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EXHIBIT 10.3    
  

 
 

PROMISSORY NOTE    
  

	Principal:	 	$500,000.00
	Loan Date:	 	03-19-2002
	Maturity:	 	03-15-2003
	Loan No.	 	 
	Call/Coll:	 	0980 USEC
	Account:	 	 
	Officer:	 	23957
	Initials:	 	 

References
in the shaded area are for Lender's use only and do not limit the applicability of this document to any particular loan or item. Any item above containing "****" has been omitted due to
text length limitations 

	Borrower: Phillip G. McDowell; Robert G. Harris, Jr.; W. Kenneth Blair; Loretta Griffin; Robin S. Worley; Richard B. Hightower, Jr.; and Richard C. Hayden

3060 Carrollton Villa Rica Hwy.

Carrollton, GA 30116	 	Lender:	 	First Tennessee Bank National Association

Commercial Credit Support Center

701 Market Street

Chattanooga, TN 37402

(423) 757-4011

	

Principal Amount: $500,000.00	
 	

Initial Rate: 4.750%	
 	

Date of Note: March 19, 2002

PROMISE
TO PAY. Phillip G. McDowell; Robert G. Harris, Jr.; W. Kenneth Blair; Loretta Griffin; Robin S. Worley; Richard B. Hightower, Jr.; and Richard C. Hayden ("Borrower") jointly and severally
promise to pay to First Tennessee Bank National Association ("Lender"), or order, in lawful money of the United States of America, the principal amount of Five Hundred Thousand & 00/100 Dollars
($500,000.00) or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance. Interest shall be calculated from the date of each advance until
repayment of each advance. 

PAYMENT.
Borrower will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on March 15, 2003. In addition, Borrower will pay regular quarterly payments of
all accrued unpaid interest due as of each payment date, beginning June 15, 2002, with all subsequent interest payments to be due on the same day of each quarter after that. Unless otherwise
agreed or required by applicable law, payments will be applied first to accrued unpaid interest, then to principal, and any remaining amount to any unpaid collection costs. The annual interest rate
for this Note is computed on a 365/360 basis; that is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by
the actual number of days the principal balance is outstanding. Borrower will pay Lender at Lender's address shown above or at such other place as Lender may designate in writing. 

VARIABLE
INTEREST RATE. The interest rate on this Note is subject to change from time to time based on changes in an index which is the Lender's base commercial rate (the "Index"). The Index is not
necessarily the lowest rate charged by Lender on its loans and is set by Lender in its sole discretion. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute
index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower's request. The interest rate change will not occur more often than each day. Borrower understands that
Lender may make loans based on other rates as well. The Index currently is 4.750% per annum. The interest rate to be applied to the unpaid principal balance of this Note will be at a rate equal to the
Index, resulting in an initial rate of 4.750% per annum. NOTICE: Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. 

 

PREPAYMENT.
Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower's
obligation to continue to make payments of accrued unpaid interest. Rather, early payments will reduce the principal balance due. Borrower agrees not to send Lender payments marked "paid in full,"
"without recourse," or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender's rights under this Note, and Borrower will remain obligated to pay any
further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes "payment in full," of
the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: First Tennessee Bank National Association,
Commercial Credit Support Center, 701 Market Street, Chattanooga, TN 37402. 

INTEREST
AFTER DEFAULT. Upon default, including failure to pay upon final maturity, Lender, at its option, may, if permitted under applicable law, increase the variable interest rate on this Note to
21.000% per annum. In no event will the effective total interest rate on this Note be greater than the rate permitted by applicable law. 

DEFAULT.
Each of the following shall constitute an event of default ("Event of Default") under this Note: 

Payment
Default. Borrower fails to make any payment when due under this Note. 

Other
Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents or to comply with or to perform
any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. 

Default
in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other
creditor or person that may materially affect any of Borrower's property or Borrower's ability to repay this Note or perform Borrower's obligations under this Note or any of the related documents. 

False
Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf under this Note or the related documents is false or misleading in any
material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 

Death
or Insolvency. The death of Borrower or the dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of
Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower. 

Creditor
or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of
Borrower or by any governmental agency against any collateral securing the loan. This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event
of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower
gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in
its sole discretion, as being an adequate reserve or bond for the dispute. 

