, as the
                  case may be, to assume expressly and agree to perform this
                  Agreement in the same manner and to the same extent that
                  Fidelity Southern and Bank would be required to perform it if
                  no such succession had taken place. As used in this Agreement,
                  "Fidelity Southern" will mean Fidelity Southern as herein
                  defined and any successor to its business and/or assets which
                  assumes this Agreement by operation of law or otherwise.

      Section 21. Litigation Expenses.

            (a)   Fidelity Southern and the Bank agree to pay or reimburse
                  Executive promptly as incurred, to the full extent permitted
                  by law, all legal fees and expenses which the Executive may
                  reasonably incur as a result of any contest (regardless of the
                  outcome thereof unless a court of competent jurisdiction
                  determines that the Executive acted in bad faith in initiating
                  the contest) by Fidelity Southern, the Bank, any Affiliate,
                  the Executive or others regarding the validity or
                  enforceability of, or liability under, any provision of this
                  Agreement (including as a result of any contest by the
                  Executive about the amount of any payment pursuant to this
                  Agreement), plus in each case interest on any delayed payment
                  at the applicable Federal rate provided for in the Internal
                  Revenue Code Section 7872 (f)(2)(A); provided however, that
                  the reasonableness of the fees and expenses must be determined
                  by an independent arbitrator, using standard legal principles,
                  mutually agreed upon by Fidelity Southern or the Bank, as the

____________
Executive

_________________
Fidelity Southern

____________
Bank

                                       16

<PAGE>

                  case may be, and the Executive in accordance with rules set
                  forth by the American Arbitration Association.

            (b)   If there is any dispute between Fidelity Southern, the Bank or
                  any Affiliate and the Executive, in the event of any
                  termination of the Executive's employment by Fidelity
                  Southern, the Bank or Affiliate or by the Executive, then,
                  unless and until there is a final, nonappealable judgment by a
                  court of competent jurisdiction declaring that the Executive
                  is not entitled to benefits under this Agreement, Fidelity
                  will pay or cause to be paid all amounts, and provide all
                  benefits, to the Executive and/or the Executive's family or
                  other Beneficiaries, as the case may be, that Fidelity or any
                  Affiliate would be required to pay or provide pursuant to this
                  Agreement. Fidelity Southern, the Bank and Affiliates will not
                  be required to pay any disputed amounts pursuant to this
                  subsection except upon receipt of an undertaking (which may be
                  unsecured) by or on behalf of the Executive to repay all such
                  amounts to which the Executive is ultimately adjudge by such
                  court not to be entitled.

      Section 22. Future Employers.

      Fidelity Southern, the Bank or any Affiliate may notify anyone employing
      Executive or evidencing an intention to employ Executive as to the
      existence and provisions of this Agreement and may provide any such person
      or organization a copy of this Agreement. Executive agrees that for a
      period of twelve (12) months after termination of Executive's employment
      with Fidelity Southern or the Bank for any reason, Executive will provide
      Fidelity Southern and Bank the identity of any employer Executive goes to
      work for along with Executive's job title and anticipated job duties with
      such employer.

      Section 23. Miscellaneous.

            (a)   Amendments/Waivers. No provision of this Agreement may be
                  modified, waived or discharged unless such waiver,
                  modification or discharge is agreed to in writing and the
                  writing is signed by the Executive and Fidelity Southern and
                  the Bank. A waiver of any breach of or compliance with any
                  provision or condition of this Agreement is not a waiver of
                  similar or dissimilar provisions or conditions. This Agreement
                  may be executed in one or more counterparts, all of which will
                  be considered one and the same agreement.

