Document:

Director Retirement Agreement of D. Keith Fortson dated December 19, 2002

 Exhibit 10.19 
 McINTOSH STATE BANK 
 DIRECTOR RETIREMENT AGREEMENT 
 THIS AGREEMENT is adopted this 19th day of December, 2002, by and between McINTOSH STATE BANK, a state-chartered commercial bank located in Jackson,
Georgia (the “Company”) and D. KEITH FORSTON (the “Director”). 
 INTRODUCTION 
 To encourage the Director to remain a member of the Company’s Board of Directors, the Company is willing to provide retirement benefits to the
Director. The Company will pay the benefits from its general assets. 
 AGREEMENT 
 The Director and the Company agree as follows: 
 Article 1 
 Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
 1.1
“Change of Control” means the transfer of shares of 51 percent or more of the Company’s outstanding voting common stock. 
 1.2 “Code” means the Internal Revenue Code of 1986, as amended. 
 1.3 “Disability” means, if the
Director is covered by a Company-sponsored disability policy, total disability as defined in such policy without regard to any waiting period. If the Director is not covered by such a policy, Disability means the Director suffering a sickness,
accident or injury which, in the judgment of a physician who is satisfactory to the Company, prevents the Director from performing substantially all of the Director’s normal duties for the Company. As a condition to receiving any Disability
benefits, the Company may require the Director to submit to such physical or mental evaluations and tests as the Company’s Board of Directors deems appropriate. 
 1.4 “Early Termination” means the Termination of Service before Normal Retirement Age for reasons other than death, Disability, Termination for Cause or following a Change of Control. 
 1.5 “Early Termination Date” means the month, day and year in which Early Termination occurs. 
 1.6 “Effective Date” means January 1, 2003. 
 1.7 “Normal Retirement Age” means the Director’s 70th
birthday. 
 1.8 “Normal Retirement Date” means the later of the Normal Retirement Age or Termination of Service.

 1.9 “Plan Year” means a twelve-month period commencing on January 1 and ending on December 31 of each year. The
initial Plan Year shall commence on the date of this Agreement. 
 1.10 “Termination for Cause” See Section 5.2.

 1.11 “Termination of Service” means that the Director ceases to be a member of the Company’s Board of Directors for
any reason, voluntarily or involuntarily, other than by reason of a leave of absence approved by the Company. 

 1.12 “Years of Service” means the total number of twelve-month periods during which the
Director has served on the Company’s Board of Directors. 
 Article 2 
 Lifetime Benefits 
 2.1 Normal Retirement Benefit. Upon Termination of
Service on or after Normal Retirement Age for reasons other than death, the Company shall pay to the Director the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement. 
 2.1.1 Amount of Benefit. The annual benefit under this Section 2.1 is $9,888 (Nine Thousand Eight Hundred Eighty Eight
Dollars). Commencing at the end of the first Plan Year, and each Plan Year thereafter, the annual benefit shall be increased 3% from the previous Plan Year to a projected annual benefit of $18,395 (Eighteen Thousand Three Hundred Ninety Five
Dollars) at Normal Retirement Age. Any additional increase in the annual benefit shall require the recalculation of Schedule A. 
 2.1.2 Payment of Benefit. The Company shall pay the annual benefit to the Director in 12 equal monthly installments commencing with the month following the Director’s Normal Retirement Date, paying the annual benefit to the
Director for a period of 10 years. 
 2.1.3 Benefit Increases. Commencing on the first anniversary of the first benefit
payment, and continuing on each subsequent anniversary, the Company’s Board of Directors, in its sole discretion, may increase the benefit. 
 2.2 Early Termination Benefit. Upon Early Termination, the Company shall pay to the Director the benefit described in this Section 2.2 in lieu of any other benefit under this Agreement. 
 2.2.1 Amount of Benefit. The benefit under this Section 2.2 is the Early Termination Annual Benefit set forth in Schedule A
for the Plan Year ending immediately prior to the Early Termination Date, determined by vesting the Director in 100 percent of the benefit level set forth in Schedule A. Any increase in the benefit level under Section 2.1.1 shall require the
recalculation of this benefit on Schedule A. 
 2.2.2 Payment of Benefit. The Company shall pay the annual benefit to
the Director in 12 equal monthly installments commencing with the month following Normal Retirement Age, paying the annual benefit to the Director for a period of 10 years. 
 2.2.3 Benefit Increases. Benefit payments may be increased as provided in Section 2.1.3. 
 2.3 Change of Control Benefit. Upon Termination of Service following a Change of Control, the Company shall pay to the Director the benefit
described in this Section 2.3 in lieu of any other benefit under this Agreement. 
 2.3.1 Amount of Benefit. The
annual benefit under this Section 2.3 is the Change of Control Annual Benefit set forth in Schedule A for the Plan Year ending immediately prior to the date in which Termination of Service occurs, determined by vesting the Director in the
projected Normal Retirement Benefit described in Section 2.1.1. 
 2.3.2 Payment of Benefit. The
Company shall pay the annual benefit amount to the Director in 12 equal monthly installments commencing with the month following Termination of Service, payable to the Director for a period of 10 years. 
 2.3.3 Benefit Increases. Benefit payments may be increased as provided in Section 2.1.3. 

