Document:

Exhibit 10.15  

July 2,
2006 

Mr. Drew
Edwards

CEO

El Banco Financial Corporation

623 Holcomb Bridge Road

Roswell, GA 30076 

Dear
Drew: 

        The
purpose of this letter is to confirm the engagement of Rodgers Capital Corporation ("RCC") by El Banco Financial Corporation (the "Company") on an exclusive basis to render certain
consulting and administrative support functions to the Company. Pursuant to this engagement, RCC will act as an independent contractor and not as a partner, affiliate, co-joint venturer or
agent of the Company, and RCC shall have no power or authority to act for or bind the Company or its affiliates. 

        Section 1.    Services to be Rendered.    The Company has filed Form SB-2 with the United States
Securities Exchange Commission indicating the Company's intent to sell to the public up to $35,000,000 of the Company's common stock. The Company intends to sell said stock on a "best efforts basis"
through its officers and directors and through broker/dealer organizations properly registered with Federal and state regulatory agencies (the "Selling Group"). The Company will develop the Selling
Group by negotiating selling agreements with individual broker/dealer organizations. The Company hereby engages RCC to perform the following consulting and administrative support functions: 

        Consultation
re Selling Group: 

	(a)
	Advise
and consult with the Company on prospective broker/dealer organizations that would be candidates for the Selling Group, and

	(b)
	Where
appropriate, make contact with said broker/dealer organizations to determine their potential interest in discussing with the Company the possibility of joining the Selling
Group, and

	(c)
	Where
appropriate, provide advise and consultation to the Company with respect to terms and the negotiation of proposed selling agreements between said broker/dealer organizations and
the Company, and

	(d)
	Coordinate
communication between the Company and the members and prospective members of the Selling Group including but not limited to scheduling Company presentations to
broker/dealer organizations; and

	(e)
	Advising
and consulting with the Company on allocations of stock to members of the Selling Group. 

        Management
of Back Office: 

	(a)
	Maintain
a ledger, based on information supplied by the Company and members of the Selling Group, tracking Company stock sold by members of management and by the Selling Group during
the offering, and

	(b)
	Maintain
files on said stock sales containing copies of subscription agreements and other appropriate documentation provided to RCC by the Company and members of the Selling Group
(providing copies of said files to Company at the conclusion of the offering), and

	(c)
	Review
documentation provided by the Company and members of the Selling Group advise and consult with the Company and members of the Selling Group to correct any incomplete 

1

 

items
in such documentation and in the case of the Company take such steps as are needed to complete the documentation with the subscriber, and 

	(d)
	Receive
communication from the Escrow Agent regarding funds on deposit with the Escrow Agent. Periodically perform a reconciliation of the funds received by the Escrow Agent and
subscription agreements on file. Communicate with the Company and members of the Selling Group discrepancies in said reconciliation. 

        The
Company agrees that it will furnish such information as RCC reasonably requests, and that all such information shall be correct, complete and not misleading in all material respects.
It is understood and acknowledged by the Company that RCC shall rely entirely upon publicly available information, including the Form SB-2 as amended, filed by the Company with the
Securities and Exchange Commissions, and the exhibits filed therewith, and such other information as may be supplied by the Company and members of the Selling Group, without RCC assuming any
responsibility for independent investigation. Specifically, RCC shall not be responsible for verifying or confirming any information regarding suitability of the investment for subscribers, such
verification or confirmation to be made by the Company and members of the Selling Group. 

        The
Company agrees that RCC is not undertaking to sell any of the stock as part of this engagement and is not committing to act as a member of the Selling Group pursuant to this
engagement. In the event that RCC determines to act as a member of the Selling Group, RCC shall enter into a separate selling agreement with the Company. 

        Section 2.    Compensation.    As compensation for RCC's services hereunder, the Company shall pay to RCC the
following cash fees: 

	(a)
	A
monthly advisory fee of $10,000 accruing from the date of this letter with the first payment due promptly following the Company's execution of this letter and approval of this
arrangement by the NASD, if required, and continuing on the first day of every month during the course of this engagement; plus

	(b)
	A
consulting fee payable at the closing of such offering calculated as follows:

	•
	$250,000
for the first $15,000,000 capital raised in the offering

	•
	2%
of capital raised in excess of $15,000,000 but less than $26,000,000

	•
	1.5%
of capital raised in excess of $26,000,000 

        Section 3.    Expenses.    In addition to any fees that may be payable to RCC hereunder and regardless of
whether any transaction is proposed or consummated, the Company agrees, from time to time upon request, and at least monthly, to reimburse RCC for all reasonable fees and disbursements of RCC's
counsel and all travel and other out-of-pocket expenses incurred in connection with RCC's engagement hereunder, provided that in no event shall the aggregate amount of
counsel's fees so to be reimbursed (other than fees incurred in connection with any pending or threatened litigation or fees to be reimbursed pursuant to the Indemnity Letter referred to below) exceed
$5,000 without the consent of the Company, which consent shall not be unreasonably withheld. 

        Section 4.    Indemnity.    RCC and the Company have entered into a separate letter agreement, dated the date
hereof (the "Indemnity Letter"), providing for the indemnification of RCC by the Company in connection with RCC's engagement hereunder. 

        Section 5.    Term; Additional Fees. 

	(a)
	RCC's
engagement hereunder will continue until the earlier of one year or one month following the closing of the offering and will be subject to automatic month to month renewal,
unless otherwise directed by the Company or RCC. However, provisions of Section 3 hereof 

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regarding
Expenses incurred prior to termination, this Section 5 and the Indemnity Letter shall survive such termination. 