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Events
Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the indebtedness or any guarantor, endorser, surety, or
accommodation party dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note. In the event of a death, Lender,
at its option, may, but shall not be required to, permit the guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory to Lender, and, in doing
so, cure any Event of Default. 

Adverse
Charge. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of this Note is impaired. 

Cure
Provisions. If any default, other than a default in payment is curable and if Borrower has not been given a notice of a breach of the same provision of this Note within the preceding twelve
(12) months, it may be cured (and no event of default will have occurred) if Borrower, after receiving written notice from Lender demanding cure of such default: (1) cures the default
within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufficient to
cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. 

LENDER'S
RIGHTS. Upon default, Lender may declare the entire unpaid principal balance on this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount. 

Any
payment not made when due hereunder (whether by acceleration or otherwise) shall bear interest after maturity at the maximum effective contract rate of interest which the Lender may lawfully
charge. 

In
the event of any renewal or extension of the loan indebtedness evidenced hereby, unless the parties otherwise agree to a lower rate, the Lender shall have the right to charge interest at the
highest of the following rates: (i) the maximum rate permissible at the time the contract to make the loan was executed; or (ii) the maximum rate permissible at the time the loan was
made; or (iii) the maximum rate permissible at the time of such renewal or extension; or (iv) the maximum rate permitted by applicable federal law; it being intended that those statutes
and laws, state or federal, from time to time in effect, which permit the charging of the higher rate of interest shall govern the maximum rate which may be charged hereunder. In the event that for
any reason the foregoing provisions hereof shall not contain a valid, enforceable designation of a rate of interest prior to maturity or method of determining the same, then the indebtedness hereby
evidenced shall bear interest prior to maturity at the maximum effective rate which may be lawfully charged by the Lender under applicable law. 

Regardless
of any provision herein, or in any other document executed in connection herewith, the holder hereof shall never be entitled to receive, collect, or apply, as interest hereon, any amount in
excess of the maximum contract rate which may be lawfully charged by the holder hereof under applicable law; and in the event the holder hereof ever receives, collect, or applies at interest, any such
excess, such amount which would be excessive interest shall be deemed a partial prepayment of principal and treated hereunder as such; and, if the principal hereof is paid in full, any remaining
excess shall forthwith be paid to the undersigned. In determining whether or not the interest paid or payable, under any specific contingency, exceeds the maximum lawful contract rate, the undersigned
and the holder hereof shall, to the maximum extent permitted by applicable law, (a) characterize any non-principal payment as a reasonable loan charge, rather than as interest;
(b) exclude voluntary prepayments and the effects thereof; and (c) amortize, prorate, allocate, and spread, in equal parts, the total amount of interest throughout the entire
contemplated term hereof, so that the interest accrued
or to accrue throughout the entire term contemplated hereby shall at no time exceed the maximum lawful contract rate. 

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ATTORNEYS'
FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender that amount. This includes, subject to any limits under
applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit, including attorneys' fees, expenses for bankruptcy proceedings (including efforts to modify or
vacate any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law. 

JURY
WAIVER. Lender and Borrower hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Lender or Borrower against the other. 

DISHONORED
ITEM FEE. Borrower will pay a fee to Lender of $29.00 if Borrower makes a payment on Borrower's loan and the check or preauthorized charge with which Borrower pays is later dishonored. 

RIGHT
OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account). This includes
all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender,
to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against any and all such accounts, and, at Lender's option, to administratively freeze all such accounts to
allow Lender to protect Lender's charge and setoff rights provided in this paragraph. 

FINANCIAL
STATEMENTS. The undersigned agrees to furnish a current financial statement upon the request of Lender from time to time, and further agrees to execute and deliver all other instruments and
take such other actions as Lender may from time to time reasonably request in order to carry out the provisions and intent hereof. 

LATE
FEE. For any payment which is not made within 20 days of the due date for such payment, the Borrower shall pay a late fee, including without limitation loans which are renewed more than
20 days after the due date even though the renewal may be dated as of the past-due payment date. The late fee shall equal the lesser of 5% of the unpaid portion of the
past-due payment or $500. 