 Article 3 
 Death Benefits 
 3.1 Death During Active Service. If the Director dies while in the active
service of the Company, the Company shall pay to the Director’s beneficiary the benefit described in this Section 3.1. This benefit shall be paid in lieu of the Lifetime Benefits under Article 2. 
 3.1.1 Amount of Benefit. The annual benefit under this Section 3.1 is the projected Normal Retirement Benefit amount described
in Section 2.1.1. 
 3.1.2 Payment of Benefit. The Company shall pay the annual benefit to the Director’s
beneficiary in 12 equal monthly installments commencing with the month following the Director’s Normal Retirement Age, payable to the Director’s beneficiary for a period of 10 years. 
 3.2 Death During Payment of a Lifetime Benefit. If the Director dies after any Lifetime Benefit payments have commenced under this Agreement but
before receiving all such payments, the Company shall pay the remaining benefits to the Director’s beneficiary at the same time and in the same amounts they would have been paid to the Director had the Director survived. 
 3.3 Death After Termination of Employment But Before Payment of a Lifetime Benefit Commences. If the Director is entitled to a Lifetime
Benefit under this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the same benefit payments to the Director’s beneficiary that the Director was entitled to prior to death except that the benefit
payments shall commence on the first day of the month following the date of the Director’s Normal Retirement Age. 
 Article 4

 Beneficiaries 
 4.1
Beneficiary Designations. The Director shall designate a beneficiary by filing a written designation with the Company. The Director may revoke or modify the designation at any time by filing a new designation. However, designations will only
be effective if signed by the Director and received by the Company during the Director’s lifetime. The Director’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director or if the Director
names a spouse as beneficiary and the marriage is subsequently dissolved. If the Director dies without a valid beneficiary designation, all payments shall be made to the Director’s estate. 
 4.2 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent or to a person incapable of handling the disposition
of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incapacitated person or incapable person. The Company may require proof of incompetence, minority or
guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit. 
 Article 5 
 General Limitations 
 5.1 Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this
Agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section 280G of the Code. 
 5.2
Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement if the Company terminates the Director’s service for: 
 (a) Gross negligence or gross neglect of duties; 
 (b) Commission of a felony or of a gross misdemeanor involving moral turpitude; or 

 (c) Fraud, disloyalty, dishonesty or willful violation of any law or significant Company
policy committed in connection with the Director’s service and resulting in an adverse effect on the Company. 
 Article 6

 Claims and Review Procedures 
 6.1 Claims Procedure. Any person or entity (“claimant”) who has not received benefits under the Plan that he or she believes should be paid shall make a claim for such benefits as follows: 

6.1.1 Initiation – Written Claim. The claimant initiates a claim by submitting to the Company a written claim for the
benefits. 
 6.1.2 Timing of Company Response. The Company shall respond to such claimant within 90 days after
receiving the claim. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of
the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 
 6.1.3 Notice of Decision. If the Company denies part or all of the claim, the Company shall notify the claimant in writing of such
denial. The Company shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 (a) The specific reasons for the denial, 
 (b) A reference to the specific provisions of the
Plan on which the denial is based, 
 (c) A description of any additional information or material necessary for the claimant
to perfect the claim and an explanation of why it is needed, 
 (d) An explanation of the Plan’s review procedures and
the time limits applicable to such procedures, and 
 (e) A statement of the claimant’s right to bring a civil action
under ERISA Section 502(a) following an adverse benefit determination on review. 
 6.2 Review Procedure. If the Company denies
part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Company of the denial, as follows: 
 6.2.1 Initiation – Written Request. To initiate the review, the claimant, within 60 days after receiving the Company’s notice of denial, must file with the Company a written request for review.