	(b)
	Provided
the Company has paid all reimbursements under Section 3, should the Company decide not to proceed with the above discussed offering or otherwise wish to terminate this
engagement letter for any reason, the Company shall promptly notify RCC in writing and RCC will be entitled to its full compensation under Section 2 (a) and Section 3 for the
period from the date of execution of this letter until receipt of such written notification. In addition to compensation in Section 2 (a) and Section 3, should the Company procure
Capital, as defined in Section 5(c) below, through any source, including through another agent or consultant for the services offered by RCC hereunder, the sale or partial sale of Company
assets or stock, liquidation or partial liquidation, conversion of debt to equity, forgiveness of debt, agreement of joint venture partner, licensing or franchise agreement, or in any other structure
or fashion, RCC shall be compensated as follows;

	(i)
	Termination Fee during Termination Period—Should said termination occur within 45 days from the
execution of this agreement ("Termination Period"), RCC shall be paid a Termination Fee of $200,000 due upon termination;

	(ii)
	Termination Fee after Termination Period.    For each 30 day period, or portion thereof, beyond the
Termination Period, RCC shall be paid $50,000 in addition to the Termination Fee under subsection (i) above;

	(iii)
	Termination Fee if Offering is Abandoned.    Notwithstanding the foregoing, if the Company's registration
statement is not approved and/or declared effective by the SEC or if the Company proceeds with the offering after effectiveness of the registration statement and the offering fails because it is
unable to raise the minimum amount of capital, then the Company may terminate this agreement and no termination fee under this Section 5(b) and no fee under Section 2(b) shall be due. In
any event, RCG shall be due reimbursements under Section 3 prior to any cancellation or termination of this agreement.

	(c)
	For
purposes of Section 5, Capital shall be defined as any economic benefit to the Company, whether in cash or in kind, except sources and categories of revenue currently being
produced by the Company's ongoing operations. 

        Section 6.    Other Matters.

	(a)
	The
Company acknowledges that all opinions and advice given by RCC, whether written or oral, are given for the benefit of the Company in connection with RCC's engagement as provided
herein and are intended solely for the benefit and use of the Company, including its officers and directors, in connection with the proposed offering. The Company agrees that no such opinion or advice
shall be used for any other purpose or reproduced, disseminated, quoted or referred to at any time, in any manner or for any purpose, nor shall any public references to RCC be made by the Company (or
its officers and directors), without the prior written consent of RCC.

	(b)
	The
Company confirms that it will rely upon its own counsel, accountants and other similar professional advisors for legal, accounting, tax and other similar expert advice.

	(c)
	All
actions taken by the Company and RCC in connection with a transaction will in all respects comply with applicable federal and state securities laws and regulations and applicable
corporate law.

	(d)
	This
agreement may be executed in two or more counterparts, all of which together shall be considered a single instrument. This agreement may not be amended or otherwise modified 

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except
in writing signed by both parties hereto. This agreement shall be governed by the laws of the State of Tennessee. 

	(e)
	In
execution of its duties and obligations hereunder, RCC shall be responsible for complying with rules and regulations applicable to its performance hereunder, including without
limitation those promulgated by the NASD, and shall make any and all filings required to be made by RCC with the NASD, subject to reimbursement under Section 3. 

*    *    *

        We
at RCC look forward to being of service to the Company. If the foregoing represents your understanding of the agreement between RCC and the Company, please sign and return to us the
enclosed duplicate of this letter and the Indemnity Letter. 

	Very truly yours,	 	ACCEPTED AND AGREED AS OF THE

DATE FIRST ABOVE WRITTEN:
	Rodgers Capital Corporation	 	El Banco Financial Corporation
	

By:	
 	

/s/  W. MARK GILL      
 W. Mark Gill, President	
 	

By:	
 	

/s/  DREW EDWARDS      
 Drew Edwards Chief Executive Officer

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Exhibit 10.16  

 
 

EL BANCO FINANCIAL CORPORATION
  
    AGENCY AGREEMENT    
    

                   ,
2006 

Ladies
and Gentlemen: 

        El
Banco Financial Corporation, a Georgia corporation (the "Company"), proposes, subject to the terms and conditions stated herein, to engage the sales agent identified on the signature
page to this Agreement (the "Agent" or "you") to assist the Company on a "best efforts" basis in the sale of the Company's common stock, $.01 par value per share (the "Shares"). 

        1.    The Offering.    The Company is offering the Shares, in connection with the Company's initial public offering
(the "Offering"). 

        The
Company has prepared and filed, in accordance with the provisions of the Securities Act of 1933 and the rules and regulations thereunder (collectively, the "1933 Act"), with the
Securities and Exchange Commission (the "Commission") a registration statement on Form SB-2 (File No. 333-135900) under the 1933 Act, including a prospectus, relating to
the Shares. Except where the context otherwise requires, "Registration Statement," as used herein, means the registration statement, as amended at the time of such registration statement's
effectiveness for purposes of Section 11 of the 1933 Act (the "Effective Time"), including (i) all documents filed as a part thereof, (ii) any information contained in a
prospectus subsequently filed with the Commission pursuant to Rule 424(b) under the 1933 Act and deemed, pursuant to Rule 430A or Rule 430C under the 1933
Act, to be part of the registration statement at the Effective Time, and (iii) any registration statement filed to register the offer and sale of the Shares pursuant to Rule 462(b) under
the 1933 Act. 

        Except
where the context otherwise requires, a "Preliminary Prospectus," as used herein, means any preliminary prospectus included in the Registration Statement or filed with the
Commission pursuant to Rule 424(a) under the Securities Act. 