ALTERNATIVE
FUNDING. Lender may grant to any of its special purpose funding vehicles (each an "SPC"), the option to provide all or any part of any loan the Lender would otherwise be obligated to make
pursuant to this Note. In no event shall any SPC be committed to make any loan. The option granted to any SPC to provide all or any part of any loan shall not alter the obligation of the Lender to
make loans pursuant to this Note. Each SPC shall be conclusively presumed to have made arrangements with its Lender for the exercise of voting and other rights hereunder in a manner which is
acceptable to the SPC. Each party to this Note agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Note (all liability for which shall remain with the related
Lender). Each party to this Note agrees (which Note shall survive the termination of this Note) that it will not institute against, or join any other person in instituting against, such SPC any
Bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under the laws of the United States or any State thereof prior to the date that is one year and
one day after the payment in full of all outstanding senior indebtedness of any SPC. Each SPC may, at any time, with notice to the Borrower assign all or a portion of its interests in any loans to its
Lender (or to any other SPC of such Lender) or to any financial institutions providing liquidity and/or credit facilities to or for the account of such SPC for the following purposes: (i) to
fund the loans made by such SPC or (ii) to support the securities (if any) issued by such SPC to fund such loans. In addition, each SPC may, at any time, with notice to and consent of the
Borrower, disclose on a confidential basis any non-public information relating to its loans to any rating agency, commercial paper dealer or provider or a surety, guarantee or credit or
liquidity enhancement to such SPC. This Section may not be amended without the consent of all SPC's then designated to the Borrower in accordance with the foregoing provisions of this Section. 

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EXCLUSION
FROM INDEBTEDNESS. Excluded from indebtedness shall be any indebtedness governed by the Federal Truth in Lending Act. 

LINE
OF CREDIT. This Note evidences a revolving line of credit. Advances under this Note, as well as directions for payment from Borrower's accounts, may be requested orally or in writing by Borrower
or by an authorized person. Lender may, but need not, require that all oral requests be confirmed in writing. Borrower agrees to be liable for all sums either: (A) advanced in accordance with
the instructions of an authorized person or (B) credited to any of Borrower's accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced by endorsements
on this Note or by Lender's internal records, including daily computer print-outs. Lender will have no obligation to advance funds under this Note if: (A) Borrower or any guarantor
is in default under the terms of this Note or any agreement that Borrower or any guarantor has with Lender, including any agreement made in connection with the signing of this Note;
(B) Borrower or any guarantor ceases doing business or is insolvent; (C) any guarantor seeks, claims or otherwise attempts to limit, modify or revoke such guarantor's guarantee of this
Note or any other loan with Lender; or (D) Borrower has applied funds provided pursuant to this Note for purposes other than those authorized by Lender. 

SUCCESSOR
INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower's heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and
its successors and assigns. 

GENERAL
PROVISIONS. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Each Borrower understands and agrees that, with or without notice to
Borrower, Lender may with respect to any other Borrower (a) make one or more additional secured or unsecured loans or otherwise extend additional credit; (b) alter, compromise, renew,
extend, accelerate, or otherwise change one or more times the time for payment or other terms any indebtedness, including increases and decreases of the rate of interest on the indebtedness;
(c) exchange, enforce, waive, subordinate, fail or decide not to perfect, and release any security, with or without the substitution of new collateral; (d) apply such security and direct
the order or manner of sale thereof, including without limitation, any non-judicial sale permitted by the terms of the controlling security agreements, as Lender in its discretion may
determine; (e) release, substitute, agree not to sue, or deal with any one or more of Borrower's sureties, endorsers, or other guarantors on any terms or in any manner Lender may choose; and
(f) determine how, when and what application of payments and credits shall be made on any other indebtedness owing by such other Borrower. Borrower and any other person who signs, guarantees or
endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in
writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend
(repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Lender's security interest in the collateral; and take any
other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to anyone other than
the party with whom the modification is made. The obligations under this Note are joint and several. 

PRIOR
TO SIGNING THIS NOTE, EACH BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. EACH BORROWER AGREES TO THE TERMS OF THE NOTE. 

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BORROWER
ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. 