 6.2.2 Additional Submissions – Information Access. The claimant shall then have the opportunity to submit
written comments, documents, records and other information relating to the claim. The Company shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 
 6.2.3 Considerations on
Review. In considering the review, the Company shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit
determination. 
 6.2.4 Timing of Company Response. The Company shall respond in writing to such claimant within 60
days after receiving the request for review. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional 60 

 days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an
additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 
 6.2.5 Notice of Decision. The Company shall notify the claimant in writing of its decision on review. The Company shall write the
notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 (a) The specific
reasons for the denial, 
 (b) A reference to the specific provisions of the Plan on which the denial is based, 
 (c) A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits, and 
 (d) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 
 Article 7 
 Amendments and Termination 
 This Agreement may be amended or terminated only by a written agreement signed by the Company and the Director. 
 Article 8 
 Miscellaneous 
 8.1 Binding Effect. This Agreement shall bind the Director and the Company, and their beneficiaries, survivors, executors, successors, administrators and transferees. 
 8.2 No Guarantee of Service. This Agreement is not a contract for services. It does not give the Director the right to remain in the service of
the Company, nor does it interfere with the shareholder’s rights to discharge the Director. It also does not require the Director to remain in the service of the Company nor interfere with the Director’s right to terminate services at any
time. 
 8.3 Non-Transferability. Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered
in any manner. 
 8.4 Reorganization. The Company shall not merge or consolidate into or with another company, or reorganize, or sell
substantially all of its assets to another company, firm, or person unless such succeeding or continuing company, firm, or person agrees to assume and discharge the obligations of the Company under this Agreement. Upon the occurrence of such event,
the term “Company” as used in this Agreement shall be deemed to refer to the successor or survivor company. 
 8.5 Tax
Withholding. The Company shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement. 
 8.6 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of Georgia, except to the extent preempted by the laws of the United States of America. 
 8.7 Unfunded Arrangement. The Director and beneficiary are general unsecured creditors of the Company for the payment of benefits under this
Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by
creditors. Any insurance on the Director’s life is a general asset of the Company to which the Director and beneficiary have no preferred or secured claim. 

 8.8 Entire Agreement. This Agreement constitutes the entire agreement between the Company and the
Director as to the subject matter hereof. No rights are granted to the Director by virtue of this Agreement other than those specifically set forth herein. 
 8.9 Administration. The Company shall have powers which are necessary to administer this Agreement, including but not limited to: 
 (a) Establishing and revising the method of accounting for the Agreement; 
 (b) Maintaining a record of benefit payments; and 
 (c) Establishing rules and prescribing any forms necessary or desirable to administer the Agreement. and 
 (d) Interpreting the provisions of the Agreement. 
 8.10 Named Fiduciary. The Company shall be the named fiduciary and plan administrator under the Agreement. The named fiduciary may delegate to others certain aspects of the management and operation
responsibilities of the plan including the Service of advisors and the delegation of ministerial duties to qualified individuals. 
 IN
WITNESS WHEREOF, the Director and a duly authorized Company officer have signed this Agreement. 
  