        Except
where the context otherwise requires, "Prospectus," as used herein, means the prospectus filed by the Company with the Commission pursuant to Rule 424(b) under the 1933 Act
on or before the second business day after the Effective Time (or such earlier time as may be required under the Act), or, if no such filing is required, the final prospectus included in the
Registration Statement at the Effective Time. 

        "Permitted
Free Writing Prospectuses," as used herein, means the documents and each "road show" (as defined in Rule 433(h)(4) under the 1933 Act), if any, related to the offering
of the Shares contemplated hereby that is a "written communication" (as defined in Rule 405 under the 1933 Act). 

        "Disclosure
Package," as used herein, means any Preliminary Prospectus together with any combination of one or more of the Permitted Free Writing Prospectuses, if any. 

        "Blue
Sky Application," as used herein, means any instrument or document executed by the Company or based upon written information supplied by the Company filed in any state or
jurisdiction to register or qualify any or all of the Shares or to claim an exemption therefrom or provided to any state or jurisdiction to exempt the Company as a broker-dealer or the officers,
directors or employees as broker-dealers or agents of the Company under the securities laws thereof. 

        Any
reference herein to the Registration Statement, any Preliminary Prospectus, the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the
documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the "Incorporated Documents"), including, without limitation, unless the context otherwise requires,
the documents, if 

 

any,
filed as exhibits to such Incorporated Documents. Any reference herein to the terms "amend," "amendment" or "supplement" with respect to the Registration Statement, any Preliminary Prospectus,
the Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934 and the rules and regulations
thereunder (the "Exchange Act") on or after the Effective Time, or the date of such Preliminary Prospectus, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to
be incorporated therein by reference. 

        2.    Retention of Agent; Compensation; Sale and Delivery of the Shares.    Subject to the terms and conditions herein
set forth, the Company hereby appoints the Agent as a placement agent, on a non-exclusive basis, to utilize its "best efforts" to solicit subscriptions for the Shares and to assist the
Company with respect to the Company's sale of the Shares in the Offering. 

        On
the basis of the representations and warranties and subject to the terms and conditions of this Agreement, the Agent accepts such appointment. The Agent shall not be obligated to
purchase any Shares and shall not be obligated to take any action which Agent deems to be inconsistent with any applicable law, regulation, decision or order. Subscriptions will be offered as
described in the Registration Statement. Except as otherwise provided in this Agreement, the appointment of the Agent will terminate upon completion, expiration or termination of the Offering. 

        In
the event the Company is unable to sell a minimum of 1,875,000 Shares on or before June 30, 2007, this Agreement shall terminate and the Company shall cause the Escrow Agent
(as defined below) to refund to any persons who have subscribed for any of the Shares the full amount it received from them, without interest, as set forth in the Prospectus; and none of the parties
to this Agreement shall have any obligation to the other parties hereunder, except as set forth in this Section 2 and in Sections 8, 10, and 11. 

        In
the event the Offering is terminated and the Closing (as defined below) does not occur, then the Agent shall not receive the fees set forth in subparagraph (a) below (the
"Fees"); provided, however, regardless of whether or not the Closing occurs, the Agent shall be entitled to receive reimbursement of its actual
accountable out-of-pocket expenses, as set forth in subparagraph (b) below. 

        If
all conditions precedent to the consummation of the Offering are satisfied, the Company agrees to issue, or have issued, the Shares sold in the Offering and to release for delivery
certificates for such Shares on the Closing Date (as defined below) against payment to the Company by any means authorized pursuant hereto; provided,
however, that no funds shall be released to the Company until the conditions specified in Section 9 hereof shall have been complied with to the reasonable satisfaction
of the Company. The release of Shares against payment therefor shall be made on a date or dates and at a place determined by the Company (each closing, a "Closing"). Certificates for Shares shall be
delivered directly to the purchasers in accordance with their directions. The date upon which the Company shall release or deliver the Shares sold in the Offering, in accordance with the terms herein,
is called the "Closing Date." After the initial Closing, which may occur at any time after the minimum of 1,875,000 Shares have been sold, the Company may continue the Offering and the Agent may
continue to solicit purchasers for the Shares up to the maximum amount of the Offering or until the Offering expires or is closed by the Company as set forth in the Prospectus. Additional Closings
shall occur with respect to Shares sold after the initial Closing on dates and at locations as determined by the Company after the initial Closing, each also considered a "Closing Date". 

        The
Agent shall receive the following compensation for its services hereunder: 

        a.    The
fee shall be equal to 5.2% of the "gross proceeds" received in the Offering attributable to the efforts of the Agent. At least 48 hours prior to each Closing,
the Agent shall deliver a schedule, identified as Appendix A, that lists each investor and the amount of investment. 

2

 

        b.    Agent
shall be reimbursed for expenses as contemplated by Section 8 of this Agreement, regardless of whether the Offering is successfully completed. Any
out-of-pocket expenses or commissions payable under this Agreement shall be paid in next day funds on the earlier of the initial Closing Date or a determination by the Company
to terminate or abandon the Offering, and on each subsequent Closing Date thereafter. 