	BORROWER:	 	 
	

/s/  PHILLIP G. MCDOWELL      
 Phillip G. McDowell, Individually	
 	

/s/  ROBERT G. HARRIS, JR.      
 Robert G. Harris, Jr., Individually
	

/s/  W. KENNETH BLAIR      
 W. Kenneth Blair, Individually	
 	

/s/  LORETTA GRIFFIN      
 Loretta Griffin, Individually
	

/s/  ROBIN S. WORLEY      
 Robin S. Worley, Individually	
 	

/s/  RICHARD B. HIGHTOWER      
 Richard B. Hightower, Individually
	

/s/  RICHARD C. HAYDEN      
 Richard C. Hayden, Individually	
 	

 

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STATE
OF GEORGIA

COUNTY OF CARROLL 

Before
me, the undersigned authority, a Notary Public in and for the State and County aforesaid, personally appeared Richard C. Hayden whom I am personally acquainted (or proved to me on the basis of
satisfactory evidence) and who upon oath, acknowledged that he executed the Promissory Note, dated March 19, 2002. 

WITNESS
my hand and official seal this 12th day of April, 2002. 

	/s/  TRACY M. PRINCE      
 NOTARY PUBLIC

	 	 

My
Commission Expires: 1/10/03 

[NOTARY
SEAL] 

7

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EXHIBIT 10.4    
  

 
 

EMPLOYMENT AGREEMENT    
  

        THIS AGREEMENT, entered into this 9th day of August, 2002, by and between James Daniel Oliver (hereinafter referred to as "Employee") and CBWG Group, LLC
(hereinafter referred to as "Employer"); 

        WHEREAS,
Employer is in the process of organizing a new community-based banking corporation in the Carroll County area; and 

        WHEREAS,
Employer wishes to employ Employee as an officer of that entity; and 

        WHEREAS,
Employee wishes to enter into such employment subject to the benefits and the requirements contained herein; 

        NOW
THEREFORE, in consideration of the mutual promises, covenants and agreements contained herein, the sufficiency of which are acknowledged by the parties hereto, the parties agree as
follows: 

I. TERMS OF EMPLOYMENT  

        A)  Employment:
The Employer agrees to employ the Employee, and the Employee agrees to accept the employment described in this Agreement. 

        B)    Duties:
(1) The Employee shall serve as the Executive Vice President and Chief Credit Officer of the Employer. He shall act in all ways and take all actions which
are customarily associated with such a position. Employee shall report directly to the President of the Employer and shall perform such duties as are directed to him by the President. Employee shall
be responsible for the day to day operations of the Employer's loan program and portfolio and the implementation of the Employer's business as it pertains to the loans made to customers by Employer.
Employee shall further aid in the efforts to organize, promote and form the community based bank being organized by the Employer, as such efforts and duties may be designated by the President. 

        (2)  Employee
shall devote his full time efforts to his employment hereunder and shall at all times act in a professional manner, in keeping with the nature of his
responsibilities and duties, and the rules and regulations of any local, state or federal agencies. 

        C)    Term.
The term of the Agreement shall be for three (3) years, and shall begin September 3, 2002. The term of this Agreement shall automatically renew for a
period of one (1) year, unless either Employee or Employer shall provide the other with written notice of their election not to renew. Such notice must be given at least twelve
(12) months prior to the end of the then in effect term. This Agreement shall renew for three (3) one (1) year renewal periods unless terminated pursuant to the notice requirement
above, after which time it will terminate. 

II. COMPENSATION  

        A)    Base Compensation:    Employee shall receive a salary of $110,000.00 per year, payable in accordance with terms
agreed to between the parties, but, in no event, on less than a monthly basis. 

        B)    Benefits.    Employee shall receive medical and dental coverage for himself and all dependant members of his
family, such coverage to be paid for by the Employer. Employee shall also be covered by a policy of disability insurance, such coverage to be paid for by the Employer. Employee shall be covered by a
policy of life insurance, payable to such persons as designated by Employee, for an amount equal to 21/2 times his salary, but no greater than $250,000.00. 

        C)    Expenses.    Employer shall reimburse the Employee for reasonable out-of-pocket expenses
incurred by the Employee in the fulfilling of his duties. The Employer shall pay dues required for 

 

Employee's memberships in such social and civic clubs and professional organizations as approved by Employer. Such club memberships shall include a membership at Mirror Lake Golf Club. 