            (b)   Notices. All notices, requests, demands and other
                  communications required or permitted hereunder shall be in
                  writing and shall be deemed to have been given upon receipt
                  when delivered by hand or upon delivery to the address of the
                  party determined pursuant to this Section 23 when delivered by
                  express mail, overnight courier or other similar method to
                  such address or by facsimile transmission (provided a copy is
                  also sent by registered or certified mail or by overnight
                  courier), or five (5) business days after deposit of the
                  notice in the US mail, if mailed by certified or

                                       17

<PAGE>

                  registered mail, with postage prepaid addressed to the
                  respective party as set forth below, which address may be
                  changed by written notice to the other parties:

                  If to Fidelity Southern or Bank:

                        Fidelity Southern Corporation
                        3490 Piedmont Road
                        Suite 1550
                        Atlanta, Georgia 30305
                        Attn: Chief Executive Officer

                  If to Executive:

                        M. Howard Griffith, Jr.
                        1038 Byrnwyck Road
                        Atlanta, Georgia  30319

            (c)   Confidentiality. The Executive agrees that Executive will not
                  discuss the Executive's employment and resignation or
                  termination (including the terms of this Agreement) with any
                  representatives of the media, either directly or indirectly,
                  without the prior written consent and approval of Fidelity
                  Southern and the Bank.

      Section 24. Entire Agreement.

      No agreement or representations, oral or otherwise, express or implied,
      with respect to the subject matter hereof have been made by a party which
      is not expressly set forth in this Agreement. This Agreement sets forth
      the entire understanding of the parties with respect to the subject matter
      hereof.

                                       18

<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first set forth above.

                                          FIDELITY SOUTHERN CORPORATION

                                          By:    /s/ James B. Miller, Jr.
                                             ----------------------------------
                                          Name:  James B. Miller, Jr.
                                          Title: Chairman

                                          FIDELITY BANK

                                          By:    /s/ H. Palmer Proctor, Jr.
                                             ----------------------------------
                                          Name:  H. Palmer Proctor, Jr.
                                          Title: President

                                          EXECUTIVE

                                          /s/ M. Howard Griffith, Jr.
                                          -------------------------------------
                                          M. Howard Griffith , Jr.

                                       19<PAGE>
                                                                    EXHIBIT 10.1

                              DEFERRED SHARE AWARD
                    ([DATE] AWARD FOR NUMBER DEFERRED SHARES)

         This Deferred Share Award is made to [U.S. OFFICER NAME] this _____
day of ________, 20____, by THE HOME DEPOT, INC., a Delaware corporation.

                              W I T N E S S E T H:

         WHEREAS, the Company has adopted The Home Depot, Inc. 1997 Omnibus
Stock Incentive Plan which is administered by the Committee; and

         WHEREAS, Executive is an officer and employee of the Company eligible
to receive an award of Deferred Shares under the Plan; and

         WHEREAS, the Committee conducted its annual review of the Executive's
performance and compensation and the independent members of the Company's Board
of Directors approved equity awards for the Executive at its ______________
meeting,

         NOW, THEREFORE, the Committee hereby makes an award of Deferred Shares
under the Plan to Executive pursuant to the following terms and conditions:

         1.       Definitions. As used herein, the following terms shall be
defined as set forth below:

         (a)      "Award" means the Deferred Share Award to Executive, as set
forth herein, and as may be amended as provided herein.

         (b)     "Board" means the Company's Board of Directors.

         (c)     "Cause" means that Executive has been convicted of a felony
involving theft or moral turpitude, or engaged in conduct that constitutes
willful gross neglect or willful gross misconduct with respect to Executive's
employment duties which results in material economic harm to the Company;
provided, however, that for purposes of determining whether conduct constitutes
willful gross misconduct, no act on Executive's part shall be considered
"willful" unless it is done by Executive in bad faith and without reasonable
belief that his action was in the best interests of the Company; Cause shall not
be deemed to exist for purposes of this Award unless: (1) a determination that
Cause exists is made and approved by the Board, (2) Executive is given at least
thirty (30) days' written notice of the Board meeting called to make such
determination, and (3) Executive and his legal counsel are given the opportunity
to address such meeting.