        3.    Representations and Warranties of the Company.    The Company represents and warrants to the Agent that: 

        a.    The
Company has all such power, authority, authorizations, approvals and orders as may be required to enter into this Agreement, to carry out the provisions and
conditions hereof and to issue and sell the Shares as contemplated herein and as described in the Registration Statement, any Preliminary Prospectuses, the Prospectus or any Permitted Free Writing
Prospectus. The consummation of the Offering, the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein have been duly and validly
authorized by all necessary corporate action on the part of the Company and this Agreement has been validly executed and delivered by the Company and is the valid, legal and binding agreement of the
Company enforceable in accordance with its terms, except to the extent, if any, that the provisions of Section 10 hereof may be unenforceable as against public policy, and except to the extent
that such enforceability may be limited by bankruptcy laws, insolvency laws, or other laws affecting the enforcement of creditors' rights generally. 

        b.    The
Registration Statement is effective under the 1933 Act; no stop order of the Commission preventing or suspending the use of any Preliminary Prospectus or Permitted
Free Writing Prospectus or the effectiveness of the Registration Statement has been issued, and no proceedings for such purpose have been instituted or, to the knowledge of the Company, are
contemplated by the Commission; the Registration Statement complied when it became effective, complies as of the date hereof and, as amended or supplemented, at each time a subscription agreement of
funds are submitted by prospective investors to the Company during the Offering period (each such time referred to as a "time of delivery"), at the Closing Date and at all times during which a
prospectus is required by the 1933 Act to be delivered (whether physically or through compliance with Rule 172 under the 1933 Act or any similar rule) in connection with any sale of Shares,
will comply, in all material respects, with the requirements of the 1933 Act; each Preliminary Prospectus complied, at the time it was filed with the Commission, and complies as of the date hereof, in
all material respects, with the requirements of the 1933 Act; at no time during the period that begins on the earlier of the date of such Preliminary Prospectus and the date such Preliminary
Prospectus was filed with the Commission and ends at the Closing Time (as defined herein) did or will any Preliminary Prospectus, as then amended or supplemented, include an untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and at no time during such
period did or will any Preliminary Prospectus, as then amended or supplemented, together with any combination of one or more of the then issued Permitted Free Writing Prospectuses, if any, include an
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
the Prospectus will comply, as of its date, the date that it is filed with the Commission, each time of delivery, the Closing Date and at all times during which a prospectus is required by the Act to
be delivered (whether physically or through compliance with Rule 172 under the 1933 Act or any similar rule) in connection with any sale of Shares, in all material respects, with the
requirements of the 1933 Act (including, without limitation, Section 10(a) of the 1933 Act); at no time during the period that begins on the earlier of the date of the Prospectus and the date
the Prospectus is filed with the Commission and ends at the later of the Closing Time and the end of the period during which a prospectus is required by the 1933 Act to be delivered (whether
physically or through compliance with Rule 172 under the 1933 Act or any similar rule) in connection with any sale of Shares did or will the Prospectus, as then amended or 

3

 

supplemented,
include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading; at no time during the period that begins on the date of such Permitted Free Writing Prospectus and ends at the time of purchase did or will any Permitted Free Writing Prospectus
include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration
Statement, any Preliminary Prospectus, the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Agent and furnished in writing by or
on behalf of the Agent to the Company expressly for use in the Registration Statement, such Preliminary Prospectus, the Prospectus or such Permitted Free Writing Prospectus, as applicable. All
Permitted Free Writing Prospectuses were preceded by, or accompanied with, a statutory prospectus meeting the requirements of Section 10(a) of the Act as required by Rule 164 under the
1933 Act. 

        c.    If
a Permitted Free Writing Prospectus is sent or given after the Registration Statement is filed with the Commission (and after such Permitted Free Writing Prospectus
was, if required pursuant to Rule 433(d) under the 1933 Act, filed with the Commission), the sending or giving, by the Agent, of any Permitted Free Writing Prospectus will satisfy the
provisions of Rule 164 or Rule 433 of the 1933 Act (without reliance on subsections (b), (c) and (d) of Rule 164); each of the Preliminary Prospectuses is a
prospectus that, other than by reason of Rule 433 or Rule 431 under the 1933 Act, satisfies the requirements of Section 10 of the 1933 Act, including a price range where required
by rule; neither the Company nor the Agent is disqualified, by reason of subsection (f) or (g) of Rule 164 under the 1933 Act, from using, in connection with the offer and sale of
the Shares, "free writing prospectuses" (as defined in Rule 405 under the 1933 Act) pursuant to Rules 164 and 433 under the 1933 Act; the Company is not an "ineligible issuer" (as
defined in Rule 405 under the 1933 Act) as of the eligibility determination date for purposes of Rules 164 and 433 under the 1933 Act with respect to the offering of the Shares
contemplated by the Registration Statement; the parties hereto agree and understand that the content of any and all road shows related to the Offering is solely the property of the Company. 

        d.    No
Blue Sky Application will include an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representation or warranty with
respect to any statement contained in a Blue Sky Application in reliance upon and in conformity with information concerning the Agent and furnished in writing by or on behalf of the Agent to the
Company expressly for use in the Blue Sky Application. 

        e.    The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of State of Georgia, and has corporate power and authority
to own, lease or operate its properties and to conduct its business as described in the Registration Statement, the Preliminary Prospectuses, the Prospectus and the Permitted Free Writing
Prospectuses, if any, and to enter into and perform its obligations under this Agreement. 

        f.    Since
the respective dates as of which information is given in the Registration Statement, the Preliminary Prospectuses, the Prospectus and the Permitted Free Writing
Prospectuses, if any, except as otherwise stated therein, there has been no material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects
of the Company considered as one enterprise, whether or not arising in the ordinary course of business (a "Material Adverse Effect"). 

        g.    The
Company has an authorized capitalization as set forth in the Registration Statement, the Preliminary Prospectuses, the Prospectus and the Permitted Free Writing
Prospectuses, if any. 