        D)    Future Benefits Package:    1) Employer hereby agrees and covenants that should it be chartered and
established as a banking corporation and should the Employee be approved as Executive Vice President of that new banking corporation by the chartering authority, Employee shall be granted stock
options, exercisable at the initial offering price of the Employer's common stock, for a maximum of 10,000 shares of Employer's common stock, such options being exercisable, or earned, only after the
Employer has become cumulatively profitable in its operation. Once the options are earned the Employee shall have ten years from such date to exercise his options. He shall do so by giving written
notice to the Employer of his intention to exercise the options and then he must pay for such shares at the initial offering price within thirty (30) days of such notice. The Employee may
exercise only a portion of the options once earned, and shall still retain the right to exercise any remaining options within the time specified. Once earned the ability to exercise the options shall
be retained by the Employee even after the termination of this Agreement. Upon his death the right to exercise the options shall transfer to the Employees estate. They shall not be otherwise
transferable. 2) Employee shall also be eligible for any management incentive programs established by Employer. 3) Employee shall be formally considered for membership on the Board of
Directors of the newly established bank, within twelve (12) months of its opening for daily business. 

III. TERMINATION AND CHANGE IN CONTROL  

        (A)    For Cause:    The Employer may terminate the Employee's employment at any time "for cause" with immediate
effect upon delivering written notice to the Employee. For purposes of this Agreement, "for cause" shall include: (1) embezzlement, theft, larceny, material fraud, or other acts of dishonesty;
(2) a material violation by the Employee of any of his obligations or duties under the terms of this Agreement or any rules, regulations or requirements placed upon him in his employment by any
state or federal banking or commerce agency; (3) conviction of or entry of a plea of nolo contendere to a felony or other crime which has or may
have a material adverse effect on the Employee's ability to perform his duties; (4) conduct involving moral turpitude; (5) gross insubordination or repeated insubordination after written
warning by Employer or its President; and (6) material and continuing failure by the Employee to perform the duties described herein in a quality and professional manner following thirty
(30) days written warning by the Employer or its President. Upon termination for cause, the Employer's sole and exclusive obligation to Employee will be to pay his compensation earned through
the date of termination. 

        (B)    Upon Death or Disability.    The Employer may terminate the Employee's employment upon the Employee's death or
on the Employee's total disability. Total Disability shall mean Employee's inability to perform his duties hereunder due to mental or physical illness for a period of two (2) consecutive
months. Upon Employee's termination for death or disability, the Employer's sole obligation shall be to pay Employee's compensation through the termination date. 

        (C)    Without Cause:    The Employer may terminate the Employee's employment without cause only after the expiration
of the three (3) year term of this Agreement. This Agreement may be terminated prior to its terms by mutual agreement of the parties executed in writing. 

        (D)    Failure to Receive Charter:    Should the Employer not receive a charter from the State of Georgia or the
United States for the operation of its banking corporation, then this Agreement shall automatically terminate within twelve months of the date that the Employer ceases its efforts to obtain such a
charter. 

        (D)    Change in Control:    The Employee may terminate this Agreement for Good Reason upon delivery of a Notice of
Termination to the Company within a 90 day period beginning on the 30th day after any occurrence of a Change in Control or within a 90 day period beginning on the one year 

2

 

anniversary of the occurrence of a Change in Control. Upon such termination pursuant to the provision of their paragraph III D, the Employee shall be entitled to the continuing payment of his
Base Compensation provided for in paragraph II A for the remainder of term of this Agreement as of the date of the termination or a period of one year following the date of the termination,
whichever is longer. He shall receive no other benefits. 

        (1)  A
"Change in Control" shall mean the occurrence during the Term of any of the following events: 

(a)
An acquisition (other than directly from the Employer) of any voting securities of the Employer (the "Voting Securities") by any "Person" (as the term person is used for purposes of
Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the "1934 Act")) immediately after which such Person has "Beneficial Ownership" (within the meaning of
Rule 13d-3 promulgated under the 1934 Act) of 20% or more of the combined voting power of the Employer's then outstanding Voting Securities; provided,
however, that in determining whether a Change in Control has occurred, Voting Securities which are acquired in a "Non-Control Acquisition" (as hereinafter defined)
shall not constitute an acquisition which would cause a Change in Control. A "Non- Control Acquisition" shall mean an acquisition by (1) an employee benefit plan (or a trust forming
a part thereof) maintained by (x) the Employer or (y) any corporation or other Person of which a majority of its voting power or its equity securities or equity interest is owned
directly or indirectly by the Employer (a "Subsidiary"), (2) the Employer or any Subsidiary, or (3) any Person in connection with a "Non-Control Transaction" (as hereinafter
defined). 