         (d)      "Change in Control" means the occurrence of any of the
following events: (1) any "person" (as defined in Section 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act")), excluding for
this purpose, (A) the Company or any subsidiary of the Company, or (B) any
employee benefit plan of the Company or any subsidiary of the Company, or any
person or entity organized, appointed or established by the Company for or

<PAGE>
pursuant to the terms of any such plan which acquires beneficial ownership of
voting securities of the Company, is or becomes the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing more than twenty percent (20%) of the
combined voting power of the Company's then outstanding securities; provided,
however, that no Change in Control will be deemed to have occurred as a result
of a change in ownership percentage resulting solely from an acquisition of
securities by the Company; or (2) during any two (2) consecutive years (not
including any period beginning before the Grant Date, individuals who at the
beginning of such two (2) year period constitute the Board and any new director
(except for a director designated by a person who has entered into an agreement
with the Company to effect a transaction described elsewhere in this definition
of Change in Control) whose election by the Board or nomination for election by
the Company's stockholders was approved by a vote of at least two-thirds of the
directors then still in office who either were directors at the beginning of the
period or whose election or nomination for election was previously so approved
cease for any reason to constitute at least a majority of the Board; or (3)
consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Company (a
"Business Combination"), in each case, unless, following such Business
Combination, all or substantially all of the individuals and entities who were
the beneficial owners of outstanding voting securities of the Company
immediately before such Business Combination beneficially own, directly or
indirectly, more than fifty percent (50%) of the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the company resulting from such Business
Combination (including, without limitation, a company which as a result of such
transaction owns the Company or all or substantially all of the Company's assets
either directly or through one or more subsidiaries) in substantially the same
proportions as their ownership, immediately before such Business Combination of
the outstanding voting securities of the Company; or (4) approval by the
stockholders of the Company of a complete liquidation or dissolution of the
Company.

         (e)      "Code" means the Internal Revenue Code of 1986, as amended.

         (f)      "Committee" means the Leadership Development and Compensation
Committee of the Board.

         (g)      "Company" means The Home Depot, Inc., a Delaware corporation,
with offices at 2455 Paces Ferry Road,  Atlanta, Georgia 30339.

         (h)      "Competitor" means any company or entity in the home
improvement industry engaged in any way in a business that competes directly or
indirectly with the Company, its parents, subsidiaries, affiliates or related
entities, in the United States, Canada, Puerto Rico, Mexico, China or any other
location in which the Company currently conducts business or may conduct
business. Businesses that compete with the Company in the home improvement
industry specifically include, but are not limited to, the following entities
and each of their subsidiaries, affiliates, assigns, franchisees, or successors
in interest: [INSERT NAMES OF COMPETITORS]

                                       2
<PAGE>

         (i)      "Deferred Shares" means the award of the Company's common
stock to Executive set forth in Section 2.

         (j)      "Executive" means [INSERT U.S. OFFICER'S NAME AND TITLE].

         (k)      "Disability" means Executive's inability to substantially
perform his duties under the Employment Agreement, with reasonable
accommodation, as evidenced by a certificate signed either by a physician
mutually acceptable to the Company and Executive or, if the Company and
Executive cannot agree upon a physician, by a physician selected by agreement of
a physician designated by the Company and a physician designated by Executive;
provided, however, that if such physicians cannot agree upon a third physician
within thirty (30) days, such third physician shall be designated by the
American Arbitration Association.

         (l)      "Employment Agreement" means that certain employment agreement
entered into between the Company and Executive effective as of ______________.

         (m)      "Good Reason" means, without Executive's consent, (1) the
assignment to Executive of any duties inconsistent in any material respect with
Executive's position (including status, offices, titles and reporting
relationships), authority, duties or responsibilities as contemplated by Section
3 of the Employment Agreement, or any other action by the Company which results
in a significant diminution in such position, authority, duties or
responsibilities, excluding any isolated and inadvertent action not taken in bad
faith and which is remedied by the Company within ten (10) days after receipt of
notice thereof given by Executive; (2) any failure by the Company to comply with
any of the provisions of Sections 4 or 5 of the Employment Agreement other than
an isolated and inadvertent failure not committed in bad faith and which is
remedied by the Company within ten (10) days after receipt of notice thereof
given by Executive; (3) Executive being required to relocate to a principal
place of employment more than twenty-five (25) miles from his principal place of
employment with the Company as of the Grant Date; (4) delivery by the Company of
a notice discontinuing the automatic extension provision of Section 2 of the
Employment Agreement; (5) failure by the Company to elect Executive to the
position of sole Chairman of the Board in compliance with the terms of Section
3.1 of the Employment Agreement; or (6) any purported termination by the Company
of Executive's employment otherwise than as expressly permitted by the
Employment Agreement.