4

 

        h.    The
Shares have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully
paid and nonassessable and will
conform to the description of the Shares contained in the Registration Statement, the Preliminary Prospectuses, the Prospectus and the Permitted Free Writing Prospectuses, if any. 

        i.    The
issuance and sale of the Shares being issued at each Closing Date by the Company and the performance of this Agreement and the consummation by the Company of the
other transactions herein contemplated will not conflict with or result in a breach or violation of any terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust,
loan agreement or other agreement or instrument to which the Company is a party or by which any of the property or assets of the Company is bound or to which any of the property or assets of the
Company is subject, nor will such action result in any violation of the provisions of the Articles of Incorporation, as amended, or Bylaws, as amended, of the Company or any statute or any order, rule
or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its properties; and no consent, approval, authorization, order, registration or qualification
of or with any such court or governmental agency or body is required for the issuance and sale of the Shares or the consummation by the Company of the transactions contemplated by this Agreement,
except such consents, approvals, authorizations, registrations or qualifications as may be required under the Act and under state securities or Blue Sky laws in connection with the purchase and
distribution of the Shares by the Agent. 

        j.    The
Company owns its assets and has the right to conduct its business as currently conducted. 

        k.    There
is no litigation or governmental proceeding pending or threatened against, or involving the properties or business of, the Company that might materially and
adversely affect the value or the operation of the any such properties or the business of the Company. 

        l.    McNair,
McLemore, Middlebrooks & Co., LLP, which has certified certain financial statements and supporting schedules of the Company included in the Registration
Statement, the Preliminary Prospectus, the Prospectus and the Free Writing Prospectuses containing an audit report, are independent public accountants as required by the Act and the rules and
regulations of the Commission thereunder. 

        m.    The
Company has not distributed, nor will it distribute, prior to the Closing Time any prospectus (as defined under the 1933 Act) in connection with the Offering and sale
of the Shares other than the Registration Statement, any Preliminary Prospectuses, the Prospectus, any Permitted Free Writing Prospectuses or other materials, if any, permitted by the 1933 Act,
including Rule 134 promulgated thereunder. 

        4.    Representations and Warranties of the Agent.    

        a.    The
Agent has all such power, authority, authorizations, approvals and orders as may be required to enter into this Agreement, to carry out the provisions and conditions
hereof and to act as a sales agent as contemplated herein and as described in the Registration Statement, any Preliminary Prospectuses, the Prospectus or any Permitted Free Writing Prospectus. The
consummation of the Offering, the execution, delivery and performance of this Agreement by the Agent and the consummation by the Agent of the transactions herein contemplated have been duly and
validly authorized by all necessary corporate action on the part of the Agent and this Agreement has been validly executed and delivered by the Agent and is the valid, legal and binding agreement of
the Agent enforceable in accordance with its terms, except to the extent, if any, that the provisions of Section 8 hereof may be unenforceable as against public policy, and except to the extent
that such enforceability may be limited by bankruptcy laws, insolvency laws, or other laws affecting the enforcement of creditors' rights generally. 

5

 

        b.    The
Agent is registered as a broker-dealer under applicable federal and state laws, is a member in good standing of the National Association of Securities
Dealers, Inc., and has met and will continue to meet all registration, licensing, financial and reporting requirements it is required to meet under applicable federal and state laws and
regulations in order to provide the services the Agent has agreed to provide, or that the Agent contemplates that it will provide, to the Company under this Agreement or otherwise in connection with
the Offering. 

        c.    Each
employee, agent, representative or affiliate of the Agent that provides any services to the Company under this Agreement or otherwise in connection with the Offering
will, at the time of providing those services, meet all registration and licensing requirements he or it is required to meet under applicable federal and state laws and regulations in order to provide
those services. 

        5.    Delivery and Payment.    

        An
escrow procedure shall be established which shall comply with Commission Rule 15c2-4, promulgated under the Exchange Act and applicable NASD rules and regulations,
with Flag Bank as escrow agent (the "Escrow Agent"). 

        The
Company and the Agent shall transmit all funds received from subscribers to the Escrow Agent by noon of the next business day following receipt thereof. The Company shall direct the
Escrow Agent to make payment for Shares sold hereunder by wire transfer or certified or bank cashier's check drawn to the order of the Company in next day funds. Such payment is to be made at the
offices of Flag Bank, at 10:00 a.m. local time, on each Closing Date or at another time agreed to by the Agent and the Company. The time of such payment is referred to as the "Closing Time."
The Company shall direct the Escrow Agent to deliver payment of the fees due to the Agent pursuant to Section 2 hereof (less any portion thereof previously paid to the Agent) to the Agent by
wire transfer or certified or bank cashier's check drawn to the order of the Agent in next day funds, to the Agent on each Closing Date. 