					
	DIRECTOR:	 	COMPANY:
		
		 	McINTOSH STATE BANK
			
	 /s/ D. Keith Fortson
	 	By	 	 /s/ William K. Malone

	D. Keith Fortson	 	Title	 	Chief Executive OfficerDirector Retirement Agreement of John L. Carter dated December 19, 2002

 Exhibit 10.20 
 McINTOSH STATE BANK 
 DIRECTOR RETIREMENT AGREEMENT 
 THIS AGREEMENT is adopted this 19th day of December, 2002, by and between McINTOSH STATE BANK, a state-chartered commercial bank located in Jackson,
Georgia (the “Company”) and JOHN L. CARTER (the “Director”). 
 INTRODUCTION 
 To encourage the Director to remain a member of the Company’s Board of Directors, the Company is willing to provide retirement benefits to the
Director. The Company will pay the benefits from its general assets. 
 AGREEMENT 
 The Director and the Company agree as follows: 
 Article 1 
 Definitions 
 Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 
 1.13
“Change of Control” means the transfer of shares of 51 percent or more of the Company’s outstanding voting common stock. 
 1.14 “Code” means the Internal Revenue Code of 1986, as amended. 
 1.15 “Disability” means, if
the Director is covered by a Company-sponsored disability policy, total disability as defined in such policy without regard to any waiting period. If the Director is not covered by such a policy, Disability means the Director suffering a sickness,
accident or injury which, in the judgment of a physician who is satisfactory to the Company, prevents the Director from performing substantially all of the Director’s normal duties for the Company. As a condition to receiving any Disability
benefits, the Company may require the Director to submit to such physical or mental evaluations and tests as the Company’s Board of Directors deems appropriate. 
 1.16 “Early Termination” means the Termination of Service before Normal Retirement Age for reasons other than death, Disability, Termination for Cause or following a Change of Control. 
 1.17 “Early Termination Date” means the month, day and year in which Early Termination occurs. 
 1.18 “Effective Date” means January 1, 2003. 
 1.19 “Normal Retirement Age” means the Director’s 70th
birthday. 
 1.20 “Normal Retirement Date” means the later of the Normal Retirement Age or Termination of Service.

 1.21 “Plan Year” means a twelve-month period commencing on January 1 and ending on December 31 of each year.
The initial Plan Year shall commence on the date of this Agreement. 
 1.22 “Termination for Cause” See Section 5.2.

 1.23 “Termination of Service” means that the Director ceases to be a member of the Company’s Board of Directors for
any reason, voluntarily or involuntarily, other than by reason of a leave of absence approved by the Company. 

 1.24 “Years of Service” means the total number of twelve-month periods during which the
Director has served on the Company’s Board of Directors. 
 Article 2 
 Lifetime Benefits 
 2.1 Normal Retirement Benefit. Upon Termination of
Service on or after Normal Retirement Age for reasons other than death, the Company shall pay to the Director the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement. 
 2.1.4 Amount of Benefit. The annual benefit under this Section 2.1 is $9,888 (Nine Thousand Eight Hundred Eighty Eight
Dollars). Commencing at the end of the first Plan Year, and each Plan Year thereafter, the annual benefit shall be increased 3% from the previous Plan Year to a projected annual benefit of $15,405 (Fifteen Thousand Four Hundred and Five Dollars) at
Normal Retirement Age. Any additional increase in the annual benefit shall require the recalculation of Schedule A. 
 2.1.5
Payment of Benefit. The Company shall pay the annual benefit to the Director in 12 equal monthly installments commencing with the month following the Director’s Normal Retirement Date, paying the annual benefit to the Director for a
period of 10 years. 
 2.1.6 Benefit Increases. Commencing on the first anniversary of the first benefit payment, and
continuing on each subsequent anniversary, the Company’s Board of Directors, in its sole discretion, may increase the benefit. 
 2.2
Early Termination Benefit. Upon Early Termination, the Company shall pay to the Director the benefit described in this Section 2.2 in lieu of any other benefit under this Agreement. 
 2.2.3 Amount of Benefit. The benefit under this Section 2.2 is the Early Termination Annual Benefit set forth in Schedule A
for the Plan Year ending immediately prior to the Early Termination Date, determined by vesting the Director in 100 percent of the benefit level set forth in Schedule A. Any increase in the benefit level under Section 2.1.1 shall require the
recalculation of this benefit on Schedule A. 
 2.2.4 Payment of Benefit. The Company shall pay the annual benefit to
the Director in 12 equal monthly installments commencing with the month following Normal Retirement Age, paying the annual benefit to the Director for a period of 10 years. 
 2.2.3 Benefit Increases. Benefit payments may be increased as provided in Section 2.1.3. 
 2.3 Change of Control Benefit. Upon Termination of Service following a Change of Control, the Company shall pay to the Director the benefit
described in this Section 2.3 in lieu of any other benefit under this Agreement. 
 2.3.1 Amount of Benefit. The
annual benefit under this Section 2.3 is the Change of Control Annual Benefit set forth in Schedule A for the Plan Year ending immediately prior to the date in which Termination of Service occurs, determined by vesting the Director in the
projected Normal Retirement Benefit described in Section 2.1.1. 
 2.3.2 Payment of Benefit. The
Company shall pay the annual benefit amount to the Director in 12 equal monthly installments commencing with the month following Termination of Service, payable to the Director for a period of 10 years. 
 2.3.3 Benefit Increases. Benefit payments may be increased as provided in Section 2.1.3. 