         (n)      "Grant Date" means [INSERT DATE OF GRANT].

         (o)      "Latest Deferral Date" means the date that is twelve (12)
months prior to the date on which the Deferred Shares vest, or such earlier date
as may be designated by the Company in order to satisfy the deferral election
requirements of Code Section 409A.

         (p)      "Plan" means The Home Depot, Inc. 1997 Omnibus Stock Incentive
Plan, as amended from time to time.

                                       3
<PAGE>

         (q)      "Retirement" means termination of employment with the Company
and its subsidiaries on or after Executive's attainment of age sixty (60) and
having at least five (5) years of continuous service with the Company and its
subsidiaries.

         2.       Deferred Shares Award. Company hereby grants to Executive an
award of Deferred Shares under the Plan for ________________ (__________) shares
of the $.05 par value common stock of the Company, subject to the conditions set
forth herein.

         (a)      Vesting. The Deferred Shares shall vest and become
transferable: [OPTION #1: on the fifth anniversary of the Grant Date; provided
that, except as provided in Section 2(d), Executive is employed by the Company
or an Affiliate on the vesting date.] [OPTION #2: twenty-five percent (25%) on
the third anniversary of the Grant Date, an additional twenty-five percent (25%)
on the sixth anniversary of the Grant Date and the remaining fifty percent (50%)
on the date Executive attains age sixty-two (62), provided that, except as
provided in Section 2(d), Executive is employed by the Company or an Affiliate
on the vesting date.]

         (b)      Delivery of Shares. Unless Executive has elected to defer
receipt of the Deferred Shares in accordance with Section 2(c), and except as
otherwise provided in Section 2(d), the Company shall cause a stock certificate
representing the vested portion of the Deferred Shares to be transferred to
Executive as soon as practicable after each vesting date.

         (c)      Deferral. Executive may elect in writing on or before the
Latest Deferral Date to defer the issuance of all or a part of such vested
Deferred Shares. Any such election shall: (1) specify the date of issuance for
the Deferred Shares, which shall not be earlier than the tenth anniversary of
the Grant Date or such other minimum deferral period as may be designated by the
Company in order to satisfy the deferral election requirements of Code Section
409A, and (2) comply with all other applicable deferral election requirements of
Code Section 409A.

         (d)      Termination of Employment; Change in Control. Upon termination
of Executive's employment for any reason other than Retirement before the
Deferred Shares have vested, all unvested shares shall be forfeited.
Notwithstanding the foregoing, if (1) the Company terminates Executive's
employment other than for Cause, (2) Executive, upon fifteen (15) days' prior
written notice, terminates his employment for Good Reason, (3) Executive's
employment terminates due to death or Disability, or (4) a Change in Control
occurs while Executive is employed by the Company, any Deferred Shares that have
not yet vested shall immediately vest and, unless Executive has elected pursuant
to Section 2(c) to defer issuance to a later date, the Company shall issue such
Deferred Shares to Executive within ten (10) days after the termination of
Executive's employment. Upon employment termination due to Retirement, all
Deferred Shares that have not lapsed as of the date of Executive's Retirement
shall continue to vest according to the vesting schedule set forth in Section
2(a) and, unless Executive has elected pursuant to Section 2(c) to defer
issuance to a later date, the Company shall issue such Deferred Shares to
Executive as soon as practicable after the Deferred Shares vest; provided,
however, that if after reaching Retirement, Executive becomes, either directly
or indirectly, employed with a Competitor, all unvested Deferred Shares shall be
immediately forfeited. Notwithstanding

                                       4
<PAGE>
anything in this Section 2(d) to the contrary, the Deferred Shares shall not be
issued to Executive until six (6) months after his termination of employment to
the extent required by Code Section 409A(a)(2)(B)(i).