(b)
The individuals who, as of the date of this Agreement, are members of the Employer's Board of Directors (the "Incumbent Board") cease for any reason to constitute at least two-thirds
of the Board of Directors; provided, however, that if the election, or nomination for election by the Employer's stockholders, of any new director was
approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Agreement, be considered as a member of the Incumbent Board;  provided, further, however,
that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a
result of either an actual or threatened "Election Contest" (as described in Rule 14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board of Directors (a "Proxy Contest") including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or 

(c)
Approval by stockholders of the Employer of: 

(i)
A merger, consolidation or reorganization involving the Employer, unless 

        (aa) the
stockholders of the Employer, immediately before such merger, consolidation or reorganization, own, directly or indirectly, immediately following such merger,
consolidation or reorganization, at least two-thirds of the combined voting power of the outstanding voting securities of the corporation resulting from such merger or consolidation or
reorganization (the "Surviving Corporation") in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or reorganization, and 

        (bb) the
individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization
constitute at least two-thirds of the members of the board of directors of the Surviving Corporation. 

3

 

(A
transaction described in clauses (1) and (2) shall herein be referred to as a "Non-Control Transaction.") 

(ii)    A
complete liquidation or dissolution of the Employer; or 

(iii)
An agreement for the sale or other disposition of all or substantially all of the assets of the Employer to any Person (other than a transfer to a Subsidiary). 

(d)
Notwithstanding anything contained in this Agreement to the contrary, if the Employer's employment is terminated prior to a Change in Control and the Executive reasonably demonstrates that such
termination (A) was at the request of a third party who has indicated an intention or taken steps reasonably calculated to effect a Change in Control and who effectuates a Change in Control (a
"Third Party") or (B) otherwise occurred in connection with, or in anticipation of, a Change in Control which actually occurs, then for all purposes of this Agreement, the date of a Change in
Control with respect to the Executive shall mean the date immediately prior to the date of such termination of the Executive's employment. 

        (2)  "Good
Reason" shall mean the occurrence after a Change in Control of any of the events or conditions described in subsections (i) through (viii) hereof: 

(i)    a
change in the Employee's status, title, position or responsibilities (including reporting responsibilities) which, in the Employee's reasonable judgment, represents an adverse
change from his status, title, position or responsibilities as in effect at any time within ninety days preceding the date of a Change in Control or at any time thereafter; the assignment to the
Employee of any duties or responsibilities which, in the Employee's reasonable judgment, are inconsistent with his status, title, position or responsibilities as in effect at any time within ninety
days preceding the date of a Change in Control or at any time thereafter; any removal of the Employee from or failure to reappoint or reelect him to any of such offices or positions, except in
connection with the termination of his employment for Disability, Cause, as a result of his death or by the Executive other than for Good Reason, or any other change in condition or circumstances that
in the Employee's reasonable judgment makes it materially more difficult for the Employee to carry out the duties and responsibilities of his office than existed at any time within ninety days
preceding the date of Change in Control or at any time thereafter; 

(ii)  a
reduction in the Employee's base salary or any failure to pay the Employee any compensation or benefits to which he is entitled within five days of the date due; 

(iii)
the Employer's requiring the Employee to be based at any place outside a 30 mile radius from the executive offices occupied by the Employee immediately prior to the Change in Control, except for
reasonably required travel on the Employer's business which is not materially greater than such travel requirements prior to the Change in Control; 

(iv)  the
failure by the Employer to (aa) continue in effect (without reduction in benefit level and/or reward opportunities) any material compensation or employee benefit plan in
which the Employee was participating at any time within ninety days preceding the date of a Change in Control or at any time thereafter, unless such plan is replaced with a plan that provides
substantially equivalent compensation or benefits to the Employee or (bb) provide the Employee with compensation and benefits, in the aggregate, at least equal (in terms of benefit levels
and/or reward opportunities) to those provided for under each other employee benefit plan, program and practice in which the Employee was participating at any time within ninety days preceding the
date of a Change in Control or at any time thereafter; 

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(v)    the
insolvency or the filing (by any party, including the Employer) of a petition for bankruptcy of the Employer, which petition is not dismissed within sixty days; 

(vi)    any
material breach by the Employer of any provision of this Agreement; 

(viii)
any purported termination of the Employee's employment for Cause by the Company which does not comply with the terms of this Agreement; or 

(viii)
the failure of the Employer to obtain an agreement, satisfactory to the Employee, from any Successors and Assigns to assume and agree to perform this Agreement, as contemplated in
Section 6 hereof. 