 Article 3 
 Death Benefits 
 3.1 Death During Active Service. If the Director dies while in the active
service of the Company, the Company shall pay to the Director’s beneficiary the benefit described in this Section 3.1. This benefit shall be paid in lieu of the Lifetime Benefits under Article 2. 
 3.1.1 Amount of Benefit. The annual benefit under this Section 3.1 is the projected Normal Retirement Benefit amount described
in Section 2.1.1. 
 3.1.2 Payment of Benefit. The Company shall pay the annual benefit to the Director’s
beneficiary in 12 equal monthly installments commencing with the month following the Director’s Normal Retirement Age, payable to the Director’s beneficiary for a period of 10 years. 
 3.4 Death During Payment of a Lifetime Benefit. If the Director dies after any Lifetime Benefit payments have commenced under this Agreement but
before receiving all such payments, the Company shall pay the remaining benefits to the Director’s beneficiary at the same time and in the same amounts they would have been paid to the Director had the Director survived. 
 3.5 Death After Termination of Employment But Before Payment of a Lifetime Benefit Commences. If the Director is entitled to a Lifetime
Benefit under this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the same benefit payments to the Director’s beneficiary that the Director was entitled to prior to death except that the benefit
payments shall commence on the first day of the month following the date of the Director’s Normal Retirement Age. 
 Article 4

 Beneficiaries 
 4.1
Beneficiary Designations. The Director shall designate a beneficiary by filing a written designation with the Company. The Director may revoke or modify the designation at any time by filing a new designation. However, designations will only
be effective if signed by the Director and received by the Company during the Director’s lifetime. The Director’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director or if the Director
names a spouse as beneficiary and the marriage is subsequently dissolved. If the Director dies without a valid beneficiary designation, all payments shall be made to the Director’s estate. 
 4.2 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent or to a person incapable of handling the disposition
of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incapacitated person or incapable person. The Company may require proof of incompetence, minority or
guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit. 
 Article 5 
 General Limitations 
 5.3 Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this
Agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section 280G of the Code. 
 5.4
Termination for Cause. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement if the Company terminates the Director’s service for: 
 (d) Gross negligence or gross neglect of duties; 
 (e) Commission of a felony or of a gross misdemeanor involving moral turpitude; or 

 (f) Fraud, disloyalty, dishonesty or willful violation of any law or significant Company
policy committed in connection with the Director’s service and resulting in an adverse effect on the Company. 
 Article 6

 Claims and Review Procedures 
 6.1 Claims Procedure. Any person or entity (“claimant”) who has not received benefits under the Plan that he or she believes should be paid shall make a claim for such benefits as follows: 

6.1.1 Initiation – Written Claim. The claimant initiates a claim by submitting to the Company a written claim for the
benefits. 
 6.1.2 Timing of Company Response. The Company shall respond to such claimant within 90 days after
receiving the claim. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of
the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 
 6.1.3 Notice of Decision. If the Company denies part or all of the claim, the Company shall notify the claimant in writing of such
denial. The Company shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 (f) The specific reasons for the denial, 
 (g) A reference to the specific provisions of the
Plan on which the denial is based, 
 (h) A description of any additional information or material necessary for the claimant
to perfect the claim and an explanation of why it is needed, 
 (i) An explanation of the Plan’s review procedures and
the time limits applicable to such procedures, and 
 (j) A statement of the claimant’s right to bring a civil action
under ERISA Section 502(a) following an adverse benefit determination on review. 
 6.2 Review Procedure. If the Company denies
part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Company of the denial, as follows: 
 6.2.1 Initiation – Written Request. To initiate the review, the claimant, within 60 days after receiving the Company’s notice of denial, must file with the Company a written request for review.