         3.       Limitation of Rights; Dividend Equivalents. Executive shall
not have any right to transfer any rights under the Deferred Shares except as
permitted by Section 4, shall not have any rights of ownership of the shares of
the Company's common stock subject to the Deferred Shares before the issuance of
such shares, and shall not have any right to vote such shares. Executive,
however, shall receive a cash payment equal to the cash dividends paid on shares
underlying outstanding Deferred Shares when cash dividends are paid to
shareholders of the Company.

         4.       Transferability. Except as otherwise provided in this Section
4, the Deferred Shares shall not be sold, pledged, assigned, hypothecated,
transferred or disposed of in any manner, whether by the operation of law or
otherwise. Executive may transfer the Deferred Shares, in whole or in part, to a
spouse or lineal descendant (a "Family Member"), a trust for the exclusive
benefit of Executive and/or Family Members, a partnership or other entity in
which all the beneficial owners are Executive and/or Family Members, or any
other entity affiliated with Executive that may be approved by the Committee (a
"Permitted Transferee"). Subsequent transfers of the Deferred Shares shall be
prohibited except in accordance with this Section 4. All terms and conditions of
the Deferred Shares, including provisions relating to the termination of
Executive's employment with the Company, shall continue to apply following a
transfer made in accordance with this Section 4. Any attempted transfer of the
Deferred Shares prohibited by this Section 4 shall be null and void.

         5.       Adjustments. The number of shares covered by the Deferred
Shares and, if applicable, the kind of shares covered by the Deferred Shares
shall be adjusted to reflect any stock dividend, stock split, or combination of
shares of the Company's Common Stock. In addition, the Committee may make or
provide for such adjustment in the number of shares covered by the Deferred
Shares, and the kind of shares covered the Deferred Shares, as the Committee in
its sole discretion may in good faith determine to be equitably required in
order to prevent dilution or enlargement of Executive's rights that otherwise
would result from (a) any exchange of shares of the Company's Common Stock,
recapitalization or other change in the capital structure of the Company, (b)
any merger, consolidation, spin-off, spin-out, split-off, split-up,
reorganization, partial or complete liquidation or other distribution of assets
(other than a normal cash dividend), issuance of rights or warrants to purchase
securities, or (c) any other corporate transaction or event having an effect
similar to any of the foregoing. Moreover, in the event of any such transaction
or event, the Committee may provide in substitution for the Deferred Shares such
alternative consideration as it may in good faith determine to be equitable
under the circumstances and may require in connection therewith the surrender of
the Deferred Shares so replaced.

         6.       Fractional Shares. The Company shall not be required to issue
any fractional shares pursuant to this Award, and the Committee may round
fractions down.

                                       5
<PAGE>

         7. Withholding. Executive shall pay all applicable federal, state and
local income and employment taxes (including taxes of any foreign jurisdiction)
which the Company is required to withhold at any time with respect to the
Deferred Shares and any cash dividend equivalents paid thereon. Such payment
shall be made in full, at Executive's election, in cash or check, by withholding
from the Executive's next normal payroll check, or by the tender of Deferred
Shares payable under this Award. Deferred Shares tendered as payment of required
withholding shall be valued at the closing price per share of the Company's
common stock on the date such withholding obligation arises.

         8.       No Impact on Other Benefits and Employment. This Award shall
not confer upon Executive any right with respect to continuance of employment or
other service with the Company and shall not interfere in any way with any right
that the Company would otherwise have to terminate Executive's employment at any
time, subject to the terms of the Employment Agreement. Nothing herein contained
shall affect Executive's right to participate in and receive benefits under and
in accordance with the then current provisions of any pension, insurance or
other employment plan or program of the Company or any of its subsidiaries nor
constitute an obligation for continued employment.

         9.       Plan Provisions. In addition to the terms and conditions set
forth herein, this award of Deferred Shares is subject to and governed by the
terms and conditions set forth in the Plan, which is hereby incorporated by
reference. Unless the context otherwise requires, capitalized terms used in this
Award and not otherwise defined herein shall have the meanings set forth in the
Plan. In the event of any conflict between the provisions of the Award and the
Plan, the Plan shall control.