        6.    Covenants of the Company.    The Company hereby covenants to the Agent as follows: 

        a.    The
Company has filed the Registration Statement with the Commission. The Company will use its best efforts to cause any post-effective amendment to the
Registration Statement to be declared effective by the Commission, and will immediately upon receipt of any information concerning the events listed below notify the Agent (i) when the
Registration Statement, as amended, has become effective; (ii) of any request by the Commission or any other governmental entity for any amendment or supplement to the Registration Statement;
(iii) of the issuance by the Commission or any other governmental agency of any order or other action suspending the Offering or the use of the Registration Statement, the Preliminary
Prospectuses, the Prospectus or the Permitted Free Writing Prospectuses, if any; or (iv) of the issuance by the Commission or any state authority of any stop order suspending the effectiveness
of the Registration Statement or of the initiation or threat of initiation or threat of any proceedings for that purpose. 

        b.    The
Company will deliver to the Agent copies of the Registration Statement, as originally filed and each amendment thereto. Further, the Company will deliver such
additional copies of the foregoing documents to counsel to the Agent as may be required for any NASD filings. The Company will also deliver to the Agent such number of copies of the Prospectus, as
amended or supplemented, as the Agent may reasonably request. 

        c.    The
Company will comply in all material respects with any and all terms, conditions, requirements and provisions with respect to the Offering and the transactions
contemplated thereby imposed by the Commission, by applicable state law and regulations, and by the 1933 Act, the Exchange Act and the rules and regulations of the Commission promulgated under such
statutes, to be complied with prior to or subsequent to the Closing Date. 

6

 

        d.    If
any event relating to or affecting the Company shall occur, as a result of which it is necessary, in the reasonable opinion of counsel for the Company, to amend or
supplement the Registration Statement, any Preliminary Prospectus, the Prospectus or any Permitted Free Writing Prospectus in order to make them not misleading in light of the circumstances existing
at the time of its use, the Company will, at its expense, prepare, file with the Commission, and furnish to the Agent, a reasonable number of copies of an amendment or amendments of, or a supplement
or supplements to, the Registration Statement, any Preliminary Prospectus, the Prospectus or any Permitted Free Writing Prospectus which will amend or supplement the Registration Statement,
Preliminary Prospectus, Prospectus or any Permitted Free Writing Prospectus so that as amended or supplemented it will not contain an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in light of the circumstances existing at the time, not misleading. 

        e.    The
Company will endeavor in good faith, in cooperation with the Agent, to register or to qualify the Shares for offering and sale under the applicable securities laws of
the jurisdictions in which the Offering will be conducted; provided, however, that the Company shall not be obligated to file any general consent to
service of process or to qualify to do business in any jurisdiction in which it is not so qualified. In each jurisdiction where any of the Shares shall have been registered or qualified as above
provided, the Company will make and file such statements and reports in each year as are or may be required by the laws of such jurisdictions. 

        f.    Prior
to the Closing Date, the Company will inform the Agent of any event or circumstances of which it is aware as a result of which the Registration Statement, any
Preliminary Prospectus, the Prospectus, or any Permitted Free Writing Prospectus as then supplemented or amended, would include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein not misleading. 

        g.    The
Company will distribute the Prospectus or other offering materials in connection with the offering and sale of the Shares only as set forth in the Prospectus, and
only in accordance with the 1933 Act and the Exchange Act and the rules and regulations promulgated under such statutes, and the laws of any state in which the Shares are qualified for sale. 

        h.    The
Company will maintain appropriate arrangements with the Escrow Agent for depositing all funds received from persons mailing subscriptions for or orders to purchase
Shares in the Offering as described in the Prospectus until the Closing Date and satisfaction of all conditions precedent to the release of the Company's obligation to refund payments received from
persons subscribing for or ordering Shares in the Offering as described in the Prospectus. 

        i.    The
Company will take such actions and furnish such information as are reasonably requested by the Agent in order for the Agent to ensure compliance with the NASD
Rule 2790 "Restrictions on the Purchase and Sale of Initial Equity Public Offerings of Equity Securities." 

        j.    The
Company will not deliver the Shares until the Company has satisfied or caused to be satisfied each condition set forth in Section 9 hereof. 

        7.    Covenants of the Agent.    

        a.    The
Agent will not provide any service or engage in any activity, and it will not permit the Agent or any of its employees, agents, representatives or affiliates to
provide any service or engage in any activity, whether pursuant to this Agreement or otherwise in connection with the Offering, for which it or he does not have in effect all registrations, licenses
and approvals necessary to cause that service or activity to comply with applicable federal and state laws and regulations. 

        b.    Notwithstanding
anything contained in this Agreement to the contrary, the terms and conditions of the Offering as described in the Prospectus shall control the conduct of
the Offering, and 

7

 

neither
the Agent nor any of its respective employees, agents, representatives or affiliates shall take any action in connection with the Offering contrary to those terms and conditions. 

        c.    In
connection with or during the course of the Offering, neither the Agent nor any employee, agent, representative or affiliate of the Agent will make any representation
or provide any information to any subscriber or potential subscriber for the Shares other the representations and information contained in the Prospectus or other information specifically approved by
the Company. 

        8.    Payment of Expenses.    The Company covenants and agrees with the Agent that it will pay or cause to be paid the
following: (i) the fees, disbursements and expenses of counsel to the Company and accountants in connection with the registration of the Shares under the Act and all other expenses in
connection with the preparation, printing and filing of the Registration Statement, each Preliminary Prospectus, the Prospectus, each Permitted Free Writing Prospectus and any amendments or
supplements thereto, and the mailing and delivering of copies thereof to the Agent and dealers; (ii) the cost of printing or reproducing this agreement, the Blue Sky Survey, any dealer
agreements and any other documents in connection with the offering, purchase, sale and delivery of the Shares; (iii) all expenses in connection with the qualification of the Shares for offering
and sale under state securities laws; (iv) the cost of preparing stock certificates; (v) all expenses related to road shows; (vi) the costs or expenses of any transfer agent or
registrar; and (vi) all reasonable out-of-pocket fees and expenses of the Agent, including the reasonable fees and expenses of counsel for the Agent related to the
Offering and not otherwise specifically provided for in this Section; the total for all such reasonable out-of-pocket fees and expenses shall not exceed $5,000 without the
consent of the Company (exclusive of any blue sky-related fees if the Agent's counsel is requested to complete such services by the Company). 