 6.2.2 Additional Submissions – Information Access. The claimant shall then have the opportunity to submit
written comments, documents, records and other information relating to the claim. The Company shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information
relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits. 
 6.2.3 Considerations on
Review. In considering the review, the Company shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit
determination. 
 6.2.4 Timing of Company Response. The Company shall respond in writing to such claimant within 60
days after receiving the request for review. If the Company determines that special circumstances require additional time for processing the claim, the Company can extend the response period by an additional 60 days by notifying the claimant in
writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Company expects to render its decision. 

 6.2.5 Notice of Decision. The Company shall notify the claimant in writing of its
decision on review. The Company shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth: 
 (e) The specific reasons for the denial, 
 (f) A reference to the specific provisions of the
Plan on which the denial is based, 
 (g) A statement that the claimant is entitled to receive, upon request and free of
charge, reasonable access to, and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits, and 
 (h) A statement of the claimant’s right to bring a civil action under ERISA Section 502(a). 
 Article 7 
 Amendments and
Termination 
 This Agreement may be amended or terminated only by a written agreement signed by the Company and the Director.

 Article 8 
 Miscellaneous 
 8.1 Binding Effect. This Agreement shall bind the Director and the Company, and their beneficiaries,
survivors, executors, successors, administrators and transferees. 
 8.2 No Guarantee of Service. This Agreement is not a contract for
services. It does not give the Director the right to remain in the service of the Company, nor does it interfere with the shareholder’s rights to discharge the Director. It also does not require the Director to remain in the service of the
Company nor interfere with the Director’s right to terminate services at any time. 
 8.9 Non-Transferability. Benefits under
this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner. 
 8.10 Reorganization. The
Company shall not merge or consolidate into or with another company, or reorganize, or sell substantially all of its assets to another company, firm, or person unless such succeeding or continuing company, firm, or person agrees to assume and
discharge the obligations of the Company under this Agreement. Upon the occurrence of such event, the term “Company” as used in this Agreement shall be deemed to refer to the successor or survivor company. 
 8.11 Tax Withholding. The Company shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement.

 8.12 Applicable Law. The Agreement and all rights hereunder shall be governed by the laws of the State of Georgia, except to the
extent preempted by the laws of the United States of America. 
 8.13 Unfunded Arrangement. The Director and beneficiary are general
unsecured creditors of the Company for the payment of benefits under this Agreement. The benefits represent the mere promise by the Company to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Director’s life is a general asset of the Company to which the Director and beneficiary have no preferred or secured claim. 

 8.14 Entire Agreement. This Agreement constitutes the entire agreement between the Company and the
Director as to the subject matter hereof. No rights are granted to the Director by virtue of this Agreement other than those specifically set forth herein. 
 8.10 Administration. The Company shall have powers which are necessary to administer this Agreement, including but not limited to: 
 (e) Establishing and revising the method of accounting for the Agreement; 
 (f) Maintaining a record of benefit payments; and 
 (g) Establishing rules and prescribing any forms necessary or desirable to administer the Agreement. and 
 (h) Interpreting the provisions of the Agreement. 
 8.10 Named Fiduciary. The Company shall be the named fiduciary and plan administrator under the Agreement. The named fiduciary may delegate to others certain aspects of the management and operation
responsibilities of the plan including the Service of advisors and the delegation of ministerial duties to qualified individuals. 
 IN
WITNESS WHEREOF, the Director and a duly authorized Company officer have signed this Agreement. 
  

					
	DIRECTOR:	 	COMPANY:
		
		 	McINTOSH STATE BANK
			
	 /s/ John L. Carter
	 	By	 	 /s/ William K. Malone

	John L. Carter	 	Title	 	Chief Executive Officer

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