         10.      Notice. Any written notice required or permitted by this Award
shall be mailed, certified mail (return receipt requested) or hand-delivered,
addressed to Company's Executive Vice President - Human Resources at Company's
corporate headquarters in Atlanta, Georgia as set forth in Section 1(c), or to
Executive at his most recent home address on record with the Company. Notices
are effective upon receipt.

         11.      Miscellaneous.

         (a)      Limitation of Rights. The granting of the award of Deferred
Shares shall not give Executive any rights to similar grants in future years or
any right to be retained in the employ or service of the Company or to interfere
in any way with the right of the Company to terminate Executive's services at
any time or the right of Executive to terminate his or her services at any time.

         (b)      Claim and Review Procedures. The claim and review procedures
set forth in the Home Depot U.S.A., Inc. Deferred Compensation Plan For Officers
are incorporated herein by reference.

                                       6
<PAGE>

         (c)      Rights Unsecured. The Company shall remain the owner of all
amounts deferred by Executive pursuant to Section 2(c) and Executive shall have
only Company's unfunded, unsecured promise to pay. The rights of Executive
hereunder shall be that of an unsecured general creditor of the Company, and
Executive shall not have any security interest in any assets of the Company.

         (d)      Limitation of Actions. Any lawsuit with respect to any matter
arising out of or relating to this Award must be filed no later than one (1)
year after the Company provides Executive with a written denial of any claim
made by Executive hereunder.

         (e)      Offset. The Company shall have the right to deduct from
amounts otherwise payable under this Award all amounts owed by Executive to
Company and its affiliates to the maximum extent permitted by applicable law.

         (f)      Controlling Law. This Award shall be governed by, and
construed in accordance with, the laws of the State of Georgia (without giving
effect to the choice of law principles) and any action arising out of or related
thereto shall be brought in either the United States District Court for the
Northern District of Georgia, Atlanta Division, or the Superior Court of Cobb
County, Georgia.

         (g)      Severability. If any term, provision, covenant or restriction
contained in the Award is held by a court or a federal regulatory agency of
competent jurisdiction to be invalid, void or unenforceable, the remainder of
the terms, provisions, covenants and restrictions contained in the Award shall
remain in full force and effect, and shall in no way be affected, impaired or
invalidated.

         (h)      Construction. The Award contains the entire understanding
between the parties and supersedes any prior understanding and agreements
between them representing the subject matter hereof, except that this Award
shall be subject to the terms and conditions set forth in the Employment
Agreement between Executive and Company, if any. There are no representations,
agreements, arrangements or understandings, oral or written, between and among
the parties hereto relating to the subject matter hereof which are not fully
expressed herein.

         (i)      Headings. Section and other headings contained in the Award
are for reference purposes only and are in no way intended to describe,
interpret, define or limit the scope, extent or intent of the Award or any
provision hereof.

         (j)      Code Section 409A. This Award is intended to satisfy all
applicable requirements of Code Section 409A and shall be construed accordingly.
The Company in its discretion may delay the issuance of Deferred Shares, impose
conditions on the timing and effectiveness of any deferral election made by
Executive, or take any other action it deems necessary to comply with the
requirements of Code Section 409A, including amending the Award, without
Executive's consent, in any manner it deems necessary to cause the Award to
comply with the applicable requirements of Section 409A.

                                       7
<PAGE>

         The undersigned, Chair of the Leadership Development and Compensation
Committee of The Home Depot, Inc. Board of Directors, has executed this Award
[INSERT FOLLOWING FOR CEO AWARDS: AT THE DIRECTION OF THE INDEPENDENT MEMBERS OF
THE BOARD OF DIRECTORS] effective as of [INSERT EFFECTIVE DATE OF GRANT].

                              LEADERSHIP DEVELOPMENT AND
                              COMPENSATION COMMITTEE OF
                              THE BOARD OF DIRECTORS OF
                              THE HOME DEPOT, INC.

                              By:
                                 ---------------------------------------------
                                    Chair

                                       8

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