        9.    Conditions to Closing.    The Closing of the Offering is subject to the following conditions: 

        a.    The
Registration Statement and any registration statement required to be filed, prior to the sale of the Shares, under the Act pursuant to Rule 424(b) shall have
been filed and shall have become effective under the 1933 Act. 

        b.    (i) No
stop order with respect to the effectiveness of the Registration Statement shall have been issued under the Act or proceedings initiated under
Section 8(d) or 8(e) of the 1933 Act; (ii) the Registration Statement and all amendments thereto shall not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (iii) none of the Preliminary Prospectuses or the Prospectus, and
no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they are made, not misleading; (iv) no Disclosure Package, and no amendment or supplement thereto, shall include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading; and (v) none of the Permitted Free Writing
Prospectuses, if any, shall include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they are made, not misleading. 

        c.    The
Company and Agent agree that Appendix A is accurate and complete. 

        d.    The
NASD has confirmed that it has not raised any objection with respect to the fairness and reasonableness of the terms of this Agreement and Agent's compensation
hereunder. 

        10.    Indemnification by the Company.    

        a.    The
Company agrees to indemnify and hold harmless the Agent, and its officers, directors, agents, representatives and affiliates and any other person, if any, who
controls the Agent or its 

8

 

affiliates
within the meaning of the 1933 Act (these parties together with the Agent are hereinafter referred to as the "Agent Indemnitees") against any and all losses, claims, damages, liabilities
and expenses (including reasonable costs of investigation and counsel's fees) arising out of or based upon the actions of the Company or any of its employees, agents, representatives or affiliates
(i) that constitute bad faith or gross negligence on the part of the Company or its employees, agents, representatives or affiliates, (ii) that constitute violations of applicable
federal or state laws or regulations on the part of the Company or its employees, agents, representatives or affiliates, or (iii) that constitute a violation of any of the Company's agreements,
representations or warranties contained in this Agreement. The Company will reimburse the Agent and the Agent Indemnitees for any legal or other expenses reasonably incurred (individually or
collectively) by it or them in connection with investigating or defending any such loss, claim, damage, liability or action. However, the Company will not be responsible for (i) any losses,
claims, damages, liabilities or expenses that result from bad faith or gross negligence on the part of the Agent or any of its employees, agents, representatives or affiliates, or on the part of the
Agent Indemnitee, (ii) that arise out of actions or conduct by the Agent or any of its employees, agents, representatives or affiliates, or by any Agent Indemnitee, that constitute a violation
of any applicable federal or state law or regulation, or (iii) that arise out of actions or conduct by the Agent or any of its employees, agents, representatives or affiliates, or by any Agent
Indemnitee, that constitutes a violation of any of Agent's agreements, representations or warranties contained in this Agreement. 

        b.    If
any action or claim shall be brought or asserted against an Agent Indemnitee in respect of which indemnity may be sought from the Company, it or he shall promptly
notify the Company in writing, enclosing copies of all papers served on or delivered to such party. A failure to notify or delay in notifying the Company shall not affect the right of the Agent
Indemnitee to be indemnified or reimbursed hereunder except to the extent the Company is shown to have been materially prejudiced as a result of such failure. No Agent Indemnitee shall settle,
compromise or consent to the entry of any judgment with respect to any litigation, investigation or proceeding commenced or threatened by any person or entity, including any governmental agency or
body, or any claim whatsoever in respect of which indemnification or contribution can be sought under this Section 10 (whether or not the Agent Indemnitees are actual or potential parties
thereto), unless the Agent or the Agent Indemnitee obtains the prior written consent of the Company. 

        11.    Indemnification by the Agent.    

        a.    The
Agent agrees to indemnify and hold harmless the Company, and its officers, directors, agents, organizers, representatives and affiliates and any other person, if any,
who controls the Company or its affiliates within the meaning of the 1933 Act (these parties together with the Company are hereinafter referred to as the "Company Indemnitees") against any and all
losses, claims, damages, liabilities and expenses (including reasonable costs of investigation and counsel's fees) arising out of or based upon the actions of the Agent or any of its respective
employees, agents, representatives or affiliates (i) that constitute bad faith or gross negligence on the part of the Agent or any of its employees, agents, representatives or affiliates,
(ii) that constitute violations of applicable federal or state laws or regulations on the part of the Agent or any of its employees, agents, representatives or affiliates, or (iii) that
constitutes a violation of any of the Agent's agreements, representations or warranties contained in this Agreement. The Agent will reimburse the Company and the Company Indemnitees for any legal or
other expenses reasonably incurred (individually or collectively) by it or them in connection with investigating or defending any such loss, claim, damage, liability or action. However, the Agent will
not be responsible for (i) any losses, claims, damages, liabilities or expenses that result from bad faith or gross negligence on the part of the Company or any of its employees, agents,
representatives or affiliates, or on the part of the Company Indemnitee, (ii) that arise out of actions or conduct by the Company or any of its employees, agents, representatives or affiliates,
or by the Company, that constitute a violation of any applicable federal or state law or regulation, or 

9

 

(iii) that
constitutes a violation of any of the Company's agreements, representations or warranties contained in this Agreement. 