        Any
event or condition described in clause (i) through (viii) above which occurs prior to a Change in Control but which the Employee reasonably demonstrates (A) was
at the request of a Third Party, or (B) otherwise arose in connection with, or in anticipation of, a Change in Control which actually occurs, shall constitute Good Reason for purposes of this
Agreement, notwithstanding that it occurred prior to the Change in Control. The Employee's right to terminate his employment for Good Reason shall not be affected by his incapacity due to physical or
mental illness. 

IV. ADDITIONAL PROVISIONS  

        A)    Confidentiality:    During his employment and thereafter, the Employee shall not disclose to anyone any
confidential information regarding the Employer or the business of the Employer. For the purposes of this Agreement, "confidential information" shall include any of the Employer's confidential
proprietary or trade secret information that is disclosed to Employee or Employee learns as a result of his employment, such as, but not limited to, any financial information, financial data,
financial plans, business plans or strategies of the Employer, the Employer's business, or its customers, investors or shareholders. 

        B)    Notices.    Any notice permitted or required under this Agreement shall be deemed given upon the date of
personal delivery or forty-eight (48) hours after deposit in the United States Mail, postage prepaid, addressed to the Employer at: 

Community
Bank

P.O. Box 667

Villa Rica, GA 30180 

        addressed
to the Employee at: 

James
Daniel Oliver

2360 Habersham Drive

Marietta, GA 30064 

        or
at any other address as any party may designate by notice given in compliance with this paragraph. 

        C)    Governing Law:    This Agreement shall be governed by and construed in accordance with the Laws of the State of
Georgia. 

        D)    Titles and Captions.    All section titles or captions contained in this Agreement are for convenience only and
should not be deemed part of the context of this Agreement. 

        E)    Entire Agreement:    This Agreement contains the entire understanding of the parties and supersedes any prior
understandings and agreements among the parties respecting the subject matter hereof. 

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        F)    Assignment:    This Agreement shall not be assigned or transferred by any party hereto without the express
written consent of the other party. Notwithstanding this provision, upon the granting to the Employer of a charter to operate a bank and the creation of that banking company, this Agreement shall
automatically be assigned to that banking company as the Employer, and Employer may assign this Agreement to any successor in interest or after merger. 

        G)    Binding Agreement.    This Agreement shall be binding upon the heirs, executors, administrators, successors and
assigns of the parties hereto. 

        H)    Attorneys Fees and Cost.    In the event arbitration or suit is brought by any party to this Agreement to
enforce any of its terms, and in any appeal therefrom, it is agreed that the prevailing party shall be entitled to reasonable attorney's fees and costs incurred, such sum to be fixed by the arbitrator
or court. 

        I)    Arbitration:    Any controversy between the parties involving the construction or application of the terms of
this Agreement shall, upon written request of either party served upon the other party as other notices required herein, be submitted to binding arbitration. The arbitration shall comply with and be
governed by the rules and regulations of the American Arbitration Association. The parties shall agree on one person to hear and determine the dispute as arbitrator, and if they cannot agree, then
they shall each appoint an arbitrator and those two arbitrators shall select a third arbitrator to hear the dispute as a panel with a majority of the panel making a final determination. The costs of
arbitration shall be borne initially by both parties, subject to the terms of Section IV, Paragraph H of this Agreement. 

        J)    Partial Invalidity.    If any provision of this Agreement is found to be invalid or void by a court of competent
jurisdiction, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated. 

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        IN
WITNESS WHEREOF, the parties have set their hands and seals the date and year above written. 

	 	 	EMPLOYEE:	 	 
	

 	
 	

/s/  J. DANIEL OLIVER      	
 	

(SEAL)
	 	 	
 DANIEL OLIVER

	

 	
 	
EMPLOYER:
	

 	
 	

CBWG GROUP, LLC
	

 	
 	

By:	
 	

/s/  BRYANT HIGHTOWER      

	 	 	Title:	 	Chairman Personnel & Compensation Committee
	 	 	Attest:	 	/s/  RICHARD C. HAYDEN      

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QuickLinks

EXHIBIT 10.4

EMPLOYMENT AGREEMENT

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