        b.    If
any action or claim shall be brought or asserted against a Company Indemnitee in respect of which indemnity may be sought from the Agent, it shall promptly notify the
Agent in writing, enclosing copies of all papers served on or delivered to such party. A failure to notify or delay in notifying the Agent shall not affect the right of the Company Indemnitee to be
indemnified or reimbursed hereunder except to the extent the Agent is shown to have been materially prejudiced as a result of such failure. No Company Indemnitee shall settle, compromise or consent to
the entry of any judgment with respect to any litigation, investigation or proceeding commenced or threatened by any person or entity,
including any governmental agency or body, or any claim whatsoever in respect of which indemnification or contribution can be sought under this Section 11 (whether or not the Company
Indemnitees are actual or potential parties thereto), unless the Company obtains the prior written consent of the Company. 

        c.    The
Agent agrees to indemnify and hold harmless the Company Indemnitees against any and all losses, liabilities, claims, damages and expenses to which it or they may
become subject if such losses, liabilities, claims, damages or expenses arise solely out of, or are based solely on, (i) any untrue or alleged untrue statement of material fact contained in the
Prospectus or any amendment or supplement thereto, or the omission of a material fact required to be stated therein, or necessary to make the statements therein not misleading, but only if such untrue
statement or omission or alleged omission was made in the Prospectus (as amended or supplemented) based upon and in conformity with written information concerning the Agent furnished to the Company by
the Agent specifically for use in the Prospectus or (ii) any untrue or alleged untrue statement of material fact contained in any other information (whether oral or in writing) provided by the
Agent or any of its respective employees, agents, representatives or affiliates to the Company or any other person in the course of providing services pursuant to this Agreement or otherwise in
connection with the Offering. 

        12.    Representations and Indemnities to Survive.    All representations, warranties and agreements contained in this
Agreement of the Company and the Agent shall remain in full force and effect, regardless of any termination or cancellation of this Agreement, and shall survive delivery of and payment for the Shares. 

        13.    Termination and Payment of Expenses.    This Agreement shall become effective on the date hereof and shall
terminate upon the termination of the Offering. If for any reason any Shares are not delivered by or on behalf of the Company as provided herein, the Company will reimburse the Agent for all actual
and accountable out-of-pocket expenses, including fees and disbursements of counsel, reasonably incurred by the Agent in making preparations for the purchase, sale and delivery
of the Shares not so delivered, but the Company shall then be under no further liability to the Agent except as provided in Section 8 and Section 10 hereof. 

10

 

        14.    Notices.    All statements, requests, notices and agreements hereunder shall be in writing and shall be
sufficient in all respects if delivered or sent by reliable courier, first class mail, or facsimile transmission to: 

	 	 	Agent:	 	As set forth on the signature page to this agreement
	

 	
 	

Company:	
 	

El Banco Financial Corporation

623 Holcomb Bridge Road

Roswell, Georgia 30076

Facsimile: (678) 352-1514
	

 	
 	

 	
 	

With a copy to:

Nelson Mullins Riley & Scarborough LLP

999 Peachtree Street, Suit 1400

Atlanta, Georgia 30309

Attention: Rusty Pickering

Facsimile: (404) 817-6050

        Any
such statements, requests, notices or agreements shall take effect upon receipt thereof. 

        15.    Non-Exclusive.    This Agreement does not create an exclusive arrangement for the Agent to provide
services to the Company, and nothing in this Agreement shall preclude the Company from contracting or entering into an arrangement with any other sales agent, consultant, broker-dealer or other person
for such other person or entity to provide services to the Company as agent in the Offering and to receive compensation from the Company in connection with the Offering. 

        16.    Successors.    This Agreement shall be binding upon, and inure solely to the benefit of, the Agent and the
Company, and to the extent provided in Sections 10, 11 and 12 hereof; the officers and directors of the Company and each person who controls the Company, or the Agent, and their respective heirs,
executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this agreement. No purchaser of any of the Shares from the Agent shall be
deemed a successor or assign by reason merely of such purchase. 

        17.    Time of the Essence.    Time shall be of the essence in this Agreement. 

        18.    Business Day.    As used herein, the term "business day" shall mean any day when the Commission's office in
Washington, D.C. is open for business. 

        19.    Applicable Law.    THIS AGREEMENT IS TO BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE
OF GEORGIA (WITHOUT REGARD TO THOSE LAWS RELATING TO CHOICE OF LAW) APPLYING TO CONTRACTS ENTERED INTO AND TO BE PERFORMED WITHIN THE STATE OF GEORGIA. VENUE FOR ANY CAUSE OF ACTION ARISING FROM THIS
AGREEMENT WILL LIE IN FULTON COUNTY, GEORGIA. 

        20.    Captions.    The captions included in this Agreement are included solely for convenience of reference and shall
not be deemed to be a part of this Agreement. 

        21.    Counterparts.    This Agreement may be executed by any one or more of the parties in any number of
counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 

        22.    Pronouns.    All pronouns used herein shall be deemed to refer to the masculine, feminine or neuter gender as
the context requires. 

[Signatures
on Following Page] 

11

 

        IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed on its behalf by its duly authorized officers as of the
day and year first above written. 

	 	 	EL BANCO FINANCIAL CORPORATION
	

 	
 	

By:	

 
	 	 	 	
 Name:

Its:
	

 	
 	

 	

 
	

 	
 	

(SALES AGENT)
 
	 	 	By:	 
	 	 	 	
 Name:

Its:
	 	 	Address:	 
	 	 	 	

	 	 	

	 	 	

12

 
 
 

Appendix A    
    

	Name of Investor
 
	 	Amount of Investment
 

13

QuickLinks

EL BANCO FINANCIAL CORPORATION AGENCY AGREEMENT

Appendix A

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